Building Stronger Customer Connections with CRM

Who needs a CRM tool

Agencies/Brokers

Managing your business starts with keeping track of your clients, policies, and prospects. Agency/Broker CRMs enable you to do all three while also incorporating features like task management, document storage, and financial tracking. A CRM gives you a complete view of your business and helps you manage every aspect more efficiently. This is useful and necessary for both life and property and casualty insurance agents.

While internal agents, external agents producers, and wholesalers are distinct models they all benefit in the same ways by having a CRM.

MGAs

Managing your business starts with keeping track of your clients, policies, and prospects. MGA CRMs enable you to do all three while also incorporating features like task management, document storage, and financial tracking. A CRM gives you a complete view of your business and helps you manage every aspect more efficiently. MGAs need a CRM that is specific to their needs so that they can track the data most important to them.

Carriers

The goal of a carrier is to maximize retention and grow its book of business. A CRM will help them do both by keeping track of their clients, policies, and prospects. Carrier CRMs also incorporate features like task management, document storage, and financial tracking. Having a complete view of your business helps you manage every aspect more efficiently.

Appraisers

Appraisers need to track their clients, properties, and contacts. A CRM will help them do all three while also incorporating features like task management, document storage, and financial tracking. An appraiser CRM will give you a complete view of your business and help you manage every aspect more efficiently.

Banks/Credit Unions, Mortgage Lenders, Real Estate Agents

These types of companies need to track their clients, accounts, and prospects. A CRM will help them do all three while also incorporating features like task management, document storage, and financial tracking. A CRM gives you a complete view of your business and helps you manage every aspect more efficiently.

What are some of the benefits of a CRM

Identify and categorize leads

A CRM will help you track your leads and categorize them according to their stage in the sales process. This makes it easier to follow up with leads and turn them into customers. Identifying and categorizing leads also allows you to track your conversion rate and see which marketing campaigns are generating the most leads.

In short, a CRM will help you manage your relationships with your clients, prospects, and leads. It will give you a complete view of your business and help you run your operation more efficiently.

Increase the customer lifetime value

A CRM will help you increase customer lifetime value by keeping track of your customers' purchase history, contact information, and preferences. This information can be used to upsell and cross-sell products and services. For example, if a customer has purchased a product from you in the past, you can use their purchase history to suggest similar products that they might be interested in. If you have a customer's contact information, you can reach out to them with special offers and discounts. And if you know a customer's preferences, you can customize your communications to them accordingly.

Offer better customer support

A CRM can help you offer better customer support by keeping track of your customer's interactions with your company. This information can be used to resolve issues more quickly and efficiently. For example, if a customer has called your support line before, the CRM will have a record of that call. This means that the next time they call, the support agent will already have some information about the issue and can provide a more efficient resolution. In the US, it's highly recommended to capture each interaction with each insured in the event of a lawsuit.

Improve marketing effectiveness

A CRM can help you improve marketing effectiveness by tracking your marketing campaigns and their performance. This information can be used to fine-tune your marketing strategy and allocate your resources more effectively. For example, if you know that a certain type of marketing campaign is not generating any leads, you can stop investing in that campaign and focus your resources on more effective campaigns.

A CRM can help you focus your sales teams on the hottest prospects by keeping track of your leads and their stage in the sales process. This information can be used to prioritize follow-ups and allocate resources more effectively. For example, if you know that a certain lead is ready to buy, you can assign that lead to a sales team and have them follow up immediately. On the other hand, if you know that a lead is not ready to buy, you can assign them to a different team and have them follow up at a later date.

Task Reminders & Tracking

A CRM can help you manage your tasks by keeping track of your to-do list and reminding you when items are due. This feature is especially helpful for sales teams who need to follow up with leads regularly. For example, if you know that you need to call a lead in two days, the CRM will remind you to make the call. This way, you can be sure that you never forget to follow up with a lead.

The bottom line is that a CRM will help you manage your relationships with your clients, prospects, and leads. It will give you a complete view of your business and help you run your operation more efficiently. If you are not already using a CRM, now is the time to start!

Uses

A CRM is the single source of truth for an organization's customer data. This data can be used to generate insights that help improve customer acquisition, retention, and loyalty. What's the deal with insurance companies and CRMs? Most of them will integrate with either an Agency Management System (AMS) or a Policy Admin System (PAS) as the source of truth. It's important to figure out which one of these is used as the system of record, and what kind of workflows are associated with it.

For example, what's the workflow going to be for a scenario where we need to cancel a policy for non-payment? How's the CRM going to work with a billing/invoicing system and the PAS? These are all important questions that need to be answered before you can start using a CRM in an insurance company. In other words, the CRM needs to be set up in a way that it can talk to all the other systems in an insurance company, and not just be used as a standalone tool.

Contacting customers about upcoming renewals

A CRM can be used to contact customers about upcoming renewals. This is especially important for insurance companies, as renewals are a key part of the business. The CRM can be used to send out reminders to customers about their upcoming renewals and to track which customers have renewed and which have not. This information can be used to improve renewal rates and target customers who are at risk of not renewing.

Cross-selling and upselling

A CRM can be used to cross-sell and upsell products to customers. This is especially important for insurance companies, as they often have a wide range of products that they can sell to customers. The CRM can be used to track which products customers have purchased and to suggest other products that they might be interested in. This information can be used to improve sales numbers and increase customer satisfaction.

Ability to make policy changes such as email address, phone number, or address

A CRM can be used to make policy changes such as email address, phone number, or address. This is important for insurance companies, as customers often need to update their contact information. The CRM can be used to track which customers have updated their information and to make the changes in the policy. This can save time and improve customer satisfaction.

Claims management

A CRM can be used to manage claims. This is important for insurance companies, as claims are a key part of the business. The CRM can be used to track which customers have filed claims and to follow up with them after the claim has been processed. This information can be used to improve the claims process and to target customers who are at risk of filing a claim.

Email marketing and lead segmentation

A CRM can be used for email marketing. This is important for insurance companies, as email is a great way to reach out to customers and prospects. The CRM can be used to track which customers have been contacted by email and to follow up with them after the email has been sent. A CRM can be used for lead segmentation. This is important for insurance companies, as leads need to be segmented to be marketed effectively. The CRM can be used to track which leads have been contacted, and to follow up with them after the segmentation has been done. This information can be used to improve the effectiveness of email marketing campaigns and to target customers who are more likely to respond to emails.

Collaboration of Databases

Many large insurance companies have multiple databases that they need to use to run their business. A CRM can be used to help with the collaboration of these databases. The CRM can be used to track which databases are being used and to follow up with the users of the databases. With this information, insurance companies can improve the efficiency of their business and make sure that the right people are using the right databases.

Automated Reports Generation

A CRM can be used to generate reports. This is important for insurance companies, as they often need to generate reports for their customers. CRM can be used to generate reports on a variety of topics, such as customer satisfaction, renewals, and claims. This information can be used to improve the quality of the reports and to target customers who are more likely to be interested in the report.

Social Network Analysis

A CRM can be used for social network analysis. This is important for insurance companies, as they often need to understand how their customers interact with each other. The CRM can also be used to perform the function of calculating orders, reviews, likes, shares, and other activities on the company's social media pages. When used correctly, social media analysis can help insurance companies understand their customers better and improve their customer relationships.

Swift Calling

With its built-in feature, insurance agents can make calls to their customers without having to leave the CRM interface. This is a very important feature for insurance companies, as it allows them to save time and improve customer satisfaction. When used correctly, the Swift Calling feature can help insurance companies improve their customer relationships.

Commission Calculation

A CRM can be used to calculate commissions. This is important for insurance companies, as they need to pay their agents commissions regularly. The CRM can be used to calculate the commission based on a variety of factors, such as sales volume, customer satisfaction, and renewals. Brokers can also compute and arrange the commission payout structure for their agents using the CRM's interface. The agency management system is typically responsible for calculating commissions but several systems on the market are trying to be both AMS and CRM.

Policy Renewal Tracking

A CRM can be used to track policy renewals. This is important for insurance companies, as they need to know when their customers' policies are up for renewal. The CRM can be used to track the date of the policy renewal, the customer's contact information, and the policy details. This information can be used to improve the quality of the policy renewal process and to target customers who are more likely to renew their policies. In the US it is also compulsory to notify your insureds in advance of their renewal. The notice period depends on the unique state's department of insurance regulations.

Mechanized Workflows

Insurers who use a CRM can take advantage of mechanized workflows. By designating certain tasks to specific team members and setting deadlines, an insurer can make sure that nothing falls through the cracks and that every task is completed promptly. This is a very important feature for insurance companies, as it allows them to improve their efficiency and productivity.

Sync Outlook and Google Contacts

A CRM can be used to sync Outlook and Google contacts. This is important for insurance companies, as they often need to access their customers' contact information. The CRM can be used to sync the contact information between Outlook and Google so that it is always up-to-date. This feature can help insurance companies improve their customer relationships.

Task Automation

A CRM can be used to automate tasks. This is important for insurance companies, as they often need to perform repetitive tasks. CRM can be used to automate the task of sending reminders, generating reports, and calculating commissions.

Organize Meetings and Conference Calls

When used correctly, a CRM can help insurance companies organize and manage their meetings and conference calls. The CRM can be used to schedule the meeting, send reminders, and keep track of the meeting's progress. This feature can help insurance companies improve their efficiency and productivity.

CRM supports predictive analysis

For example, insurance companies can use predictive analysis to identify which customers are most likely to renew their policies. This information can be used to target these customers with marketing and sales efforts. Additionally, predictive analysis can be used to identify which customers are most likely to file a claim.

CRM personalizes policy offers

Underwriters can use a CRM to personalize policy offers for their customers. This is important for insurance companies, as they need to offer their customers the best possible deals. The CRM can be used to create personalized policy offers based on the customer's profile, such as their age, gender, location, and credit score.

When it comes to the benefits of CRM for insurance businesses, we cannot overstate the importance of having a centralized customer database, the ability to automate tasks, and the use of predictive analytics among others. If implemented correctly, a good CRM system can automate manual tasks, simplify paperwork, increase sales, and help develop stronger relationships between insurers and insureds. This in turn makes it easier to provide enhanced customer service, nurture leads and future-proof the business. For any insurance company that wants to achieve long-term success, embracing CRM is a must.

Limitations

While CRM can do wonders for your business by increasing efficiency and productivity, thereby giving you a competitive edge, there are certain things that CRM cannot do.

It’s important to understand that CRM is not a magic bullet. It won’t fix all of your problems, and it won’t automatically make your business more successful on its own.

If you're looking to fix CRM or implement a new one, it's important to understand the relationship between the technology and the people using it. This will help you manage your expectations and get the most out of your investment.

CRM is a tool that needs to be understood and used correctly to achieve the desired results. It’s important to have realistic expectations about what CRM can and cannot do for your business. If you understand the limitations of CRM, you can make the most of its capabilities and use it to your advantage. Let's take a look at some of the things that CRM cannot do:

CRM cannot force your employees to use it

For CRM to be effective, your employees need to use it. If they don’t, then it won’t be able to do its job properly. You can’t just install a CRM system and expect it to work miracles. You need to make sure that your employees are properly trained on how to use it and that they understand its importance.

CRM cannot create customers

While CRM can help you better manage your existing customer relationships, it cannot create new customers. That’s something that you’ll need to do on your own.

Users must be willing to change old behaviors

If your employees are used to doing things a certain way, they may resist using CRM because it requires them to change their old habits. This is why it’s important to make sure that your employees are properly trained on how to use the system and that they understand its importance. Only then will they be more likely to use it correctly.

CRM is not a replacement for good customer service

While CRM can help you better manage your customer relationships, it’s not a replacement for good customer service. Your employees still need to provide excellent customer service to keep your customers happy.

CRM cannot make up for a bad product or service

If you have a bad product or service, no amount of CRM will be able to save your business. For CRM to be effective, you need to have a good product or service that your customers actually want. This is why it’s so important to focus on quality control.

Data will not maintain itself

From customers to prospects, data will not fill itself in. It’s important to keep your CRM system up to date by regularly adding new data and removing old data that is no longer relevant. If you don’t, then your CRM system will quickly become outdated and useless. In other words, information should be scrubbed and updated regularly, or it will become "garbage in, garbage out."

Routine notes, comments and feedback, blank fields, and duplicate records, etc., should all be removed or updated regularly. You should also have a plan in place for how you will handle data entry when new customers are acquired or when customer information changes. Also, without good data, a simple task like creating a targeted marketing campaign can become very difficult, if not impossible.

CRM is everyone’s responsibility

CRM is not just the responsibility of the sales or marketing department. It’s important to involve everyone in your company in the CRM process. This includes employees in other departments such as customer service, accounting, and IT. Everyone needs to be on board with using CRM if you want it to be successful.

In other words, the success of CRM is important to everyone because we all stand to benefit from it, not just those responsible for implementing it. It’s a company-wide initiative that needs to be supported by everyone in your organization and should accurately reflect their daily reality. Only through collaboration can organizations fully realize the potential of CRM.

Executives must lead by example

The success of CRM depends on the commitment of everyone in the company, especially executives. They need to be the ones leading by example and setting the tone for the rest of the organization. If they’re not committed to using CRM, then it’s unlikely that anyone else will be either. For instance, if the sales team isn’t using CRM, then they’re not going to input data into the system, which means that the marketing team won’t have anything to work with.

In other words, any system forced on end users will be rejected. It’s human nature. This is why it’s so important for executives to be the ones championing the use of CRM. Only then will they be able to get everyone else on board.

Things to avoid

A perfectly functioning CRM system can be a great asset to any business, allowing it to quickly gather customer data, identify its most valuable customers, and increase customer loyalty through targeted marketing campaigns and by providing customized products and services. Additionally, a well-oiled CRM can also reduce the costs of serving customers and make it easier to acquire similar customers in the future. However, when CRM goes awry – which is all too often – it can lead to massive, costly disasters. No business wants that. So, how can you avoid the pitfalls of CRM and make sure that your implementation is a success?

Here are a few things to avoid when using CRM

Inventory or generate invoices

If you're using your CRM to manage inventory or generate invoices, you need to make sure you have the right third-party software to do those things efficiently. Otherwise, your CRM is going to be a big pain! The last thing you want is for your sales team to have to input data into two separate systems – one for CRM and one for invoicing – because that's just going to lead to errors and frustration. Also, make sure that your invoicing system integrates with your CRM so that you can keep track of things like payments and customer balances.

Attempting to do too much at once

When implementing CRM, it's important to start small and gradually roll out new features and functionality. Don't try to do too much at once or you'll just end up overwhelming your employees and frustrating your customers. It's better to take things slow and steady so that everyone has time to get used to the new system and learn how to use it effectively.

Not getting employee buy-in

For a successful CRM implementation, you need to make sure you have the support of your employees. That means getting their buy-in from the start and involving them in the process. Don't try to force CRM on them – they'll just resist it. Instead, explain how it can benefit them and the company as a whole. Then, give them the training and resources they need to be successful.

Avoid working with leads and/or deals outside the CRM system

When it comes to working with leads and deals, don't encourage employees to do it outside of your CRM system. Allowing this practice will only delay the adoption of the system, and it can lead to the loss of important data. If you want your CRM to be successful, you need to make sure that all leads and deals are entered and tracked in the system.

Project management or R&D designs

Keep track of all the sales-related docs and emails by attaching them to the CRM system, but don't use it for project management or R&D designs because it's not designed for that. Doing so will just lead to a cluttered and ineffective system. If you need project management or R&D capabilities, invest in a separate tool that's designed for those things.

Not customizing the CRM system to fit your business

One of the most common mistakes businesses make when using CRM is not customizing the system to fit their specific needs. A CRM system is only as good as the data that's entered into it, so if you're not tailoring it to your business, you're not going to get the most out of it. Make sure you take the time to customize your CRM system so that it works best for your business.

Best practices

When it comes to developing a data enrichment/integration strategy, there are a few best practices you should keep in mind. Let's take a look at a few of them:

1. Define your business goals

Before you start developing your data enrichment/integration strategy, you need to take a step back and define your business goals. What are you trying to achieve with your CRM implementation? Once you know that, you can start mapping out a plan for how to best achieve those goals.

2. Assess your data needs

Once you know your business goals, you need to assess your data needs. What kind of data do you need to enrich your CRM system? This will help you determine which third-party software or services you need to integrate with your CRM system.

3. Integrate other data sources to create comprehensive reports

To get the most out of your data enrichment/integration strategy, you need to integrate other data sources into your CRM system. This will allow you to create more comprehensive reports that give you a better understanding of your customers and their needs.

4. Use data visualization tools to improve decision-making

Once you have all of your data integrated into your CRM system, you need to make sure you're using data visualization tools to improve decision-making. This will help you see the big picture and make better decisions about how to best serve your customers.

5. Set up workflow and marketing automation from the start

If you want your data enrichment/integration strategy to be successful, you need to set up workflow and marketing automation from the start. This will help you automate repetitive tasks and free up time for more important things.

6. Continuously monitor progress and performance

It is important to monitor the progress of your data enrichment/integration strategy regularly. This will help you identify any areas that need improvement and make changes as necessary.

7. Be prepared to scale up

As your business grows, you'll need to scale up your data enrichment/integration strategy. This means adding more data sources and integrations to your CRM system. Make sure you plan for this from the start so that you're not caught off guard when it happens.

8. Maintain Flexibility

You need to maintain flexibility with your data enrichment/integration strategy. Things change and evolve, so you need to be prepared to make changes to your strategy as necessary. For instance, you may need to add new data sources or integrations as your business grows.

9. Keep it simple

Don't try to overcomplicate your data enrichment/integration strategy. The more complicated it is, the more difficult it will be to implement and maintain. Keep things as simple as possible so that you can focus on getting the most out of your CRM system.

10. Declutter your CRM

To keep your CRM system clean and organized it’s integral to remove any old or outdated data that is no longer relevant. This makes it easier to find the information you need.

Conclusion

There are many different ways to implement a CRM system, but the most important thing is to start with a clear understanding of your business goals. Once you know what you want to achieve, you can choose the right CRM system and customize it to fit your needs. It's also important to integrate other data sources into your CRM system so that you can create more comprehensive reports. And finally, be sure to use data visualization tools to improve decision-making. By following these tips, you'll be well on your way to developing a successful CRM strategy.