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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 8 (2008 words)
A Study of How Customer Relationship Management be Applied in the Life Insurance Company in China: a Case Study of Ping an Life Insurance Company of China Table of Contents 2.0. Literature review 3 2.1. Importance of implementing CRM system 3 2.2. Strategies and performances of the CRM application 4 2.3…
In the competitive markets, development and maintenance of good customer relationship is indispensable for the success and survival of an organization in the long term. In this context, the concept of Customer Relationship Management (CRM) has evolved and it has gained significant importance in the global business scenario. In the emerging markets, customer management theories are being practically considered in the decision making processes of business firms. At present, Chinese firms are increasingly applying the CRM system with the aim of facilitating good customer relationship. In the competitive framework of market, choices and decisions of customers play an important role in the performance of businesses. Customers are the key element that plays at important role in the survival of business firms (Cheng, 2005). CRM systems allow firms in China to focus on the customers and take greater care of their demand through more personalized service offerings (Dyche, 2002). It has been found through research that wining a new customer is almost five times more costly to a firm than retaining the existing customers. On the other hand, an additional 5 percent of existing customers are capable of increasing the profit by nearly 100 percent (Cheng, 2007). This shows that it is very important for management to implement the CRM system in their organizations. ...
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