How CRM Benefits Insurance
The Challenges of Insurance
Changing Sales Models
Insurance used to be a relationship/consultative sales model. Today, younger buyers are driving the need for a transactional sales model, especially for consumer insurance such as home or auto. This requires insurance companies to follow multiple sales models, which means multiple customer journeys, user experiences, and internal processes.
Dealing With an On-Demand Economy
Customers want their information now and they want it available on their phones. This forces the insurance companies to offer online quoting, customer portals, and a suite of different products to adjust to consumer demands.
New Demographics of Buyer Persona
Today's buyers are looking for different products, such as pay-as-you-go auto insurance. This requires more detailed customer profiling and targeted digital marketing.
Talent to Replace Aging Salesforce
The insurance industry is facing a challenge with an aging workforce that is being replaced by a younger, tech-savvy workforce. CRM is a must for these younger workers who have a higher productivity rate through technology.
Insurance is creating more products than ever. To sell these products, companies need exact demographics for marketing. CRM with augmented data can provide companies the ability to target their customers with products that are right for them.
Data Analysis to Improve Customer Experience
Customer data analysis can provide insights into the buyer and help make inferences about behaviors, which can be included in the underwriting process to more accurately predict costs.
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