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How CRM be Applied in the Life Insurance Company - Dissertation Example

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This paper has been written in an attempt to investigate and studied the Customer Relationship Management (CRM) strategies of Ping an Life insurance company and evaluated how they are performed and come up with various recommendations for improvement…
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How CRM be Applied in the Life Insurance Company
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How CRM be Applied in the Life Insurance Company

This research will begin with the statement that most businesses, including Ping an Life insurance company, have invested a lot in Customer Relations Management and expect to see the Return on Investment (ROI) in due course. The present research has identified that CRM strategies are meant to help improve the company’s operations and steer the company to achieve more success as far as attracting and retaining customers and clients are concerned. The author has rightly presented that the importance of CRM in this more competitive business environment coupled with rapid technological changes and effects of globalization, the significance of CRM cannot be underestimated. Ping an Life insurance company certainly recognizes the importance of CRM in the modern business environment and has moved swiftly to put in place measure to attract more customers and retain them. There exist however a lot of challenges and limitations in the implementation of the company’s CRM strategies which make it rather difficult for the company to achieve its full potential. This is especially so because CRM requires a business to change their operation strategies from product centered approaches and put more focus on the customer as the focal point in the company’s marketing endeavors. Such a shift will always be difficult for companies like Ping an Life that have been in operation for a very long time and who have been relying on the older methods and techniques of marketing. This research study has investigated and studied the CRM strategies of Ping an Life insurance company and evaluated how they are performed and come up with various recommendations for improvement. These recommendation are aimed at enabling the company achieve even much greater results with their CRM strategies. The recommendations are as follows; Since most of the company’s clients have been directed to the company through referrals from existing clients, the first recommendation would be to strengthen the reward system. Existing clients should be motivated to pass positive messages to their friends and family about the company and encourage them to come work with Pin an Life company. The existing clients should be given rewards, whether its discounts or otherwise for each and every new client brought to the company (Al-Ghamdi, Sohail & Al-Khaldi, 2007). The other recommendation that is crucial to the company’s CRM strategy is the use of technology. The company should adopt a technological approach by using the internet to track prospects and communicate with them (McGregor, 2012). There are also plenty of application software that can help improve the CRM strategy of the Ping an Life insurance company. The company should identify one that suits their operations and work with it. The company also needs to manage the new change by incorporating views of all stakeholders in the company and prepare them for the impending change. This will include collecting their views about the impending changes in marketing and how other departments will be affected and addressing each concern. The members of staff will then be trained on how to deal with customers in the new dispensation Conclusion It is no doubt that Customer Relationship Management (CRM) is becoming a very essential element of businesses. The ability of businesses to attract and retain a large portion of their clients and prospects gives them a very huge competitive advantage in the highly competitive business world. The significance of CRM in the Asian business environment is also becoming apparent, especially in China with a majority of the big companies and corporations having strong Customer Relationships Management strategies. The insurance company Ping an Life has had numerous challenges in the past regarding to its marketing strategies and the importance given to Customer Relations Management cannot be understated. The big attention bestowed on Customer Relations Management is as a result of the rapid developments and changes in ... Read More
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