CRM Peculiarities for B2B Companies in Insurance Industry

The concept of CRM (Customer Relationship Management) nowadays has become widespread in many different business spheres thanks to its’ versatility – correct analytical instruments and the strategies of its’ usage allow companies not only improve their sales rates but also can optimize the most significant business which leads to the costs reduction. Meanwhile, customers relationship management approaches must take to consideration the peculiarities of the industry to be effective. In this research we observe the opportunities of CRM usage in the B2B segment of the insurance industry. The key loyalty factors of the insurance intermediaries and the main approaches to their customer value management were identified in the research. Moreover, one of the most important insights was the fact that insurance companies should focus more on the intermediary’s relationship management rather than on final consumers demand due to the peculiarities of this sales channel. What is more, we analyzed one of the biggest Russian insurance company’s activities in the intermediaries CRM. As the result, there were identified the ways of CRM usage improvements in the B2B sales channel for the insurance companies. Firstly, we recommend using alternatives approaches to capture intermediaries’ loyalty except commissions. Secondly, Key Account Management programs should be taken to consideration by the insurance companies as it allows to gain attention from the most valuable brokers that generate up to 80% of the sales rates.