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Note: While there are many benefits to creating a single customer view, several barriers exist in today's business environment. Insurers need to employ techniques that improve the ability to merge and remove duplicates.
As insurers continue to modernize IT infrastructure, many are looking to create a single customer view. This perspective helps to provide an accurate and holistic view of any one policyholder across different channels and lines of business.
Achieving a complete customer perspective is important to business success and maximizing existing relationships. It helps better comply with regulations, prevent premium leakage, save costs, and increase staff efficiency.
While there are many benefits to creating a single customer view, several barriers exist in today's business environment. First, most insurers maintain different databases and conduct business through multiple channels. There could be a series of independent agents, a self-service website and a call center. Each department may also have different databases that do not communicate with each other, which can hinder a complete customer perspective.
In addition, many CRM systems today make it easier to enter a duplicate record than find an existing account. Systems often require an exact match to identify a duplicate rather than considering abbreviations and phonetic matching.
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