Role of CRM in Insurance Industry

Customer relationship management or CRM is a tool that is most effective in ensuring a superior customer experience across all touchpoints of the customer journey. How is CRM helpful? Businesses that can strategically use CRM notice a significant rise in sales closures. Customer acquisitions and existing customer retention also improve. As such, CRM is crucial for all industries. This is especially the case for a highly competitive industry like the insurance industry. The role of CRM in insurance industry is manifold. Insurance companies use CRM to engage in a more personalised manner with customers. This has a positive impact on sales closures as well as repeat sales.

As an insurance agent or a professional working in the insurance sector, the only thing on your mind, especially at the end of a month, would be your targets. Achieving targets in insurance is tough. Target completion gets more difficult when you lack necessary information related to your customers. Your leads will not wait for you! With the extensive number of insurance companies and freelance insurance agents in the market, you can lose your leads at the blink of an eye! This is where CRM comes in. By using CRM software for insurance companies, you can capture leads and close sales in a data-centric manner.

Advantages of CRM software for Insurance Companies

What are the advantages of CRM in insurance industry? Some of the major benefits of insurance CRM include:

Personalised Experience

crm for insurance companies

Customers love it when they are made to feel special! Offering a personalised experience makes them feel that they have some individual value to the company and the company has taken the time to understand his/her needs and requirements. This is true for all industries, including the insurance industry. 88% of insurance customers would prefer more personalisation from their insurance providers. With multiple competing agents, the customer will choose the company and agent who can provide some differentiated service. CRM is a database of information. By using some sort of CRM software, you can gain access to important insights about the customer, like their family members, age of the family members, number of dependents etc. Based on such information you can refer products and insurance policies that can actually help them, instead of just trying to sell generic policies. This extensive degree of personalisation can play a vital role in boosting sales closures.

Superior Customer Service

Superior Customer Service

Gone are the days when the price was the primary factor that prospective customers considered while purchasing a product or service. Now, customers are willing to pay extra if they receive some added benefits and a superior customer service. Effective customer service involves predicting every small and large need and expectation of the customer and exceeding those expectations. CRM and customer service go hand-in-hand. Agents who use CRM software for insurance companies observe a marked increase in sales numbers. Such software and tools help them understand customer preferences. Preferences include the channel of communication, language and more. Once you understand such predilections, you can enhance the service that you are offering.

Sales Opportunities

Sales Opportunities

Another major benefit of insurance CRM is that it helps agents in identifying the most lucrative sales opportunities. All the leads in your sales pipeline will not convert. Many may convert but at a much future date. Only a few leads will be hot and ready for immediate conversion. CRM helps you identify such leads. CRM tools come with lead scoring and lead nurturing capabilities. These tools will analyse all your leads, match them against some predefined criteria and then assign scores and ranks to them. Based on these scores, you can easily differentiate between your hot and cold leads. Once you identify the hot leads, you can use CRM personalisation and lead nurturing features to design offerings and content that are unique, personalised and value-added. This will prompt your leads to convert.

Repeat Business

crm for insurance companies

Why is repeat business important? Existing customers are much easier to sell to as compared to new customers. Your existing customers can be a major source of revenue for you, via upselling and cross-selling opportunities. If you are a sales guy, irrespective of industry, most of your time would be going in communicating and staying in touch with your existing customers. This is because these people can not only refer new customers to you but also be more open to up and cross-selling options. By using CRM in insurance industry, you can identify all possible sales opportunities to repeat customers. These types of CRM software have been designed to provide a holistic and omnichannel view of the customer. By getting such a bird’s eye view, you can predict the products or services that your customers might need, thereby opening up opportunities for upsell and cross-sell. 

Agent Onboarding

crm for insurance companies

Agent onboarding can be a long-drawn and complicated process. While any business owner would want to onboard his/her employees quickly, this isn’t always possible as the new agents need to learn to be able to perform their duties effectively. CRM software for insurance companies allows such businesses to onboard insurance agents within the shortest span of time. This is because these tools have all the information that an agent might need to understand the business model, gain knowledge about the rules, regulations and procedures, obtain insights about their markets and customers and finally, discern the strategies that are required to close the maximum number of sales. Companies need not invest time and money on training as these CRM platforms take over that role. In addition, agents can learn as per their convenience and work simultaneously, which is beneficial for both the company and the agent.

Insurance CRM is a tool that can completely transform the insurance industry by bringing in automation and digitisation. By investing in such software, insurance companies and agents can maximise their sales closures. 

At Talisma, we have designed  CRM for insurance as per the requirements and needs of the insurance industry. By using Talisma CRM for insurance, you can enable your insurance agents to drive high-value sales within minimal time. Get in touch with us to know more.

2024-05-02T14:51:48+05:30September 1st, 2020|

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