本文摘要：本 经济管理论文 是留学生毕业论文范文，主要内容是研究客户价值方面的相关内容，以及针对客户价值管理的具体方法和作用。《现代管理论坛》是一本为企业管理及相关理论服务的社会学期刊。该刊不仅涵盖了管理理念，还涉及对不同业务与企业管理发展趋势的解读
本经济管理论文是留学生毕业论文范文，主要内容是研究客户价值方面的相关内容，以及针对客户价值管理的具体方法和作用。《现代管理论坛》是一本为企业管理及相关理论服务的社会学期刊。该刊不仅涵盖了管理理念，还涉及对不同业务与企业管理发展趋势的解读、讨论与评价。《现代管理论坛》致力于为企业与员工提供高质量的独特交流平台，并通过将期刊传递的有价值信息应用于现实工作环境、通过将管理理念与实际经验的有机结合来惠及企业及员工。
This report aims to identify the importance and long term benefits from adopting a customer value management (CVM)strategy for a life Insurance company (“insurer”) in Singapore. It highlights the reasons why insurers need to adopt a CVM strategy and showcases the various means by which the strategies facilitate customer satisfaction which in turn results in profitability for the insurer. By following a well planned CVM Framework, an insurer will be able to analyze customer data, calculate profitability per customer, identify key customer drivers, and segment customers, thus targeting the right customer with the right product at the right time using the right channel of distribution.
The report will benefit an insurer already based in Singapore as it highlights best practices and case studies of existing players in Asia and what they are doing to acquire and retain new customers in this region. The insurer can also focus on the key drivers and specific needs of the insurance customer in Singapore and position itself accordingly.
Along with the CVM Framework, the analysis and recommendations from our research will benefit a life insurer in determining whether or not it is aptly positioned to penetrate the life insurance industry in Singapore and to a large extent the Asia Pacific market.
Research Methodology
For the purpose of this report we performed both primary and secondary research which assisted us in refining our objectives as described in Figure 1:
Customer Value Management (CVM) Framework
Based on our secondary research we described the process flow for a CVM framework for a life insurance company. The successful implementation of a CVM based strategy involved understanding and performing the following key processes:
Best Practices of CVM in the Life Insurance Industry
Highlights of the best practices followed by insurers, brokers and advisors in the Asia Pacific region are depicted.
Introduction What is CVM? 简介 什么是CVM
In industries where products, Marketing promotions and channels are transitory, organizations are increasingly recognizing the importance of customer relationships. Today customer relationships play a very important role in increasing the profits of any organization. There are reports which suggest that customer retention of 5% may increase the profits of a company by 25% or more[1].
An organization experiences increase in profits primarily when the customer makes more purchases thereby offsetting the acquisition cost. Efficient customers over a period of time tend to be more cost effective to service as they are well versed to dealing with the organization.
Loyal customers are a source of value for an organization but are scarce in nature and managers must maximize customer value and formulate strategies to successfully measure and align it with the organization's goals. As we evolve from product centric to customer centric marketing, a set of best practices are emerging to measure and increase the lifetime of the customer. These practices are defined as Customer Value Management[2].
CVM in the Life Insurance Industry
The life insurance industry, long considered a pillar of stability, is now facing major challenges stemming from various internal and external factors:
* Withincreased competition as a result of globalization and the de-regulation of markets worldwide, several new entrants have entered the playing field making customer acquisition and retention all the more challenging. These new entrants include financial institutions such as banks and security firms.
* Advent of new technologies is challenging the effectiveness of previously established product distribution channels and has given the customer access to shop for life insurance products from multiple web based platforms such as www.policybazaar.com in India and www.compuquotes.com in the United States, with each offering different quotes for the same product offered by various organizations (life insurance companies)[3].
* Rising costs as a result of high number of fraudulent activities is declining the life insurance industry's profitability.
The strategies deployed by organizations to tackle these challenges will have a profound effect on both short and long term profitability. One such strategy that can make a positive impact on the profitability of an organization is Customer Value Management.
Customer Value Management (CVM) from a life insurer's perspective revolves around the identification of each profitable customer. Upon identifying this customer, CVM techniques can be used to measure the return on investment made by the organization in acquisition, growth and retention of the profitable customer. If the return on investment from the profitable customer is positive then the insurer should further implement strategies to maximize the lifetime value of its relationship. At the same time CVM solutions also facilitate an organization in:
* Segmenting customers by similar risk profiles
* Improving cross selling and up-selling programs
* Improving the effectiveness of the marketing campaign
* Maximizing profitability
The successful implementation of a CVM strategy also involves the identification of the following:
Right Customer
Objective
Identifying profitable customers and reducing customer acquisition costs.
Traditional Practice
Acquire competitor's customers irrespective of profitability from each customer.
Current Practice
Acquisition of only profitable customers likely to generate repeat business.
Example
Consider two life insurance companies, one that focuses on providing life insurance products to “safe customers” and the other serves customers that fall in the high risk category; individuals engaged in adventure sports and activities such as mountaineering, cliff diving, cave exploration etc. The “safe customer” company would be acquiring the wrong customers byadvertising in adventure sports magazines.
Advantages
* Lower customer acquisition costs
* Higher profitability per customer
Right Product
Objective
Providing the right customer with the right product thereby increasing customer retention and reducing costs.
Traditional Practice
Providing an array of life products irrespective of the customer's preference and need resulting in customer dissatisfaction and attrition.
Current Practice
Providing only those products as desired by the right customer by segrega
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