The Policy Holders` Protection Bill - which requires certain disclosures to be made and documents to be kept - is imposing new challenges on the insurance industry. There has been a rush to find solutions and a lot of money is being thrown at the problem - with somewhat mixed results.
Recognising the need, specialist e-business enabler WebSoft has successfully applied its locally-developed "WebCRM" customer relationship management solution within risk management and financial services group Glenrand MIB.
The solution is applicable throughout the insurance industry says WebSoft CEO, Joao Frasco, presenting a "ready-made" platform for procedures, relationship management and documentation which will be required by the Financial Services Board (FSB), in compliance with the new Bill - at a fraction of the cost and time required to develop a greenfields solution.
"The flexible functionality of WebCRM has put us in a unique position to offer the insurance industry a solution to the requirements of the FSB," points out Frasco.
"These are costs to be borne by the service provider and not the policy holder and clearly they will have to be absorbed at the bottom line. There is also the question of compliance within FSB deadlines.
"Glenmib had already invested in its CRM programme with WebCRM and the needs of the FSB proved to be readily adaptable to that existing platform. By the same token, WebCRM can be customised across the industry spectrum and we are fielding numerous enquiries right now as awareness spreads.
"Fundamentally, WebCRM enables users to create an online database of individuals and companies and exposes that information to users and systems within the organisation.
"It`s a solution that manages relationships across the supply chain - from customers to employees to partners and suppliers.
"Information attained by initially capturing all interactions and documentation within WebCRM is readily accessible anywhere and anytime via the Internet.
"In the case of the new Policyholders` Protection Bill, the information is formulated and documented in line with the requirements of the FSB. Hence there is no need for any research, data formulation or documentation generation and the platform can be in place within weeks.
"Moreover there is no loss of data should there be a loss of staff, while, on the other hand, WebCRM is proving to be the quickest way to get staff up to speed on customers and their history with the company.
WebCRM is feature rich and includes full contact management, relationship management, interaction management, campaign management, document management and cross-selling management - all of which is Microsoft based and Internet enabled. Despite its complexity WebCRM simplifies its appearance through easy navigable menus with a "Windows" based look and feel. "Wizards" are also available to guide you through complex tasks.
"CRM is clearly critical to any business strategy but in the case of the Policy Holders` Protection Bill specifically, WebCRM ensures compliance and a competitive advantage."
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