CRM platforms can be effective in ensuring an excellent customer experience across all touchpoints of the customer journey. CRM is crucial in all industries, but especially in an industry that is as competitive as insurance.
You might be wondering what it is that makes CRM SO important in the insurance industry. Well, if you think about your current sales process; it might take a few hours for you to contact a lead only for them to then tell you that they’ve already spoken to another provider. It’s not even been a day since they filled out an enquiry form and they’ve already been in touch and done business with a competitor. No surprises there, most customers will normally do business with the company who gets in touch with them first, meaning that manual processes are losing you potential customers. A good CRM platform can put you in the front of the queue by automating your response.
Let’s talk more about the importance of CRM in the insurance industry…
Helps providers to adhere to industry rules and regulations
Data privacy laws are some of the most important regulations that businesses must comply to, and digital solutions have a responsibility to facilitate this compliance. A good CRM should allow you to be fully GDPR compliant and help you to store customer data securely, with ease. As well as storing customer data, a CRM can help you to maintain data security and with Intilery, you’ll have the option to only give access to customer data to colleagues that need it.
Offers customers a more personalised experience
CRM is used in the insurance industry to engage with customers in a more personalised way, helping to drive first time and repeat sales. Customers expect to feel valued by the brands they interact with and a one-size-fits all approach is no longer good enough. With many insurance providers competing for the same customers, a customer is going to choose the one that offers a better service. An advanced CRM platform will allow you to gain a whole host of information about your customers and segment them based on different behaviours and characteristics, meaning you’re able to recommend products and policies that meet their needs, rather than just trying to sell them something generic. Sending your customers communications that are personalised and relevant to them will increase satisfaction and retention, and drive sales.
Improves customer service
The information that good CRM platforms gather about your customers might come in particularly useful when customers contact you with a query as you can view every previous interaction that they have had with your company. With this information, you can quickly and resourcefully communicate a solution to their problem and your efficient response leaves them impressed. No matter the size of the issue they have faced, your high-quality customer service has reassured them of your brand, encouraging them to remain as a loyal customer.
The cost of acquiring a new customer is five times more than it is to retain an existing one which is why repeat business is really important. Not only that but existing customers are a lot easier to sell to compared to new ones and can be a major driver a revenue via upselling and cross-selling opportunities. A powerful CRM will help you to identify all possible sales opportunities to existing customers. With the Intilery Single Customer View, you’ll have access to all the information you need about individual customers on a single page; their engagement and purchasing behaviours, and this will allow you to identify the products or services they might need, opening up opportunities for upsell and cross-sell.
As you can see, CRM platforms have a whole host of benefits in the insurance industry and can be really effective in helping you to achieve results. You can find out more about the features of our product by visiting our website.