A report published on AP News revealed that the global insurance market is estimated to grow from $4.4 trillion in 2020 to $5.05 trillion in 2021, a compound annual growth rate of (CAGR) of 12.9%. The growth is a result of the innovative approaches employed by these insurance companies as they rearrange their operation to recover from the impact of the Covid-19 pandemic. The insurance industry is projected to hit $6.3 trillion by 2025, at a CAGR of 6%.
With the rising market size of the insurance industry, many projects are coming up with revolutionary and disruptive solutions to make the space more efficient and customer-centric. A good example of such a project is Pipedrive’s CRM software solution. Pipedrive is the first customer relationship management (CRM) software platform created by salespeople for salespeople.
What is an Insurance Customer Relationship Management (CRM)?
In simple terms, an insurance CRM is a software tool built to address the specific needs of insurance providers and insurance brokers. An insurance CRM manages multiple policies in a single system as well as automating assignments to the right persons or individuals. CRM software solutions empower you to execute smoother sales operations and ensure your insurance agents become more productive.
It is a special tool that helps you keep track of how every team is performing at every point in time. The pros of having insurance CRM software include:
Helps your customers renew their contract on time
Insurance CRM software helps you to send automatic follow-ups to your customers whenever their insurance policy is due for renewal. You no longer have to worry about lost revenue potential.
Effectively and efficiently assign cases and claims.
It allows agents to resolve claims quickly and also ensures new claims get assigned to the right agents for a quick resolution.
Top-level customer communication
With the insurance CRM software, you can efficiently manage all your email, live chat, and phone communications from a single platform.
Helps streamline sales processes
The CRM software automates tasks and assigns cases to the right representatives, who can create rules on the CRM that ensure that service level agreements are obeyed. CRM tools help collect the right data to ensure real insights that back up all decisions.
The Importance of CRM To Insurance Brokers
Every insurance company in the world today depends on CRM software solutions like Pipedrive to build efficient sales workflows and case resolution processes. Such financial services solutions help these insurance companies to eliminate high commission rates, thereby giving cashback to customers while also ensuring the business remains profitable. To achieve this feat, customers are provided with quality experiences that leave them satisfied and happy, thereby boosting their loyalty to your insurance business.
With a good insurance CRM software platform like Pipedrive, you can create a custom sales pipeline that fits your peculiar needs in the industry. It also enables you to eliminate stages that create unnecessary tasks and friction, thereby giving you a free hand to build a more streamlined case resolution process that makes your customers happy. You can efficiently manage all contact across your insurance business by efficiently creating custom fields that keep records and track important information like policy type and premium amounts.
Overview of the Pipedrive Ecosystem
Although there are quite a number of insurance CRM companies, Pipedrive is the first CRM Company created by salespeople for salespeople. The founders have been in the industry and they realized people need a tool to visualize their sales process and get more things done. The Pipedrive CRM platform was created in 2010. It was built around activity-based selling. This is a tested and proven approach that entails scheduling, completing, and keeping track of activities.
The company currently has offices in 8 different countries of the world and over 800 employees from 50 different countries. At the time of this writing, Pipedrive CRM software is used by over 95,000 companies in 175 countries of the world.