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Insurance CRM: Digitizing Workforce for Delivering Delightful Customer Experience

A lot rest on the shoulders of insurers as they protect a customer’s future. Insurance CRM solutions have become indispensable tools for insurers as they navigate the complexities of protecting a customer’s future. In today’s age of digital disruption, insurers are looking to create simple, affordable policies that are relevant at every stage of a customer’s life. Their goals include increasing market penetration, enhancing lead conversion ratio, boosting workforce productivity, etc. How can insurers simplify insurance through digital, with the ultimate objective of delivering delightful customer experience?

1. Automating business acquisition

By automating lead generation and management, insurers can set up intelligent processes that capture lead data and other information of prospects from multiple channels. Seamless integrations can capture information from multiple systems, document management system (DMS), analytics etc. Digital onboarding, free look up processes can be designed, customized through visual journey designers.

2. Actionable customer 360 degree

Insurers can get a holistic customer 360 intelligence that captures profile, previous engagement, pending cases, current status etc. Straight through processes (STPs) can lessen huge multiple request types to a few faster workflows that significantly reduces turnaround time and increases customer satisfaction.

3. Automating policy renewals

Renewals are the lifeline of an insurance business. Automating policy renewals through an advanced insurance CRM platform revolutionizes the insurance industry’s operational efficiency. By leveraging this technology, insurance firms seamlessly generate renewal bases and implement rule-based renewal allocations. Imagine a scenario where an aging bucket approach is applied, allowing sales teams to prioritize renewals based on predefined rules.

In this advanced system, insurance salespersons benefit from real-time updates on payment statuses, enabling them to strategically manage calling buckets. The platform monitors allocated versus called versus paid renewals, providing a comprehensive overview. Picture this: A personalized dashboard displays critical information, allowing teams to make data-driven decisions for optimal results.

Moreover, the insurance CRM sends automated reminder emails to customers, ensuring timely and hassle-free policy renewals. This not only enhances customer satisfaction but also minimizes the risk of policy lapses. The result is a streamlined and efficient renewal process that empowers insurance businesses to thrive in the fast-paced digital era, creating a win-win situation for both insurers and policyholders.

4. Smart Policy Servicing

Insurance policies, for customers, can be harder to understand than the late Stephen Hawking’s “A Brief History of Time”. Insurance CRM platform makes policy servicing faster by providing insurance executives a unified insurance policy view on a single screen anywhere and on any device. This holistic intelligence is generated through mashups based on on-demand fetches. Insurance firm staff can quickly create policy processes for demographics, transactions, interaction, payments etc.

45% customers let their policy lapse because they didn't receive regular and personalized communication from their insurers.
5. Faster Customer Servicing

Insurance CRM enables insurers to deliver faster customer service through straight through processing work flows, that can boost First Call Resolution (FCR) rate. Guided form filing through auto population and the availability of more than 300 different communication templates ensures that insurance firm executives or customers need minimum data entry. CRM for insurance can take care of end to end dispatch tracking as well.

Imagine a customer reporting a car accident to their insurance company. With an insurance CRM, the representative quickly accesses the customer’s details, thanks to guided workflows and auto-population. Using pre-built communication templates, the representative provides clear information about the claims process.

As the claim progresses, the platform’s automation keeps the customer informed in real-time. The system also tracks the entire claims journey, ensuring transparency and a quick resolution. This end-to-end tracking not only speeds up the process but also enhances the overall customer experience, showcasing how insurance CRM significantly improves efficiency in handling claims.

CRM platform for insurance will help insurance agencies to bring uniformity in customer experience across touch points like call centers, branches, and self-service portal services. With insurance CRM, insurance agencies will be able to establish consistent communication with customers and your sales team and customer support team will work in sync. They will be able to keep track of customer complaints and queries at real-time. An insurance CRM platform can bring down the time insurance salespersons spend on unproductive work by 80%. This will allow them to focus on increasing engagement activities and delivering delightful customer experience.

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