There’s no denying that the insurance industry is a highly competitive market. With more outsider businesses, such as banks and supermarkets, offering insurance products, the competitiveness of the insurance market is only looking to increase. How are SME insurance businesses, such as brokers, able to compete with the giants?
Something that giant corporations will never be able to compete with – well developed personal customer relationships and in-depth knowledge. Insurance brokers are known for these qualities, and it’s no doubt that these are among the many reasons why the broker business is still so strong today. A Customer Relationship Management software can take these broker attributes to their full potential and with barely any extra effort.
Here’s 4 reasons a CRM can be an insurance broker’s bestfriend, and a company’s best asset.
1) Customer experience
Insurance Brokers have a unique and pivotal role in building trust and loyalty between the customer and the business. Customer retention should be a top priority to any business because existing customers cost your business less than obtaining new customers and can generate more profit than new business. The customer’s experience plays an important factor in building customer loyalty, and a CRM offers the tools to make the customer’s experience personal and memorable.
- Contact management, allowing brokers to balance time between clients and prospects
- Segment customers based on needs or customer life-cycle stage and market to them with targeted messaging
- Develop a meaningful relationship with knowledge of the customer’s complete history
I’m sure that insurance brokers would agree in saying that they would prefer to spend more time meeting with clients and prospects than any other part of their role. CRMs can bring increased efficiency to an insurance broker’s job, freeing up more time for customers and conversions.
- Integration with your broking system and other office software
- Opportunity processes prompt brokers to take specific actions at specific stages
- Access to data and information wherever you are
- Mass email marketing
- Sophisticated search functions
Being able to collaborate with work colleagues is a valuable capability in a business. When working in a team, work often becomes more efficient, ideas are more abundant and obstacles can be solved more easily. While some brokers may like to keep their prospects and clients close to their chest, this can often be to the detriment of the customer. It is safe to say that yes, customers do prefer to deal one person from the company most of the time, but other times they just have a question and they would like to know the answer then and there. There is also the situation where the person they have been dealing with has left the company. Accessible by all staff, a CRM makes collaboration possible, and the customer will be grateful for not having to repeat themselves.
- Cloud based
- Accessible by all staff
- Complete customer history
- Record of employees actions made within the CRM (unable to be edited)
- Other departments able to see the bigger picture
Customer data can be the secret weapon that drives your marketing and sales strategies. It enables better targeting, additional customer information, visual representations of employee performance and often leads to innovation. Do not underestimate the power that data can bring. For this reason, data collection and reporting is one of the most important and useful tools a CRM can deliver a business, and is the point where CRM software becomes a company asset.
- Dynamic reporting and dashboards
- Customer information and behaviour
- Targeted marketing campaigns
- Perfect sales and marketing; See what went wrong and what went right
A CRM will allow your brokers to do what they do best; build relationships and offer insightful and personal product information, generating new and retaining existing business. With the insurance industry only looking to become even more competitive, a CRM can give your business the tools to stand out from the crowd.