Insurance Management

CRM, Market and Customer Analysis in Insurance

Project thesis, 3.00 ECTS

 

Course content

Comprehensive market and customer analysis is key to the client-focused management of an insurance business. This course introduces methods of market and consumer analysis and discusses their application (a) when entering new markets or expanding one's customer base, and (b) as a competitive advantage within one's customer relationship management.

The core contents of this course include:
[1] Theory of consumption: classification and segmentation of customer groups, identification of customer needs, analysis of customers' risk appetite;
[2] Qualitative and quantitative-statistical methods for market and customer analysis;
[3] Analysis of new customer groups and markets; support of sales strategies such as market entrance, expansion of customer base, life cycle models;
[4] Analysis of current customer base: clustering of clients, CRM to facilitate cross selling, estimation of purchase probabilities; key account management.
Optional contents can include:
[5] Tailoring sales strategies to customer needs;
[6] E-commerce and CRM.

Learning outcomes

A targeted, efficient and innovative sales management is material to the success of an insurance business, in particular when new means of communication become continually available. Successful participants possess advanced skills in market and customer analysis which can serve as a basis for targeted product and sales management in practice. They understand the various stages of the sales process, from planning to selecting incentive systems and sales controlling.

Post completion of the course students have professional expertise in sales management, which is key to success in the insurance business. They can apply their knowledge to evaluating business models, reviewing their sales channel mix and controlling certain lines of the insurance business. The students will strengthen their social, team and presentation skills during a group project.

Recommended or required reading and other learning resources / tools

References: Benölken et al (2005): Versicherungsvertrieb im Wandel: Schlüsselfaktor: Kundenbeziehungsmanagement, Gabler. Köhne/Lange (2009): Marketing und Vertrieb von Versicherungs- und Finanzprodukten für Privatkunden, VVW.
Academic journals: -

Mode of delivery

3 ECTS: Project (PT)

Prerequisites and co-requisites

Module ISV (13)

Assessment methods and criteria

PT: assessment of active course participation, grading of project work