Rapid market consolidation has resulted in the increased need for insurance companies to ensure they build and retain close relationships with their customers.

Overview

Today's insurance industry faces a number of challenges - pressures from market conditions, the need to maintain and grow market share and to establish a meaningful brand identity, and new, more nimble entrants to the market that are breaking down traditional barriers found in 'brick and mortar' insurance firms.

Rapid market consolidation has resulted in the increased need for players in this industry to ensure they build and retain close relationships with their most profitable customers. This is important not only to prevent them from taking their business elsewhere, but also to ensure that they are offered products and services that are the most appropriate and the most likely to result in new revenue for the insurer. Whether interacting with an agent or with a company representative, customers expect quick access to information, correct responses to their queries, and communication through a channel of her / his choice.

Challenges

Business Challenges

• Brand value
• Differentiated customer service
• Customer retention and acquisition
• Customer expectations vs. organizational perception
• Customer share
• Revenue generation

Technological Challenges

• Call process analysis
• Changing technology

Operational Challenges

• No more 'brick and mortar' insurance firms
• Non availability of data

Offerings

Here is a sprinkling of some of the major offerings Servion has to offer for the vertical