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Insurance: Trends in customer information system; Vertical and technology trends

Insurance: Trends in customer information system; Vertical and technology trends

Summary

An integral part of the customer information system (CIS) is the CRM system. The operations that generate revenue within an organization are primarily driven by the customer relationship management (CRM) system. Core business activities for the insurance sector, such as sales and marketing, mostly revolve around the CRM systems that facilitate the generation of leads and tracking of customer behavior.

Key Findings

  • Moving the CRM function to the cloud is yielding instantaneous benefits, especially with regards to cost cutting, as insurers will no longer be required to maintain an infrastructure of their own to run these applications.
  • Insurers today are functioning in a socially connected world where customer decisions are primarily based on reviews posted by other customers and discussions that take place on online communities.
  • The integration of game mechanics into already existing processes and systems to motivate participation, engagement, and loyalty, is gaining increasing popularity among insurers.
Synopsis

Current Analysis’ Vertical Focus Report - Insurance: Trends in customer information system depicts the business challenges faced by insurers in the customer information system domain along with the recent demand side and supply side trends in this functional area. The report outlines the evolution of the customer information system domain and identifies the key opportunity areas for the ICT vendors. This report also presents Current Analysis’ view of the revenue opportunities in customer information system domain through to 2019, highlighting the market size and growth by geography.

In particular, it provides an in-depth analysis of the following:
  • The latest trends impacting the insurance customer information system market.
  • The market trends (both supply-side and demand-side) that will facilitate the growth of the insurance customer information system market.
  • The technology evolution of the market and vendor opportunities
  • The market inhibitors that may hinder the pervasive adoption of customer information system among insurers.
  • The primary findings from Current Analysis’ view of revenue opportunities in the insurance customer information system market through to 2019, highlighting the market size and growth by regions.
  • An identification of banks’ IT budget allocation and IT priorities relating to customer information systems.
Reasons To Buy
  • Understand the insurance landscape, the recent trends, and inhibitors shaping the insurance customer information system market.
  • Comprehend the insurance information system market evolution.
  • Enhance your market segmentation by analyzing the revenue opportunity forecasts figure in the insurance information system market from 2015 to 2019, across geographies.
  • Comprehend insurers’ IT budget allocation and prioritization of top IT projects in 2015
  • Understand how insurance customer information system market opportunities are set to change in the market in near future.


1 Business challenges for insurance companies
2 Market Dynamics
2.1 Demand side trends
2.2 Supply side trends
3 Technology Lifecycle
3.1 Insurance sector’s IT budget allocation and IT priorities
4 Opportunities for ICT vendors
5 Market size and forecast
6 Future outlook
6.1 Disruptive CRM trends are set to transform insurance operations by displacing existing technologies
7 Appendix
7.1 Definitions
7.2 Further reading
7.3 Contact the authors
List of Tables
Table 1: Insurers’ CIS market by region – global market opportunity forecast, US$ millions
List of Figures
Figure 1: Key business challenges impacting insurance companies in adopting customer information systems
Figure 2: Key demand and supply side trends impacting the CIS function
Figure 3: CRM’s journey from Rolodex to cloud based solution
Figure 4: The insurance sector’s IT budget allocation and top IT project prioritization in 2015
Figure 5: Key opportunities for ICT vendors catering to the insurance industry
Figure 6: Insurers’ CIS market by region – global market opportunity

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