Features of Insurance CRM Software: Detailed Guide
Are you looking for top features of Insurance CRM Software? Or confused between different Insurance Agency Sales Management Software? You have landed on the right page.
This blog is written to help you decide which CRM is the most suitable for your Insurance agency. Let’s get started.
The importance of features in a CRM
Today, all you have to do is search “CRM Solutions For Insurance Agencies” and you will get thousands of results on your search engine. It is obvious to get confused about all the options available. To select the right software solution for your agency the most important aspect to look for is the set of features of the CRM.
What exactly are features?
Features can be defined as a set of tools available within a system. This set of tools is responsible to complete an action or task. As a result; features allow a user to perform any task in the CRM.
Now that you know what is the importance of features of a CRM solution, let’s dive into the list.
Which are Five Features of Best Cloud Insurance CRM Solution
- Seamless Data/Lead Capture
- Spontaneous distribution of the leads
- Estimation of the importance of the lead
- Business Intelligence Reporting
- Commission Calculator
Seamless Data/Lead Capture
For your agency, the most important aspect is to collect the leads. If your clients are filling out the form, sending you enquires but your software is not able to handle all the traffic then you might lose a huge part of your business.
The most important feature of any insurance agency CRM is to be able to capture the data. Also; as an Agency you must be using different types of platforms to get leads like social media, PPC ads, email marketing, events, and third party sites. Make sure the CRM is capable to handle and manage all the data.
Related Article: How to Optimize Insurance Sales CRM Funnels? Guide For Agent
Spontaneous Distribution of the Leads
Now that your CRM has captured all the leads and is ready with the data the next step is to distribute it to the right team. Being an insurance agency you must be having different teams for different departments.
Also; if you might have offices or teams on multiple locations, dividing the leads manually can be an impossible task.
Hence; you need an efficient CRM which is capable to divide and distribute the leads as per the departments and regions.
For example, you have offices in Chicago, Seattle, Montreal, and Toronto. Each office has a different team for Auto insurance, Home Insurance, Health insurance, etc. Now, whenever a person from Georgia fills out a form for Car insurance. Your CRM should be able to collect the lead, process it, and send it to the Auto insurance team in Georgia.
Estimation of Importance of the lead
This is obvious that not all leads carry the same importance for your business. As an agency, you need to verify and list out which clients require your hours and which clients require your minutes.
Hence; you need a software that can help you rank the leads as per the importance.
Prioritization of your leads depends entirely on your company’s process. Make sure you have a CRM which can help you in the process. You can create your flow and decide what kind of leads and clients need more points.
For example, leads from a certain source or person with a certain designation or financial characteristics will get more points. By adding up all the points your CRM can decide which person should be on the priority.
Business Intelligence Reporting
Reports are an important aspect of your agency. An efficient CRM should not only be able to generate reports bust also to help the sales team filter the data.
Below are some must-have reports:
Customer Data Report
Every agent of your company needs details and reports of his clients. Hence a report which will have all the data of upcoming dues, claims, renewals report.
Agency Data Report
The management or administration department need data to analyze the functioning of the company. A monthly, weekly, daily report of leads, conversion, new business and performance helps the management to stay updated.
Team Performance Report
A report with data like how much new business an employee got, or how many renewals he/she got can help to understand the performance of every team member. A company with different teams and departments needs efficient employee data to analyze the performance and take required decisions.
Commission Calculator
As we know automated systems will make less risk of miscalculations and wrong information. An automated commission calculator integrated into your CRM will help the agents and the management to calculate the weekly, monthly, and annual commission of each agent.
Related Read: Cloud-based Custom Insurance CRM: Why it’s best for Agency?
Common Features for Every Insurance CRM
- Contact management
- Opportunity management
- Customizable dashboards and reports
- Email tracking
- Team View
- e-Application / Drop-ticket
- Bulk email
- Staff recruitment
- Task management
How to know which CRM software is right for your company?
Now, this is a tricky and important question. You have checked all the top CRM software available online and you have got more confused to make the right choice. Understandably, almost all the CRM has the same features.
Here are tips to know if CRM software is right for you or not:
- Can the software adapt to business goals?
- Is it capable to handle business growth?
- Is the CRM will be compatible with your current software?
- What will be the pricing of the software? Are you able to afford it?
- How effective is the support and training staff of the CRM?
Custom CRM or Pre-Built CRM: Which one is right choice for you?
Yes, there are a lot of options available for insurance CRM in the market. But each CRM has different kinds of features that are useful for all the agencies and businesses.
Most of these features are not required for your company. Extra features can create confusion for your staff members and you need to spend more time in training. Hence; try to ask the company to remove the extra features.
You can even build a custom CRM for your agency. A custom CRM will help you give you the best features based on your requirements. So you don’t have to deal with the extra features which are not relevant to your company.
Over to you!!
That was all you need to know about the Features of Top Insurance CRM Software. If you are looking to build a custom CRM software then our full-stack developers are here for you.
Samarpan Infotech, With an experience of more than 10 years, we know what it takes to build the best software for your business.
Get in touch with us today and kick start the process of development.
With over 10 years of experience in Tech industry at Samarpan Infotech with architect system, problem solving and creativity. "Today is the only day. Yesterday is gone".
