Wednesday, October 29, 2014

3 Simple Secrets to Stay Ahead in The Generic Pharma Competition Using a CRM Solution

Generic pharma drugs have made it possible for effective drugs to reach those who need it the most. They are cheap, easily available and cost efficient to manufacture. Their effects are comparable to branded drugs which are often expensive and difficult to procure. However, their benefits mean that there is an intense competition to get the maximum patient share amongst the generic pharma players. Customer relationship management is their answer to get ahead of this competition.
The three overlooked CRM secrets for getting ahead of generic pharma competition:
1. Regulatory adherence integration
One of the traditional ills plaguing generic pharma companies is the lack of effective regulatory process integration. This often slows them down in getting approvals for their medicines, clinical trials results verification etc. With the help of pharma CRM solution, companies can integrate regulatory process checklist that aid in hassle-free process right from manufacturing to distribution. Integration will lead to faster processing speed that will allow you to bring medical products out in the market before your competitors.

2. Centralized information system
A centralized information system is vital for the pharma industry to increase customer awareness about their generic products. Branded companies have the power of large budgets for advertising purposes. However, generic players can utilize CRM solution to manage the information flow to key stakeholders like doctors, health clinics and hospitals.  A strong KOL management will aid in increased generic prescriptions and awareness of its benefits. The solution can also be used to tracking MR productivity to determine the most productive representative and reward or train accordingly.

3. Distribution management
Proper inventory management is the hallmark of an effective. Any trouble or bottlenecks during the distribution process can lead to poor product reception and damage of reputation. CRM system can help you to manage the whole process so that you are aware when the expired inventory needs to be replenished for clinics, hospitals etc. Effective distribution and inventory management will help you to deliver the medicines at the right time.

The above tips will assist you in getting the most out of your pharma CRM implementation that will help you to get ahead of the competition. CRM solutions for pharma will help generic companies to increase prescriptions, get the most return on investments and build a strong generic medicine delivery network. These benefits will help you to get ahead of the competition and maintain that lead for long periods.

Related Articles:
1. 6 Ways CRM in Pharma Ensures Continual Growth
2. KOL Process Management Simplified
3. 7 Reasons Why Big Data Will Revolutionize The Pharma Industry

Tuesday, October 21, 2014

5 Simple Ways Insurance CRM Can Guarantee to Boost Collections

The key pain areas in insurance collection process are separate collection and policy information systems. These two force executives to hop through multiple platforms take up unnecessary resources and contribute to longer process time, thus hampering faster collections. In the insurance industry, business conservations usually include renewal calling that reminds the clients of the payment due date and the amount. Renewal calling process is usually divided into in-house executives and external vendors.

Using Excel sheets has many drawbacks, as listed below:
1. No tracking of calls or progress made.
2. No overall visibility of policy or payment data.
3. No real time reports available.
4. No control over the flow of data.
5. Negligible data security

Five Insurance CRM secrets to improve collection process:

1. Customer 360° view
Insurance CRM allows you to have a complete overview of customer policy data. Usually, such information is displayed on multiple platforms, thus forcing the executives to hop through multiple systems which are tedious and time consuming. With a CRM solution, a single platform can give a 360° view on all information like policy amount, due dates, holder information etc.

2. Pattern based reports
CRM software does the job of creating reports which are comprehensive and easy to understand. Pattern based reporting in insurance helps you to understand the payment patterns and probability of defaults. This will help the management to take proactive decisions to avoid collection problems later. They also help the company to avoid defaults. Thus, margins can be protected and bottom-lines increased through pattern based reporting. Such mechanisms also help improve intelligence on vital information like customer segmentation etc.

3. Data cuts and allocation
A CRM solution for insurance can help you allocate calling data according to well defined rules. For instance, you may have holder information numbering 5000+. Agency one may have a bandwidth of only 600 calls in a month. Agency two can only focus on particular regions. If you operated out of Excel, you would be facing a herculean task to effectively run the calling operation. Customer management relationship software will help you to define rules and automate allocation to in-house or external agencies, thus improving overall efficiency.

4. Payment reminder alerts

The CRM software generates automatic payment alerts to collection team executives and customers. The executives do not have to set additional complex rules to get alerts. The system automatically captures due date and payment information from existing databases and is designed to give instant notifications as soon as the executive logs in to the system.

5. Automatic Lead generation through existing customer database
Leads channel the sales pipeline. The best cloud CRM software solution automatically generates prospects, which are most likely to turn into promising leads for your firm. 

Consider this example:
'Mr. Ramesh is a management professional having an insurance policy for his family with a leading insurance provider. The organization uses a CRM software solution which is powered by scalable cloud CRM. It alerts the insurance executive about possible prospects in Mr. Ramesh’s family hierarchy, thus enabling the insurance officer to strike when the opportunity presents itself.'
The prospects can then be allocated to the most effective agent to make a conversion. This allocation will be based on the performance and the success probability of lead conversion.

5 Unexposed Insurance CRM Secrets to Improve Collection Process 
The benefits of implementing these CRM secrets are manifold:
1. On time tracking of activity pr1ogress.
2. Complete visibility of all processes and windows on a single platform.
3. Real time report generation for decision making.
4. Complete control over data security.
5. Consistent achievement of collection targets.

The above secrets can greatly contribute to consistent growth in insurance collection percentages. You can thus capture market dynamics correctly with a great CRM solution for insurance.

Related Articles:
1.5 Ways Insurance CRM Solutions Help to Curb Customer Churn
2.4 Key Reasons CRM for Insurance Ensures Higher Profits
3.How Insurance Companies can Create a Compelling Brand Experience Using CRM