Selling insurance is not for the faint-hearted. Low commissions, distrustful customers, blocked cold calls etc. are some of the many ills plaguing this industry.
Top it up with digital disruption in insurance bought about by fintech, giving rise to nimble competition. So how can insurance firms safeguard against the rising competition? Simple, by dialing 'I' for intelligence.
The five 'I's:
#1 Regulatory intelligence
It is said that death and taxes are the two permanent things in life. Add regulatory laws to that. With the rapid emergence and prevalence of fintech, new and complex laws are coming into place to deal with the dynamic upheaval. How do you keep track of this?
Go for a CRM in Insurance that seamlessly links for regulatory bodies and updates the latest compliance requirement. This will significantly reduce administrative headaches and accidental compliance liabilities.
#2 Agent intelligence
Agents are known as the boon and curse of the insurance industry. They are vital for increasing policy sales and detested for unholy practices. Show an agent and you will see a customer running for the hills. The solution to these ills is Agent 360 powered by Insurance CRM.
This provides a holistic view of agent transactions, interaction history, commissions paid and due, issues and complaints listed etc. It also acts as an active fraud management for blacklisting fraudulent agent actions, thus serving as a warning for unethical behavior.
#3 New market intelligence
Your existing policyholders are goldmine for insurance sales. New opportunities will arise with the help of drilled down customer profiles that list their family tree. With one click integration of social tools in Insurance CRM, firms can tap into the latest market trends straight from the customers feed. This will act as protection against a 'Nokia' situation.
#4 New competitors intelligence
New competition brings about disruption. How does your firm stack up against the new entrant? The marriage of finance and technology (fintech) has opened up new avenues and broken down entry barriers. Garner the right competitor intelligence with data mashups from multiple systems displayed in easy to use widgets. Keep up to track to the latest innovations advancing your industry and take steps to tap into your strengths and act against a competitor's weakness.
For example, Lemonade, an insurance startup, is giving the incumbents a run for their money. They are deploying powerful algorithms to manage underwriting plus claims and chatbots for selling. The results? Creating a world record 3 second claim processes complete with final disbursal (though complex and larger claims are manually reviewed.)
#5 Landscape intelligence
How is the industry shaping up with the onslaught of digital initiatives? How are the customers responding to your latest campaigns? Find this and more with comprehensive landscape intelligence in Insurance CRM. Such insights will help in tackling dynamic business environment with an in-depth SWOT analysis.
Customer trust in insurance is easily wrecked and less easily repaired. Competition is always circling overhead to look for an instance where you break the customer trust and they jump ship, in one click. Avoid it by dialing 'I'.