Guest Post by: Stephanie Leschman
If your business lives by your legacy programs and uses the saying ‘this is how we have always done it’, we have some unfortunate news. That outdated software and response is no longer accepted by customers. If customers are displeased with the service, process, or cost, it should be no surprise when they don’t stay.
of customers said they would switch to another provider if their
preferred communication methods are not available and 80% said they
would switch if they were not getting personalized service. The hassle
of switching to another company is no longer a pain point for customers
thanks to advances in technology. With information readily available at
everyone’s fingertips, customers can research, inquire information, and
move companies easily. With this flexibility and freedom, competition
is fiercer than ever before and businesses either need to shape up or be
prepared to lose out.
Insurance companies have taken this message very seriously. Insurance
companies know that insurance is uncomfortable, confusing, complex, and
that their legacy processes and programs are not cutting it. When
looking to stand out from competitors, it’s important for internal and
external processes to change simultaneously, making a major
However, a change like this doesn’t have to be painful or lengthy.
If you’re looking to take the necessary steps to improve your game, the
solution is simple: incorporate a CRM (Customer Relationship Management)
tool. CRMs are an essential part of any company that wants to deliver
exceptional customer service, stand out from the competition, and allow
for exponential growth. As we kick off the new year, here are 6 ways a
CRM can set insurance companies up for success.
1. Take Things Off Your Employees’ Plates
It’s no secret that insurance paperwork is tedious. The documentation
required takes a tremendous amount of effort from all parties involved
and complexity varies depending on the specific circumstances. This
makes it difficult and cumbersome for many employees to manage, pulling
them away from other responsibilities. Introducing a CRM into the
business plan allows insurance companies to optimize their business by
organizing and simplifying the documentation process.
CRMs are also able to integrate with artificial intelligence (AI),
which can handle some of the low-skill tasks, transitioning them from
the employees. AI can be trained to address certain questions and enter
and track client data. Implementing this strategy keeps employee costs
down and opens capacity for employees to focus on completing more
complex tasks and delighting customers.
2. Simplify Regular Tasks
Employees and customers strive for a straightforward and convenient
experience with easy steps, repeatable processes, and simple access.It’s
no surprise that insurance paperwork has a lot of sequential steps that
must be completed; without a way to track, steps could be missed. Using
a CRM to assist with simplifying everyday tasks alleviates that pain.
Internal users can set up tasks, reminders, and even automate certain
functionality within the CRM. The CRM will remove the pressure and
stress of trying to remember all the steps and whether something was
completed. Users can set up reminders, track progress and anticipate any
issues before the due date.This is especially helpful as more people
are on the move or working remote.
CRM’s are 100% mobile compatible and when integrated with AI, users
can send emails, ask questions, or research a client using their voice.
Being more organized internally allows better organization for your
clients, which provides them with a better experience.
3. Improve Customer Service
Customer service today is much more than picking up a phone.Customers
don’t want to get passed around from person to person, being placed on
hold as they search for answers.Customers want fast, personalized
responses.Implementing a CRM can help your insurance company meet these
A CRM is a centralized hub that connects everyone within a company
with easy access to all customer data and employee notes, granting
anyone the ability to step in and address any customer inquiry.This
allows more flexibility for employees and faster resolution for
However, customer service is now a two-way street; it’s not just
about customers calling in, but how companies can reach out to their
customers and make sure they consistently have what they need.Businesses
also use text messages for policy updates, reminders and confirmations.
Through the CRM, they can determine recipients, create messages, and
then send them out.
Another great way insurance companies can reach customers is by
integrating with social media. Customers don’t mind seeing a chatbot
from their insurance company pop up, allowing easy access to a
representative.Scrolling through Facebook, it’s convenient to see
reminders that a document needs completing or that there is a question
to ask. This integration eliminates the risk of uncompleted tasks that
can happen when users are forced to leave one platform and log into
4. Upgrade Lead Tracking and Following
Insurance is a very competitive market and counting on repeat
business is no longer a guarantee.The ability to stand out from the
competition, strategize a plan, track progress, and measure the
effectiveness is important for sales and marketing.Entering new leads
into the CRM allows a lead to be placed on a specific journey plan, and
set up touch points to track them all the way to becoming a new client.
This allows employees to increase prospecting capabilities without
disrupting their current client relations.
Another pain point for the sales team is entering client data.Roughly 17%
of sales reps’ time is spent just entering data.The sheer anticipation
of meeting someone new and knowing that later, their information will
have to be entered, is enough to make any salesperson defer.Without
proper data input, it’s near impossible to measure or anticipate client
trends, causing major pain for the sales and marketing teams.
Between CRM and AI, collecting and entering client data doesn’t have
to be irritating. AI can enter it into the CRM accurately, analyze the
data by observing tones in emails and phone calls, and then recommend
different ways for the sales team to communicate to clients. This
results in increased productivity while cultivating stronger, lasting
5. Streamline Workforce and Data Management
Legacy programs were not designed to accommodate the needs of
today.This means that employees often create workarounds to avoid
painful processes like logging into multiple applications, which
ultimately nurture individualized processes.This makes it virtually
impossible to keep everyone on the same page and causes hurdles when
trying to streamline internal efforts.
Through the CRM, insurance companies have been able to take the
multiple applications that they use, connect or transfer to the CRM, and
make it the centralized hub.Creating one place where all data and
communication is managed eliminates back and forth conversations and
reduces potential misunderstandings.
6. Simplify Decision-Making
Today’s world, people, trends, and needs are rapidly changing.It has
been a challenge for many insurance companies to keep up with their
customer’s demands, predict trends, and evolve their business for the
future.As discussed before, data entering tends to be a major issue;
without data to measure, it’s nearly impossible to target specific
indicators and make effective business decisions.
Through the implementation of a CRM and AI, insurance companies have
been able to transition their reactive approaches to become proactive,
meeting the needs of their clients before they even knew what they
wanted – now that’s customer service!
Using the CRM, they can slice-and-dice the data as needed, run
reports, and map upcoming trends.They can track client behavior and
anticipate needs or analyze behavior/emotions for better client
engagement.AI can review historical patterns and make suggestions on how
to better close deals, build relationships, or win back a lost client.
The overall business benefits are unlimited when you add in the right
The world is constantly changing, and it’s natural for people and
businesses alike to be resistant and want to hold on to what they know.
But change doesn’t always have to be a headache or stressful. With the
use of new and advanced technology, you can accommodate your business’s
specific goal and achieve success.
Implementing a CRM that can reduce employee stress and limit
inaccuracies while improving communication and customer service should
be a no brainer. CRMs are user friendly and customizable for specific
needs. With the right product and a good implementation partner, you can
use a CRM to solve some of your business’s largest problems. If you’re
thinking about making this transition, try ringing in the new year with a
brand new CRM!