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.

ESKA Watch: Sky-High Inflation Tests Global Insurers

By: Ahmad Sweiss

Economists speculate whether soaring consumer prices could still provide insurers with a silver lining as policymakers rush to counter record inflation and safeguard price stability over economic growth.

These are challenging times for the insurance and other growth-driving industries, heavily weighed by the pandemic aftermath, the war in Ukraine, and the surge in commodity prices amid growing fears of supply disruptions. Meanwhile, insurers are closely monitoring the related inflationary pressures, with headline inflation, the Consumer price index (CPI), hovering around its highest level in four decades. Simultaneously, markets are eyeing world central banks, expected to wave their magic wands against the inflation crisis before it takes an immense toll on the global economy. Still, we doubt that casting more counter-inflation spells will be as enchanting as in the old days. Only time will tell if it does!

In this article, we explore the correlation between inflation and insurance, the effect of inflationary pressures on claims and premiums, and how monetary policy decisions could influence the outlook of this resilient industry.

Insurance Challenges and Digitalization in 2022

By: Lotfi Al-Sarori

As the whole world was on the precipice of the COVID crisis and its effects, a lot of remarkable impacts were registered in business history as a whole. This impact can also be seen in the insurance industry as the pandemic had its toll on this key sector. Insurance businesses worldwide faced many challenges during the pandemic.

In this article, we focus on three main challenges facing the insurance industry in 2022. The first one has to do with the direct impact of the pandemic itself while the other two relate to how the pandemic created or intensified the need for workforce expansion and better cybersecurity.

Business Systems: A walk down history lane

By: Omar Abdul-Hafiz

In a previous article, we briefly discussed the history of how Data Analytics became as we know it today. We talked about how it began with Statistics, and how it evolved eventually and combined with advanced information technology, led to the birth of Data Science.

Not too far from it, in this article, we will discuss a related field: Business Systems! Ever wondered how they came to be what they are today?

Well, you are about to find out!

A Cybersecurity Primer – Part II: Data Security

By: Lotfi Al-Sarori 

In our previous article, we discussed the topic of system security as the first area in our coverage of the various aspects of cybersecurity. In this article, we continue the same topic to go over another essential area of IT security, data security. So, without further ado, let’s get started.

Data Security

Data security encompasses securing it from being altered, whether purposefully or accidentally. Information security practices must protect data against theft, damage, or compromise. There are various angles to consider when discussing data security. Here, let us approach them from two perspectives: the CIA triad and data protection stages.

A Cybersecurity Primer – Fundamentals of System Security

By: Lotfi Al-Sarori

The significance of cybersecurity cannot be overemphasized. Information security has been a big concern ever since computers were invented. According to a recent Forbes article, Cybersecurity Ventures expects that there will be a new cybersecurity attack every two seconds. This amounts to more than 43 thousand attacks per day and almost 16 million attacks per year. Cybersecurity Ventures also estimate the cost of Ransomware to reach $265 Billion by 2031.

An effective cybersecurity approach ensures that authorized users have secure access to information. This is achieved by applying proven IT security principles and standards. Information security practices vary and come in numerous shapes and forms. They cover various areas from identity management and access control to data encryption, deploying network security devices such as firewalls, and more.

Key Business Concepts 101: Competitive Analysis Part II

By: Lotfi Al-Sarori

Continuing our discussion of competitive analysis, in this second part, we go into a more detailed analysis of competitors. In part I, we recommended selecting a diverse list of competitors to examine. After performing a SWOT analysis and gathering information about them such as their market share, customers, financials, and vendors, a more detailed analysis would provide further insight. It can help you in finding a better marketing positioning and creating your marketing plan.

 

Key Business Concepts 101: Competitive Analysis

By: Lotfi Al-Sarori

In the last article of Key Business Concepts 101, we started our discussion of performing competitive analysis, and focused on the very well-known Porter’s Five Forces. It is a key framework which can provide businesses with very valuable insight into their industry, market, and competition. In this article, we pick up the pace and go into more details regarding competitive analysis. 

Figure 1- Methods for Strategic Business Planning

Key Business Concepts 101: Porter’s Five Forces

By: Lotfi Al-Sarori

Continuing our topic on tools for strategic business planning from our previous article, today we further our discussion on the topic and discuss performing competitive analysis using Porter’s Five Forces framework.

To perform competitive analysis for your business, you would need to evaluate the market, and study the competition. A good start would be to explore market reports related to your industry. These are things like market size, key players, industry trends, etc., which can provide you with valuable insights. Understanding the different aspects of your industry and knowing your competitors is crucial to the success of your business. One particular model that is very useful in this area is by Michael E. Porter. It can provide you with a holistic view of where you stand relative to your competition and the industry in general.

Key Business Concepts 101: Strategic Planning Tools- PESTLE and SWOT

By: Lotfi Al-Sarori

In a previous article about Key Business Concepts 101, we covered the topics of business process and how to improve their quality. The article was an introduction into the world of business management and its concepts, and it was planned to be the first article in a series about business management and planning topics. Continuing our discussion on the topic, in this article, we take a look at strategic business management aspects and the common techniques used in strategic planning.

Establishing and running a business requires careful planning. Strategic planning is the first step in strategic business management. It requires thorough analysis and proper preparations to make sure that the work to be done is based on careful study and a justified approach.

Once upon a pandemic: Reflections on Crisis Management and Disaster Recovery

By: Omar Abdul-Hafiz

Around this time last year, the world was still freshly coping with the sudden and forceful impact of the COVID pandemic. Lockdowns were still strictly applied in many parts of the world and the vaccines were still in their early research stages.

Numerous studies and articles were written about the different aspects of the pandemic and lessons that we can pick up from it for the future. All these studies, however, point in one direction:

In order for businesses to survive through perilous circumstances, they need a strong ability to adapt, make well-informed on-spot decisions, and also learn from mistakes and improve accordingly.

In light of that, this article sheds the light on some of the core elements that need to be in place for successful crisis navigation.

Key Business Benefits of Dashboard Software Systems

By: Lana Bawaneh & Omar Abdulhafiz

In the past, business people could spend a lot of effort collecting, monitoring, and analyzing data from different data sources in order to generate reports that help them in making decisions. This process requires a lot of time that could otherwise be better utilized in managing business and making business improvements.

The past is behind us now, however, or so it should be. Today, there’s a need for a digitalized tool that can get this job done automatically with minimal time and effort. In fact, businesses nowadays need more than a tool that processes and aggregates large sums of data quickly and efficiently. What they need, in addition to that, is a tool that produces elaborate visual representations of data related to business operations, performance, and other sophisticated industry-specific metrics.

But there’s no need to worry, as this has become possible now with the invention of the advanced business dashboard system!

7 Key Benefits of Document Management Systems

By: Ola Azzouqa 

Documents are an essential component of work in any company. Managing business information from various sources can be a demanding task that requires a lot of effort and takes too much time.

We have previously discussed the 8 Features Every Document Management System Must Have. And in this article, we will go over 7 key benefits of having such a system.

There are numerous challenges associated with dealing with documents. Employees usually spend a lot of time searching for documents as well as archiving them and managing their releases and versions.

The evolution of data analytics

By: Omar Abdulhafiz

Throughout the past several years, the world was inundated with different interrelated terms such as “data”, “data analysis”, “data analytics”, “business intelligence”, “predictive analytics, and many more. This has caused a lot of confusion over what each of them means and what it is for. This confusion is problematic among many professionals including HR staff, which often leads to misleading job positions.

In this article, we will try to tackle this dilemma by briefly tracing the history of data science and how it came to be the way we know it today. As we go, we will clarify the most critical terms the contributed to this mix-up. This shall enable you to differentiate between these terms more easily.

 

So, let us begin.

Top 4 Benefits and 5 Key Features of Implementing a Robust Workflow Software for Business Process Management

By: Lana Bawaneh

Workflows are considered a vital element in any successful business. The smoother and more organized they are, the more capable the business will be to achieve its strategic goals efficiently and effectively. But what exactly are workflows and what makes their role so essential?

To answer these questions, let us begin by defining what workflows are.

According to Investopedia, the term “Workflow” describes the steps in a business work process through which a piece of work passes from initiation to completion; and how these steps can be executed and automated according to a set of procedural rules.

6 Key Differences Between Cloud & On-Premise Systems : Which One Is Better for You?

By: Ola Azzouqa & Lotfi Al-Sarori

The world is continuously changing with new technology. Many companies are carefully taking their first steps into a new world that is constantly adapting to new circumstances. It has been common to use on-premise systems to manage business operations. Nevertheless, new technologies like the Cloud have emerged to transform how companies operate.

Deciding on the technology that’s best suited to manage your business, products, and data can be rather tricky. However, one good place to start would be a comparison between on-premise and Cloud systems. This may give you a clearer idea of what works better for your business based on your requirements and needs.

Key Business Concepts 101: Quality and Process Improvement

By: Lotfi Al-Sarori

“Better safe than sorry”, a saying by Samuel Lover that we hear, usually as a friendly advice, when we are about to pursue an endeavor that requires cautiousness to minimize risks. This entails, for example, being well-prepared when starting a new business, project, or just a family trip. Planning the details of every step you take and making sure everything is done properly is essential to avoid risks, time wastage, and unnecessary expenses, and to get the results you seek. Similarly, organizations create business and operational plans to implement and follow throughout the year to achieve the objectives they seek in an efficient and productive manner.

The 3 main pillars of Insurance Management Automation

By: Omar Abdul-Hafiz

It’s a well-known fact that the race toward digital transformation continues to intensify across all facets of business, and the Insurtech market is not an exception. According to recent statistics, the Insurtech market is expected to garner a whopping $158.99 billion by 2030 at a CAGR of 32.7% during the forecast period of 2021-2030!

What this tells us is that there is a rising trend toward digitalization and automation in the insurance industry worldwide. The driving forces behind this trend include the race toward providing customer-centric services, as well as finding more effective methods for fraud detection. All these factors make Insurtech the go-to solution for much of the rising challenges in the insurance industry.

In this article, we shall shed the light on 3 of the core elements of an Insurance management system. Although we touched upon these three core elements briefly in an article last year, it would be useful to shed the light on them in some more detail here.

So, here we go.

 

How will insurance digital self-service elevate your business productivity?

By: Lotfi Alsarori

The increasing demand for superior products and better services in a timely manner is pushing companies toward more customer-centric strategies. Today, customers are more empowered and require more control over provided services. Customer care systems are enabling better customer management and are helping companies cope with these demands. One type of systems that enable customers to manage their information and fulfill their tasks on demand are self-service portals and mobile apps.

Nearly 9 out of 10 people think businesses should have a digital customer self-service system according to Statista. Self-service is an evolving trend that enables customers to perform their required activities without the need to seek help from the company representatives. This can significantly and positively reflect on the company’s operating cost, time, and efforts as well as increase customer satisfaction.

So, what are all these Cloud acronyms, IaaS, PaaS, SaaS, XaaS? and what is a private Cloud?

By: Lotfi Al-Sarori

Cloud-based systems are becoming increasingly common today. We see cloud hosting being used at the personal level, such as to back up our phone content or share documents with family and friends. They are also commonly popular in businesses to support collaborative work environments for example. However, what does cloud-based entail? Moreover, we keep hearing terms like private Cloud, public Cloud, SaaS (Software as a Service), but what do they really mean.

Let’s begin by defining how a system hosted online can be private.