How to Implement CRM for Insurance Agents?


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CRM for Insurance Agents
Successfully CRM adoption brings together a host of integrated tools and technologies that enable businesses to automate and optimize workflows, and obtain a 360-degree view of customers. However, since the CRM implementation process is rife with complexities and challenges, agencies must approach it carefully. Let’s take a look at the process of implementing CRM for insurance carriers and how a new CRM can positively impact the agency’s bottom line:

Assemble a Team

It is crucial to have a designated implementation team to ensure the CRM system is correctly selected, deployed, and used across the agency. Businesses must make a team that consists of managers and end-users from different departments like marketing, sales, IT, customer support, etc. When assembling a team, here are the key members to add:

Project manager: The project manager will act as the leader of the entire CRM implementation process. They will bear the responsibility for making sure the implementation goes as smoothly as possible.

IT manager: Agencies that are replacing their traditional CRM must have an IT manager in their implementation team. The IT manager is responsible for updating the technologies and ensuring updates, networking, and connectivity. They can help the business evaluate the potential CRM systems and determine if the new CRM is scalable and compatible with the business’ IT infrastructure.

Department managers: Managers of departments like sales, marketing, and customer support must actively participate in the CRM implementation. They can assist their respective teams and ensure the new CRM for insurance agents is utilized efficiently and effectively.

Establishing Goals and Objectives

Outlining and defining the goals for implementing CRM for insurance agencies is crucial. When the team is made, it can work on outlining the goals to achieve and challenges to overcome. The goals must consist of tangible and specific outcomes that can be measured in the short term. By clearly defining the goals, the team can choose the right CRM system and implementation plan.

By outlining the needs and doing a thorough competitor analysis, businesses can more easily determine the purpose of the CRM implementation. Since CRM implementation is a crucial business project, merely looking at the technical specifications of the software is not sufficient. Hence, at the initial stages of CRM selection and implementation, agencies must involve all the stakeholders (including managers and end-users) and gather the requirements according to their inputs. Here are some examples of CRM goals:

● Increase annual sales revenue by 20 percent
● Reduce customer churn rate by 5 percent in the quarter
● Improve month-by-month conversion rate by 10 percent

Making a Data Migration Strategy

The data migration process is rather complex, especially when the insurance agency previously relied on outdated legacy systems and paper-based files for storing data. Data migration poses several challenges, such as:
● Lack of integrated systems and processes
● Data redundancy, inconsistency, or inaccuracy
● New regulatory requirements for security and compliance

For shepherding the agency through the data migration processes, it is crucial to set up a comprehensive strategy that consists of several elements. The CRM implementation team must first start by analyzing and mapping the data. They must carefully examine the data and weed out any duplicates, inconsistencies, or redundancies. After that, they must deduce what they wish to migrate. For instance, legacy CRM systems may be loaded with data that is no longer required. For instance, they may contain the details of clients who passed away long ago or have not made any purchases in several years. Data that is no longer of any use to the business does not have to be migrated to the new CRM for insurance carriers.

The new CRM software may be equipped with features for automating the data migration and import processes. After rationalizing the information, the implementation team can transfer it to the new software.

Integration with Third-Party Systems

CRM integration enables businesses to connect and sync their CRM with other enterprise software and tools like agency management systems, ERP, marketing tools, databases, etc. It helps agencies in streamlining processes, data, and workflows across diverse departments and teams. It cuts down the extent of manual inputs needed and improves data accuracy, consistency, and validity.

Some insurance agencies may require custom integrations. A majority of modern CRM software solutions come equipped with a host of pre-defined connections that enable custom programming for connecting to the tool while maintaining the validation of the rules. It allows business owners to connect the CRM to a host of third-party applications in a secure manner. Here are some popular integrations:
● Email applications
● Lead generation software
● Project management systems
● Communication and messaging tools
● Social media
● Help desk and live chat platforms
● Marketing automation software
● Data analytics tools

Measuring the CRM Implementation

The CRM adoption process does not end with training and implementation. Businesses must evaluate how the employees are using the software. They must measure CRM usage. Here are some ways to do so:
Tracking user logins: Are the users logging in to the CRM? How often are they using it? Maintain an end-to-end login audit trail of all the authorized business users. It not only allows businesses to know if their employees are using the software but also improves transparency and accountability.
Monitoring data inputs: This allows businesses to get an overview of how the users are inputting information into the CRM. Check how they are adding data related to leads, contacts, workflows, meetings, etc.
Tracking report generation: Insurance agencies must encourage the end-users to process information and use the CRM’s analytical capabilities and reporting tools for generating reports. It will allow businesses to successfully migrate all the customer and business information into the new system.
Gauging KPIs: Businesses can utilize the CRM for insurance agents for measuring the performance as well as key performance indicators like the number of customers reached, deal closures, revenue generation, etc.

Final Words

The CRM implementation process may seem intimidating at first, especially when considering the high costs and risks associated with failed implementations. However, by following a proper, customized implementation strategy, businesses can successfully deploy a CRM for insurance agents and reap amazing results.

Richa Pokhriyal
In her current role, Richa heads Marketing Services department as VP Marketing at Damco Solutions. As a marketing professional, she crafts and executes high impact integrated marketing programs. Richa is responsible for top-line growth, strategy, thought leadership, digital marketing, customer relationship management, and project execution. Richa is a recognized expert on marketing and loves to write, and is an avid blogger. You can visit her LinkedIn page to know about her work.


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