5 Advantages of having Insurance CRM for agents


There is no denying for any company selling insurance policies, the clients are the assets. Such a company needs to put maximum efforts in catering to the customer needs and enhancing relationships. This will ensure expansion of customer base and growth of revenue.

Besides focusing on selling more products (insurance plans), these organizations also need to learn more about the customers, their needs and likings etc. This will help the company cater to their requirements better, resolve their problems and exceed their expectations. This is why using an insurance CRM solution is imperative for entities dealing with any type of insurance.

Importance of using a CRM solution for the insurance sector

In the last decade, CRM has become significant for the insurance agencies, worldwide. As per the revelations of a 2015 study, almost 70 percent of captive and direct insurance companies use CRM solutions now. Most of them have witnessed positive results post adoption of such solutions. While each insurance company has unique objectives and needs, using Insurance CRMs bring such entities clear advantages.

The major benefits of using CRM for insurance agencies are:

  • Better management of customer data

When an insurance company uses a CRM solution, the agents find it easier to locate and retrieve data of the customers. There is no manual method involved when a CRM application is deployed, as it is. The agents need not look for printed documents or records. Beyond doubt, the client database of any insurance company is huge and it only keeps growing over the years. Managing such a gargantuan amount of data is achieved better when specialized CRM software is used. The agents can fetch the data of any customer within a few seconds, anytime, as per the need. Besides, the data stored in the CRM database can be modified easily.

  • Better security of customer data

Needless to say, storing customer information in a safe manner is of utmost importance for any insurance agency. Unless CRM application is used, safety of customer data remains at risk. These data contain vital financial transaction information for each customer. Modern Insurance CRM solutions come with inbuilt data security measures. The agents also need to use specific security protocols to either access or modify the data. The risk of unauthorized data access or tampering is almost non-existent when a suitable CRM solution is in place!

  • Better data storage and regulation compliance

Based on jurisdiction and sector, insurance companies may need to use specialized software solutions. They need to use applications that are compliant with global regulations such as HIPAA and PPACA. This is where the CRM solutions rock. The agents can store and update data using such software while ensuring they are not deviating from these regulations. This is beneficial from the audit perspective.

  • Better customer experience, satisfaction

Keeping the customers happy and meeting their expectations is very important for any company in the insurance sector- beyond doubt. This becomes easier to achieve when such companies use suitable CRM solutions.

The CRM solutions can be used by the agents to analyze needs and likings of the clients. They are also able to automate certain repetitive sales tasks such as the follow-up emails. The built-in tools of such CRM solutions can be used by the agents to analyze individual client needs and they can suggest the client suitable plans and offerings in the future.

Besides, they can also keep track of interaction log of loyal customers. This helps the agents to deal with those customers in apt ways. All of these go a long way in enhancing customer experience.

  • Effective in maximizing profits

Since the modern Insurance CRM solutions come with the options to analyze vital customer metrics, the agents are able to understand client needs better. They can also utilize the metrics to figure out the best selling and marketing strategies for the customers. For example, they can analyze metrics like Policy renewal, penchant for facilities, penchant for discounts, and importance for coverage. Then they can offer the best solution to the customers. This, in the long run, helps the company in boosting profits.

Picking the right CRM for insurance companies

Using the right CRM solution can bring a company selling insurance policies many notable benefits. However, such a company also needs to pick the right CRM application. There are several CRM solutions available and comparison and assessment is the way to go. It would be wise for such companies to try out a few such specialized CRM tools before shelling out the fee for licensing.