In the early part of this decade, the idea of customer relationship management technology took the insurance industry by storm, promising to identify a carrier's most profitable customers and help develop products and services aimed directly at them. Seven years later, comparatively little is said or written about CRM in the wake of multiple insurance CRM project failures and millions of dollars invested–all apparently for naught–yet CRM today remains an attractive concept to insurers seeking to become more competitive and to fatten bottom lines.
The term “CRM” may be sparingly used–or not mentioned at all–but the benefits are still being offered in different forms, experts say.
“CRM didn't really go away. We just kind of banned the use of that word,” said Kimberly Harris-Ferrante, research vice president for Gartner, based in Stamford, Conn. “The vendors [in the early 2000s] over-hyped CRM technology, but it still remains a strategy and methodology designed to change business operations to be more customer-centric.”
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