This whitepaper from our friends over at Profisee explains why achieving a complete view of the customer is so difficult and how customer relationship management (CRM) systems and data warehouses, especially in the insurance industry, do not manage customer-related data well. The core elements of this type of data fall into a discipline called Master Data Management (MDM).
Building a Customer 360 program can indeed transform the customer relationship, leading to higher revenues through cross-sell and up-sell opportunities and improving the customer retention rate. With all the software products and know-how available, why do so many insurance companies fail to deliver on their customer-centric objectives? Hint: it almost always boils down to data.
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