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What is CRM and How Does it Increase Leads?

Posted on December 20, 2016 by Daniel Taibleson in Digital Insurer

What is CRM and How Does it Increase Leads?

Strictly speaking, CRM is a business acronym which stands for Customer Relationship Management. CRMs are utilized across many business industries to keep track of leads and nurture them through the buyer's journey. You may think you don't need a CRM as the principal or owner of an insurance agency, but many studies have been done on the benefits of insurance agencies using CRMs.

Would you believe that one study found an ROI of $8.71 for every $1.00 spent on CRM? So, we've got your attention. Positive ROI is always a good thing, but what exactly can a CRM do for your insurance agency?

Ease Growing Pains

Maybe you used to run a small agency where everyone knew what everyone else was doing. Then as you started to grow, things got a little trickier. It's harder to keep up with both your customers and understand what your producers are doing. With a CRM, you can keep deep notes on your customers to continually build that relationship as well as see at-a-glance the efforts your producers are making to write new business. A CRM levels the playing field and allows everyone on the team access to the information they need to be successful.

CRM will help your team improve lead tracking and forecasting to increase efficiency, revenues, and grow your book of business. 

A 2015 study from Forrester Research revealed typical marketing and sales improvements including: 

  • 30-50% increase in campaign reach
  • 20-30% reduction in marketing costs 
  • 15-25% increase in lead generation 
  • 20-30% reduction in campaign execution time 

View the inforgraphic to see more

Anytime, Anywhere

Gone are the days of software downloads requiring massive amounts of space on your computer. Many CRMs keep your information safe in the cloud so you can access it anytime, anywhere. This is especially important for any field agents who may need to access a customer's history or specific needs. Look for cloud and mobile capabilities to make the best use of your mobile workforce.

In-depth Reporting

Without a view of your pipeline and sales funnel, some leads that you worked so hard to get could fall out of the process without being noticed. CRM systems offer custom reporting that shows you leads at every stage in the process, and many have rules for continued nurture so that you can more easily move them from one stage to the next. While spreadsheets and post-it notes are good reminders in a pinch, sophisticated reporting from your CRM could help you and your team to be more efficient and write more business.

Know It All

It probably won't replace your weekly status meeting, but a CRM provides a window for you and your producers to know just where everything stands. Did Susan already call on that policy set for renewal? Did Joe close that sure thing he mentioned last week? With an up-to-the-minute view of activity you and your producers will always be in the know. And once you have a birds-eye view of your agency's health, you and they will know just where to spend your time and energy. CRMs increase efficiency and allow you to identify and focus on the next priority.

Sort It All Out

You collect massive amounts of data each time you sign a new customer or sell a new policy. Information like age, demographics, income, and zip code all come together to tell a story about the kind of people who buy policies from you. A CRM allows you to sort your data by specified parameters which could allow you to create a better profile of your existing customers so you know which leads to prioritize. When you know where you've been successful in the past, it's easier to find success in the future.

Don't Forget

Along with storing information about your existing customers and the latest notes on your prospects, a CRM can be programmed via business rules to send reminders for when it's time to reach out. Customers trust you with very important aspects of their lives and are more likely to renew when they feel like more than just another file in your filing cabinet. Your CRM can store important dates like birthdays and anniversaries as well as details on interests that you and your staff can use to craft communications that are personal and sincere.

By now it should be clear the value that CRM’s bring to business as a whole but especially to insurance agencies. There are many great tools on the market that cover a wide variety of the areas we discussed. Some have even been designed with the insurance industry specifically in mind.

As the principal or owner of an insurance agency, you know there are special challenges that you and your staff face as well as special circumstances driving your customers' purchase behavior. A CRM can help you make the most of your existing knowledge and keep your agency growing well into the future.

Interested in learning more about how agency growth? Get a free, customized agency growth action plan.


daniel taibleson headshot blog vertafore

Daniel Taibleson

As a content marketing manager at Vertafore, Daniel acts as the Editor-in-Chief of the blog, uncovering and telling stories about the intersection of insurance and technology.



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