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

Authors: Vishal Bhatnagar, Jayanthi Ranjan

Addresses: Ambedkar Institute of Technology, Geeta Colony, Delhi, Pin-110031, India. ' Institute of Management Technology, Raj Nagar, Ghaziabad (UP), Pin: 201001, India

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.

Keywords: customer relationship management; analytical CRM; aCRM; data mining; information technology; TPAs; third party administrators; insurance industry; insurance firms.

DOI: 10.1504/IJNVO.2011.040932

International Journal of Networking and Virtual Organisations, 2011 Vol.9 No.1, pp.1 - 24

Published online: 21 Feb 2015 *

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