CRM in Insurance Sector: Benefits, Role, Importance

Saphyte Team

4 min read

Updated: October 21st, 2020

As uncertainty looms and risks prevail, the demand for insurance services continues to increase which alerts insurance companies. This is the perfect time to stand out from the competition. Insurance companies must be able to step up and offer win-win packages that will not only benefit them but their clients as well.

The surge in demand stresses the need for companies to be able to systematically gather prospective clients and introduce them to a plan that will guarantee customer satisfaction and customer retention. This is where the CRM software comes in. CRM in insurance companies allows users to organize a surge in leads (potential customers) and each lead in the sales funnel will eventually turn into a paying customer.

CRMs have been proven to shorten a company’s sales cycle and increase the effectiveness of marketing campaigns. They primarily focus on gathering data and information from customers themselves and use them to equip the sales team with the knowledge needed to effectively address their clients’ interests.

Managing customer information is extremely necessary for the insurance sector as each customer can have different needs and may avail of different services. Data such as the deadline for payments, beneficiaries, benefits availed, and other concerns relating to their procured insurance services may be difficult to track over time. 

With the overload of information, insurance companies and agencies may find it difficult to increase their customers by looking for more leads and prospects, which may lead to stagnation of growth. This overload may also result in a decrease in performance, poor customer service, and a bad company reputation.

This is why CRM in insurance sector is extremely necessary. In this article, you will find out the advantages of using CRM, its role in the industry these days, and its importance in contributing to growth in the company.

Advantages of CRM

• Features – Using a CRM allows you to take advantage of its features that allow you to optimize your email marketing, lead scoring activities, team coordination and collaboration, sales pipeline management, and etc.
• Cost-effective – Proper use of a CRM can be cost-effective, in that it may eliminate the need to hire more since mechanical tasks can be automated using the CRM. It can also improve efficiency in teams, improve productivity, and increase sales to an effect that the profit margin derived from the efficiency brought by the technology can easily absorb the costs of using the CRM. 
• Relationship management – CRM also stands for customer relationship management which is why a typical CRM solution is designed to improve your relationship with your customers. CRMs are also built with functions that would enhance businesses’ customer interaction and improve customer experience. This helps in customer retention which reports say is a large factor in sales.
• Improved employee experience – using a CRM will not only enhance your customers’ experience but will also improve your employee experience and retention. Not having to perform tasks manually and routinely allows them to focus more on tasks that do not require repetition, which allows them to fully immerse themselves in the sales process. CRMs have been observed to improve employee retention when used right.

Role of CRM in the insurance sector

A CRM system in the insurance industry can give a company an edge over the others. It is crucial in improving customer retention and boosting sales. It also ensures that all the data and information regarding a customer are at the insurance company’s disposal so they can have a personalized interaction with potential and existing customers. 

The tools and features of a typical CRM include options to make phone calls to potential and potential customers using a centralized platform, scheduled email functions, lead scoring, and features to manage customers’ contact information. These are features that will help insurance companies develop better customer relationships for it to grow.

CRM tools also have features like marketing automation which helps insurance companies cut costs as it reduces the need to hire more employees for tasks like communicating with clients and checking for their responses. CRMs also help in managing marketing campaigns, which are needed at a time where demand increases. The software can also help users ensure that their campaigns are working as intended. 

Growing importance of CRM

There is a reason why the CRM market is growing and is currently valued at US$120 Billion. Its increasing relevance in the business world, particularly in the insurance sector is only the start of the evolution of this technology.

Today, more and more companies have entered the market and have introduced innovations to improve the product. More user-friendly features, productive functions, and scalable products have also been observed to exist. This only benefits existing and future users. Because their options have increased, finding the right solution for their unique needs has no longer become impossible.

Introducing Saphyte

Saphyte is a system built to streamline all of your business activities and integrate them into one powerful platform. It has all the right tools to help you manage customer data and in closing more deals. The system has also been proven to help in improving business efficiency, increasing customer loyalty, and workforce productivity.

Saphyte primary features include lead and client management (contact management), sales management, marketing management, and features that allow for team coordination and collaboration. With Saphyte, the customer interactions can have a personal touch to them especially when the software is used properly.

Saphyte is also a cloud-based CRM which means that your team can have access to it and make changes whenever and wherever they are. These features are becoming more and more important during the pandemic when businesses struggle to engage their customers due to mobility restrictions. 

Saphyte’s features

• Email marketing – Useful for insurance companies, Saphyte’s email marketing features help in improve sales by personalizing content when engaging potential customers and existing customers. Automatic sending of emails that contain promotional messages can also trigger a purchase behavior among your readers which eventually increases sales and company growth. 
• Sales Pipeline – this feature lets insurance companies track every sales opportunity at every stage of the sales pipeline. Insurance agents under those companies can have real-time monitoring of what’s going on in their sales pipeline which allows them to focus and prioritize what’s important. This feature also helps them successfully close deals, make sales, and grow their clientele. 
• Team and Workspace – Whether you have a team of insurance agents working in a single office or in a remote environment, Saphyte allows you to have better and smoother workflows by centralizing the platform. Using this feature, companies can grant different levels of authority or restrictions in accessing their database by assigning employees predefined roles in the system. This ensures that everyone is in the loop without compromising data security.
• Leads Scoring – Compared to traditional methods, Saphyte’s automated lead scoring helps users identify which leads have the most potential to progress into a closed sale. This helps insurance companies save a lot of time and resources by constantly updating their agents and let them know who to prioritize and allocate their time to.

Conclusion

If you are an insurance company that needs a digital transformation to keep up with the changes in the business environment, Saphyte is for you. This software is designed to be user-friendly and easy to adapt to. 

The Saphyte team also offers one-to-one support to new clients to help them maximize the product and get the best out of it. Currently, Saphyte waives all the set-up fees, implementation fees, and customer support fees for its users who will also only be billed according to their usage.

If you are a small business, the Saphyte team will also be happy to help you grow your business using the software. Feel free to contact us so you can start your Saphyte journey as early as now.