Insurance CRMs

1. What is insurance?
2. What are the 7 principles of insurance?
3. What are insurance agents?
4. What are the types of insurance agents?
5. What is the national average salary for Insurance Agent in India?
6. What is CRM?
7. What is a CRM in insurance?
8. What are the benefits of using CRM Software for Insurance Agents?
9. How CRM can help in your insurance business?
10. What CRM do insurance companies use?

What is insurance?

A plan by which a company or the state offer to provide a guarantee of compensation for specified damage, loss, illness, or death in return for payment of a specified premium.

What are the 7 principles of insurance?

• Utmost Good Faith.
• Loss Minimization.
• Indemnity.
• Contribution.
• Insurable Interest.
• Proximate Cause.
• Subrogation.

What are insurance agents?

Insurance agents sell health, life, property, or other types of insurance. To become an insurance agent you have to work for an insurance company, refer clients to other insurance brokers, or work as an independent broker.

What are the types of insurance agents?

• Captive Agents.
• Independent Agents.
• Wholesale Brokers.
• Retail Brokers.
• Surplus Lines Brokers.

What is the national average salary for Insurance Agent in India?

The national average salary for Insurance Agent is Rs17,698 per month in India.

What is CRM?

The full form of CRM is Customer relationship management. CRM is an advanced technology for managing your company’s interactions with customers and potential customers. A CRM system helps companies stay connected to customers, have systematic processes, and increase profitability.

What is a CRM in insurance?

An insurance CRM is a software that is built to fulfill the specific needs of insurance brokers and insurance providers. It manages all your leads and claims. It automates all your assignments and policies in a single system.

What are the benefits of using CRM Software for Insurance Agents?

• Agents of Insurance agencies can benefit by using the CRM. You can onboard new customers automatically. Opportunities to cross-sell and up-sell can be identified quickly Most importantly, a customized CRM will help insurance agents to become more mobile and efficient. You can easily build customer profiles and work towards building up customer loyalty.
• CRM software has become progressively important for insurance agents around the world in the past 15 years.
• According to the surveys, almost 70 % of bound and direct insurance companies use CRM solutions at present and most of them have had positive results.

The main advantages of using CRM for insurance agents are:

• Effective Customer Data Management
• Better Security of Customer Data
• Maximize Business Profits and Efficiency
• Better Data Storage and Regulation Compliance
• Improve Customer Experience and Boost Retention

A CRM allows you to track all information related to developing a relationship with your client or prospective client.

How CRM can help in your insurance business?

• CRM tools do a risk assessment of customers in an objective manner
• A CRM can instantaneously help agents in multiple forms, documentation, and verification processes.
•  A marketing CRM can identify aspects of customers with which one can develop marketing and sales campaigns that motivate customers to buy policies.
• Agents can quickly cross-sell and up-sell insurance products with deep insights provided by CRM, with the help of which agents can identify customers’ pain points and emotional needs
• CRM tools are custom-made for insurance sellers. It comes with the ability to process claims based on a number of criteria, can set up reminders to renew policies or have you call them when it is time to do so.

What CRM do insurance companies use?

Sales Force

• Damage Claims
• Claim Handling Time
• Customer Service
• Self-Service
• Reporting
• Forecasting
• 360-degree view
• Marketing Cloud
• Solid Performers CRM
• Financial Management
• Invoice
• Project Management
• Sales Quotes
• Task Management
• Appointment Management
• Sales Forecasting
• Mobile App
• Lead Management
• Contact Management
• Data Security
• Accounts Receivable
• Employee Management
• Proposal Generation
• Referral Tracking
• Multi-Location

PACT CRM

• Case Management
• CRM & Sales Dashboards
• CRM Analytics
• Customer Support
• Email Marketing / SMS Marketing
• Inventory Management
• Lead Generation
• Product Database
• Project Management
• Supplier and Purchase Order Management

Policy Flow

• Claims Management
• Commission Management
• Contact Management
• Document Management
• Insurance Rating
• Life & Health
• Policy Management
• Property & Casualty
• Quote Management
• Insurance Policy
• Cancellation Tracking
• Claims Tracking
• Policy Generation
• Policy Processing
• Quotes / Estimates
• Rating Engine
• Renewal Management

AgentCubed

• Commission Management
• Contact Management
• Document Management
• Insurance Rating
• Life & Health
• Policy Management
• Property & Casualty
• Quote Management

i2go

• Claims tracking
• Customer Portal
• Document management
• EDI data exchange integrations
• Electronic claims
• Fraud management
• Reporting

Blu Insurance

• Contact Management
• Life & Health
• Policy Management
• Property & Casualty
• Quote Management

Macaw

• Claims Management
• Commission Management
• Contact Management
• Document Management
• Insurance Rating
• Life & Health
• Policy Management
• Property & Casualty
• Quote Management

Gen4 Agency Management

• Claims Management
• Commission Management
• Contact Management
• Document Management
• Insurance Rating
• Life & Health
• Policy Management
• Property & Casualty
• Quote Management

Tranquil CRM

• Expense Management
• Appointment Management
• Catalog Management
• Call Recording
• Accounts payable
• Accounts Receivable
• Call Management
• Channel Management
• Assessments
• Background Screening
• Assignment Management
• Archiving & Retention
• Ad hoc Analysis
• Ad Hoc Reports
• Budgeting & Forecasting

Microsoft Dynamics Solutions

• Staff Effectiveness
• Customer-Centric
• Client Loyalty
• Manage Policies
• Increase Sales
• Track Commissions
• SAP
• Customer Engagement
• Product Agility
• Business Networks
• Responsive Workforce
• Finance, Investments, and Compliance

IBM

• Robotic Process Automation
• Shifts cost from CAPEX to OPEX
• Make Smarter Risk Decisions
• Form Relevant Ecosystem Partnerships

VERTAFORE

• Insurance Knowledge Base
• Reference Connect
• Producer Plus

ORACLE

• Rules-based applications
• Personalized Communications
• Compliance, Risk, and Finance
• Manage and Automate Compliance, Risk, and Finance Initiatives
• Rules-Driven Flexibility
• Streamline operations
• Enterprise Business Intelligence

GUIDEWIRE

• Speed-to-market
• Increased Productivity
• Digital Engagement
• Differentiated Products
• Better Decisions
• Agent Empowerment

APPLIED SYSTEMS

• Automates the exchange of information 

MITCHELL INTERNATIONAL INC.

• Simplify and streamline your claims processes
• Effectively manage costs and compliance
• Connect to the extended range of partners and networks in the industry

CONCLUSION

As you can see, a CRM can be the ideal solution for an insurance business but choosing the right CRM system depends on several factors, such as your business’s size and the products you sell. It helps you understand your customers better and create suitable marketing and sales campaigns.