CRM Might be the Swiss Army Knife of Sales Technology but Flexibility Comes at a Price
An analyst with a large technology analytical services company commented they were receiving inquiries from insurance companies about Customer Relationship Management (CRM) systems.
When asked specifically what they were looking for in a new CRM system, they commented they wanted to manage their agents and overall distribution. After exchanging information as to why they felt they needed a CRM system, the analyst firm noted that the use case they had in mind was more suited for distribution-management software than it was for CRM.
The challenge for an industry like insurance is to find CRM applications that are designed for the insurance market and not just a warmed-over version of CRM that the vendor is also selling to manufacturers, pharma, or some other industry vertical. Insurance has unique needs and operates very differently from other industries and requires applications designed to solve business issues that insurance organizations face each day.