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CRM: A Double-Edged Sword – Empowering Success or Unsettling the Insurance Industry?

A CRM helps Insurance companies to engage in a more personalized manner with customers. This has a positive impact on sales closures as well as repeat sales. Customer relationship management is a tool that ensures a superior customer experience across all digital customer journeys. Unlike selling any other product. selling insurance is different as buyers cannot see, feel, or touch it, so eventually what you are selling as an insurance agent are a trust, ideas, and expertise. To ease the process of selling insurance, the role of CRM in the insurance industry is inevitable.

With CRM, insurance agents can sell more and sell better. The advanced AI tactics help an agent in knowing the needs of the customer better than he would have manually done, understand his requirements even before the customer contacts him, instantly cross sell policies over the call or any other customer preferred channel, and many more. With digitization, customers expect that the product/service providers know what they want, how they want, and when they want; and the addition of AI with CRM empowers insurance companies to keep their customers satisfied.

Advantages Of CRM In The Insurance Sector

1. Enhance Customer Experience

CRM in the insurance industry helps the agents to enhance customer experience, user can customize customer journeys to make it easier for the customers to self buy a product. With CRM, agents can build customer loyalty by keeping up with the demands of the customers and thereby increasing customer satisfaction. CRM for Insurance benefits customer engagement by AI based data management that collates data of customers with the interaction data. This makes the next best actions recommendations and helps in improving the overall customer experience.

McKinsey’s global research indicates that improving the customer experience is a more potent driver of profitable growth than boosting advertising or cutting prices.

2. Availability at All Channels

With the CRM tool, an insurance agent can interact with the customers in his preferred channel and instantly switch between the channels to maintain conversational continuity. This also provides better CX and allows the agents to never miss a prospective lead and increases his reach.

3. Tracking and Reporting

While most of the agents and managers are working virtually, it is difficult to track the performance of the agents, set day to day activities, instantly get customizable reports. With CRM, all of this is just a few clicks away. Managers can track their agent’s performance and goals from any time and anywhere. They can manually set goals and bonuses and track the performance at each defined level, project customized reports on any device.

4. Instantly Onboard Agents

Agent onboarding used to be a long and complicated process. All business owners want to onboard their employees instantly, it is difficult to do without a robust and scalable platform. CRM software for insurance companies allows businesses such as insurance companies to onboard agents within hours and there is no need to have a face to face meeting, all the documentation, verification for onboarding can be done from any place.

Insurance CRM can completely transform the insurance industry, with its AI driven digitization the agents can be in a system instantly and start maximizing the sales closures.

5. Sell Smarter

With AI in the CRM industry, many businesses have been able to sell more and smarter. The insurance industry cannot be left behind, AI recommends the next best sale to convert an agent’s goal, suggests how to increase his performance, recommend what to sell to which customer, and many more. With CRM, insurance agents can sell smarter and better. They don’t even have to make a face to face interaction with the prospects, AI helps them in all the steps of lead generation to qualification and further to the closure.