P170 | Integrated CRM (Life)

The consumer landscape is in a state of flux as consumers have become tech savvy, more environmentally conscious and obsessed with looking at tiny screens. At the same time the Indian life insurance industry is going through a transformation phase, driven by innovation, rising customer expectations, and increasing digitalization. The single biggest challenge for insurers is to gauge and use technology as an enabler to refine customer offerings and operational efficiencies.

The success or the failure of any organization depends on its relationship with their customers. For an organization to sustain in today's fast evolving competitive world, they must focus on not only acquiring new customers but also on retaining and generating cost-effective new business from their existing customers.

The most influencing factor for enterprise profitability today is good customer experience, as it has a direct influence on both customer growth and customer retention. The need for the hour is customized solutions and personalized experiences as CX has become a game changer to retain customer loyalty. In the service industry, customers work as PR consultants for the organization. It is therefore imperative for an organization to build a customer-centric & sensitive workforce.