CRM for Financial and Insurance Markets Features and Functions
This CRM knowledge base supports specialized criteria for groups engaged in the financial and insurance markets. In addition to many of the regular CRM features, the knowledge base has a range of criteria for policy tracking, agency management, investment tracking, and other areas of concern to professional service automation (PSA) groups.
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Insurance and Investment
This set of functionality pertains to security, insurance, agency management, and data standards within the insurance and investment fields.
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Marketing Automation
Marketing automation creates a beneficial bind between service and sales organizations. The software should be able to deliver on a range of goals in multiple environments (such as business-to-business and business-to-consumer). Often, the software is expected to be able to identify market segments and target them in as many ways as possible. Marketing automation software should be able to identify customer prospects by name, location, and buying habits. In addition, it must have appropriate analytical components to support reporting and prediction of customer behavior so that it can improve future campaigns.
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Sales Force Automation (SFA)
Sales cycle automation links your outside sales, inside sales, technical support, management, and service and customer care. The goal is to increase communication and hence efficiency between sales and support teams.
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Analytics and Reporting
Analytics applications use complex rules-based techniques, neural networks, pattern recognition and other profile settings within peer groups to identify certain transactions and set thresholds for what is considered "normal" shopping behavior.
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Call Center and Customer Service
Multi-channel interaction management is the ability to prioritize, route, track, manage and report on all interactions regardless of media type, and provide real-time and historical reporting on each of those interactions. These capabilities help companies understand their customers and business practices, and allow them to adjust accordingly. A multi-channel interaction management solution helps companies derive value from each and every interaction.
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Professional Services Automation (PSA)
Professional services automation (PSA) optimizes and simplifies the complete project life cycle from sales through delivery and closeout. It increases the profitability and performance levels of project-centric organizations--spanning the disciplines of opportunity management, contract management, project management, resource management, project collaboration, project accounting, and business intelligence.
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e-CRM
CRM versus eCRM--there has been a lot of debate surrounding the differences, or lack of differences, between what is called CRM and what is called eCRM. Is eCRM just web-enabled CRM? Is it merely symptomatic of companies hoping to strengthen their proposition or valuation? Or is eCRM fundamentally different? Clearly the Internet and e-business are responsible for the e in eCRM. There are significant differences in the skills one needs and the things one can do with eCRM as opposed to CRM but the fundamental principles are very similar.
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E-Mail Response Management
E-mail response management uses web forms and rules based routing to manage inbound e-mails, which may prompt automatic e-mail confermations and responses. It can further allow for customer data integration and reporting.
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Industry Vertical Module Availability
Industry vertical models are specialized vertical modules that provide out-of-the-box functionality, which matches industry-specific processes.
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Product Technology
This group of criteria defines the technical architecture of the product as well as the technological environment in which the product can run successfully. Criteria include product and application architecture, software usability and administration, platform and database support, application standards support, communications and protocol support and integration capabilities. Relative to the other evaluation criteria, best practice selections place a lower relative importance on the product technology criterion. This apparently lower importance is deceptive because the product technology usually houses the majority of the selecting organization's mandatory criteria, which generally include server, client, protocol and database support, application scalability, and other architectural capabilities. The definition of mandatory criteria within this set often allows the client to quickly narrow the long list of potential vendors to a short list of applicable solutions that pass muster relative to the most basic mandatory selection criteria.
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Customer Relationship Management (CRM) Features and Functions
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