CRM for Insurance

Reduce risk and increase profits with CRM for Insurance

It’s hard to stay ahead in today’s insurance market. The growth of online providers has made service faster and policies cheaper. Meanwhile, insurance payouts have never been higher. Life insurance companies alone paid out nearly 800 billion last year.

To stay afloat in a crowded, risky market, you need a CRM for insurance. An insurance CRM can help you deliver fast, affordable, and personalized service. You can also better calculate risk (and potentially avoid huge payouts) through data analytics and 360-degree customer profiles.

Deliver Faster Service

People often contact insurance companies in their darkest momentsafter an injury, accident, illness, or death. It’s essential agents respond with fast, high-quality service. A CRM makes this possible by storing a complete record of every client, including their interaction history. You can access this record at the touch of a button, ensuring clients don’t have to wait or repeat themselves when filing a claim. Many insurance CRMs also allow online claims processing. Customers can help themselves, speeding up the processing time. 

Manage Risk

A CRM can analyze huge amounts of customer data. In addition to the information provided by the client, it can comb public records for data, such as traffic violations, criminal records, property ownership, and social media accounts. The insurance CRM can then analyze the data to deliver an accurate portrait of risk. 

You can also automate much of the underwriting process. This reduces risk further, as it eliminates human error and creates a consistent scoring system. 

Regulatory compliance: You don’t want to risk of running afoul of industry regulations. CRM for insurance can standardize business processes and forms, ensuring everyone follows the latest policy changes.

Increase Insurance Sales

You can also use data analysis to sell more insurance policies. Insurance is a complex product, and many customers don’t have time to weed through all the options. With an insurance CRM, you can use detailed customer profiles to find the perfect mix of coverage. This will give you the advantage over online providers that compete on price vs. personalized care.