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CRM for Insurance

Due to the modern highly competitive business climate, most companies – and the insurance industry is not an exception – are facing a lot of challenges when it comes to retaining and finding new customers. The best solution for successfully handling these challenges still remains a customer relationship (CRM) system. In recent decades, these platforms have become more of a “must-have” business software than an additional trendy solution. Designed to improve customer service and help your company successfully manage its interactions with clients, CRMs increase your sales rates and boost the performance of your employees. Therefore, to stay on top of the competition and improve customer retention, lots of insurance companies have opted for implementing a CRM system that will add value and efficacy to their business.

So, how can insurance companies benefit from using CRM software?

CRM systems provide a holistic view of your client database

An essential aspect of the insurance company’s business is knowing with whom it is dealing. This means understanding who your clients are, what they need, and how to provide them with the services they’re looking for. CRM systems provide a single database that stores all the information about clients, so your company can easily access important details and valuable insights into clients’ behaviors. Each client has their own profile based on information provided by both internal and external sources. The profiles might include personal information, such as family relationships, interests or preferences, as well as the history of requests, calls, transactions, and purchases.

CRM systems improve the policy management

The CRM software stores all the data related to insurance policies in a single secure database. It means that your employees can find and evaluate options and limits for each insurance claim or application quickly. This accelerates data search, improves the speed of retrieval, and helps you provide better, more accurate, and relevant services to your customers. The system also can send notifications about the renewal of a policy for a particular client, so you can offer an extension or a purchase of new services that might interest the client. In other words, it’s an effective solution not only for extending your network but also for keeping in touch with potential and existing clients.

CRM systems help to capture and nurture leads seamlessly

New leads and insurance inquiries may come from various channels – social interactions, business meetings, phone calls, your website, etc. The CRM platform allows capturing new prospects and insurance applications from both online and offline sources. It ensures that all new lead and application records are automatically distributed to the right teams and agents. In this way, the software guarantees that your business won’t miss a single potential client or application. At the same time, it also enhances the prospect’s experience, saves you a lot of time, and presents your company in a favorable light.

CRM systems boost insurance agents’ productivity

Insurance organizations have to cope with the multitude of clients and tasks every day. Of course, the manual handling of sequential, routine administrative operations takes up too much time. It all ends up with spending more time on dealing with paperwork than on actual communication with clients. The CRM software can automate and simplify document processing and task management with the help of BPM and workflow tools. In addition, the platform helps to keep track of all the activities that are planned for the workday. Employees can schedule all their calls, meetings and tasks, set reminders for them, so the system will send them notifications and they will not forget anything important.

CRM systems provide powerful insights into your business performance

The CRM software provides you with the opportunity to monitor all client-related processes, including their activity and interests, as well as to get invaluable insights based on extensive data analysis. This information can help your insurance business to adjust the goals or strategy of your company to fit the needs and requests of your customers. With the powerful reporting tools built in your CRM instance, you’ll get the chance to be ahead of your competitors by gaining insights into the latest trends of the market, making accurate sales forecasts, and tracking key performance indicators. Using this invaluable data, you can also develop effective marketing campaigns adapted for a particular target group that will render better results.

Insurance Dashboard

To cut a long story short, CRM systems allow insurance companies to adopt a customer-centric approach and guide customers through all the stages of the sales cycle. Instead of simply providing your services upon request, the platform ensures building loyal and trusting relationships with your customers that will lead to repeat sales and as a result boost your profits.

Interested in making your business more efficient? Let’s do it together with EspoCRM!