CRM for Insurance Industry

What is an Insurance Industry CRM?

An Insurance Industry CRM refers to a set of business processes, software tools and solutions used by organizations in the Insurance Industry to help improve their sales processes and operations. The organizations in this industry comprise mainly of Insurance service providers, Insurance Brokerages, Insurance Agencies, Independent Insurance Advisors, etc. Insurance Industry CRM helps these organizations streamline their sales processes by helping them organize leads, deals, activities, contacts in order to improve their customer relationship management which in turn brings in more insurance sales and renewals.

What are the benefits of using an Insurance Industry CRM?

There are many benefits of using an Insurance Industry CRM. Some of them include

  • Better Tracking of Sales Lead: Using a CRM, Insurance agencies can track their leads and deals more effectively. Often deals are lost not because of disinterest from prospects but due to non timely follow ups from sales representatives. Using a CRM helps the agencies keep track of all open leads and the next follow up actions associated with each lead and deal. It helps them keep track of the various planned activities which they can associate with various leads, deals, contacts, etc in order to better organize their sales activities.

  • Better Customer Relationship: Using a good CRM will help Insurance firms document all the past activities and interactions with the customer within the CRM. This helps build a huge data repository giving a 360 degree view of the customer. This helps them build a long term relationship with the customers so that the sales reps can pitch customers for cross sell and upsell opportunities during the term of the policy and also at the time of policy renewals. This ultimately helps in a better customer experience as the sales reps get a better in depth understanding of the customer needs and can advise insurance policies and add-ons in a more tailored way thus improving the chances for conversion. A better customer experience also leads to more referrals from existing customers which has even faster conversion due to word of mouth marketing.

  • Improved Sales Productivity: Using a CRM will help streamline all sales processes and activities within a single tool. This improves the productivity of sales teams who can focus more on closing leads and deals instead of spending time on manual sales activities such as data entry, data cleanup, sales tracking, follow-ups, etc. All these activities are automatically managed in a good CRM which offloads a lot of manual work of sales representatives, freeing up their bandwidth, thus utilizing their time for a quality interaction with their leads and customers for better insurance advice.

  • Better Sales Reporting and Analytics: Using a CRM helps the Insurance agencies automated their sales reporting and analytics. This ensures that the representatives need not manually submit their periodic sales data to their leads and manager who in turn collate the data from multiple sales team members in order to present the final figures to Sales Leaders. The sales reports and analytics in CRM is generated in real-time which ensures that sales leaders are monitoring revenue figures, gaining actionable insights and taking corrective measures on the accurate real-time data instead of taking decisions on stale data in case of manual reporting.

How can ToolsonCloud CRM help Insurance Agencies?

ToolsonCloud CRM is equipped with a load of features which an Insurance firm would need in order to effectively manage their customer relationships.

It helps Insurance companies to keep track of leads, deals, contacts, quotations, sales activities such as meetings and calls, etc. It also provides real-time sales reporting and analytics for Sales Leaders in order to equip them to take data driven decisions and actions.

Add to that you can use ToolsonCloud CRM to collaborate over data within your teams with multiple sales representatives in order to oversee the leads assignment and their activities for a better and collaborative Sales team management.

All these things ultimately lead you to improve your customer relations, organize your business processes, improve sales productivity and lead to increase in leads conversion for both new customers and policy renewals.

ToolsonCloud CRM can readily solve sales problems of your team

Lead Management

Seemlessly Capture, Nurture and Qualify leads to deals.

Contact Management

Organize your contacts from deal decision makers to customers and keep track of conversations.

Reports and Analytics

Get Reports from your CRM data and actionable insights to take critical sales decision.

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