Ten CRM Saves for Insurance Firms of all Sizes

One of the biggest challenges for an Insurance business scoping CRM software is getting behind the headlines and working out how it will provide customer knowledge and marketing opportunities.

CRM is indeed the launch pad for digital transformation and yes, it does bring collaboration, communication and efficiency. Likewise, it does make light work of managing campaigns, sales opportunities and customer management. It also does indeed improve customer service, increase trust and can enable growth. And yes, all whilst providing the board and your teams with dashboard reporting that helps you identify yet more opportunity.

But, at a granular level, what does any of that mean? What are the departmental headlines for adding to the likes of OGI and marketing platforms?

Here’s just a small selection of some of the ways it has helped our insurance and broker clients:

  1. Eradicating data duplication – with departments often having their own silos of information, one customer’s data could be held in over three separate locations but without knowing what knowledge is sitting elsewhere. There are negative GDPR, cross-sell, upsell and compliance consequences. On the flip side, a single customer view allows you to use customer knowledge from across the business to grow without further recruitment, to meet GDPR requirements, to syphon out unwanted prospects and to make sure all marketing messages are entirely relevant to those receiving them.
  1. Improving channel relationship management – Insurance relationships can be multi-layered so it’s critical to be able to identify the complex ones and manage them appropriately, whether that’s through more careful messaging or a key customer programme.
  1. Improving customer conversations – When each department is looking at the same single customer view, they have a full picture of that business’ or individual’s relationship with the company. Every conversation is informed and followed up on which means no red faces, fewer errors and better opportunity creation and handling, meaning retention and growth.
  1. Making marketing more effective and helping sales to convert opportunities – Segmentation improves marketing results and a single customer view where knowledge of a customer is added to with every interaction is step one. Microsoft Dynamics 365 goes beyond that with MailChimp integration and an in-depth view of campaigns and activities for better understanding of success ratios as well as white space analysis. When sales know how a lead arrived, it’s much easier to understand their prospect’s requirements and mindset making the pipeline view so much more meaningful.
  1. More efficient and secure operations – No business can grow smoothly whilst information and administration is in disparate systems. Having a central platform for the business not only brings more customer knowledge and better upsell, it helps communication and action to flow much more easily. Documents are stored centrally and everyone has access to the task lists they need to progress their department.
  1. Reinforced compliance – With better business process flows and a clearer approach for GDPR and data, it is easier to meet compliance regulations. Claims benefit too with succinct audit trails as well as a 360-degree view of the client.
  1. Better reporting – Every organisation has a goldmine of insight amongst its systems but it’s not useful unless it can be surfaced meaningfully. What is true of one department as it stands alone, may alter when you consider the facts from another. With CRM (and particularly with Dynamics 365 because that’s where our expertise lies), management reports are vivid, clear and massively insightful.
  1. Talent retention – Good customer service representatives are like gold-dust and need to be kept. Working with a CRM system (if it’s the right one for your business) removes a lot of the daily task frustration that can mount up. It can also help each departmental team to see its role in the wider business ecosystem. User adoption is key but once you have it, your CRM can succeed. With Dynamics 365 Talent App, there are also fantastic ways to manage recruitment, onboarding and career progression.
  1. Better Business Insight – CRM allows you to see the patterns at play in your organisation and to identify areas of future growth. It allows you to see the opportunity that has perhaps hidden itself up until now because you didn’t have the data to show itself. By analysing customer history, profile and behaviours information, you can better understand future requirements and prepare accordingly.
  1. Automation of routine tasks – Back when CRM first started, this was at the crux of it. And it has evolved to a level of sophistication that reflects the digital age we’re now in. As with all digital technology, the basic rule remains. Get the basics working well then you have your pathway to the bigger transformations such as AI, Chatbots and self-service.

 

Are you currently scoping your CRM project or looking for tips on how to kick start your CRM strategy? Watch our 8 step webinar series which will guide you through the entire journey of implementing a new CRM system. From covering the basics of what a CRM system does, all the way to choosing a partner and scoping your business case.

What B2B Insurance Brokers need to know about their customers in 2017

2016 was a transformative year for technology in the insurance sector and in 2017, the trends will build pace and move to the next operational level of activity and impact. It needs to so that venture capital and partnership interest doesn’t wane.

The Insurtech boom comes at a time when customers are demanding deeper insight, better service and cheaper costs. When technology can come in and disrupt the traditional insurance business model, business and industry experts are advising that incumbent brokers need to look at what is behind it, and how to meet the challenge head on.

Unsurprisingly, it comes down to technology. New types of products, new segments, new types of providers, new business models, new distribution methods and growing use of emerging tech are all made possible because of it.

So, how does a B2B broker with SME clients continue to defend territory and prevent being cut out of transactions in a disrupted sector?

The principals haven’t changed. The importance of customer centricity is at the heart of everything the sector is seeing. Unless you’re providing the customer with an experience they can’t get anywhere else, why would they engage? It’s the same for us. There are many Microsoft Dynamics partners out there, so we must ensure that the service we provide adds and enhances the product at every step.

 

Have you prioritised digital transformation?

It’s not enough to have an externally digital face. Is your business set up with digital capability at the centre? The systems you have in place to support your employees and to manage processes could propel or push back your customer centric plans for growth.  There is little point having good lead generation rates from your offline and online marketing presence if you then struggle to meet expectations for response, service and product customisation. A good CRM system will not only manage those leads and conversions, it will vastly improve collaboration, productivity and insight, as well as customer engagement and retention.

 

What are you doing with your data?

Data use has stepped up a gear. It’s not just about organisation of it anymore, it’s about using that data to drive strategic decisions and embedding real time analytics for maximum insight. CRM systems are moving on at pace to meet the need. Businesses that were operating in silos are increasingly moving to more scalable and integrated solutions that surfaces meaningful data from internal and external transactions.  It’s this insight that allows you to find the point of difference for each of your customers.

 

What added value are you bringing to customers?

Customer centricity isn’t just about the end product. It’s about the full experience. Why would an SME want to deal with you over another broker? Brokers were traditionally valued for the associated reduction of participation costs but that is one of the areas massively under threat right now.

Risk management expertise still counts. How will you engage your customers more deeply so that they continue to see and benefit from the consultation that you provide? Making sure that every employee who needs to, knows each customer by their sector and areas of interest will enable them to go the extra mile in supportive behaviour, cross sell and meaningful interaction. Your customers should feel ‘known’ and that they can access what they need from you easily and through any channel.

 

What tools are you using?

 If your business hasn’t yet considered CRM, or if it’s not doing the job for you, now is the time. The technology has changed massively and the current Microsoft Dynamics 365 has changed the game offering increased scalability, modularity and role-based licensing and applications.   In a few years, all businesses will be working this way and now is the time to get on board so that you are running with it when the competition peaks.

Why Insurers Choose Microsoft Dynamics CRM for Customer Retention

, ,
The benefits of CRM are well known in the insurance industry. Seamless customer service, faster enquiry handling, smarter processes, effortless task management and automated workflows all mean much higher productivity and customer retention.

But as Microsoft take Dynamics CRM onto the next level with their forthcoming Dynamics 365, let’s remember the reasons why Microsoft Dynamics CRM has always been one of the best selling in the sector.

Here are just a few of the compelling facts that build on the basics of what a good CRM system should do.

  • Deployment Options: Dynamics CRM is the only CRM system built solidly enough to allow you to choose and change deployment. You can read more about the benefits of On-Premise v Cloud-Hosted on our
  • Integration: Being part of the Microsoft family comes with big benefits. Seamless integration with Outlook, Skype, Office 365 to name a few with LinkedIn soon to follow. It’s a connectivity that other providers simply don’t have.
  • Familiar User Interface: One of the highest user adoption rates in the market. Coupled with partner expertise (such as ours of course!), Dynamics CRM is set up for success from day one.
  • Intuitive customisation: Dynamics CRM comes into its own when the right tools and apps are deployed to make it really fit your business objectives. It’s a solid platform to customize from a access to a wide range of tools and its scalability means it will always fit your business’ processes and people.
  • Easier Administration: There is an extensive administrative function allowing you to alter fields, entities and processes without code if you have the right team internally.
  • Scalable and Innovative: The pace of change in the business environment is incredible. Dynamics CRM has always been at the forefront of the role of CRM and is always looking to the future to maximise the return on investment for its customers. You can read more about how this will look with the forthcoming Microsoft 365 on our blog.
  • Data Security: With the rise of security hacks and identity fraud across the world, cloud-hosted data security has never been more crucial. Each Microsoft data centre has perimeter security, multi-factor authentication, locked racks and extensive video monitoring. More importantly, Microsoft is the only Cloud provider to have UK data centres, making it even easier for businesses with highly sensitive data to benefit from the advantages of Cloud-hosting.
  • Extended CRM: The Microsoft Dynamics platform has evolved from a CRM tool to a fully integrate collaboration, communication and business productivity suite. With the right customisation and input, Dynamics can improve your relationships with suppliers, contractors and partners, as well as your customers.
  • Pricing: Users, press, industry analysts and partners alike, all rate MS Dynamics as one of the best value platforms across licensing, services, training, customisation, implementation, administration and maintenance.

Any CRM system is a commitment that it’s important to get right. To give you further insight into how it helps with customer centricity, we’ve prepared a Step-by-Step Guide that is free to download and will get you on the right path.

 

customer centricity & crm

 

 

Is there really a role for CRM in Customer Centric Insurance?

,

Customer centricity is a top talking point in the insurance industry.

The Internet of Things (IoT) is changing the way customers interact with insurance products across every channel. UK Insurance comparison sites are booming, data is getting bigger and technology is getting more sophisticated (wearables, black boxes, drones to name a few). With so much development and choice, competition is fierce.

So how do insurance firms deliver a better product and superior customer experience?

Insurance start-ups are ahead of the game with an agile ability to embrace the pace of technology and customer expectations for personalized products, numerous interaction options and seamless service. With artificial intelligence, automated processes and predictive digital data just three of the cornerstones of this new era, strategic partnerships are beginning to pop up that allow the incumbents of the industry to keep up despite their risk centric background and all of the infrastructure that supports it.

Whether or not you are already pursuing customer-centric products and services, do you have the right CRM system to hold all the data?

A good CRM system lets you access all relevant information about a customer at the touch of a button, accessed by every department for a 360-degree view. It means an end to the complexity of silos of data and systems that don’t talk to each other and that slow your response rate, personalization ability and productivity down.

Here’s what your CRM system should be doing for you:

  • Faster enquiry handling
  • Intelligent document management
  • Better data management
  • Effortless task management
  • Automated workflows
  • More effective marketing
  • Visibility of your sales pipeline
  • Easy reporting
  • Streamlined claims resolution
  • Proactive customer service
  • Staff productivity
  • Mobile access
  • Multi channel customer interaction
  • Track your most profitable business
  • Track your most profitable channels
10 Insurance Sector Business Outcomes of Microsoft Dynamics CRM

So, why choose MS Dynamics CRM? Here are just a few of the compelling facts that build on the basics of what a good CRM system should do.

  • Deployment Options: Dynamics CRM is the only CRM system built solidly enough to allow you to choose and change deployment. You can read more about the benefits of On-Premise v Cloud-Hosted on our blog.
  • Integration: Being part of the Microsoft family comes with big benefits. Seamless integration with Outlook, Skype, Office 365 to name a few with LinkedIn soon to follow. It’s a connectivity that other providers simply don’t have.
  • Familiar User Interface: One of the highest user adoption rates in the market. Coupled with partner expertise (such as ours of course!), Dynamics CRM is set up for success from day one.
  • Intuitive customisation: Dynamics CRM comes into its own when the right tools and apps are deployed to make it really fit your business objectives. It’s a solid platform to customize from a access to a wide range of tools and its scalability means it will always fit your business’ processes and people.
  • Easier Administration: There is an extensive administrative function allowing you to alter fields, entities and processes without code if you have the right team internally.
  • Scalable and Innovative: The pace of change in the business environment is incredible. Dynamics CRM has always been at the forefront of the role of CRM and is always looking to the future to maximise the return on investment for its customers. You can read more about how this will look with the forthcoming Microsoft 365 on our blog. Link to dynamics 365 blog
  • Data Security: With the rise of security hacks and identity fraud across the world, cloud-hosted data security has never been more crucial. Each Microsoft data centre has perimeter security, multi-factor authentication, locked racks and extensive video monitoring. More importantly, Microsoft is the only Cloud provider to have UK data centres, making it even easier for businesses with highly sensitive data to benefit from the advantages of Cloud-hosting.
  • Extended CRM: The Microsoft Dynamics platform has evolved from a CRM tool to a fully integrate collaboration, communication and business productivity suite. With the right customisation and input, Dynamics can improve your relationships with suppliers, contractors and partners, as well as your customers.
  • Pricing: Users, press, industry analysts and partners alike, all rate MS Dynamics as one of the best value platforms across licensing, services, training, customisation, implementation, administration and maintenance.
  • With the upcoming launch of Microsoft Dynamics 365, the scope of CRM is going to shift up another gear. The pace of change in the insurance industry is fast. This disruptive new approach to CRM is going to make it possible for insurers to keep up. You can read what we know so far about Dynamics 365 on our blog.

Any CRM system is a commitment that it’s important to get right. To give you further insight into how it helps with customer centricity, we’ve prepared a Step-by-Step Guide that is free to download and will get you on the right path.customer centricity & crm