6-Aug-2020

What

Guide to choosing the best CRM for insurance agents.

Technology that helps an Insurance Agency manage all sales and marketing processes efficiently and effectively is referred to as Insurance CRM. CRM stands for customer relationship management; a software combining many applications together to make work easier and quicker for the Insurance agents, sub-agents, brokers, and CSRs. 

The insurance industry thrives on customer satisfaction achieved by providing customized services. The knowledge of client history, preferences, and circumstances prove beneficial for concluding sales. The agents have to abide by stricter norms to comply with the Patriot act and stand tall against the competition leaving no room for ambiguity. With investments squeezing in the economic downtrend, CSRs just have a limited window of time to engage the lead for conversion opportunities. Carrying out the sales process with a smooth simulation requires information, skill, and technology that are ingrained in CRM for Insurance.

Important aspects of a CRM in the Insurance Sector

Competitive edge and viability in the Insurance sector are brought about with a prime focus on customer values. More likely than not, the agency next door is selling the same policies from the same carriers. Then, how well do you stand out while offering the same products that every other agent is offering? We discovered that the answer lies in knowing your clients better by leveraging technology. Any CRM will help you to some extent, but a good CRM system stimulates your workplace with sophisticated tools and strategies and helps you build stronger bonds with your customers.

3 Basic aspects that rule the structuring of CRM in the insurance sector

#1 Providing a 360-degree view of the customers

Acquiring new clients and dealing with existing customers requires a prediction of customer’s demands effectively, keeping in view the brief historical analysis of the customer’s preferences and buying behavior. Account information and interaction details with the client are maintained individually to give a clear perspective of each and every contact entity.  Apart from the basic credentials,  the details of ownership of cars, homes and other properties, health, etc. are also found in the 360-degree view. Analytics of every engagement with the policyholder can also be tracked with the help of a good CRM. Additionally, the history of claims and status of policies also gives a better view of the client who will be more likely to opt for a cross-selling opportunity. This reduces churn and helps retain clients by incurring lesser costs. 

 An all-in-one screen to capture all information about clients so you not only know the history, but are also able to predict with higher certainty the future transactions and engagement. 

#2 Offering superior client services

As mentioned earlier, CRM is a collection of applications integrated to provide unique client relationship management experience. A Saas-enabled (Software as a service) software, the insurance CRM vouches for a number of excellent services extended to the client for advanced support and automated processing of business activities. Client portal, chatbots, messaging bulk text, drip email campaigns, automated workflow, task, and goal management through sales pipelines facilitating a beneficial service assistance. 

Now you don’t need to remember hundreds of important business dates or have to send customized information individually; rather you can leverage automation and data systems to map and manage it all.

#3 Minimizing the cost of expansion of Insurance agency business

With increased sales opportunities and growth of business prospects, it is also essential to keep the expansion costs under control. Clients across the globe can be offered CRM services as they are cloud-based, but is it actually possible  to transcend physical boundaries without incurring excessively high costs, especially during the current time when it is like a war out there?  Agencies are extremely cautious in fluctuating their workforce especially when the short term future is so unpredictable. In situations like this, a solution partner like InsuredMine can help you expand services and capacity without impacting quality. When things are looking good again in terms of crisis, you can certainly scale down and do what is necessary. 

Guide to choosing the best CRM for Insurance Agents

Choosing a CRM solution can be challenging as there are many attributes to consider. Equipped with a good understanding of sales needs and requirements, we assist your agency in selecting the right CRM for your needs. While setting the selection strategy it’s crucial to get the basic questions answered with the checklist given below to make a better decision. But let us first comprehend the issues that need to be addressed before jumping on the selection criteria:

  1. What are the objectives outlined to be achieved? To what extent are you willing to use the system?  
  2. Are you simply transforming from traditional to contemporary systems or are you looking for extensive cloud-based solutions with automated intelligence manifestation?
  3. What is your current state of digitization? What are the processes you are already using?
  4. What is the budget and size of your enterprise?
  5. What is the ROI you anticipate by plowing resources into the CRM system?

Here’s the checklist for choosing the best CRM 

  • Sales engagement and automation 
  • Customer experience 
  • Sales pipeline
  • Opportunities (Renewals, cross-sale, up sales)
  • Goal Management
  • Customer 360` 
  • Business Analytics supported by Reports, charts, and KPI
  • Integration with AMS and various support software
  • Insurance Rating
  • Agency website and payment gateway
  • Task management
  • Contact management
  • Knowledge management
  • Security
  • Mobile application
  • Chatbots

Insuredmine – Insurance CRM

InsuredMine is robust insurance CRM software specifically designed to offer customized sales and marketing automation solutions that succeed in conversion of prospects, and engagement of prospects and clients, and high retention via cross sales and upsales. It also helps curtail the churn of clients with sales, engagement, analytics, and mobility tools. This software nurtures sales and delivers tremendous client assistance while making sure that it doesn’t burn a hole in your pocket. The technical support and implementation assistance optimize the growth and development of insurance business with an all-in-one agency software. The entire agency story can be visualized in a simplified form, empowering ypur decision-making capabilities.

The scope of CRM insurance is incredibly prominent and well recognized.  According to the Gartner Report, CRM systems surpassed the database management systems (DBMSs) by revenue in late 2017, when their revenue reached $39.5 billion, while database management systems had $36.8 billion. As mentioned in  SelectHub, the CRM market size will reach $80 billion by 2025. 

Be sure to adapt the insurance CRM technology that is capable of handling evolving system demands, contribute to client experiences, and respond accurately to sales engagement. 

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