How CRM Can Give Insurance Professionals a Competitive Advantage

SME

As you already know if you are in this type of business, the insurance industry is particularly competitive. If you are having difficulty growing your business and gaining market share, the first step is to understand what is blocking your success so that you can find solutions.

Those who work as an independent broker or who run an SME in insurance are often tasked with multiple functions. You may be responsible for attracting new prospects, booking appointments, establishing partnerships with new agents, ensuring proper data management, closing sales…. This requires a lot of time and effort on a daily basis.

And even if you’ve adopted multiple apps and software to help you stay organized, some of these technologies also create additional work. If you haven’t yet installed customer relationship management (CRM) software to help streamline your organization, it’s probably time to take a closer look at what CRM can do for your insurance company.

 An ineffective sales process

How long has it been since you reviewed your phone number list sales process? Are you still relying on email or a spreadsheet to manage and store your customer’s contact information and information? If your customer information (contact information, purchase history, correspondence and interactions, follow-up activities, etc.) isn’t all in one platform, chances are you’re not taking advantage of all the sales, upsell, and cross-sell opportunities.

A working method that is too loaded with manual tasks

Face it: repetitive, manual tasks are consuming a lot of your productivity and energy. For example, copying and pasting a customer’s contact information from one app to another is a waste of time, right? Are you still manually managing renewal reminders and marketing communications?

Take a few minutes to think about how much time you spend on manual tasks each day and identify the ones that take up the most time. You can then determine which tasks could be automated to free up your time to focus on prospecting, engaging with customers, and generating revenue.

Hard to stimulate leads

Everyone knows that good insurance is one of the most important things you can do to protect your family. And yet, customers hate what they see as a boring and complicated process.

Some experts recommend that insurers redirect their efforts toward Generation Y (or millennials), who will soon replace their baby boomer customers.  However, young adult millennials also tend to reject overly intense sales and prospecting techniques. Unlike their parents, they prefer to turn to a variety of more subtle platforms, such as social networks, email prospecting, online forums, etc.

Under these conditions, how can we respond to communication challenges in order to attract new leads, through varied communication channels and original engagement approaches?

This will likely start with a solid communication strategy that targets a broader demographic (age range, income, geographic area, etc.). A CRM software designed specifically for the insurance industry will be used to create lead generation campaigns on multiple platforms to attract potential customers who are compatible with your services. And it will be able to automatically capture the information and contact details of these potential customers to ensure effective follow-up.

Attract new customers without losing existing ones

that your customers tend to email marketing in the financial advisory Industry: getting started leave you after a certain period of time, it’s essential to understand why. I

For example, is churn a general problem, or one specific to certain industries? If you look closely, you might find that your property and life insurance customer retention rates are relatively stable, but your auto insurance customers aren’t very loyal.

Whatever the problem, good CRM software will allow you to analyze your data to quickly and easily identify issues with your customer growth and retention.

How should a CRM work to serve an insurance provider?

You can then use this information to analyze general, demographic, or even individual trends. The best CRM software is also able to analyze all the data to provide you with reports and valuable insights into your sales methods and communication campaigns.

Finally, a good CRM automates many manual tasks in order to increase the productivity of your teams. Let’s summarize the main advantages of a CRM:

Automate lead capture and management

With a CRM solution bw lists specifically designed for the insurance industry, you can automatically collect all the information about a customer through a web page, then direct the most promising leads to your sales team who can respond more effectively.

By organizing automatic lead management and scoring, you help your agents make contact and maintain a relationship of trust with their prospective customers. It’s a way to save time, but also to take care of more leads.

Increase lead conversion rate