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Insurance agents have their work cut out for them because of the way consumers access their products and services has shifted. When you’re part of a trillion-dollar industry, it’s central to stay on top of trends to capture the market.

Understanding CRM and How It Fits in with the Sales Strategy

Establishing a relationship is a key factor in getting the millennial to decide on their insurance goal. A groundbreaking way to market to younger generations is to collaborate instead of focusing on closing the sale. The only way to achieve this is to know what the extra party wants before they act. Knowing this will lead to knowing the client.

Loosely defined, CRM software takes customer information and processes it in a usable format for the end user. For insurance agents, the information they gather from their clients can reveal serviceable information, such as risk, wants, needs, goals, and more.

Eight Ways CRM Boosts Productivity in Insurance Sales

While this current generation doesn’t like being sold to, the need for insurance products still exists. As millennials enter more senior positions at work, they can afford their own mortgages. Other large ticket finance items are also on the cards. A survey on the millennial’s response to various financial industry objectives revealed that the need for a CRM indemnity system is strong.

Here are eight ways CRM can boost productivity in insurance to this tough crowd:

1. CRM allows the insurance agent to build a relationship with the client

This is an important factor to consider as the survey shows that millennials are open to roborobotisors. A CRM system provides agents with the tools to keep in touch for the right reasons, not just selling.

2. Once an insurance agent gets used to it, CRM saves time

The initial training on the system will take time but once this is done, time is one of the biggest the resources this tool will save. It minimizes the need to keep external notes or diary entries, integrates important facts and information, and stores vital data for future use. Agents will have all they need at their fingertips. Less time spent looking for in rank means more time available for insurance sales.

3. CRM provides comprehensive support

The more advanced an insurance sales CRM system becomes, the more roles and functions it can perform. This means it requires fewer support staff members to produce the same output, with less work. An integrated system also provides simple access points for support staff members, which means less time spent on training. This leaves the indemnity agent free to build relationships with their clients, knowing their support staff can handle the administrative tasks.

4. Risk analysis and product recommendations can form part of the algorithm

This is an industry where the wrong advice could land a customer out of pocket and an insurance agent in hot water. In fact, according to the above survey, a large percentage of millennials second-guess investment opinions. This leaves the door wide open for robot-advisors once again. An Insurance CRM system designed for this industry will take factors in the decision-making tree into account when providing recommendations to the client. This brings the robot-advisor closer to the mark and the client more at ease with the outcome. 

5. Centralized information leads to proper handover

Whether the agent is in training, in meetings, or on vacation, clients want to have an open line of communication with the office. This includes the ability to resolve queries and complete desires. A centralized system allows the office staff to access the required information and resolve the matter quickly.