Social CRM in the Insurance Industry


I recently participated in the writing of an article on Social CRM for the Insurance industry. The piece is now available online via the Insurance Networking News. The Insurance industry is showing a great deal of interest in social business – and I hear it in most discussions with industry executives. It is clear that the industry is beginning to understand that insight from social channels can drive better decision making. Companies like Farmers Insurance are driving new growth, new product development, and customer retention by sharing information from Twitter, FaceBook and LinkedIn with their network of Agents.

A recent study indicates that 56% of companies are planning future Social CRM initiatives, while Gartner indicates that 30% of companies will extend their Social Networking efforts to Social CRM processes within the next two years. As I note in the article, social computing will enable a powerful sales, marketing and customer service platform that improves the customer experience and elevates brand identity. The full article is a worthwhile read, and provides some insight into the future use of Social CRM in the Insurance industry.

A look at 2011


As 2010 winds down, it is time to look ahead to 2011. I have high expectations as the calendar turns, and I believe 2011 will be the year of adoption. I believe we’ve reached a point where cash will come off the sidelines and I expect to see technology investments focused on revenue generation and value creation. With that as a backdrop, I’ll Label 2011 as the year of collaboration and intelligence – the two areas that I believe align very well with pressing business priorities. So here are my thoughts on 2011.

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Realizing the Benefits of CRM


This Press Release from Verint continues the Social Media and customer service drum beat. The recurring themes are:

  1. A growing challenge to identify, collect and act upon data delivered through an expanding number of customer communications channels
  2. The need for an aggregated and unified view of customer data across all channels
  3. Analysis that delivers insight drives rapid and informed action
  4. Companies are not equipped to analyze the interactions that occur via email, chat, social media, forums, etc.
  5. There is a heightened need for text analytics. Solutions that mine interactions and feedback across multichannel customer communications – including email, chat, blogs, review sites, social media and other text-based channels – continue to emerge
  6. Workflow delivers insight to the people that are best equipped to manage issues, address specific customer service concerns, or get ahead of negative sentiments in social media

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The Future Call Center


Customer support is evolving to handle an ever-growing number of channels. Social media interaction is playing an expanding role in how companies provide support to their customers. I believe this Press Release from Attensity gives us a view into the future call center. As the press release points out, social media is quickly becoming a key component of customer care strategies.  

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Reinventing Customer Relationships


CEOs believe that the time has come to reinvent customer relationships. That’s one of the key findings in IBM’s 2010 CEO Study titled “Capitalizing on Complexity”. This belief is based on the following observations: 

  1. The world is massively interconnected, thereby making customer intimacy a priority
  2. Customers have more options due to globalization and dramatic increases in available information
  3. Differentiation will come from innovation and co-creation with customers
  4. The information explosion presents a great opportunity to develop deep customer insights 

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The Social Customer and the Call Center


Widely recognized CRM visionary Paul Greenberg just published a report titled Contact Center 2011 – Back to the Future. Mr. Greenberg has talked about Social CRM or CRM 2.0 for quite some time. In this report, he discusses the impact of the social customer on the contact center. Here is a summary along with my perspective. 

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