Enhancing the sustainability through customer relationship management as a solution to the sustainability of the independent short-term insurance broker

Abstract

This study sets out to validate that a Customer Relationship Management system is an enhancing factor in the sustainability of the short-term insurance broker’s business. This objective frolm the fact that very few brokers utilize a complete and integrated Customer Relationship System that could enable them to use the data and information they hold in an effective and sustainable manner. For this reason a primary objective was developed and from this secondary objectives supporting the key issues in Customer Relationship Management systems, sustainability, use ability, interphase, security and integration ability. An empirical study was conducted and a detailed representation of the facts and key issues to the problem statement was analysed. Various detailed analogies were created from which accurate and reliable deductions were derived. A sample population of bona-fide independent short-term brokers in the North-West province of South Africa were compiled by employing strict discriminatory criteria. A questionnaire was developed that tests the key aspects. The questionnaire used key demographic questions, while the component specific questions employed a Likert scale. A total of 75 questionnaires were distributed and 61 were received back that could be used for statistical analysis. Results from the research indicated that the factors contributing to Customer Relationship Management are cost and value enhancing. These factors signify sustainability and that a CRM system can deliver, user interphase, cloud computing, data security and system integration ability. The findings developed in a key conclusion shows that not only is Customer Relationship Management a key factor to sustainability, but it is an emerging factor of Customer Resource Management as well. A secondary finding is that most brokers have some sort of Customer Relationship Management system, but they do not know what they have and how to utilize it to the full.