Custom CRM Software for Insurance Companies Works Better

Marina Astapchik
IT Trends Research Specialist
April 21, 2013

The insurance industry landscape is becoming extremely complex. Faced with numerous economic constraints, insurance carriers are now actively shifting from product-centric to customer-centric thinking. What does this really mean? Insurance companies develop a thorough understanding of customer needs, segment customers based on a variety of classifications, track customer interactions, reduce customer acquisition costs, improve the retention of profitable customers, etc.

Nothing else affects loyalty so directly like relationship building activities. Many insurers, however, still do not have adequate tools to better manage their interactions with customers. They either have not deployed a CRM (Customer Relationship Management) system, or are currently using inefficient software. To achieve long-term success in customer relations management, insurance companies absolutely need robust CRM software, tailored to their unique requirements.

Mass-market solutions often turn out to be over-complicated and over-priced, while custom software seems to be a better choice for many insurers. Tailor-made software adds the required level of sales and marketing automation that can help generate greater profitability. In other words, with a custom CRM system in place, companies are able to make the right offer to the right audience.

Let's take a look at other advantages of a custom CRM solution for insurance companies:

  • Amalgamated view of customer activities
  • Increased visibility into sales pipeline
  • Targeted marketing
  • Comprehensive tracking of sales and marketing campaigns
  • Advanced segmentation to promote featured products and offers
  • Generation of more and better-qualified leads
  • Faster conversion of prospects into customers
  • Higher speed of decision-making
  • Reduced cycle times
  • Improved customer satisfaction
  • Increased productivity
  • Insightful reporting
  • Ease of use.

The customer-centric approach ensures long-term success for your insurance business. To make the most of your sales and promotion efforts, you need a comprehensive custom CRM system. It will aide you in satisfying clients better and will give you the ability to measure efficiency of each marketing campaign. With the help of a tailor-made CRM solution you can deliver high-quality services your clients are really looking for.

Industries and Technology Areas

Industries: Insurance, Information Technology

Technology Areas: CRM (Customer Relationship Management) software, custom software development

LATEST ARTICLES

AI in Marketing: The Power of Recommendation Engines

Although the speed of AI adoption among consumers may be a bit lower than expected, it is already transforming the way they experience the world of customer service. The algorithms within the system are able to process the vast amounts of data created every instant and use it to make...
READ ARTICLE
mhealth

MHealth – Two Major Challenges And Steps To Address Them

With the potential to enhance patient engagement and care quality, mHealth is advancing by leaps and bounds. To wit, the global digital health market is expected to reach $200 billion by 2020 — with the mHealth market's compound annual growth rate of around 41 percent.  Still, there is a flip...
READ ARTICLE

Thou Shalt Not: The Impact of The GDPR on AI

No matter how futuristic (and helpful) some technologies may be, there’s always a chance that sooner or later they will fall prey to restrictions. According to some thought leaders in the industry, the EU’s new data privacy rules – the General Data Protection Regulation (GDPR) – will have a negative...
READ ARTICLE