Selling more insurance policies majorly depends on how well you’re able to manage your entire sales process. To be a step ahead in the competition, it is important that you channelize your efforts in a proper direction.

Insurance CRM acts as a catalyst here and enables you to create an efficient sales cycle by streamlining your sales process. For better understanding, we’ll look at what an insurance CRM software is, as well as the benefits it brings to your team.

What is an Insurance CRM Software?

The most successful sales teams thrives on organization and streamlined relationships with their customers. An insurance CRM software keeps an agent in the loop of things, from keeping track of leads that have made policy inquiries to measuring the performance of your lead campaigns.

Overall, insurance CRM software brings every piece of client’s information together under one platform. It ensures that nothing is missed and you don’t lose an important customer.

One major goal of an insurance CRM software is to build better relationships with your bottom line, especially because this has a direct impact on your sales volume.

Benefits of Insurance CRM Software

Here are some of the most important benefits that Insurance CRM Software offers your insurance sales team.

A wholistic view of leads and customers

Get a Wholistic view of Leads and Customers

Traditionally, sales teams find it difficult to access customer data. This is because the information is siloed in different places including social media channels like Facebook, Twitter, LinkedIn, as well as insurance aggregator websites like PolicyBazaar, MyInsuranceClub, etc. There’s a ton of information to process, hence, it can be easy to neglect some important leads.

Insurance CRM software brings all the pieces together. Regardless of where the leads were captured, they’ll always find their way to the platform, giving you a single view. No longer is it an unsolvable puzzle.

For leads, you can tell which one needs the most attention and should be followed up immediately. For paying customers, on the other hand, you can tell which one has reached the stage for a different engagement in your sales cycle.

A customer that bought home insurance before may be interested in getting vehicle insurance. You can only make this kind of decision when you have a full hub containing the information of the customer.

Respond to Policy Inquiries Faster

Respond to policy Inquiries Faster with Insurance CRM

When prospects make inquires about your policies, they expect fast responses. Insurance CRM software expedites the follow-up process for you via automation. This way, you can attend to their needs in real-time, leaving them no chance to check out the competition.  

This can have a positive effect on the underwriting process since you’re able to provide answers to customers regarding insurance applications. Manual processes do not afford you this luxury since you have to be readily available to give feedback. Whereas, with insurance CRM software, you can simply preset your responses to inquiries such that prospects get messages from you even when you’re out of office.

Assign leads based on criteria

Assign Leads Automatically with Insurance CRM Software

Your insurance sales team most likely sells different policies. It is then only right that you have a team containing professional with diverse strengths. That is, have salespeople who are focused on different areas like health insurance, life insurance, vehicle insurance, home insurance, and so on.

If this is already your strategy, insurance CRM software helps you get more out of your team. You can easily distribute leads among your team based on different criteria such as their area of specialization, availability, location, etc.

This ensures that the right resources are handling the right leads, giving you the potential to close leads faster than before. No one needs to wait for directives since it is automatically assigned to them.

Cross-sell to existing customers

Cross Sell to Existing Customers with Insurance CRM

This lifts off from the first point – the ability to store customer information in one single platform. Since you have all the information of your customers, you can easily introduce your other products to them. By accessing their information on your insurance CRM software, you can segment them based on certain criteria. A customer who just bought home insurance might be interested in getting coverage for their vehicle.

However, note that this doesn’t apply to all your customers. That a person bought home insurance doesn’t mean they would be interested in life insurance. That’s because they probably don’t have a family and do not think that it is an urgent need. You can only mark this kind of customer for future engagement.

Integrate with other platforms

One great thing about insurance CRM software is its ability to integrate with some of the tools you already use in your company, streamlining the process even further. You can connect to your key marketing, sales, and business tools. This includes platforms like Google Ads, Facebook, IVR tools, Chat tools, etc.

This eases the way you collect information and provide it to other teams in the company. You can strengthen collaboration and ultimately increase performance per department.

Choose the Best Insurance CRM Software for Your Team

There are tons of insurance CRMs out there but your team should adopt one that caters to the needs of the insurance sector. Including core features, LeadSquared’s insurance CRM software is uniquely tailored to address the biggest issues faced by insurance brokers.