Time to implement data mining in insurance firms for effective CRM and CRM analytics

Abstract

Organisations that are having a strong customer base are often facing the difficulties of managing customer's data. The insurance sector firms are primarily dependent on customer's base they had created. The growing demand of security of life in current worldly atmosphere is increasing. This is due to increased stress in every common man life. This has resulted in growing demand of insurance in every common man life. The stiff competition in insurance sector needs better focus on customers and their demands which is possible through improved products and better service to customers. The effective management of customer's data to gain insight of it and retrieving useful information from it is the need of any insurance organisation in today's scenario. We authors through this paper highlighted the importance and significance of data mining techniques and tools in managing customer relationship management (CRM) and CRM analytics in insurance organisation.