Does CRM Have A Place In The Insurance Agency?

CRM is one of those catch acronyms that is gaining popularity in most rapidly growing industries. Contact Relations Management (CRM) is the art of keeping up with prospects and clients in a system which utilizes today’s technology to help agents increase close ratios. These type of systems are the driving force of sales departments for such companies as Harley Davidson and Staples. These companies have found that recording, tracking and maximizing their prospecting efforts saves time and resources. Throughout the past few years, this type of technology has been making its way into other industries besides the fortune 500, but does it have a place in the Insurance Agency? Absolutely!

Insurance Agents are constantly seeking referrals, purchasing leads, networking, cold calling, and paying for local advertising. What do agents do with the prospect’s information if the sale is not made? It is lost in the deep abyss of paperwork in our offices. Post it notes, hand written notes and printed leads proliferate desks of agents across the country. All the necessary questions are asked and typed into a rating system then, they close the sale. But what if the sale is not closed? What is done with this information? How does an agent follow up in six months, send mailers, and retain the information for future repeat marketing? Agents are paying thousands of their hard earned dollars every year and yet not keeping the information they have achieved in the process.

In the past 10 years, a new resource for prospecting has taken the insurance industry by storm. Online Leads. Many agents have been burned by companies that required high deposits or provided shoddy leads. There have been some great resources that have grown despite the problems and agents are flourishing by utilizing these resources. The average cost of an internet lead is 8-15 dollars. These lead sources have a close ratio of about 15-20%. What is being done with the other 80% of their investment? Agents have the prospect’s name, date of birth, home information, renewal date. Why not continue to market to these people crm hong kong at their next renewal? How does an agent remember to follow up on each quote, how do they track email correspondence or conversations? In six months, these prospects are still familiar with the agent’s name, maybe some good report was created previously. What are agents currently doing to maximize their investment?

CRM systems fill this gap by allowing producers to easily input, manage and utilize the information retained in their prospecting. Such systems have various customizations, email templates, cross selling tools, and automation which allows the insurance agent to focus on what they do best. Agents are available to service the customer and help them preserve their lifestyles through quality insurance.

The key to selling anything is multiple exposures and timing. Agents using CRM tools keep in repetitive contact with their prospects and are able to maintain information such as expiration dates of policies and notes about each prospect for later use. Keeping all the information at the agent’s fingertips and allowing for easy access is essential to fully utilizing a CRM system. Most systems allow agents to attach documents and track all notes in one place which eliminates needless paperwork piling up in their offices.

When shopping for the best system for your office, agents must look at what processes the system offers to aid in prospecting and making selling faster and easier.

1. Most captive agents cannot install software on their system so this mandates an online system. Choose an online version to eliminate the need to download software. Online CRM’s allow the producer to track the productivity of their office from any computer and still provides all the security required for the insurance industry. Be aware to inquire if they require online versions to be hosted on the producer’s servers. Some companies tout that they are fully online, but neglect to mention that the agent needs to pay for separate server hosting with another company. Find an all in one company to make utilization of the system easier on your daily process


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