CRM for Insurance Industry: Trusted Relations And Efficient Processes

Home | Blog |
CRM for Insurance Industry: Trusted Relations And Efficient Processes

Evolving of business technologies and new approaches to customer relationships management have reached the insurance agencies. This sector faced the issues shared with other areas, such as lack of data transparency, ineffective analytics, and customer segmentation, and a severe disruption in business processes. So CRM for insurance industry appears like a multifunctional remedy that deals with sustainable workflow, data inconsistency and develops trusted and personalized relationships with clients.

Ongoing State of Insurance Agencies

Usually, insurance industry suffers from a perpetuate stereotype of being a larger to innovations and changes area. Hence, the confronting the fierce competition from banks and brokerages, these organizations have to comply with the growing demands for their complex product and establish new ways and channels for building intimate customer relationships.

As a matter of fact, this market is quite particular and offers life and non-life, property and casualty, general, commercial and health insurance. That’s why the adoption of CRM aids in


  • providing the personalized and trusted service using the call center for serving every facet of specific clients requests,

  • understanding customer needs and drivers for narrowing the window of time to cross-sell and upsell,

  • handling challenging imperative of data connection across product lines, legacy claims, and policy and billing systems,

  • linking all subsidiaries and departments within a shared database.


In fact, CRM for insurance organizations appears as a great tool for balancing the lack of investment returns by reducing operating costs and working out additional ways for revenue increase.

CRM for Insurance Industry: Name the Problem, Find Solution

Modern CRM systems meet the expectation of insurance agencies by overcoming the set boundaries with growing opportunities. It supplies a delivery of a complete picture of a customer, as well as enabling the interpretation, analysis and prediction of clients behavior, and dealing with such an aspect as the facilitation of decision-making procedures.


  • Challenges of Sales Reps

Problem: Insurance agencies find it hard to cope with the identification of the cross-sell and upsell options as they deprived of the full view of a customer, his/her interests, needs and previous purchases.


Solution: CRM provides a sales management with multichannel integration of apps and back-office systems you use, and displays information about producers, customers, registration data, commission details, product history, relevant interactions and requests on dashboards.


  • Support Service And Complains

Problem: The way you provide the support service may build up your reputation or destroy it. Apart from seasoned service reps, you need to supply them with suitable tools for handling customer’s issues fast and routing the request to the corresponding sales manager.


Solution: Within CRM, the support reps have access to the database and quick search option for locating specific producer or customer, and address directly to the request. Another great option is prioritization of the client complains by triggering alerts that help to track them quickly and avoid the escalations against the service level agreement.


  • Measuring Your Effectiveness

Problem: Paper-written reports become a quaint anachronism as they brought no efficiency and based on an irrelevant of data. Therefore, agencies suffer from an urgent need in customized and automated reports with the measuring sales and marketing campaigns results.


Solution: CRM for insurance industry delivers structured database that uses the automation for running the standard and specific reports. Additionally, built-in analytics helps to calculate costs and plan a future budget, measure fruitful and ineffective activities of sales, marketing, and support reps.


  • Segmentation And Territory Management

Problem: The increasing need for the customer segmentation for targeted and personalized campaigns, as well as a clear view of producers environment in a particular area, requires a quick addressing.


Solution: In CRM, you can store customers’ data, producers’ and partners’ records as well. So territory management delivers a full visibility of possible sales channel while customer segmentation ensures a precise segmentation of clients for running personalized and responsive campaigns.


  • Mobility And Integrations

Problem: Digitalization of all spheres of life requires more accessibility to the companies, so insurance agencies require round-the-clock access to the database, and ability to close deals on the go.


Solution: Currently, CRM vendors host their customers in the cloud. So with the SaaS system, you will have access to your data anytime you need, as well as take the vantage from integrating your CRM with third-party plugins and add-ons.


Drawing up a line, CRM for the insurance industry is far more than a mere investing in lead generation, policy tracking, and apps processing; but also business intelligence for effort concentration on the right processes, and insurance of greater mindset and data transparency within a company.


P.S. Feel like you need more details about CRM abilities? Check out this free ebook “Customer Relationships Management System. Outlining the Efficiency” for getting better insights into this business technology.

Recommended articles
Automated CRM Switch with Trujay! Infuse a New Life into Your Business Management!
News of universal importance! MagneticOne unveils the further portion of innovative rock solution. From now on, the automated CRM data migration is more than just a reality; it’s 5-step magic that will import all your data to the dream CRM …
July 10 2014
SugarCRM Horizons or How to Strike the Right Business Path
With the swift-flowing course of business relationship development, the company-customer connection becomes multifaceted literary procedure. Starting from the targeted audience investigation and ending up with the positive customer experience building, business management processes are almost impossible without a flexible and …
July 11 2014
SuiteCRM: Behind the Curtain of Open-Source Solution
SuiteCRM is considered to be an advanced solution for small and mid-size businesses. Being a mediator between company and customers, SuiteCRM helps to gain insights into your future customer behavior. Its functionality includes sales-force automation, reporting, customer support, diligent in-house …
July 14 2014