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4 Benefits Of CRM For Insurance Sales

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Selling insurance is not like selling any other form of product or service. Buyers cannot see, feel, or touch it, and you’re selling insurance policies to the concerns of potential buyers. Ultimately, insurance agents are selling their trust, ideas, and expertise.

At Cloud Analogy, we help insurance companies, agents, and brokers get the most out of Salesforce Financial Services Cloud. Our teams of Salesforce Financial Services Cloud specialists help you deliver experiences that drive client loyalty. Designed for high-touch client relationship management, Salesforce Financial Services Cloud helps your insurance firm connect your entire institution across lines of channels, geographies, and business.

From Wealth Management to Retail Banking, Salesforce Financial Services Cloud lets you gain 360-degree visibility into the financial profiles of clients to your customer at the center of every interaction. This richer context helps your teams of insurance agents and brokers understand who their customers are, what they can use to achieve their goals, and what financial products they have.

Leverage the potential of Salesforce Financial Services Cloud to inform your customers about the options available to them and the products and services they want. In an industry where knowing more about your customers and selling as much as possible are the definite measures of success, it never hurts to find a competitive edge wherever possible.

The following are the advantages of Customer relationship management (CRM) to businesses in every industry, including:

  • Improved efficiency;
  • Better collaboration;
  • Improved customer interaction and experience;
  • Increased accountability; and
  • Improved data access, security, and analysis.

Some of these advantages are industry-specific. For the insurance industry, CRM offers four specific benefits for insurance sales:

  1. Better data management and customer profiles
  2. Better sales predictions
  3. Improved client opportunities
  4. Improved efficiency in customer interactions

Better data management and customer profiles

Insurance agents and companies have a lot of information to maintain, manage, and organize. The task can be daunting even for small insurance firms. One of the biggest advantages of CRM systems for insurance sales is better sales management. 

Using out-of-the-box CRM software, users can effortlessly input agency statistics, sales data, and client history & information into an easy-to-use, centralized database. Using this database, all authorized employees, internal and external staff, and departments have immediate access to the data, either from a mobile device or onsite.

For a majority of customers, the information will be scattered over different files, policy types, models, claims, or merger/acquisition documents, especially with longtime customers. Insurance agents and brokers are better positioned to create client lifestyle profiles using CRM for insurance software. 

These profiles can be best defined as all-inclusive repositories to inform the agents of the exact type of coverage the customer has. In addition to this, lifestyle profiles make it easier to search for and find sales opportunities for gaps in coverage.

Better sales predictions

Insurance firms can leverage CRM for insurance sales data for building a better sales prediction model to make customers feel important. They can better understand what the clients require or may require in the future by analyzing their behavior, history, and profile information. Brand loyalty and business relationships can be nurtured by using every advantage available.

Improved client opportunities

A noteworthy advantage of CRM for insurance sales is the ability to utilize the “opportunities” feature. It enables you to manage your leads that allow users to track potential clients from the point of initial contact until the sale is closed. Moreover, this feature allows you to generate forecasts and reports as well as set notifications for birthdays and appointments.

Improved efficiency in customer interactions

Reaching out to your clients and customers is easier when a powerful and out-of-the-box CRM system for insurance sales is used. The CRM insurance software effortlessly integrates with different email programs while also connecting using text messaging/SMS and social media options.

These connectivity options let users easily interact with clients and customers on a more personalized level, send messages and replies, and offer tailored solutions to them.

The insurance industry is complex. By using the benefits of CRM for insurance sales, you can empower your insurance agency with state-of-the-art tools to know your customers, what they want, and deliver the best product possible.

Need help with Salesforce Financial Services Cloud Implementation? Contact Cloud Analogy, the world’s most preferred Salesforce Financial Services Cloud Implementation Company now!



Nitish Bhardwaj

Salesforce Principal Consultant | Chief Information Officer
An experienced professional with 5+ years of experience in consulting on and delivering Salesforce projects for mid size, large and very large customers.

Hire the best Salesforce Implementation Partner. Choose certified Salesforce Implementation Experts from Cloud Analogy now.

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