Customer Relationship Software (CRM) provides so many benefits that it has become a necessity in the life insurance business; in fact, some studies suggest that for every dollar spent a company receives up to a tenfold return. By improving a customer’s experience and better tailoring products to their demands the best CRM for life insurance systems can streamline sales efforts, lead to happier customers, and result in more sales.
CRM software is delivered in many ways including desktop, web-based and mobile applications (and sometimes all three). In addition, CRMs provide three main feature sets; operational (that gather sales and marketing information at each point in the customer journey), analytical (that analyze your customer data and provide insights for sales decisions) and collaborative (that enables customer information and sales data to be shared between stakeholders – both internal and external). To decide which set is best for a life insurance company they need to assess based on the outcomes desired. Each of these is described briefly below.
Operational CRM
These types of CRM focus on gathering and managing customer data and tracking all customer interactions; they are intended to manage the sales process and ensure all customer leads are tracked and acted upon. These systems prioritize leads, show the likelihood of a lead becoming a customer, and how much customers spend as well as other sales data. Their most important aspect is the ability to automate the sales and process such as, for example, a sales funnel that automatically sends prospects emails at various points in their decision-making process
Analytical CRM
One of the most valuable aspects of a CRM system is in analyzing the data that a company has on its customers. An analytical best CRM for life insurance gather centralizes and looks for patterns in that data that you can use to make future marketing decisions. Data mining, for instance, uses statistical tools to find pattern and relationships in customer data and allows this information to be segmented and presented in a range of ways. This helps when building a customer persona for marketing and can be used to target specific types of customers.
Collaborative CRM
Most insurance agents do not work in isolation and contact with colleagues and other parts of the company should be as seamless as possible. Collaborative CRM features are used to share customer information, documents and staff communication between teams, the wider company and any outside stakeholders.