According to Capterra, some insurance company owners state that life insurance CRM software helped them reduce commission tracking time from several weeks to several days. Custom insurtech solutions save not only time but also efforts and resources. These products provide more flexibility and scalability to the insurance business and ease the work of agents and brokers significantly.

In this article, agency owners, brokers, agents, and technology partners will learn why bespoke solutions are better than out-of-the-box products. Below you will find information about the most popular features of insurance CRM systems. Also, you will get a 3-step guide on how to choose the right CRM. 

Why a good life insurance CRM is important?

A good CRM can make your internal and external processes more efficient and profitable. Any operating business has its challenges. Every day you should make decisions that affect your employees, however, managing your relationships with clients is one of your top priorities. If you don’t know what a good CRM is and what you might need for it, this article is a good read for you. 

Customer relationship management is a pretty generic name for such a complex process. Let’s delve into this question a little bit more. 

CRM is a good way to manage leads: those who are interested in insurance services and your existing customers. With the help of a CRM, the company analyzes interactions and measures data throughout the customer life cycle. A good CRM system can streamline business relations with customers through acquisition and retention. 

When you are able to effectively manage your leads and customers, more leads will become your happy customers and even loyal advocates of your brand. 

It’s never too late to start using a CRM system because it makes all things much easier. It offers a lot of benefits like the following ones:

Enhanced data organization

With a good life insurance CRM, you’ll be able to import your leads, contacts, and customers into the platform and begin monitoring sales and engagement.

Better communication

With a well-built system in place, you will have email templates, automatic reminders, and a set of other useful features to give faster responses to your customers.

Shared data

You will be able to easily share data by providing your team members access to the same resources. 

More leads

With advanced lead and contact forms on your website, you will generate more leads. The information captured by a CRM will be assigned to the appropriate sales manager.  

More accurate data

You can use reporting to provide your sales managers about how closely they are to achieving company goals. 

The majority of insurance companies having up-to-date CRM software indicates that systems help them to better follow up different opportunities and leads. Also, they state that a CRM system allows them to improve customer relationships. CRM is a perfect tool to manage processes, practices, and relationships as well as relations with vendors, marketing, and sales activities.  

How to get life insurance CRM software
Need an effective solution for the insurance industry? Learn about insurance agency management software

Replacing a traditional medicare insurance CRM with a custom solution

In today’s competitive world, insurance companies have to be available to their customers at any time. Currently, life insurance CRM software should address the following principles:

  • Continuous support
  • Mobile availability
  • Cloud-based technology
  • High performance

Most people expect life insurance companies that are available at any time once an emergency happens. They expect that agents answer their inquiries instantly that’s why most companies have mobile CRM systems. Cloud technologies allow avoiding the risks of hardware failures. Monitoring features help understand the progress and track employee performance. 

Traditional CRM software like HubSpot CRM, NetSuite, Salesforce, and others provide all these capabilities, however, if you need a more sophisticated solution, take a closer look at custom development. Here are some benefits of custom development for the insurance industry.

The first one is that the software is made exactly for you. The software development company you work with should provide a business analyst, architect system designer who will take all your business processes, break them down, and then come up with a system that matches exactly with what you’re doing. 

The second benefit is that such software is highly adaptable. Business changes constantly. External and internal changes in the market require making changes in the software. And that’s possible with custom solutions as you own the code completely. 

The third advantage of custom systems is that they are economically efficient. The features in custom systems are built with regard to the highest efficiency. 

Customer support is the fourth benefit of custom software development. The owners of custom life insurance CRM software are getting a much higher level of customer service.

Finally, security is the fifth benefit of custom development. When you build your own solution from scratch, you can focus more on security issues. 

Below are the most popular features of CRM systems used by insurance agencies. Note that with a custom insurtech product, you will be able to get a lot more features exclusively developed for your company. 

Feature 1 – Centralized lead database

A centralized database minimizes data redundancy, provides higher security and is easy to use. It is better than the other types of databases as it requires fewer power, labor, and maintenance costs. Data is stored in a single place and is easy to be changed or analyzed. 

Feature 2 – CRM integration

Integrating CRM with a company’s website will help to get valuable customer data directly into a CRM system. With this feature, sales managers are able to follow up with different prospects from the website. They will also be able to identify when a given prospect visited the website, what he or she searched, and what information he or she asked for.

Feature 3 – Prospects categorization

Usually, sales managers categorize prospects and leads with the help of electronic scores. Propensity scores and engagement scores help agents prioritize prospects and focus on the most valuable users. With custom solutions, it is possible for a customer to specify which type of electronic scores he/she would like to have. 

Feature 4 – Insurance policy management

With this feature in place, insurance companies are able to develop customer acquisition campaigns, create quotes, manage renewals, check policies, issue policies, prepare reports, etc. 

Feature 5 – Automated communication

Automated messaging can improve your customer relationships because customers will get timely information and instant responses to their inquiries. Another functionality that is related to this feature is chatbots technology that is now widely used in different industries for better customer interactions. 

Feature 6 – Reminders and notifications

Reminders and notifications will ensure that insurance agents don’t miss any important information and don’t forget to send important documentation, for instance. After a thorough business analysis, expert developers can offer what type of alerts your software needs most of all. 

Feature 7 – Reports

A reporting tool for the insurance industry is a business intelligence solution that helps organize and present valuable data in the most efficient way. For example, our company has a strong experience in developing reporting tools that provide the following stuff: business views of data, key performance indicators, trends analysis, financial analysis, management reports, etc. 

Feature 8 – Claims management 

This feature allows insurers to manage and automate claims processes in one place. For example, in the solution called Insubiz that was developed by our company, we offer better data capture functionalities, advanced reporting, and improved claims handling. 

Feature 9 – Advanced search

With a custom-designed search engine, agents can easily find all necessary information like contacts, claims, assets, customer data, etc. To get the most accurate search results, custom solutions offer advanced filtering. 

Feature 10 – Mobile CRM

In the modern world, there’s a strong need to be online most of the day. Thus, insurance companies start taking advantage of mobile CRM opportunities. Having a good CRM for phones or any other Internet-enabled devices will help any insurance company stand out of the crowd. With a mobile application, insurers are able to stay informed at any time and any place whereas customers are satisfied with quick responses. 

How to create a custom life insurance CRM software? A simple guide for our customers

Often, our clients report that they met a certain number of challenges before selecting a CRM system. The major problem they admitted was uncertainty about how to start. Thus, below is a short guide for those who need to choose a life insurance CRM software and don’t know how to begin.  

Step 1 – Make a list of your company’s challenges and initial requirements for the final product.

We recommend you to write around five reasons why your company needs a comprehensive CRM system. And it would be nice if you make a list of up to ten features you need for your tasks. 

Step 2 – Find a reliable CRM software vendor with strong expertise in the insurance industry. 

Ask the vendors you found to give you their portfolio demonstrating the project similar to yours. Looking through similar cases, you’ll be able to understand if the vendor is able to satisfy your expectations and meet your requirements. 

Step 3 – Ask the vendor of your choosing about all the services and options he can offer.

Before selecting the vendor, you should make sure that you get all the needed services. For example, in Diceus, we offer full-cycle custom development, from business analysis to maintenance and support. Testing, integration, cloud migration are only a few services we can offer to our customers. 

We offer our customers not only the development of the whole CRM platform but also the development of separate modules. Below are a few possible modules.

Life insurance CRM software features

Insurance lead management software

A well-designed lead management tool can help you plan and execute various marketing campaigns that attract more customers, generate interest in your services and products. You will be able to track lead and prospects and effectively interact with existing customers. With this module, you’ll be able to manage the following data:

  • Campaign ROI
  • Source of leads
  • Quality of leads
  • Conversion
  • Top sales and deals

Besides, it is possible to discuss what kind of data your insurance business needs most of all and take it to account when developing the module. 

Insurance agent portal software

We build agent/broker portals with a bunch of features to meet our clients’ demands. Among the most popular features, there are the following ones:

  • Accounts management
  • Underwriting reports
  • Quoting 
  • Payment processing
  • Agent policy management

Based on customer requirements and in-depth analysis of agents daily operations, we can add as many functionalities as needed. 

Insurance commission tracking software

Commission tracking can be easily integrated with life insurance CRM software or any other system you have. With this module, you’ll be able to automate all the processes related to commission payments. Here are some possible features:

  • Payment reports
  • Performance analytics
  • Payment statement monitoring
  • Data exchange
  • Unlimited number of users

There are many other features that we can build upon customer request. Each feature is discussed thoroughly to avoid unnecessary stuff and extra expenses.

As you can see, life insurance CRM software has many useful features that can be provided as a part of commercial products or built as components of custom insurtech solutions. If your company has specific processes, plans to grow and attract more and more customers, it’s better to take a closer look at bespoke software. Here, at DICEUS, we know how to build software that can help you achieve your goals. 

First off, to start cooperating with our dedicated teams, you need to contact us and send us a list of your initial requirements to the future product. Our business analysts will thoroughly examine your operations to determine all the problems and challenges your agents meet every day. Based on your requirements and business analysis report, we form an SRS documentation that further serves a basis for legal agreement.

Finally, once everything is approved by your side, our designers, architects, and developers start working on the project. More about our approach to software development you can read here. Speaking shortly, we develop an MVP which is a perfect way to understand if you like the product and if it is easy enough to use it. After approval and testing, we can offer you to develop different add-ons. Besides, our company provides maintenance and support which is very important for bespoke products. Waiting for your project requirements. Tell us what you need and we’ll come up with the best-suited solution.