The business environment for insurance companies is changing, and smaller insurance companies are gaining ground in their efforts to compete with their larger counterparts. There is no question that technological advances in areas such as insurance management software have helped tremendously in this endeavor, but as these companies grow they must have a strategic plan in order to retain existing customers while gaining new ones.
Many of these companies are realizing the value of the business philosophy of customer relationship management as a means to accomplish both ends. The customer relationship approach means that the company takes its products and services beyond the initial sale to identify additional sales opportunities with the same customer.
While customer relationship management is a relatively new field, many insurance management software products are already including CRM applications, both for commercial programs as well as captive insurance software.
These software programs are designed to streamline and simplify the business workflow to integrate several factors into a customer relationship platform. For example, businesses would expect their insurance management software to provide a database of customers from which information can be easily retrieved, but insurance CRM software can help with policy tracking, billing, risk exposures, cross-coverage opportunities, and a host of other services not normally included in traditional CRM software packages.
CRM software may also be used to optimize a business’ call center to better handle incoming calls and improve channels of communication with customers, thus improving the customer relationship at a base level. This can even be taken a step further to provide customer service through social media channels such as Facebook or Twitter.
Customer relationship management can also be handled at the sales force level by implementing a software system that is easily accessed by mobile phone, tablet or other mobile devices. These systems can serve as valuable tools to help them identify and pursue other opportunities that may otherwise have been missed.
Insurance CRM software is also useful when incorporated into captive insurance software where it is especially important to maximize service opportunities to customers in order to assure a solid return on those customers’ investments.
There is no doubt that optimal management of customer relationships is going to be the hallmark of successful growth of smaller insurance companies for the foreseeable future as well as long-term.