Current Trends in CRM for Insurance Companies
Insurance companies always look for ways to boost their businesses. They want more and more customers. The new entrants in the market have made it difficult for the companies to survive the competition.
Insurance companies work on their technologies, to get the best solutions for their customers. The new age customers are more informed and comfortable with the internet. Companies are looking for better technologies to connect with their customer while customers demand personalized solutions and better interactivity.
This rising demand has emerged the trend of CRM (Customer Relationship Management) among insurance companies. The CRM software provides database of the customer. It also helps to get a better understanding of the customer expectations and act accordingly with the insurance plans. With changing consumer needs, new trends have developed in the CRM. These trends are discussed as follows:
- Social CRM: The new CRM is now focussing on the social habits of the consumer. They target Facebook, Twitter and other social networking sites. The focus has shifted from data to content where conversations and people are given more importance. Customers are happier working with the people they know. CRM recognises their friends and partners, understands their preferences, and offers customized insurance schemes. This new trend helps re-enforces trust within the customers.
- Self- service: This solution saves the customer’s time, money and efforts. He does not have to visit the office again and again thereby increasing the dependence on emails and web chats over phone calls and visits. CRM assists in insurance consulting and handles regular premium collections. Consumers can also get tailor-made solutions from the website.
- Analysis: The new CRM provides in-depth analysis of the customer. It not only gives the data transaction updates but also, an overview of customer behaviour. Employees can get customer information in a single window. The CRM analytics help to strategize business decisions and gives insight of customer preferences.
- Future predictions: With an analysis of past transactions, CRM assists to predict future customer behaviour. It helps the company chart out its future plans especially the ones with a million customers. This insurance business software helps the company to differentiate businesses. It gives a picture of those customers which can bring more business to the company and those which produce lesser profits. The company can then strategize to work on them separately.
- Key performance indicators: This CRM trend helps to get the company’s performance status distinctly for departments, roles and individuals. It generates accurate results of the organization’s performance with respect to a specific customer. It measures the customer satisfaction level and also gives out the reasons why a particular customer stopped dealing with the organisation. This indicator can be very useful in developing strategies for retaining other customers.
- Smartphones: The CRM can now be integrated into smartphones and other devices. This helps the members of the insurance company to access customer data from anywhere. It gives quick updates to them thereby helping customers with instant solutions. This increases the convenience of both, the insurer and the insured, and hence it is highly favoured.
The current trends in CRM in the insurance industries help to strengthen the bond with the customer. It understands their changing needs and helps the company to adapt to it. A customer is also happy to get the service on time and as desired. A satisfied customer is sure to bring more goodwill and business to the insurance company.
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