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CRM tool

This post was written by Charly

With a balance sheet of 159,391 million euros in 2018, it is not surprising that the insurance sector is one of the most lucrative in the world.

That’s precisely why banks have launched themselves into their piece of the pie, and despite the fact that, of the 215 companies operating in the sector, only 32 are linked to banking, these 32 companies account for 50% of the business.

CRM for insurance

What does this mean for the sector?

That competition has become atrocious in a relatively small but lucrative sector.

That is precisely why both brokers and insurance agents are obliged to be more effective and efficient than ever before.

And that is precisely what you can achieve with an CRM for insurance.

What makes a CRM insurance so important?

Along with the increased competition we have already discussed, there are 2 other factors that make the adoption of such software essential for people who sell insurance:

  1. Insurance sales are determined by trust and price.
  2. Sales departments with pre-established customer portfolios benefit particularly from a CRM.

Insurance sales are determined by trust and price

In the sale of insurance, there are almost exclusively two factors that determine whether the customer chooses one or the other: price and trust.

The selling price, at a similar level of coverage is determined by complex mathematical calculations to which a margin is added, precisely because of this, the majority of insurance companies offer a more or less similar range of prices and conditions.

That is why, unless you want to reduce your margin as much as possible, you will not have any room for manoeuvre in this respect to sell more.

Confidence is another matter. There are 2 ways to create a relationship of trust with potential customers: by spending fortunes on television, radio and newspaper advertising or by building relationships with them.

And in this last aspect, the CRM is king.

So, unless you want to spend millions on advertising (and even if you do) having a CRM is one of the best ways to sell more safely.

Sales departments with pre-established customer portfolios benefit particularly from a CRM insurance.

Another advantage of this sector in the use of a CRM is that most companies have pre-established customer portfolios, and this scenario is ideal for the use of a CRM.

By being able to centralise all the information on a client, their policies, cover and expiry dates in a single tool, you will make your brokers infinitely more efficient in contacting current and potential clients.

Advantages of using a CRM insurance

With a software of this type you will enjoy 3 great advantages:

  1. Knowing your customers better
  2. Communicate with them just in time
  3. Monitoring the performance of agents

Get to know your customers better

The use of a CRM insurance allows everyone in the company to have a 360º view of each customer.

This is beneficial in any sector and any company is especially relevant in the world of insurance due to the competition in the sector and the product’s dependence on trust that we discussed earlier.

Communicate with them just in time

With a CRM insurance you can centralize all the information not only related to the client but also to his product: what policy he has, his current and pending payments, expirations, etc…

In a sector such as insurance, where it is very common for clients to leave one company for another, being able to communicate with your client just when they need it is a total competitive advantage over brokers who do not use this type of tool.

Monitoring agent performance

With a CRM insurance you centralize all the information about your customers, your product but also your own agents.

Therefore, with a few clicks you will be able to see the performance of each one of them, in which areas they are having more problems and in which they stand out.

This, in addition to allowing you to create reports in a simple way, gives you a more realistic day-to-day view of what is happening in your brokerage.

The best CRM insurance is Efficy

If you want to start enjoying these advantages in your business, Efficy’s CRM solutions are your best option.

The best proof of this are the more than 4,500 clients in more than 33 countries who already sell more thanks to our tool, including, of course, insurance companies such as Belfius

Belfius is the second largest Belgian insurer and has 3500 users a day using Efficy in more than 800 branches and managing 6 million customers.

Examples of businesses using a CRM - Belfius Bank

If you also want to start selling more, request a demo.

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To know more:

What is hidden behind the prices of a CRM?

Examples of companies using a CRM

CRM tool