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.
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.
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3.How Insurance Companies can Create a Compelling Brand Experience Using CRM