11 Emerging Technology Trends for 2013
Asked what technology insurers will be talking about by the end of next year, analysts and consultants responded with an array of technology solutions—from customer experience management and analytics process maturity, to security and digital mailbox services—that are currently flying under the radar.
Stephen Applebaum, senior analyst, Aite Group
Peter Drucker said “the true business of every company is to make and keep customers.” The insurance business is finally evolving from a product-centric to a customer-centric model, and the way it manages customer relationships will change to enable this fundamental shift.
In 2013, customer relationship management (CRM) will give way to customer experience management (CEM) systems.
While a universally accepted definition is still evolving, CEM is basically the redesign and refocus of the entire business process around the individual customer with the goal of creating loyal customers who are also advocates. It will enable up-to-the-second information, multi-channel access and immediate responses, such as quoting and the ability to purchase multiple products across lines of business, regardless of the back-end environment. Carriers adopting CEM strategies will integrate internal and external innovations to create end-to-end customer experiences to achieve the level of customer-centricity necessary to improve customer loyalty, churn and revenue.
