The evolution of the insurance industry
Insurance is not the thing of only modern times. People around the world have had a long history of pooling resources to meet the contingencies as and when they arise. The writings of Manusmrithi and Arthashastra, by Manu and Kautilya, respectively, have emphasized the need of pooling resources to face calamities. The modern-day insurance sector has played a good role in protecting and indemnifying the people against their losses.
Let us find out how the insurance industry worked without a digital infrastructure.
The communication between the parties to a contract was ineffective as the broker spoke for the insurer. Unnecessary and paperwork activities consumed too much time of an insurer. To generate a lead, a broker or an agent had to make a door-to-door visit. Altogether, the scope of lead conversion was too low because of the haphazard communication.
Digitizing the insurance sector
The online mechanisms can help streamline many day-to-day activities. Adopting an Insurance CRM for your business can help you go digital. You can manage activities like managing clients, closing deals, and drawing up paperwork from a single place.
Your clients feel more satisfied and valuable because you can build a better connection with them by staying in touch.
Is Zoho CRM the right fit for you? Let’s find out.
All the top players in the insurance sector have adopted CRM software. The benefits of CRM software are many, but the foremost reason for using it is to interact with the customers more advantageously.
The data breach is one of the top concerns where there is a question of a database having massive information. The insurance sector is a data-driven industry itself, and the onus of keeping this data secured lies with the insurance stakeholders.
To dampen this challenge, the Insurance CRM solutions for insurance broker comes with built-in security measures. It makes sure that all the data get safely stored in one place.
Given all these benefits of Zoho CRM, it would be a wise decision to implement it today.
Manage your insurance leads with CRM software.
Sometimes confusion can prevail as to the handling of customers. Many leads get mixed up when the data is maintained manually. When you use an Insurance CRM, you can record the details about the opportunities and their source in one place. Their contact information also gets updated on the CRM software.
You can see all the information about the leads on a single dashboard. It lets you see if any opportunity is pending an assignment to the insurance executive. The executives can update the status of the lead when they act on them.
You can also view the status of the existing opportunity on the dashboard. The customer leads that require immediate attention get dealt with on a priority basis.
A comparison chart for traditional and digital insurance practices
| Basis | Tradional Way | Going digital with Zoho CRM |
|---|---|---|
| Cost of operation | Traditional way of insurance involved a high operating cost as there was a need to open multiple offices. | You can manage all your clients from one place so the need to hire more agents and brokers is done away with. |
| Communication | There was no direct communication channel between the insurer and the insured. The agents or brokers acted as an intermediary. | The insurer can get in touch with his clients through a single click of a mouse in Insurance CRM software. |
| Paperwork | A lot of paperwork was required to be done. | Maintaining records has been made easier with digitization as all contracts are stored safely in the cloud. |
| Claims | Having to deal with paperwork made the process of settling the claims very slow. | Almost nil paperwork makes the task of disbursing claims simple and quick. |
| Data security | Chances of confidential data breaches were high in traditional insurance industries. | The data breaches chances are very rare as the third party cannot have authentic access to the data stored on the cloud. |