6 Ways CRM Systems Can Help Insurance Companies Increase Customer Retention

By: Lotfi AlSarori

The retention of customers is essential to the long-term success of your organization if you are in the insurance market. Utilizing customer relationship management (CRM) software is one strategy for retaining existing customers more effectively.

In this article, we discuss six ways that customer relationship management software can assist your insurance firm in retaining its customers.

 

I. Understanding Customer Needs

By tracking customer interactions and preferences, CRM software can help you gain a better understanding of your customers' needs and wants. This can help you tailor your products and services to better meet their needs, leading to increased satisfaction and loyalty.

With CRM software, you can also segment your customers into different groups based on their characteristics and needs, allowing you to target your marketing efforts more effectively.

How can bad debt impact your telecom business?

 By: Omar Abdul-Hafiz

 Vector created by pikisuperstar - Freepik

In telecom, as in any other business, bad debt can become a very dangerous matter if not dealt with in a systematic and effective fashion. The image gets even darker if we learn that some cases of bad debt may actually be cases of disguised fraud. In fact, according to statistics, about 5-20% of bad debt is, in essence, fraud. Furthermore, according to Gartner, research showed that bad debt has increased by 26% in 2020 alone amid the height of the COVID pandemic.

But what exactly does bad debt do to your business if left untreated? In this article, we will focus on 3 major effects bad debt can have on your telecom business.

How a powerful CRM system can enhance your collection process

By: Omar Abdul-Hafiz

In a previous article, we talked about the 6 components of resilient collections management system. In particular, we discussed the 3 main systems: the dunning and collection system, the dispute management system, and the legal management system. We also touched upon three essential elements in powerful collections management: personalized collections scenarios, automatic action reversal, and the ability to integrate easily with 3rd party systems.

In this article, we will discuss in some detail the question: How does the Customer Relationship Management (CRM) system help in enhancing your collection process?

6 essential components of a resilient telecom collection management system

By: Omar Abdul-Hafiz

In the business world, there’s a general rule that must be obeyed for any company to survive and grow. It is quite simple. As a business, just as it is important for you to produce high-quality products and offer customers a great user experience and support, so should your customers pay their dues so you can continue to make them happy!

Failing to collect customers’ payments is what is generally known as bad debt.

Bad debt is a very major problem in business at large. According to Gartner’s finance research, the year 2020 witnessed a 26% increase in bad debt cases. This should give you an idea of how this is a very serious matter.

The telecom industry is no exception from this serious dilemma. And to overcome it, you should look for a powerful collections management system. Therefore, in this article, we will take a detailed look at the major components that you should look for in a resilient collections management system.

So, here we go!

Why e-commerce is today’s go-to industry

By: Cesilia Faustina

From toilet paper to garden supplies, the COVID-19 pandemic has brought a new understanding to the term online shopping. With social distance and lockdowns all around, we have been forced to embrace the online sphere more than usual, especially when it comes to online shopping. As we speak, you’re probably online shopping while reading this, I know I’m online shopping while writing it. Being stuck inside definitely brings out the urge to shop online. Suddenly, your room seems emptier than usual and you have the craving to buy that vintage looking clock you have no use for.

The point is, since the start of COVID and with lockdown all around, it’s becoming more familiar to bulk buy or online shop. According to Paul Marsden, a consumer psychologist at the University of Arts London, as quoted in CNBC, he saw this trend as: “Panic buying can be understood as playing to our three fundamental psychology needs.” These needs include autonomy, relatedness, and competence. 

4 steps to make the most out of your customers’ feedback

By: Omar Abdul-Hafiz

In today’s world, what happens after your customers buy and use your products and services is more critical than selling them the product itself. The idea of listening attentively to your customers’ thoughts, expectations, and aversions, you will be collecting a very valuable source of feedback that you can use in further improving the quality of your products and services. Moreover, your customers’ feedback also helps learn how to better serve them and ensure their maximum satisfaction.

With that in mind, this article is going to discuss 4 main steps to help you make the most out of the feedback you receive from your customers. They are as follows.

The 8 pillars of a complete Customer Relationship Management System

By: Omar Abdul-Hafiz

Over the years, customer-centricity has proven to be a highly effective approach to running your business, in fact even much more so than product-centricity. And this exactly how things should be since after all, no matter how great your products or services are, you will unlikely be able to market them to an unhappy customer. For this reason, you must obtain a deep and accurate understanding of your customer’s persona, their needs, wants, and even pet peeves. Afterwards, you should also plan your entire CRM strategy so as to accommodate all these details. And this fact is no less true in the telecom sector. 

In an article earlier this year, we explored in some detail what it means to have a customer-centric business strategy. One of the points mentioned briefly is the use of high-end CRM software to help facilitate your Customer Relationship Management process. And in this article, we will take a look at the main features that you should look for when choosing a CRM system that suits your telecom business, or any company in general.

How to take your customer engagement strategy one step further

By: Omar Abdul-Hafiz

Imagine the following scenario. You buy a product or service from a local CSP. You start using it and everything seems fine until one day you face a certain problem. So you open your email and write them a letter explaining your problem in detail. A few days pass and no response comes from them, so now you decide to follow up with them by phone, only to find out that the customer service representative has no idea about the email you sent a few days ago, so you have no choice but to explain your problem all over again.

This is a situation nearly all of us have been through, and we usually tend to blame it on the weakness or lack of proper administration, thus often causing us to dismiss this CSP as bad a not worthy of our money. But, why don’t we ask ourselves what exactly happened there?

Why order management systems are the number one telecom tool

By: Cesilia Faustina

The telecom industry is becoming more complex. We are seeing greater demands from people of all sectors, increasing up-time for various services and let’s not forget about supporting both Cloud and non-Cloud deployments. As the telecom industry is advancing, so is the complexity of services, and let’s be honest, most telecom providers have enough on their plates without having to deal with more demands and requirements, let alone having to deal with offering multi-vendor product offerings. This brings us to the convenient world of order management systems.

The global telecom order management market size was valued at $2,245.18 million in 2018 and is projected to reach $6,500.46 million by 2026, according to a report by Allied Market Research. Order management systems are becoming a top priority in the communications field, with constant predictions of growth and improvements. If you’re not already on the OMS waggon wheel, then it’s time to get on board.

Towards a customer-centric business strategy

By: Omar Abdul-Hafiz

In the world of business, products have always been the central element for generating revenue. Given that, the general trend was mainly on building a business model based on delivering products or services at the highest possible level of quality. According to this view, customer management only constituted a means toward securing more sales without much regard for actually achieving customer satisfaction.

This model, however, has proven to be quite unsustainable as customers became more aware of what they really want. That’s why a new model was desperately needed that is based on providing a positive experience for your customers. An experience that begins before the point of sale, at the point of sale, and continues even after the sale. And this model is known as a customer-centric strategy.