Customer Relationship Management (CRM) Practices in Life Insurance Industry

Abstract

The strategic tool that was chosen to face these challenges was information technology. Most of the insurance sectors went through adoption of various stages and forms of information technology over the years and the process is still continuing. The rapid growth in information technology and its potential to serve the customers in a new way awakened the marketers and enabled them to transform these challenges into new opportunities. Under these circumstances, customer satisfaction became an important aspect of the business. The Customer Relationship Management (CRM) literature recognizes the long-run value of potential and current customers. Increased revenues, profits, and shareholder value are the result of marketing activities directed toward developing, maintaining, and enhancing successful company customer relationships.