How to Optimize Insurance Sales Funnel via CRM Software?

Which is the most important asset for an Insurance agency? We all know the answer is: Customers. Therefore which will be the most important tool for an agency? Yes, it is a Customer Relationship Management software.

Today, if you’ll search on the internet the best “Sales funnel CRM tool” you will find hundreds of options. But, every industry and every business has different requirements and expectations from a CRM. 

If you will check out the pre-developed CRM available on the internet you will realize there are a lot of features in it which are not useful for your team and there will be a few features missing which are important for your company process.

Hence, we have created this detailed and informative article for you. This blog will cover everything you need to know about sales CRM funnels.

Keep reading till the end to know how Good Insurance CRM software can improve your business process and manage your sales leads. Let’s begin with a quick introduction.

What is CRM For Insurance Agency?

• Customer relationship management software helps an agency to reach out to different customers from different channels. A good CRM is capable to help you build strong relationships with your customers or clients.
• When it comes to insurance agencies; a CRM must be capable to address the requirements of both, insurance agents and insurance brokers.
• Your company’s agents need reliable software that can help them to convert a potential lead to a customer. Also, it should assist the agents to build a long-lasting relationship with the customers.

Now that you have an idea of what exactly is a Sales CRM Tool for an insurance agency, let’s have a look at another important aspect: Sales CRM Funnel.

What is Sales CRM Funnel For Insurance Agency?

A sales funnel in a CRM for any Insurance Agency which shows the visual representation of a customer’s journey throughout the sales process. So from the first stage of the funnel i.e Awareness to the final stage i.e purchase; the entire journey of a customer can be analyzed by an agent.

A sales funnel is beneficial in tracking and analyzing the leads and possibilities at each stage. There are a few common stages that are for every CRM funnel system like awareness, interest, evaluation, decision, and action.

But it is unnecessary to be dependent on these stages only. You need a CRM which can provide custom stages for you or allows you to customize the stages as per your process.

How Insurance CRM can optimize Agency Sales Funnel?

Your sales manager needs transparent and effective visibility of everything that’s happening in the sales department and sometimes in the marketing department of the agency.

Seamless Experience to the Customers

• A sales funnel can show where most of your customers are quitting the process. With a bit more analysis you can figure out the exact issues your customers are facing and hence with few changes you can make sure the customer is getting the seamless experience which they expect.
• Moreover; with constant analysis of your sales funnel or CRM funnel you can see the journey and feedback of unconverted customers.
• For example; you are getting customers of one product which is listed on your homepage but there isn’t any detail available. The customers will bounce back leading to no conversion and more bounce rate on the website. With their journey and feedback, you can check what they are expecting and work on it accordingly.

Upselling

• We all have some clients or customers who are just impossible to convert. CRM holds track history of each lead like what they enjoy and what they don’t.
• With all this information it will be easy to know what will be the right time to contact, what will be the right way to present, and which are the most important interest points you can cover.
• This is even important for your existing customers. You can pursue them for buying new policies or upgrade the existing ones.
• All you have to do is search out their track history and learn about them; this will help you to make some important points at the time of presenting your pitch.

Why do Insurance Agents Need Sales Funnel?

Now, this section we are going to cover in very simple to understand and easy to skim pointers:

1. Tracking customer activity at each stage.
2. Reduction of the time a customer is spending on each stage of your sales funnel.
3. Creation of a well-defined sales process.
4. Streamlining the entire conversion process of your potential clients.
5. Identification of leaks in your sales funnel.

Benefits of Sales CRM Functionality

Now that you know all the nitty-gritty of CRM software; let’s have a look at the benefits of good CRM software:

Overall View of a Customer and its Journey

An effective CRM will be able to provide accurate insights and information which can help sales as well as the customer service department. When you have the real-time data of customer’s behavior, interactions, characteristics, and preferences your team will get an extra edge while planning things out.

Streamlined Process

With a CRM you will be able to streamline the everyday tasks of your team members and the entire process of the sales department. This leads to saving a lot of time, money, and efforts.

Better Internal Communication

A customer relationship management funnel is capable to connect all the departments of your company. Hence; your sales, marketing, logistics, IT, shipping, customer service, and even the finance team can work together.

Improvement in Customer Relations

When your customer service executive or representative will have all the details about a customer like order history, feedback, preferences, etc they will be able to connect with the customers in a better way.

Manage the Time Spent on Each Stage

Your team will have a tool to check and analyze the report of customer behavior at each stage of conversion. This will help them to plan out each stage in such a way to help customers move forward to the next stage quickly.

Related Read: Cloud-based Custom Insurance CRM: Why its best for Agency?

How Samarpan Infotech can help you?

Now that you know everything about a CRM funnel software and why it is important for an insurance agency, it’s time to make a decision.

• What type of CRM do you need?
• Do you think the ready to use already available CRM are going to work for your company?
• You have understood the need for a customized CRM for your agency?

At Samarpan Infotech, we have a team of proficient developers with extensive 8+ years experience in building Insurance CRM software. We would love to Get in touch with you and understand what kind of CRM features your agency needs and how we can deliver the same.

Related Resources

• Insurance CRM Software | Detailed Guide for Agents