Empower your team with insights into improving CRM adoption through a focus on data quality, ensuring seamless integration and utilization.

Introduction:

At last month’s Insurance Summit, I presented a compelling topic: Making the Shift from Product to Customer Centric, with a specific focus on the Insurance industry.

In today’s competitive landscape, this subject has never been more relevant. The insurance sector is encountering numerous challenges, including intensified competition with the entry of new players.

Insurance summit making the shift from product to customer centric from Gary Allemann

Embracing Change:

To stay ahead, insurance companies must adapt to new technologies, such as the Internet of Things (IoT), which revolutionizes risk management. Additionally, the industry faces the dilemma of an ageing IT infrastructure designed decades ago, while catering to an increasingly educated and discerning clientele. On top of that, a growing regulatory burden, encompassing FICA, CPA, PoPIA, Solvency and Asset Management, and more, adds complexity.

Turning Challenges into Opportunities:

These challenges, however, present unique opportunities.

For instance, investing in advanced analytics has become a top priority both within South Africa and internationally. To capitalize on these opportunities, insurers need to transform their data perspective from a mere operational, product-centric approach to a strategic, customer-centric outlook.

Data Governance and Survival:

Unlike the banking sector, where compliance drives data governance, in the insurance industry, data governance is a matter of survival. Shifting the enterprise view of data from an operational “process this product” approach to a strategic “how can we understand our customer” approach is seen as a competitive necessity for many insurers if they are to turn these challenges into opportunities.

Our clients actively collaborate with us to overcome data governance and data quality challenges that hinder this vital shift. They recognize that these issues cannot be solved merely by IT, as it requires a holistic approach.

Building a Strong Data Foundation:

As businesses aim to share customer data across product silos, they must ensure appropriate usage, define standards, and establish policies for aggregating, sharing, and maintaining data. Meeting customer demands for personalized service based on shared information is imperative.

The Role of Active Data Governance:

The key to success lies in defining a new information technology paradigm that aligns IT with business goals. Active data governance plays a crucial role in identifying, prioritizing, and managing data risks before they become critical business issues.

The Consequences of Inaction:

Failure to adopt proactive data governance may result in missed opportunities and, in some cases, even the downfall of businesses. Investing in new systems and advanced analytics without a robust data foundation can lead to wasted resources and efforts.

Maximize the potential of your Microsoft Dynamics CRM investment by leveraging quality data and optimizing your system for peak performance

Join us on the journey toward a customer-centric future where data quality matters. Let’s navigate the evolving landscape together, turning challenges into opportunities for your insurance business.

Learn how high-quality customer data can enhance sales success and foster lasting relationships with clients.