Insurance companies are continuing to invest in customer relationship management initiatives despite the decline in IT spending across other financial services segments, according to a new report from Meridien Research.
The report says that many insurance providers are proceeding ,albeit cautiously, with strategies to improve customer service to policyholders, and identifies several strategic CRM projects at Blue Cross/Blue Shield of Massachusetts, MetLife, and a large Australian property & casualty insurer.
Meridien estimates that global spending on insurance-related CRM project initiatives will reach $1.6 billion by the end of 2002 and increase eight per cent compounded annually, reaching $2.5 billion in 2006.