Insurance CRM Software – Detailed Guide for Agents

Are you an insurance agency looking for better ways to win over your competition and get new customers?

Do you work for an insurance agency and want to build Insurance CRM software as a business idea? OR …You are looking for a new SaaS-based startup idea?

In any case, this blog is going to be your guide to build the best insurance agency management software.

This blog will cover:

What is the Outlook of the Insurance Market in 2020?

Before understanding the aspects of technology for the Insurance industry lets quickly have a glance over the future of the insurance market by the next upcoming year.

As per the report by The Zebra

• An average American is paying $1470 as a car insurance premium. And this is good money for any insurance agency.
• The insurance rates have risen to 23% across the US.

• The insurance industry is going to witness the best technology revolution by the year 2030. everything is going to be technical. Humans will only manage and machines and software will do the entire work.
• This encourages the need for basic software like CRM for insurance industries.

Let’s take a look at what is a CRM and what is its role for an insurance agency?

What is Insurance CRM Software?

If you have questions like:

What does CRM do? Or What is agency management systems for insurance?

Then lets quickly check out what exactly is a Insurance CRM Software and its role.

• CRM software serves a package of strategies, tools, and methods which help in evaluating the behavior of the customer. CRM is helpful to grow the business and get long term customer loyalty because it helps you understand what exactly your customers want and what a customer need.
• An effective CRM software helps the insurance brokers to nurture potential sales leads to important customers. Also; it helps the agents to contact the customers with the right advice or product at the perfect time.
• In other words, a customer relationship manager’s insurance software helps to provide superior customer service. Insurance companies that don’t have a CRM lack personalized sales and customer service experience for the existing customers and new customers.

What are the five steps of the CRM process?

Now that you are aware of what is a customer relationship management software.

Let us move forward to know which steps are involved in CRM?

A CRM Generally Works In A #5 Steps Process

1. Step 1: Collection of beneficial data.
2. Step 2: Develop a Timeline for effective communication.
3. Step 3: Analyze the data of the sales.
4. Step 4: Time for human management.
5. Step 5: Customize your way of communication for every customer.

Step 1: Collection of Beneficial Data.

• The first and most important step is to collect and store as much information about the customer as possible. Save this information in your CRM software.
• The details should include; the business, industry and geographic details of the customer. Also; it should have the reason why they chose your company over others, demographic details, personal details like age, sex and hobbies.
• Effective CRM can be proved as beneficial here. The CRM will be able to collect all the possible data about the customer.

Step 2: Develop a Timeline for Effective Communication

• Now you need to determine the order and frequency of communication which can be preferred by your customer.
• Every customer can prefer a different mode of communication and the frequency of calling or contacting them. You can simply start by a thank you or welcome note.
• Further, you can help them understand how they can get the best from the product and how they can build loyalty.
• Now to repeat the business with the customers introduce them to add-on products or complementary services. You need to make sure to look out what every customer wants to serve exactly as per the requirements.
• This communication cycle is effective and necessary for existing clients as well as for new clients.

Step 3: Analyze the Data of the Sales

• Now its time to look at the clients who are spending a good amount of money and are profitable customers for the company. These customers/clients are the most important ones for you. You need to make them separate from the rest of the customers to serve them with the best services.
• You can look out for ways to advertise your new schemes or insurance types to them. Also, you need to analyze the customers which are of no profit to the company. This is to help you figure out where you can save your time and money in advertising.
• If you know in advance that these customers are not going to buy any new insurance despite any promotion or complimentary service then you won’t bug them at all. This will, in turn, save your time and their time as well.

Step 4: Time for Human Management

• After an effective analysis and collection of data its time to divide the data as per the requirements of the different departments. Every department needs a certain type of data only.
• For example, the service representative would be needing the date of payment, the type of insurance and the personal details(age, name, etc) while the insurance agency agents’ might be needing the previous activities, history of issues and other details. Hence; make sure every department has the type of data that they need.

Step 5: Customize your Way of Communication For Every Customer

• Now you know every detail, preference, and dislikes of the customer. Its time to personalize the communication medium, talks, and products. You can proactively involve with each customer to make them feel important.
• In addition; you can get more sales by giving them the new insurance options which as per the data research you think they will love.
• Overall; you need to make sure that you are utilizing each step of the CRM software in the final step. This final step is the ultimate goal for an insurance company: the serve the customer what they want.
• After understanding how CRM software works you must be wondering if it is useful for your industry. To let you understand the importance of a CRM industry the next section shows the major companies around the globe which use CRM.

Insurance Rates FACTS: Did you know?

Which companies use CRM systems?

• If you are thinking which industry uses CRM the most? Then is a simple way I would say; any company with huge customers base would use the customer relationship management system.
• Every industry from Food to eCommerce and Insurance is relying on an effective CRM to get the best sales and new customers.
• Industries like education, entertainment and travel are also in need of a good CRM to serve the best customer service experience to their clients/customers.
• If you want to know which popular brands are using CRM systems then; Tesco, Apple, ASDA, KFC, Lufthansa, and Amazon are using CRM systems for their effective work operations.
• Now we have talked about other industries and popular brands relying on CRM. Let’s understand why insurance agencies are looking for a reliable Customer relationship management software.

Why Insurance Companies need CRM?

1. Better Customer Service
2. Cost Savings
3. Better Audit Trail
4. Greater Revenue

Better Customer Service

• Like any other industry Insurance companies need an effective way to serve the best customer service experience to the clients.
• CRM will allow you to have a ticker management or case management system. This will help the employees to accept requests from multiple channels like telephone, email or social media.

Cost Savings

• Comparatively; it costs less to have a new business from an existing client than to arrange a new account for a customer. Plus; the cost to convince any person to become your customer is more.
• With proper analysis and personalized communication with existing clients; you can acquire new business opportunities.

Better Audit Trail

• CRM is updated in real-time, unlike a spreadsheet. So; no need for spreading notes, records and interactions across different spreadsheets.

Better Revenue

• With new opportunities for cross-selling and upsell you will get more revenue and the employees will be able to achieve good targets on time.
• Additionally, easy followup emails, employees can send reminders to the customers in advance and an effective manner.

How to Choose the Right Insurance Agent CRM Software?

CRM should understand your company, your employees and your customers. In most cases, it is vice versa. The employees have to understand how it works, the customers have to learn how the software works to connect with the customer care representative.

4 Steps to select the right Insurance CRM Software

1. Step 1: Figure out what you want and what you need from the CRM.
2. Step 2: Make sure the CRM is open to integration.
3. Step 3: Consider the tasks and reporting.
4. Step 4: Get a streamlined system.

Step 1: Figure Out What You Want And What You Need From The CRM.

Ask yourself questions like:

• What type of software will help your employees the most?
• Where is the need for change in your company process?
• What are your future goals?
• What are the expectations of your customers from your company?

These questions will help you understand what you need from the CRM.

Step 2: Make sure the CRM is open to integration

You need a CRM which can integrate with your website and your email system to serve you the best. If your CRM is not able to integrate with your existing systems then it will only create more chaos for your employees. They won’t like working on two systems.

Step 3: Consider the Tasks and Reporting

An effective CRM can automate your daily chores like setting up the calendar, checking the to-do list, reporting, and many other small tasks. CRM is capable of automating the daily, monthly and yearly tasks you perform.

Make sure the CRM you are going to opt for can automate these basic tasks.

Step 4: Get a Streamlined System

The actual goal for CRM is to streamline all your business operations and increase the opportunities for new sales and businesses. Make sure your CRM can streamline the entire business.

Why You Need Your Own Custom Insurance CRM Solution?

Option 1): You can opt for membership in any existing CRM.

All you have to do is pay then the fees they want on an annual or monthly aspect and for that, you will get a CRM developed by people who don’t even know your employees and customers.

What you will get is a universal software build for every business and any type of employee.

How do you expect personalization from such a system? You need software which is built for your needs, for your employees and your customers.

Option 2): When you opt for building your Custom CRM software;

You are free to add the features, the technology, and the design as per your people. You can the developers to understand the requirements of your customers and the needs of your employees first and then create the CRM.

Wondering the expenses of building a custom CRM software for an insurance agency?

The next section explains everything.

How Much Does An Agency Management System Cost?

• The expenses of developing a CRM includes several factors. You can build a basic CRM with the least features at a minimum expense or you can opt for a high-level CRM with all the latest features and functionalities.
• To calculate the cost of any software development few things are analyzed like; the complexity of the project, the time required to build the software and the resources required to build the software.

If you want to know the approximate price then it starts at $10,000 and then the final price is based on the different modules and functionalities.

• For example; if you want to add a marketing module in the CRM which can manage different campaigns and serves your marketing analysis along with customer segmentation.

• The easiest way to calculate the cost is the product of the number of resources and the time required and the cost of per hour charge for each developer. This is how the basic price of any software development process is calculated.
• Furthermore; the cost increases with the need for more advanced features which requires more time to research and develop. Although the developers have the same skill levels the cost difference is major because of the economy and demographics.
• Now you are aware of the reason why few companies charge for million dollars for CRM software development and few companies build it in a few thousand.

So; it would be best if you contact a company that has expert developers to know the real cost of developing Insurance Agency CRM software.

What We Have For You?

Introducing The Best CRM For Insurance Agencies

• The team of developers at Samaparpan infotech have built the best combination of Customer Relationship Management(CRM) & Agency Management System(AMS) for Auto/Any Insurance Agencies.

• After gaining this deep knowledge of Insurance CRM; we have developed software with a complete balance of all the latest trends and features.

Get ahead of your competition with software which can understand what your customers want from your company.

• Besides; empower your employees to understand how to personalize the experience for each customer and how to make them feel important.

Did you know technology has transformed the insurance industry? With the latest trends, customer relationship management systems are changing for the good. Today you can get more deeply researched and analyzed results from the CRM.

So; what are these technology trends?

Artificial Intelligence, Business Intelligence, Machine learning, voice-enabled technology (like Google Home, Siri, Cortana, and Alexa ) are a few examples. These trends are introducing a revolution in the insurance industry and we know how to leverage them in our software effectively.

How we added the latest technologies in our Insurance Agency CRM Software:

Chatbots:

Chatbots are this generation’s insurance agents or customer representatives. This is the next generation; we all text each other for almost everything. Hence; Chatbots are helpful to save the time of the customers and the agents.

We have integrated chatbot to our Insurance CRM and we have received a lot of positive feedbacks.

People are preferring to talk to a robot more. Why?

• Because customers don’t have to wait a long time for a representative.
• No need of explaining the same issue again and again.
• Automated underwriting.

Predictive Analysis:

We have integrated predictive analysis to understand them and predict the behavior of the customer. It is useful for:

1. Check the risk of fraud.
2. Risk and pricing selection.
3. Triaging claims.
4. To figure out outlier claims.
5. Anticipate trends.
6. Identify the customers who are at risk of cancellation.

Artificial Intelligence(AI):

Artificial Intelligence is all about smart chatbots and reshaping traditional processes in the insurance industry. We have integrated AI into our CRM to assist the customers by understanding their requirements.

AI is transforming the insurance agency in terms of operational efficiency and fraud detection. It is helping the insurers in improving the process and automatically moving the claims to the next level in the system.

We are proud to integrated Artificial Intelligence in our CRM with benefits like:

1. Automated report analysis.
2. Process improvement.
3. Sophisticated rating algorithms.
4. Accurate customer lifetime value (CLV) prediction.
5. Effective machine-generated insurance advice for the customers.
6. Advanced fraud prevention.

Moreover; Our AI integrated CRM is beneficial for the employees and the customers because:

1. It helps in organizing the tasks for the employees.
2. It elevates the information management systems.
3. Automated claim support with AI-powered chatbots.
4. Efficient fraud detection.
5. Suggesting relevant products to the customers.

Voice-enabled Technology

With interactive voice response (IVR) systems; insurance agencies and customers can interact and communicate smoothly.

We have integrated IVR in our systems to help the insurers and their customers with :

1. Proficient intent recognition to understand the differences.
2. Better listening capability than humans.
3. Instant response with real-time processing.
4. Reduced customer confusion.
5. Virtual IT Helpdesk.

Internet of Things (IoT)

With IoT, insurance agencies can automate data sharing by integrating with smart devices, smart homes, smart vehicles, and smart offices.

Insurance companies are partnering with several IT companies to introduce new IoT based devices which can help them mitigate the risks at a higher rate.

The most popular example of this is Liberty Mutual Company; this leading insurance company has partnered with Google’s Nest. The company has implemented connected smoke alarms in the houses to reduce the risk of fire. As a result, they are saving home insurance premiums.

Related Article: Top 10 Internet of Things (IoT) Trends of 2019

Advantages of the CRM built by Samarpan Infotech

Along with the integration of the latest technology trends ; the CRM developed by the experts of Samarpan Infotech has benefits like:

1. Dynamic documentation.
2. Centralized lead database.
3. Multiple Objects under one fleet policy.
4. Quote and Bind capability.
5. Effective mid-term adjustments.
6. Mid-term adjustments and endorsements.
7. Efficient multilevel distribution of the products.
8. Smart binder management.
9. Mobile CRM.

Best Features

Now let’s take a look at the features that we have added in our CRM:

• Invoices inside the CRM
• Real-time details of Sales targets and quotas
• Divide the contacts into Accounts for the single view as per the related information
• Easily track the goals versus attainment
• Smoothly create PDF quotations with brand logo
• Schedule future tasks and activities
• Support tickets will be installed automatically for the customer support team
• Online support portal with email notifications
• Auto-reply with attachments
• Customized sales information

SCHEDULE Your FREE DEMO to analyze All Functions and Benefits of Our Custom Cloud Insurance CRM Solution.

Conclusion: Now it is your turn!

What are your plans to upgrade your insurance agency?

• If you are thinking of buying a membership of an existing Insurance Agency Mangement Software/ CRM system then Think Again. You will end up paying monthly fees for customization support.
• Instead; build your CRM or AMS. The major benefit of this will be; your features, your brand name, and your requirements centric solutions.

Samarpan Infotech is here for all your Insurance CRM related queries. Our team will handle every aspect of the development process. Our business analysts will figure out what your company needs and plan then the layout of the software.

Schedule Your Meeting with our sales team to build your custom insurance agency management CRM solution today.