• Sun. Feb 5th, 2023

5 ways CRM can boost your Insurance Sales


May 21, 2021
Read Time:5 Minute, 45 Second

Just like every other industry, the insurance sector has wholeheartedly embraced new technology. Today, the power of digitization and immense competition has revolutionized business processes.

People who were least concerned in knowing the background and in-depth knowledge of the insurance provider, now wish to get every detail in just a few clicks. This gives a tough time to insurance companies.

If you belong to the insurance sector, this article can be a lifesaver for you. I will highlight some key ways through which CRM can help you boost your sales.

Let us have a look at them:

CRM Software for the Insurance Sector

This customer relationship management software is the same as other CRM software, but it is customized specifically for insurance companies.

In this era where specialization and customization are everything, businesses cannot survive without having tailor-made software. Thus, insurance CRM software caters to the core needs of insurance companies.

With insurance CRM, insurance teams can find various things from policy inquiries and customer history to prospects and analysis.  It means that such software should be highly useful for insurance companies.

But how does it help in boosting sales? let us learn below:

1. Develop Strong Bonding with Customers

Every brand struggles to retain customers but what do they do for it? They develop strong relationships with them. Today, insurance is more about trust than anything else, and to gain that trust, you need to develop a relationship with your customers.

Yes, you need to stay vigilant from their first query. Prospects deeply analyze how quickly they got the response from the insurance agents and how knowledgeable was the agent?

If the system is manual or partially automated, insurance teams will find it difficult to show promptness in their response. Similarly, the sales team will not have complete information about the customer. This information is essential in pitching your next policy or advising further options, especially for first-time customers.

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When you use CRM software, you will have comprehensive profiles of every customer. This will include every detail regarding the age, policy preference, experience, location, etc. Such consumer profiles are also maintained in other CRM software like CRM real estate, CRM accounts, CRM hospitality, etc.

2. Enables Personalization

Gone are the days when knowing just the first name of a consumer was enough for customization. Today, insurance companies target customers based on their specific traits and history. For instance, a customer with a medical record is likely to get a medical insurance email from the insurance agent.

Besides this, customization helps in building strong relations with customers, which is discussed above. Similarly, CRM insurance software can help in determining the specifications related to customers. For instance, the sales team can send notifications about the educational insurance if the consumer has young kids.

It shows how customization helps in quickly converting a prospect into a final consumer. Since the data required for customization can only be gathered through CRM software, CRM plays an imperative role in generating leads.

3. Saves Time

Undoubtedly, an insurance CRM is a great way to save time. This time can then be used for focusing on the core objectives that can augment sales and revenues. CRM software stores all kinds of customer information in one place.

Thus, the sales teams do not need to spend time gathering customer information from separate documents. Furthermore, this platform can tell the user about the former policies availed by the customer, feedback, time history, and so on.

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Similarly, for answering customer queries related to new policies, amendments of old policies, or payments, agents require detailed information. We know how important it is to show a prompt response, especially to new customers. This leaves a positive impact on the prospect’s mind and chances of conversion are increased.

Thus, in just a few clicks, agents can get access to every piece of information. In this way, they can show great responsiveness. Additionally, prompt solutions to customer queries save both agent’s as well as consumer’s time.

4. Creates an Effective Sales Strategy

In this era of immense competition, insurance companies are running to find out the core needs of customers. When the needs are clear, sales teams are in a better position to design a sales strategy.

However, to discover such needs, gathering and comprehending customer data is important. CRM resolves this issue by providing all kinds of customer data in one platform. By analyzing the pattern of this data, insurance sales teams can design new and relevant strategies.

For instance, the insurance team observed the pattern of visitors in the last three months. After analysis, the team found out that most of the visitors are from London who viewed the car insurance policy. The team came up with an idea of amending the current car insurance policy and offering something new, especially for the London residents.

5. Better Awareness about Customers and Policies

Since insurance is a big sector with so many subdivisions, insurance teams need to categorize their target groups as per the policies. For instance, the target group for car insurance will be different than that of property or life insurance.

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Similarly, knowing the date of policy renewals, understanding claims, and keeping a check on payment dues is important. There is a lot of other stuff that the insurance teams are concerned about. To manage and smoothly run all such activities, CRM software is essential.

CRM software provides a detailed view of these activities. For instance, with the help of a smart view, agents can view a specific topic. Similarly, they can send auto-notifications when the policy is about to expire. When such things are smartly managed, chances of error are reduced, which saves a lot of costs.

Wrapping It Up

In short, insurance agents face a lot of challenges in routine business activities. CRM can resolve such issues and play a great role in boosting sales. Since it has detailed information about every consumer, it assists in maintaining strong relationships with them.

Besides this, it is useful in personalization and saves a good amount of time. Furthermore, insurance teams can design new and competitive strategies with the data available on CRM. The platform is also useful in knowing customer details and facts about multiple policies. All such things contribute to increasing business efficiency, which in turn increases sales.

About the author:

Muhammad AbdurRahman is a Computer Scientist with a passion for writing, Mobile Application Development and UI/UX Design and anything tech-related. His educational background in the technical field has given him the edge to write on many technology and computer software related topics. He occasionally writes blog articles for Real Estate CRM.


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