Customer Relationship Management in Insurance Domain

By Enterprise Solutions Team 4 min read

Digitalization has taken over the world. Customer Relationship Management is the need of the hour in professional services. It assists in managing, analyzing customer interactions and data by using the latest technologies, strategies and practices. Trust is the main foundation of any business relationship; hence, their target is to build and improve the relationship between the businesses and their customers, retain customers and increase sales. All this is accomplished at the right time, through proper channels and proactively.

Customer information and documents are integrated into a CRM database with the help of the CRM software. This makes its accessible and manageable for the users. Everything is automated, from recording various customer interactions through various modes of communication and channels, to managing tasks, reminders and alerts. It also assists the managers in tracking the performance and productivity that are documented, creating a strong database.

Customer Relationship Management in Insurance Domain

Features of CRM software:

Marketing Automation: The CRM tool assists and boosts marketing efforts by sending automated tasks to customers at regular intervals.

Salesforce Automation: Or sales force management/automation helps prevent the duplication of efforts between the agent and the customer. It automatically tracks all the contacts and follow ups between the them.

Contact Centre Automation: Customer service process is simplified, as the software tools on the agent’s desktop integrate with the CRM tools and help reduce customer requests and time of calls.

Geolocation technology or location-based services: Few CRM systems have the technology that can create marketing campaigns based on the customer’s location by GPS apps.

Importance of CRM in Insurance Domain:

It is imperative for Insurance companies to evolve and digitally transform their systems to a trustworthy express service. One-to-one interaction with the customer is also essential. The right CRM system enables the brokers to get a complete understanding of the customers preferences and history to assist them. Communicating with the customer is one of the key factors. It enhances the process by providing offers pertaining to the price of the product at the right time and through proper channels. All these assure customer satisfaction and improve customer experience and loyalty, enabling businesses to flourish.

Customer Relationship Management in Insurance Domain

Customer Experience and Faster Claims have improved with CRMs

Technological advancement has brought has made communication easier for consumers. Email, chat, social media and phone have made communication more effective. This raises the expectations of the customers, as they go for insurance companies that will promptly respond to them and handle their claims quickly. Customers tend to switch insurers to have a more personalized service and experience. To prevent the loss of clientele, the CRM systems assist the agents by giving them complete information of the customers’ preferences and history, thus satisfying their needs and expectations.

Why does the Insurance Domain need CRM?

Nowadays insurance has been highly commercialized. There are numerous competitors, hence the right CRM will give them a boost. It is challenging for the agents/brokers to manage documents and information. Therefore, such a tool will improve their capability. Companies have a tough time meeting their revenue targets. They are incapable of doing so, as they are numerous stakeholders who struggle to deal with the various processes, systems and locations. There is a need for CRMs to accelerate the documentation process while issuing policies too. It also assists in responding to customer grievances and reparations instantly.

CRMs are an asset to the Value Chain:

CRMs have been very useful for businesses as it helps in procuring more customers, enhances productivity, as well as the development of the product. The CRM software tools assist the agents to issue policies instantly. In case the policy expires, it sends the customers automated renewal reminders through SMS’s or emails. The tools enable the agents to collect payments from the customers instantly. It also helps the agent in settling claims by verifying all the information and documents of the customer with the preexisting data. All these processes are assisted by Customer care personnels, IT, Finance and Audit, HR, Marketing and Legal teams.

Strategies for Success of CRM in Insurance Industry:

  • Documents and information should be properly archived and should be readily accessible by the businesses as well as the users.
  • Vernacular languages should be used for customers and employees of the company, to make it user friendly. Security and privacy are a must, especially when it comes to monetary transactions.
  • It should be implemented in phases.
  • To avoid major setbacks like the failure of the complete system, you need to conduct tests at regular intervals at various locations and must also survey the revenue aspects.
  • You must regularly collaborate with the stakeholders/business partners, to get regular inputs and acquire latest technologies and process to prosper in the market.
  • Cross channel integration within the business is a must, as every individual needs to be actively involved, informed and updated, to assure customer satisfaction.
  • Businesses should train the CRM system users well, to avoid any failures. The customers should also be guided on the technicalities of the system to avoid any setbacks.

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Enterprise Solutions Team