Streamline your document processes with crm cycle for Insurance Industry

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hello my name is Ken Thornton this is my presentation on CRM and in the insurance industry what is CRM CRM is short for customer relationship management and CRM software is a category of software that covers a broad set of applications designed to help businesses manage many of the following business processes customer data customer interaction access business information automate sales track leads contracts marketing customer support clients and contacts support vendor partner relationships employees knowledge and training assets or resources there are six basic types of different CRM software's first is what's considered operational focus is on using applications for which which help incorporate differing sets of customer information into one useful file so basically bringing all these different bits and pieces into one place so it's easier to look at Salesforce automation automate sales activities like reports scheduling calls and mailings by keeping a record of every stage of the sales cycle kind of like a very advanced calendar that can do things for you analytical use data mining to look at data from available databases to come up with trends and patterns just helps you look at all the different things you have it helps you identify trends so that you can focus that way further types collaborative focus here is on integration of external contacts which allows for a proactive customer to better their experience with the company tools here can include a support center and technology like instant messaging popular one is campaign man it's kind of a combination of the analytical operational systems as it can store analyze and track various campaigns can also target specific subsets of customers by sending emails phone calls or directed marketing emails with special offers final type is what's called sales intelligence similar to the analytical system but it focuses all that analytical power on employee sales trends and sales performance so how does this relate to the insurance industry insurance has two basic parts sales and service the first part sales a company needs insurance coverage so they find an agent or broker which can be either a captive or independent agent captive meaning that they only sell for one insurance company independent meaning that they sell products for several different insurance companies so an agent will submit an application to one or more companies for quotes and then that company's underwriting determines what coverage is needed and their ratings department will determine what price to charge the company then gets the coverage and if they need anything on the policy it would switch over to the service side of things so if a loss would occur claim Services gets involved if they need basic things for the policy like auto ID cards workers comp posting notices or medical provider panels the service support unit works it from an insurance perspective here are four of the frontrunners and CRM software companies the first one is choosing and implementing a CRM first thing I would say you want to select a CRM focuses on your needs pick a few pain points that you would like the CRM to fix and stick to them price is another important aspect of choosing your CRM most third-party CRM systems are done per user as a licensee and can be from $12 a month per person to well over 300 a month you get what you pay for but this does not necessarily mean you need the most expensive thing out there challenges to implementation be sure to budget enough time to implement the software you'll need more time than you think so it would not be out of the realm of possibility to double or even triple the time you think you need my experience here was a small pilot group worked through the system for about three months with several changes and how the data was input and what data was input then training and full deployment for the rest of my group for another three months to get everyone used to the software and fine tuning that experience all in about six months of training and pilot and deployment to get about 24 people up and running before the six months even started we have probably another six months of Management and IT working together to develop the platform within the CRM interesting thing about it is it's kind of a continuous state of improvement as we can always be changing or modifying things so that we can make the data more meaningful next challenge will be integration with existing software it can take time and it does require a lot of customization but most of these CRM programs and software's do have that capability to pull data from various sources interesting challenge and kind of solution that I came across is CRM is not like a quick fix it's a long term strategy and CRM is a process change supported by the technology or the software but not the other way around final major challenge I would consider what are called data problems you like gaps and sometimes in information or it's not up to date it could be even correct this lot so questions that I came up with around CRM is with the issue around error and data due to human injury inconsistencies what are some ways to correct this problem and make the data more usable and also what are the primary advantages of using a CRM software system and what would be the disadvantages next slide is references here so thank you all for taking the time to watch and listen I'd be interested to see what kind of discussion pops up here thanks and have a nice evening