Insurance CRM Software: Your Ultimate Guide

Category: CRM Software

At the present, the insurance industry is becoming more competitive and complex. As it continues to look for growth opportunities, getting clients has become more difficult because of the big market share by the giant insurance providers. The poor economic conditions are also making it hard for the industry to grow, forcing companies to focus on getting more profits. The bearish economy, the increasingly competitive nature of the market, and the dynamic use of information and communication technologies are fast changing the face of the insurance industry. Given the state of the insurance industry today, it is especially crucial for insurance professionals to use insurance CRM software in their work. CRM (or customer relationship management) software for this industry is a considered a new field, but there are already good CRM tools available that can help insurance providers to improve their business relationship with their customers. But just as mortgage CRM software is best for mortgage lenders and financial CRM software for stockbrokers, so, too, insurance providers should use insurance CRM. A review of today’s available insurance CRM software shows some of the best features and functionalities around: Some are cloud-hosted or have enterprise mobile versions for insurance; some CRM software programs are very cheap, with some even being offered free by vendor companies.

Why do we need an insurance CRM software?

CRM software programs are not just for your usual B2B or B2C companies. If you are an insurance provider, you will find the many benefits a CRM solution can provide you.  Designed to simplify and automate your insurance business workflow, insurance CRM software programs can improve your lead generation, policy rating, marketing campaign management, tracking of sales, direct dialing, sales force automation, as well as improving information/data gathering and retrieval of your clients. CRM solutions help you keep tabs on information about your customers, leads, contacts, and yes, even competitors. It also greatly decreases your possibility to overlook or forget important details as well as miscalculate business outcomes. A good insurance CRM software solution can result in massive improvements in terms of productivity and efficiency in an insurance company. Successful implementations of a CRM solution can ensure users secure access to produce, check, and edit relevant records any time from any location using web-enabled devices. They also enable insurance providers to focus more their energies and resources on the target market that is likely to respond to marketing campaigns and get optimum lead conversions.

How CRM can help your business

Figure 1. How one CRM provider can help your insurance business

Four reasons why CRM is good for your insurance business

Here are four clear benefits when you use a CRM software program for your business.

  • Contact center optimization. For insurance providers, their priority is to make sure that inbound calls get addressed over phone. However, more insurance business transactions are now more than ever happening online, and particularly on Facebook and Twitter. Moreover, there continues to be a clear relationship between investments in technology and business returns. CRM software solutions can streamline your communication channels with your customers, optimizing and improving your business relationship with them.
  • Sales force transformation. In many cases, insurance companies modify and adapt their insurance products to adapt to the various needs of evolving markets, and to bank on new opportunities. For instance, the life insurance field has become proficient in addressing the complicated payouts asked after a policyholder dies. But in order for them to keep adapting their products as well as services, insurance providers usually require sales automation tools that are more flexible and at the same time, keep their insurance agents abreast with all the latest offerings as well as changes in the products and services. CRM software programs today are able to track marketing strategies, no matter how fast they change at a given time.
  • Automation of mobile sales. Today’s insurance providers and agents use a smartphone, tablet, or several of these. Why not tap CRM software products that offer mobile versions for your agents? By using a mobile CRM software application in your business, you get quick access to the business information about your customer and other details, making it easier for you to court customers and close deals.
  • Social media monitoring. More and more consumers these days are into various social media networks such as Facebook and Twitter. Your target customer probably uses them too. So why not go to Facebook, Twitter, and other social media platforms to follow and understand them better? With the use of a CRM solution, insurance providers can better adapt with social technology as fast as possible. In addition, you can also check out social networks for feedback. Do you get favorable mentions in social media, or are you a subject of criticisms? CRM applications can also help you improve your social media use for customers who might need assistance from you.
How CRM software can optimize your productivity

Figure 2. How another CRM software solution can optimize your insurance business productivity

Software Advice also has a quick list of five benefits from CRM software solutions:

  • Insurance workflow automation;
  • Policy tracking;
  • Insurance reporting engine;
  • Agent management and activity tracking; and
  • Referral marketing
Read more:  CRM Software Comparison Chart

When looking for the right insurance CRM software, consider the following questions:

  • Does the CRM solution seamlessly integrate with your accounting system as well as the other software systems you or your company already use?
  • You sell what type of insurance? Do you think you will benefit from a CRM solution that supports upselling?
  • Do you heavily rely on paper-based applications and then manually reenter the information?
  • How much money and time do you have in investing with a CRM application?
  • How much money and time will you save if you use an all-digital CRM software solution?
  • Do you want to track who among your referral partners are the best?
  • Do you have various agents and want to be able to check their sales information?


Without doubt, a CRM solution for the insurance industry can benefit you a lot by helping you to:

  • Analyze your customers and see their specific needs.
  • Develop various programs and strategies to retain customers based on their said needs.
  • Implement as well as market these programs.
  • Improve relationships with your customers, agents as well as brokers.

If you want to know more about CRM software programs that can help you with your social media needs, you may want to check out this guide on social CRM.

By Jenny Chang

Senior writer at FinancesOnline who writes about a wide range of SaaS and B2B products, including trends and issues on e-commerce, accounting and customer service software. She’s also covered a wide range of topics in business, science, and technology for websites in the U.S., Australia and Singapore, keeping tabs on edge tech like 3D printed health monitoring tattoos and SpaceX’s exploration plans.

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