Insurance CRM pros and cons
The following are the pros of using an Insurance CRM:
We have listed a few of the significant Pros of an Insurance CRM. However, there could be more.
Sales Productivity
1. Automate recurring tasks so that sales employees spend less time in data entry & more time on actual selling.
2. How Insurance CRM can help you:
– 11% to 60% increase in sales productivity.
Sales Pipeline Optimization
1. How Insurance CRM can help you:
– 4% to 22% minimized sales cycle.
– 4% to 28% higher conversion rates.
– 3. 5% to 37% improvement in client retention.
Sales Target Management
1. Know the status of sales targets achieved & balance by both your Insurance company and sales people.
2. How Insurance CRM can help you:
– 1. 5% to 35% higher annual growth rate.
– 2. 7% to 47% revenue increase per sales person.
Lead Management
1. Effectively manage, assign & convert leads.
2. Map the conversions of leads and know the supposed revenue.
3. How Insurance CRM can help you:
– 15% to 39% improvement in lead conversion rates.
Follow up Automation & Sales process Streamlining
1. Never skip a lead, schedule sales follow ups, meetings, etc. and set reminders for the same.
2. Save time by using one software for sales and follow up activities.
3. How Insurance CRM can help you:
– 4% to 55% decreased sales & marketing costs.
Data Management & Security
1. Maintain a secure database of all your leads, clients, policies and sales.
2. Have no data loss when employees leave your Insurance company.
3. Save time and effort in fetching lead, client & policy details.
Data Analysis
1. Getting precise & real time analytics about:
– Sales
– Leads
– Policies
– Clients and much more.
The following are some cons of Insurance CRM:
You may experience these due to any defects in the Insurance CRM installation, implementation and / or usage:
1. Invest time & efforts to analyze and document the following:
– Business process
– Sales cycles
– Short comings in your current process
– Technical & functional requirements in the Insurance CRM
2. There could be failure in adopting the Insurance CRM if
you have not assigned a person in charge to ensure:
– The employees know how to use the Insurance CRM
– The Insurance CRM is being used religiously
3. The price of an Insurance CRM could be a concern.
Conclusion:
Check out a Insurance CRM for more details about CRM for your Insurance Business.
See our Insurance CRM blogs for more resourceful reads.
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