Insurance Companies Can’t Live without Well-Adapted Custom CRM

Marina Astapchik
IT Trends Research Specialist
October 31, 2012

The essence of any insurance company implies guaranteed coverage of different types of risks that enables their clients to develop rapidly, function steady and make improvements confidently. At the same time, the ever changing technical innovations make it more complicated for underwriters to capture the wanted market share in the extremely competitive insurance field. That’s why it is of high priority for representatives of the insurance industry to implement the latest developments into their working processes and provide their customers and insurance agents with flexible communication tools.

Being in a state of epic changes due to the mobile era and technological revolution, every insurance organization should use these transformations as an opportunity to enhance service quality and become customer-centric. An insurance company can achieve significant revenue growth by deploying a CRM (Customer Relationship Management) system that allows managing customer relationships and meeting brokers' and agents’ needs.

In order to set their insurance company apart from competitors and gain a comprehensive view, insurers are looking for adoption of appropriate CRM solutions. CRM software helps insurance leaders remain efficient, improve client retention, support business operations and reduce costs. What are the benefits a CRM system can bring into the insurance business?

  • A fully integrated into all business processes CRM system creates lucrative opportunities for insurance companies to leverage advanced technologies.
  • A CRM product that is specifically tailored for insurance companies may serve as a flexible tool for billing, resolution of customer issues, efficient time management and consolidation of scattered databases.
  • Insurance leaders understand that CRM systems can significantly improve staff productivity and customer loyalty and thereby enhance the overall outcomes of the company.
  • Forward thinking insurance companies agree that CRM is a powerful tool to satisfy customers and it is also an excellent way to increase the number of regular clients.
  • For insurance companies it is important to obtain the possibility to meet expectations of modern customers that are always on-the-go and adhere to the innovative technologies that facilitate their daily lives. A CRM system is one of the best decisions in this case.

Insurance organizations today strive to reduce operational costs, satisfy clients and deliver high-quality services to them. In order to ensure successful growth and enhance customer loyalty, it is essential for insurance companies to streamline sales processes and effectively collaborate either with customers or insurance brokers. CRM software with its advanced integration capabilities can meet customer expectations and consolidate data across various systems as well as partner and customer profiles.

Today’s CRM solutions allow businesses predict customer expectations with a higher degree of accuracy, maximizing the effectiveness of every up-selling or cross-selling effort. Robust CRM systems track every customer “touch” and may compose a comprehensive profile of each client due to precise data collection. The CRM can be used to provide a customer-based strategy in your insurance company and create personal approach to each client. In so doing, you will be able to provide a more responsive service and deliver a targeted set of offers at the right time to the right people.

Thus, CRM software solutions will be in demand among insurance companies for a long time, as this decision allows to integrate customer data from multiple channels, increase the level of service and customer satisfaction, as well as streamline processes in the insurance business. In case you have an intention to boost revenue, productivity or sales in your insurance company, the CRM system will be the right instrument to start with for the exponential growth of your insurance business.

Industries and Technology Areas:

Industries: insurance

Technology Areas: software CRM development, CRM application development

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