Best insurance CRM software for agents

What is an insurance CRM?

An insurance CRM or customer relationship management software helps insurance providers manage client interactions. It helps capture and manage leads, track deals, and close sales faster. Insurance CRM specializes in the insurance industry and use cases, including workflows that automate sales processes.

A centralized client database with an insurance CRM gives the organization a 360-degree context to serve clients better and improve lead conversion. It can also help with compliance aspects such as KYC and audits.

Insurance CRM allows insurance firms to better understand their business through sales reporting, analytics, and business insights. These data-driven insights help sales leaders make strategic decisions to achieve sales success.

Benefits of an insurance CRM platform

Businesses that use CRMs see their lead conversion rates increase by 300%. This is due to increased efficiencies in the sales process, the ability to access information in the field, and personalization of engagement. In the insurance field, where competition for clients is fierce, this can make all the difference.

A specialized insurance CRM software like Freshsales automates a large share of your work, allowing you to focus more on creating a delightful customer experience. It organizes your lead information quickly and auto-assigns leads to agents. 360 view of clients can chronologically group customer interactions with your company, giving agents context to personalize their engagement. It can automate workflows, track opportunities, generate and manage quotes, and help with customized sales campaigns to cross-sell or upsell products.

Let’s take a deeper look at what an insurance CRM can do for your business.

1. Create personalized, relevant conversations

Amidst growing competition, rising interest rates, and changing customer attitudes toward purchasing an insurance policy, increasing customer personalization can help you engage with your potential customers.

Insurance CRM software can help you with lead generation and personalized engagement. AI-powered chat on your website and app can engage customers in real-time. Chatbots and web forms can also be used to capture leads andfor lead capture and to collect more information and insights on potential clients. Follow-up emails and sales sequences can nurture these leads and prospects quickly.

Modern insurance CRM software auto-enriches leads from social profiles and other data sources with additional information before agents establish first contact. Features like event tracking can provide insights into the web pages visited by leads, and lead scoring determines their buying intent. This helps insurance agents plan relevant, smart conversations with their leads or prospects.

2. Effectively track customer engagement

An insurance business can have multiple lead and customer touchpoints and engagement channels. Delivering the best customer service depends on tracking every interaction with your customer across all channels so sales reps, insurance agents, or insurance brokers have complete context.

A CRM like Freshsales helps insurance agents with lead management and customer context: 

• Create the views you want in a click, have all the data you need at your fingertips

• Organize customer data the way you want, for instance, through kanban cards

• Drill down into your contacts using filters to view the data you want

• Use bulk actions to send bulk emails, update a field in multiple contacts, and more 

3. Prioritize customer needs better

Focusing on customers who are truly interested in buying could help you set yourself apart amidst competition. A CRM for insurance software can help you with this.

Contact scoring, for instance, helps you identify high-intent leads based on their demographics and interaction with your business. An insurance CRM like Freshsales assigns each contact a dynamic score based on positive and negative signs. It also provides AI-powered recommendations on the next best action to engage the customer and close the deal. 

While we’re on the subject of deals, insurance CRM software helps you track your deals with visual sales pipelines. The ability to view all your deals at a glance helps you understand sales performance. You can track the progress made with each of your customers and get deal insights that help you determine where to focus your efforts next.

4. Increase sales productivity

In the highly competitive insurance market, customers expect a quick turnaround time. Workflow automation helps your insurance firm meet these expectations.

You create workflows for the most common insurance sales processes. For example, tasks such as assigning leads to agents, moving deals across stages, and sales activities such as follow-ups and welcome emails to new customers can be fulfilled quickly with automation. Instant service powered by automation can make your customers feel more appreciated and connected to your business.

You can also rely on AI and automation to take the pressure off of your agents. It can improve agent productivity as it automates repetitive day-to-day tasks such as data entry. The amount of time your organization saves can mean the CRM pays for itself.

5. Build long-lasting relationships

Consistency is key to building a loyal customer base. According to an EY Global Customer Survey, 86% of the customers feel they’re not very satisfied with the communication from their insurance provider. Moreover, a Deloitte report reveals that 60% of consumers don’t get great value from their insurance agents.

You can nurture customer loyalty by educating them about the insurance market and engaging them with policy updates and renewal reminders to drive repeat sales and referrals. CRM software may include email marketing campaigns to help you send personalized email newsletters and sales sequences for up-sell or cross-sell. Campaign analytics can help track and optimize their performance. 

6. Boost customer satisfaction

According to a study by Bain & Company, insurers who built loyalty by embracing digital platforms and re-training their sales teams to be more engaged with their customers gained 20 percentage points in Net Promoter Scores over three years, whereas those who didn’t focus on loyalty lost out by similar margins. A quality CRM is a key component in this customer-centric strategy as it helps you be available to your customers across multiple digital channels. It also empowers sales teams with insights to help delight customers faster.

7. Focus on the right deals

An insurance CRM can help you and your agents identify and prioritize the best leads and the right deals. Using lead scoring, your CRM can tell you where to focus your attention. A CRM like Freshsales can provide AI-powered deal insights that identify deals most likely to close, rotten deals, and deals that need attention or follow-up. Analyzing multiple factors at scale, AI can help sales leaders and insurance sales reps organize their sales pipeline and close more deals efficiently. With Configure, Price, and Quote capabilities, insurance CRM can help insurance reps close deals faster. They can quickly generate quotes based on predefined conditions and share them with their clients to make a sale.

8. Improve conversion rates

Insurance companies using CRMs see their conversion rates improve due to a vast array of features. For example, automated lead assignment tools enable your agents to contact leads as quickly as possible, a key factor in conversions.

Centralized client data also improves conversion rates. With a 360° view of your client, you have the information you need to personalize interactions and form a trusting relationship. Use this same capability to segment your clients and leads so you can adapt outreach campaigns to their unique needs. 

Finally, your insurance CRM should help you track rates and identify where you are losing deals. Once you know what the problem is, you can work to fix it.

9. Increase deal value by upselling and cross-selling at the right time

Once you have a client, you want to ensure you are optimizing that client's value. Upselling and cross-selling are important components of that strategy. CRMs support you by helping you identify such opportunities using reports and analytics.

Automating outreach at the right time, such as when a policy renewal is coming up, or a customer shows interest in a particular product, can help you upsell or cross-sell effectively. This can generate a higher average customer lifetime value for your business and improve customer retention.

Why is a CRM important for insurance brokers and insurance agents?

CRM helps the insurance agent in multiple ways. The primary benefit is the lead organization, which allows insurance agents to work strategically to convert prospects into customers. With 360-degree visibility into customer profiles, agents get complete context and can have meaningful customer conversations. Communication tools also help insurance brokers engage with customers across channels, follow up with them, and close the sale.

Sales automation and workflows help insurance agents minimize repetitive tasks such as data entry and save time. AI-powered insights help them work smarter, prioritize the best leads, and understand their next best action. For the insurance broker on the go, CRM mobile apps allow them to work in the field. Closing the deal is also easier with insurance CRM, which features Configure, Price, and Quote capabilities. This allows the sales rep to share insurance quotes quickly without waiting for their backend team or manager's approvals.

What are the features of an effective insurance CRM?

Many vendors offer CRM, but they may not be the best CRM software for your insurance business. Here are some key features to look for when you evaluate a solution:

1. Centralized data

In the insurance industry, you deal with a lot of data, such as basic client information, policy details, and more. You need to be able to access this data at your desk and in the field.

When you get a call from a client, they expect you to know who they are, what policies they’re carrying, the terms of those policies, and what issues they’ve had in the past. Looking up this data manually could take a lot of time.

An insurance CRM like Freshsales provides a user-friendly way to display data with customer profiles and product catalogs in various formats. Data can be filtered easily, so you only look at what you need.

2. Cross-channel communication with clients

Robust sales CRM features will track customer communication across channels. For instance, Freshsales allows you to connect with leads and clients via various channels, including Whatsapp, Apple Chat, Line, Facebook Messenger, and mobile and web apps. You can also create chat campaigns to enhance communication further and nurture leads.

3. Comprehensive dashboard

Look for software with a dashboard that provides key sales analytics reports at a glance, helping your team work smarter. Generate sales reports by territories, products, or time period. Understand how leads move across stages and the average deal values. Insurance CRM can also help forecast sales and set sales goals so insurance agents can focus on achieving their sales targets and improving sales performance.

4. Simplified automation

Look for a CRM that offers workflow and sales automation to free up your team to focus on in-person interactions. Check out how workflow automation can support your team. Leverage the power of AI to create personalized interactions and support for your leads and clients. AI tools like Freshworks Freddy AI can provide services like eliminating duplicate entries in your CRM and email writing assistance. A CRM with built-in sales sequences will help your agents follow the sales process as they work on converting leads.

5. 3rd party integrations

To act as a single source of information for your organization, your CRM must offer app integration with your existing business apps. After all, if your tools can’t talk to each other, you won’t have full visibility into lead and client histories. Ensure your software has native integration with the tools you already have. Insurance CRM that features an app marketplace leaves you room to grow as your business needs evolve.

6. Mobile app sync

The insurance business isn’t limited to the office. Your agents, brokers, and adjusters are often just as likely to be out in the field as at their desks. They should be able to carry the power of your CRM on their devices, such as tablets and mobile apps. 

It’s critical that all information they collect or activities they perform are recorded in your system. Choose a CRM with device synchronization so you and your team can work effectively from your laptop, smartphone, or device on and offline.

7. Auto-lead assignment

Look for a CRM that offers automated lead assignment functionality and allows you to customize rules based on agent workload and skillset. That way, the right person connects with the right lead as fast as possible, driving more conversions.

8. Product catalogs

From quote to policy renewal, look for a CRM that can help you every step of the way. Your CRM should be able to generate and manage quotes, track policies and policy expiration dates, and send reminders to you and your clients when it’s time for renewal. The products module and CPQ can help insurance sales teams manage client policies and maximize opportunities.

How to choose the right insurance CRM for your company?

Choosing the best CRM for your insurance agency could involve evaluating many aspects of the solution and vendor. Before you start your evaluation, it’s important to document why you are looking to add or replace your CRM system and what you would like to achieve with it. Your new CRM should match these requirements. As the CRM may affect different departments of the organization, getting buy-in from cross-functional stakeholders could be important for successful implementation.

1. Modern capabilities

Your solution must meet your CRM use case and be able to scale and adapt to evolving business requirements. Choosing a solution with advanced AI-powered features that can support the needs of the insurance industry can mean better results in the short to long term.

2. Faster onboarding

The first step to CRM program success is implementation and onboarding. Choosing a CRM vendor with a track record of successful implementations and support during onboarding can make the process smoother. This can deliver ROI faster.

3. Easy to use

Choosing an easy-to-use solution can help CRM adoption. Insurance agents are more likely to use a CRM that offers value with an intuitive UI, productivity, and collaboration tools. An easy-to-use CRM can ensure better data collection, improve sales performance, and provide accurate reporting.

4. Affordable pricing

Pricing is an important aspect of CRM evaluation as it directly affects your ROI. Choosing a solution that meets your business needs with competitive pricing can ensure you get the best value. When you compare the pricing of CRM vendors, consider the cost of add-ons and services.

5. Approachable support

With how important CRM is for the smooth functioning of your business, quality of support should be an important consideration in your evaluation. CRM vendors available in your time zone across multiple customer support channels can be crucial for success.

What's in Freshsales for your insurance businesses?

1. Drive contextual, relevant conversations

Amidst growing competition, rising interest rates, and changing customer attitudes toward purchasing an insurance policy, there’s no better time to personalize your communication with potential customers to create a winning pitch.

How old are they? What is their nature of work? Do they have a history of severe illness? Do they own a car or a house? How many members are there in their family? Communicating with your potential customers based on an understanding of their lifestyle, interests, and needs can lay the foundation for a long-lasting relationship.

Insurance CRM software like Freshsales provides multiple ways to engage customers across their buying journey. Get a live chat tool to engage customers in real-time and gather insights about them. Set up customized web forms to collect more information about them and follow up with a welcome email through sales sequences.

Features like event tracking can enable you to plan relevant, smart conversations with your leads or prospects. The timeline view of customer profiles shows agents which pages the customer visited on your website or app and what they have downloaded. Knowing what kind of interaction they have had on the platform can help them sell smarter.

2. Effectively manage customer experience

As insurance salespersons, you are likely to deal with customers who have signed up for different policies: life, health, automotive, or more. Not only are you tasked with addressing customer queries based on their policy, but you’re also expected to keep track of which policy is up for renewal, which customer is requesting a claim, what progress the claims have made, what approvals and documentation is required to process the claims and so on.

Usually, in such a scenario, you are left with searching through multiple emails and conversations to see what kind of engagement has happened with each of your customers, which could be time-consuming.

CRM for insurance software like Freshsales could reduce the time you spend investigating. Freshsales provides a 360𝆩 view of all your customer engagements and past activities on a single page. It also allows agents to customize the contact and accounts details page, giving you the flexibility to highlight and summarize the fields that are important for your business, such as account details, policy files, documents, etc.

Freshsales can bring together internal teams — sales, customer support, and marketing, around a single, shared view of customer data. Improve collaboration, align your teams, break internal silos to deliver tailored customer experiences, and build deeper relationships with your customers.

It also offers a UI that allows your insurance agents to have all the data they need at their fingertips. Organize customer data through Kanban cards, drill down into assigned leads using filters, and use bulk actions to send bulk emails or update a field across multiple contacts. This helps streamline the sales process and improve seller efficiency.

3. Prioritize leads and convert deals

Strike while the iron is hot. Focusing on customers when they are most interested in buying could help you close more deals.

A CRM for insurance software can help you identify high-intent leads based on who they are and their engagement with your business. With contact scoring on Freshsales, assign each contact a score based on positive and negative signals and get AI-powered recommendations on the next best action to engage with them. 

Sales opportunities can be recorded as deals based on your sales process. Insurance agents can track their deals through visual sales pipelines. A single-pane view of all your deals across deal stages helps you track the progress made with each of your customers.

You can also generate daily, weekly, or monthly sales reports to determine the impact of your sales process and identify strategies to improve your business as a sales manager. Sales reports can help you analyze deals by giving you an insight into won and lost deals, bottlenecks in ongoing deals, the potential value of deals, and more. You can also forecast sales and set sales goals to improve performance and sales target attainment.

4. Ensure quick turnarounds and timely follow-ups

How can you ensure quick turnarounds and timely follow-ups with your customers without manually keeping track of every task? This is where workflow automation comes in.

With insurance CRM tools like Freshsales, you can implement sales sequences with readily available email templates to follow up with customers. Freshsales CRM also features workflow templates that can help you automate the most common business activities. You can enable a workflow by simply clicking a button or editing an existing template to add more conditions and make it live.

For example, if you need to send a reminder to a customer whose policy is up for renewal, send a welcome email to a new customer, or assign a customer in a particular geography to a specific sales team, automation can fulfill these tasks quickly. The system can take over repetitive tasks while reducing the time spent implementing workflows for sales agents and CRM admin.

The process of closing a deal can also be automated through the Configure, Price, and Quote add-on on Freshsales. A sales rep can share insurance quotes quickly and get the agreement signed on the spot by integrating with popular e-signature solutions such as DocuSign and PandaDoc. 

5. Build long-lasting relationships

Buying insurance is not a one-time deal. Consistency in communication is key to building an active and loyal customer base, from educating a prospect about the need for an insurance policy to continuing to engage with your existing customers on policy updations. 

You can create personalized email newsletters using bulk emails and sales sequences to share limited-time offers or additional insurance policy information. Freshsales can help you cross-sell or upsell based on the policy a customer has opted for. The campaigns also feature send-time optimization powered by Freddy AI.