Posts Tagged ‘Improving Customer Engagement’

Boosting Insurance Customer Loyalty with CRM for Insurance

July 3rd, 2014 Ashley Harbaugh No comments

The power of the customer experience over insurance company profit margins cannot be underestimated.

How customers feel about your company, your products and service offerings, and your representatives directly influences profitable behavior. A customer won’t stick with a company that makes them feel uncomfortable, disrespected, or unappreciated.  

And with social media, smartphones, and tablets connecting people to their personal networks at all times, customers aren’t shy about sharing their experiences with their insurance company, either.   

According to the Customer Experience Index (CEI) in Capgemini’s 2014 World Insurance Report, data pulled from surveying over 15,500 insurance customers across 30 different countries found significant links between the customer experience and profitable customer behavior.

For example, the report found that, on average, customers who experienced positive interactions with their insurance company are nearly twice as likely to refer others to that company. Customer referrals are so important because they offer an important source of potential revenue for insurance companies. People are more likely to use a company that a trusted friend or family member is using.

The Customer Experience Index

The Customer Experience Index for insurance companies found that customers who had positive experiences with their insurers were nearly twice as likely to refer that company to others, as compared to customers who had negative or neutral experiences.

While it makes sense that a customer who has a negative experience isn’t likely to cultivate referrals, it doesn’t mean that customers with neutral experiences are that much better than negative customers. For example, in North America twice as many non-life customers with a neutral experience may switch compared to those with positive experiences. In other words, don’t think that customers who report a neutral experience are passive.

Getting a 360-degree View of the Customer

One of the crucial ways that an insurance company can help customers feel at home is to make sure that agents have access to all the details of a customer’s account, preferences, etc.

Having a personalized view of the customer allows your representatives to speak knowledgeably on the issues that most affect that particular customer. Because discussing services that don’t directly relate to the customer is not only a waste of time, but it also signals that you don’t really care enough about the customer to learn about him or her.  

And it’s also a waste of time for your agents. Why should they spend their time and energy trying to unsuccessfully upsell or cross-sell a service that their client has no interest in?

With a customer relationship management (CRM) system, agents have access to an in-depth customer database right at their fingertips – ensuring that no matter who or where the customer is, an agent can immediately see their account and get a better understanding of what they need.  

With CRM for Insurance, a CRM solution specifically for both life and non-life insurance companies, insurers benefit from a full 360-degree view of the customer. The CRM for Insurance customer database contains customer record pages that hold contact details for the customer, previous activities that agents have performed for the customer, any incidents or cases that need to be resolved or have been resolved in the past, etc.

Getting a 360-degree View of the Customer

By having access to the full activity history of a customer along with the current services they are using, insurance agents are able to upsell and cross-sell more effectively.  

Equipped with this information, agents are able to follow-up on past issues, ask how the customer is doing with their current services, and provide recommendations specifically tailored to the customers’ needs and wants. With this type of service, customers feel valued.

And with CRM for Insurance customer records providing this specific information, agents are able to pinpoint the additional services that would most appeal to the customer – and thus more successfully upsell and cross-sell.      

Connecting with Customers in All Channels

An important part of connecting with customers is to engage with them on their terms. With the phone, Internet, and brick-and-mortar offices all presenting different customer touch-points, it’s crucial for agents to provide a consistent experience across channels.

With CRM for Insurance, agents are able to create different engagement activities, and follow through with them accordingly. Want to schedule a phone call with a customer? Or send an email? They can be done with just a click of a button.

Connecting with Customers in All Channels

Agents are able to create tasks (such as phone calls, emails, etc.), keeping them organized and focused on serving the customer.

And with the system’s customer database, it doesn’t matter if a customer contacts an agent through email, or phone, or in-person – with the ability to instantly access their information, agents are able to handle questions, troubleshoot issues, or offer information through any channel.

If you would like more information on how CRM for Insurance can improve your customer engagement, please email us at

Ashley Harbaugh is a Marketing Coordinator at Ignify. Ignify is a technology provider of ERP, CRM, eCommerce, and Point of Sale software solutions to organizations. Ignify is winner/finalist of the worldwide Microsoft Partner of the Year Award in 2014, 2013, 2012, 2011, and 2010. Ignify has been included as the fastest growing businesses in North America for seven years in a row by Deloitte, Inc Magazine and Entrepreneur Magazine from 2007 to 2013.