The insurance industry is becoming incredibly competitive. Instead of dealing with brokerages and big–ticket underwriters with thousands of agents to find and close business, insurance companies are dealing more and more with individual customers. This has meant a huge shift in the way that they do business. In addition, new players are entering the market daily, competing for these same customers through giant ad campaigns, multi–million dollar websites, and call centers across the nation.
Unless the sales and qualification process is simplified, these outside pressures can make it difficult for an insurance agency to compete. In addition, according to a PwC report called “Top Insurance Industry Issues in 2013”, loyalty to a single insurance company is slipping as more customers “shop out” their insurance policies. This means that the customer service experience needs to be flawless, including easy–to–complete registration forms, accurate lead generation tools, and data–driven follow–up email campaigns.
Insurance companies must have new, better ways to provide the ultimate service package to customers if they are going to attract competing business, retain their wandering customers, and keep their prices competitive with subsidized government insurance programs. By investing in automated insurance CRM software for lead generation, policy tracking, and application processing, insurance agencies can eliminate paperwork and refocus their attention on communication with customers.