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A Study of How Customer Relationship Management be Applied in the Life Insurance Company in China: a Case Study of Ping an Life
Pages 6 (1506 words)
Application of CRM in the life insurance Company in China and in a company of Ping An Life Insurance of China The essence of information technology revolution is providing a great opportunity for marketers to build better relationships with their customers due to quick response they can make…
The goal of the company in applying CRM is to enhance the customer relationship into greater profitability by increasing repeat purchases rates and reducing customer acquisition costs that may lead to losses for the company (Vogt, 2011). CRM ensures that honesty, fairness and responsibility are enhanced in the business in order to reduce the chances of conflicts between the customer and the business. The fig. below represents the key pillars of CRM as used in Ping An Life Company. (Source: Own creation) Ping An Life Company understands customer behaviour, focus, and focus on the customers who can deliver long terms profits since they are of great benefit to the company. This company stresses much on customer retention as opposed new customer acquisition since the latter is very expensive. Studies show that retained customers generate over twice as much gross income than new customers in any business hence businesses should focus more on customer retention (Gouthier and Stefan, 2003). The considerable improvement in technology and innovation is making it possible to improve on the customer retention methods through improved customer relationship management. ...
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