Insurance CRM: Digitizing Workforce for Delivering Delightful Customer Experience

A lot rest on the shoulders of insurers as they protect a customer's future.

In today's age of digital disruption, insurers are looking to create simple, affordable policies that are relevant at every stage of a customer’s life. Their goals include increasing market penetration, enhancing lead conversion ratio, boosting workforce productivity etc.

How can insurers simplify insurance through digital, with the ultimate objective of delivering delightful customer service?

1. Automating business acquisition
By automating lead generation and management, insurers can set up intelligent processes that capture lead data and other information of prospects from multiple channels. Seamless integrations can capture information from multiple systems, document management system (DMS), analytics etc. Digital on boarding, free look up processes can be designed, customized through visual journey designers.

2. Actionable customer 360 degree
Insurers can get a holistic customer 360 intelligence that captures profile, previous engagement, pending cases, current status etc. Straight through processes (STPs) can lessen huge multiple request types to a few faster workflows that significantly reduces turnaround time and increases customer satisfaction.

3. Automating policy renewals
Renewals are the lifeline of an insurance business. An insurance CRM platform empowers insurance firms to auto generate renewal base and execute rule based renewal allocation. Different allocation rules can be applied to ageing buckets. This will allow insurance salesperson to keep real time update on payment status and calling buckets with monitoring of allocated vs. called vs. paid. Insurance CRM will send automated reminder emails to customers for policy renewals.

4. Smart Policy Servicing
Insurance policies ,for customers, can be harder to understand than the late Stephen Hawking’s “A Brief History of Time”. Insurance CRM platform makes policy servicing faster by providing insurance executives a unified insurance policy view on a single screen anywhere and on any device. This holistic intelligence is generated through mashups based on on-demand fetches. Insurance firm staff can quickly create policy processes for demographics, transactions, interaction, payments etc.

5. Faster Customer Servicing
Insurance CRM enables insurers to deliver faster customer service through straight through processing work flows, that can boost First Call Resolution (FCR) rate. Guided form filing through auto population and the availability of more than 300 different communication templates ensures that insurance firm executives or customers need minimum data entry. CRM for insurance can take care of end to end dispatch tracking as well.

To conclude:
CRM platform will help insurance firms to bring uniformity in customer experience across touch points like call centers, branches, and self-service portal services. With insurance CRM, insurance firms will be able to establish consistent communication with customers and your sales team and customer support team will work in sync. They will be able to keep track of customer complaints and queries at real-time. A CRM platform tailor-made for insurance can bring down the time insurance salespersons spend on unproductive work by 80%.

This will allow them to focus on increasing engagement activities and delivering delightful customer experience.

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