Anyone in business knows the importance of providing excellent customer service.  In this increasingly competitive market, you need something that sets you apart from others in your field.  Many businesses have come to realize the value of a CRM solution and how it can benefit their business.  A CRM can provide you with a deeper knowledge of your clients, which in turn means higher sales and revenue.  To read more about the benefits of a CRM solution, read our recent blog entry “Can Your Business Benefit From a CRM?”   In the last decade or so, many insurance companies have come to realize the many benefits of using CRM.  Northwestern Mutual, Allstate, and Garanti Pension and Life are just a few examples of insurance companies that have realized the perks of using CRM and as a result have adopted it. Most have seen immensely positive result on their ROI – practically 5 times!

Obstacles that Insurance Companies Face

  • Increasingly Competitive Market:

    The competition within the insurance market continues to become more and more fierce because of the growing number of businesses selling insurance.  It seems that anyone that can, sell insurance is.  Banks are a good example.  Many banks, as well as other businesses, are offering insurance in addition to the services they offer.  With all the competition out there, providing exceptional customer service is the key.  There are hundreds of people selling the same thing you are selling and doing what you do.  You need to do something that sets you apart from the others. A CRM allows you to track important information and  really develop the relationship with your client or prospective client.  People are more likely to buy from someone they have a good relationship with and who really understands them and the needs of their company.

  • Obtaining New Clients is Difficult:

    People these days can do their own research, such as comparing prices, finding the best deal, etc.  There is less and less need for an Insurance agent.  There are more direct-writer insurance companies today, but there are some definite advantages to buying insurance through an independent insurance agent.

  • Economic Downturn:

    People these days can do their own research, such as comparing prices, finding the best deal, etc.  There is less and less need for an Insurance agent.  There are more direct-writer insurance companies today, but there are some definite advantages to buying insurance through and independent insurance agent. While some businesses are reluctant to make big investments in the wake of the current economy, the opposite is true of many insurance companies. Many of them have continued to invest in customer relationship management (CRM) technology and have worked even harder to build relationships with current customers, as well as prospectives. A CRM system is a big investment, but with consistent execution, a CRM can really pay off! Like any other implementation in business venture, you have to plan, work and measure CRM to make it worthwhile. Many insurance companies have come to realize that your customers are your biggest asset.  The more you invest into better meeting their needs, building relationships, and just providing great customer service, the more profitable your agency will be.  Think of your CRM investment like you would think of riding a bike: if you don’t add air to the tires , what good is the bike to you?  You also have to learn how to ride the bike and keep pedaling for it to go.  (Much like you have to invest time and effort into learning and using the CRM).

Why are So Many Insurance Companies Using CRM

1. Better management of books and clean audit trail

  • Instead of spreading customer records, notes, and interactions across spreadsheets, all data can be stored in one easy accessible, easy to search place.
  • Another benefit to storing data in CRM rather than a spreadsheet is that in a CRM, it is updated in real time.
  • Sometimes, keeping up with all the regulatory challenges can be a chore for businesses- not with CRM!  Most CRMs offer some sort of an archival system, making it easy to search for certain documents.

2. Maximization of Revenue

  • Your workflow can be improved by the ability to track clients through every stage of the sales process.
  • Easier to follow up on emails.  With CRM, you get reminders.
  • More opportunities to cross sell and upsell.  These opportunities can be easy to miss, but with a better data tracking system, it is easier to catch these. For example, many people set up car insurance or health insurance initially and then add on (as a result of cross selling) that they need life insurance
  • With better data tracking, it is easier to make sure each client is assigned the best products and services in which to best meet their needs

3. Ability to better track important metrics

  • Most CRMs offer an assortment of prebuilt forms.  The generic platform generally includes such forms as revenue, products, campaigns, leads.  enCloud9 can custom build a CRM specific to your insurance company.  Whether you need  forms for policy renewals, annual premiums, policies by coverage type, application submission status, or agent productivity, enCloud9 can create a CRM based on your needs.  You certainly can create forms in Excel, but it is much easier in CRM!

4. Improved customer Service

  • Many CRMs provide case management or ticket management features, allowing you to accept requests from a variety of channels and track them through to resolution.  So if a customer asks you something like “Does my policy include uninsured/underinsured motorist (UM/UIM) coverage” or “Do I have comprehensive and collision coverage,” you can quickly respond.

5. Save on costs

  • Typically, it costs less to acquire new business from an existing customer than to set up an account for a new client.  With the ability to track cross selling and upselling opportunities better, you will be more likely to aquire new business from customers you already have.
  • Don’t overlook the value of referrals.  Treat your customers right and they will be more likely to recommend you to their friends.

Insurance Companies that use Microsoft Dynamics 365 CRM

  • Watch this “Day in The Life” video to see how Microsoft Dynamics presents a scenario for sample company “Contoso Insurance” The video presents outstanding customer service and a successful customer journey by providing easy interactions for the customer, clear business process guidance to agents, a single view of the customer and powerful business intelligence tools to surface key data quickly.
  • A real life company that uses Microsoft Dynamics CRM is Garanti Pension and Life.  With Microsoft Dynamics 365 CRM, they were able to establish a 360-degree customer view and streamline key processes, which, in turn allowed them to improve sales efficiency and reduce customer service resolution times , which ultimately increased the average customer contribution rate by 43%.

Why Microsoft Dynamics 365 CRM?

There are many benefits to using Microsoft Dynamics CRM over other CRM solutions.  The biggest benefit is probably its user friendliness.  It is vital to have CRM tools that are easy to learn and use. Microsoft Dynamics CRM is just that.  Microsoft Dynamics 365 CRM also integrates with many familiar programs, such as Microsoft Outlook, that people use day to day.  To read more about why Microsoft Dynamics CRM is the right choice for you, read our blog titled Six Reasons You Need a CRM and Why Microsoft Dynamics is the Right Choice For You!

Now it’s Your Turn

enCloud9 has one of the most experienced Microsoft Dynamics CRM teams in the US. From pre-sales to project management, and user support, we respond quickly with our expertise to answer your questions.

Our history dates back to 2009 – During the Dynamics CRM 4.0 days! – but our experience dates back even longer. Our consultants have been advising companies for almost thirty years to give them the tools to achieve their goals. Our experience leads to your success. We use our unique approach to help small and medium-sized businesses lower their costs and boost productivity through Microsoft’s powerful range of cloud-based software.

We can be contacted at our webform or call us today at 402-235-8540.