The insurance industry focuses more on customer service excellence due to its personalized services and products. Consumer’s response, interaction, and feedback are important for operational efficiency without any risk in the insurance business. These factors decide the client retention score of any insurance company that directly affects their market value and reputation. To meet customer expectations and satisfaction levels, insurance companies need to find more interactive ways to get positive customer responses for business acceleration. Digital insurance through Microsoft Dynamics 365 CRM is something that is the need of the hour as digital channels have changed the way customers behave and respond to any business offers. Digital transformation can change the way insurance companies reach, engage, and bring customers onboard via a holistic or 360-degree view throughout the process. An insurance business involves many levels of customer engagement and interaction with agents that need to be properly managed on a digital platform.
CRM for Insurance
You can implement CRM for Insurance to improve customer relations and engagement in digital ways. CRM (Customer Relationship Management) is a business software that allows you to manage and analyze interaction with past, current, and potential customers through different approaches and strategies by the use of technology. For example, Microsoft Dynamics 365 provides insurance CRM add-on for smart client interaction with role-based applications via an Omni-channel servicing platform.
CRM for insurance can decrease the overall operational costs with customer service excellence to maximize the profit. Companies can deliver real-time insurance solutions from anywhere, anytime through different digital devices. Insurance agents can connect digitally with customers through digital communication channels in a flexible environment. It lets you keep the records of all interactions in personalized data directories that can be accessed anytime from any device. Digital insurance via CRM platforms offers:
- Omni-Channel delivery system on all devices
- Role-based dashboard for different business roles
- General Insurance Calculators
- Claim Tracking Solution
- Agents and customer portal logins
- Dynamic Case Management Solution
- Marketing Automation via Artificial Intelligence and Machine Learning tools
- Policy issuance, renewal, and payment collection
Benefits
Digital insurance services provide significant benefits to companies with the delivery of all the services in real-time across multiple channels. It improves productivity and performance throughout the process. Some key benefits of implementing a CRM solution into your business are:
- It allows you to effectively access and use all customer data to analyze, manage, and calculate risks accurately.
- It helps you understand customer behaviour and pattern with a holistic or 360-degree view for better delivery of your services.
- It brings the opportunities of cross-selling and up-selling across channels via a built-in offer management system.
- It increases the efficiency of field agents as they can accept and collect customer applications digitally anywhere, anytime without visiting them again and again.
- It also helps insurance companies with incorrect customer identification, fraud detection, elimination of policy duplication, and identification of multiple insurance claims easily and effectively.
If you are into the insurance business and want to shift to digital channels using CRM for Insurance, you can implement the Microsoft Dynamics 365 solutions into your ongoing system. Global iTS as a certified Microsoft Dynamics partner can help you find the best add-on and application to integrate into your existing system through a smooth implementation process. We empower insurance industries through digital transformation for more sales opportunities with excellent customer satisfaction.
Image Source: https://cloudblogs.microsoft.com/
Global iTS is leading Microsoft Dynamics 365 ERP and CRM Partner with offices all over GCC (Bahrain, Saudi Arabia KSA, Oman “Muscat”, UAE “Dubai”, and Kuwait), with domain expertise in Financial Services Sector Digital Transformation like” Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking.
