Best CRM For Insurance
-
PRODUCTS
-
PRICE GUIDE
-
BUYER'S GUIDE
Buyer's Guide
By Saumya Anand, Market Analyst at SelectHub
The insurance industry is one of the biggest contributors to the USA’s GDP. And just like any other business, its success also rests on building customer relationships. However, generic CRM software isn’t cut out to meet the complex logistics involved in day-to-day insurance operations. Here’s where CRM insurance comes into the picture.
CRM for insurance agents or insurance providers provides industry-specific functionalities that help you convert more prospects and close deals faster. With the right insurance CRM, you can reduce administrative workload and boost customer retention.
However, getting lost in the sea of insurance CRM providers is easy. That’s why we’re here to help you steer the ship. This comprehensive CRM insurance buyer’s guide will cover everything under the sun, from features and benefits to pricing considerations and popular systems. So, let’s get started!
Executive Summary
- CRM insurance systems help meet the needs of insurance providers.
- Insurance agencies can save time, enhance data management and deliver a better customer experience.
- It helps manage leads, customer interactions, agents, policies, claims and more.
- Making a comprehensive requirements checklist ensures successful implementation post-purchase.
- You should ask specific questions internally and to vendors while shortlisting products.
What Is CRM Insurance Software?
CRM insurance software is a platform that specifically caters to the needs of insurance providers, brokers and agents. It simplifies insurance-related tasks like lead generation, policy management and activity tracking. Like a generic CRM, it provides a centralized repository to organize your leads, customers, contacts, claims and policies.
An insurance CRM helps you meet the daily influx of claim requests and policy inquiries. You can improve operational efficiency by automating your insurance workflows for lead capturing, policy rating, policy issuance, referral, marketing campaigns and reporting. Your agents can check, edit and review relevant documents any time, anywhere, through a secure web- and mobile-enabled device.
Primary Benefits
Insurance agency CRMs help you make the most out of the system by eliminating manual inefficiencies and maximizing investment value.
Let’s see how.
Enhance Data Management
If you stack up all the paperwork involved in insurance, you could build your own Leaning Tower of Pisa! That’s how extensive the process is. It also means data loss or errors in entry could throw insurance companies in disarray.
CRM insurance software lets you store information in a highly organized and secure database. Collect all customer and policy-related information in a centralized location so you don’t have to worry about theft or misplacement. Access this data anytime, anywhere and share it whenever required.
Improve Customer Relationships
Strengthened and personalized customer engagement and experience are one of the strategic imperatives for insurance industries, as listed by McKinsey & Company.
Insurance agency CRMs give you a 360-degree view of your customers along with past interactions. You can use this information to offer clients a consistent, contextual and relevant experience across all channels.
Additionally, automation capabilities enable you to remain in touch with customers at crucial junctures like policy change and renewal, birthdays, and anniversaries.
Reduce Administrative Workload
Time is money, especially for insurance organizations. By automating processes like importing data, auditing documents and sending follow-up messages, your team can be more productive and free of rudimentary operations.
Some insurance CRMs also provide email templates, so you don’t have to create campaigns from scratch.
Create Better Sales Strategies
Insurance CRMs come with analytical and reporting tools that help spot recurring patterns in customer behavior, measure campaign performance and provide insights into your business’ health. You can use this data to create targeted sales and marketing campaigns and accurately forecast sales.
Key Features & Functionality
Policy Management | Manage every facet of insurance policies, including risk scoring, proposal generation, policy issuance and renewal, and claims processing. You can monitor multiple versions of the same policy and view related data like policy type, price, risk changes and payment status. The system also provides an overview of different policies undertaken by customers. |
---|---|
Marketing | Referral and email marketing are some of the top lead sources for insurance companies. Insurance CRMs allow you to develop email campaigns to establish contact with prospective clients. You can also track your leading referral partners and use the information to build an appropriate lead strategy. |
Omnichannel Communication | Ensure you reach clients on their preferred communication channels such as email, phone, live chat and social media. Your agents can deliver contextual interactions by accessing a centralized view of past customer interactions. |
Automation | Reduce time spent on administrative procedures by automating tasks like lead distribution, quote generation, claims management, risk scoring and policy review. Send automated messages for follow-ups, policy renewal reminders, birthday wishes and more. |
Field Sales Enablement | Insurance companies have agents out on the field to sell policies. That’s why it’s imperative for them to access customer and company data on the go in order to close deals. Most CRM insurance platforms come with a mobile app to empower on-field agents to do their job. They can plan their daily activities, take meeting notes, input new sales and add renewals. Sales managers can gain real-time visibility into their team’s performance. |
Integrations | Integrate with third-party solutions like document management systems, business intelligence, marketing automation, call and messaging platforms, and more. |
Reporting and Analytics | Make data-driven decisions and gain insights into customer behavior through built-in analytical tools. Use the dashboard feature to summarize every activity and project in progress. You can create custom reports based on company-specific KPIs to glean team performance, identify recurring trends and view sales goals achieved. Predictive analytics helps you accurately predict future risks and at-risk customers to mitigate loss. |
Agent Management | Manage individual insurance agents and teams to measure performance and set benchmarks. |
Lead Management | You can nurture, track and target leads. The platform lets you identify multiple lead sources, including phone calls, website inquiries, referrals and more. Automatically distribute leads to agents based on variables like location, policy type, language, workload and agent availability. Use lead scoring to prioritize high-ranking leads. |
Software Comparison Strategy
The global insurance software market is steadily gaining popularity, growing at a CAGR of 4.48%. Insurance companies are also increasingly adopting technologies to bring efficiency into their operations. According to a Deloitte report, respondents are likely to increase their spending on the following in 2022:
- AI
- Cloud Computing and Storage
- Data Privacy
- Data Analytics
- Mobile Technology
Insurance CRM software converges all the modules mentioned above to help you meet the industry’s rising demands and challenges. However, no two insurance CRMs are the same, and what might work for some other corporation may not yield the same results for you.
To find the right system, it’s essential to start by drafting a requirements checklist for all your business-specific needs. Here are some requisites to keep in mind when creating the list:
- Scalability: If you’re looking to expand your business in the future, you should look for a scalable CRM solution. Otherwise, the system’s incapability to handle large amounts of data could hinder your business.
- Affordability: Ideally, your insurance CRM software shouldn’t burn a hole in your pocket. If you’re a small organization, find economical systems offering the primary functions you require. There are also some free solutions in the market you could take for a spin.
- Customizations: Some organizations offer every policy under the sun, like health insurance, car insurance, life insurance and so on. It’s crucial that the CRM you opt for can be tweaked to cater to different kinds of insurance.
- Accessibility: Insurance agents aren’t bound to a cubicle. That’s why you should select a mobile-friendly tool that allows you to access client details on the go.
- Integrations: Choose software that integrates with your legacy IT systems. Some necessary integrations are eSignature tools, payment gateways, accounting systems, ERPs and communication modules.
Additionally, consulting your team members and peers in the industry, scrolling through product reviews and requesting shortlisted vendors for free trials or demos can help narrow down the list.
Cost & Pricing Considerations
Primarily, the base cost of Insurance CRM software hinges on the deployment type:
- Cloud-based solutions involve a subscription-based payment plan where you pay monthly or yearly based on the number of user licenses purchased.
- On-premise systems require you to pay the price upfront. They also include any maintenance or upgradation costs incurred post-purchase.
Other charges that influence your total cost of ownership are:
- Add-on functionalities.
- Implementation and data migration services.
- Customizations.
- Training and support packages.
The Most Popular CRM Insurance Software
While we can’t exactly point you towards the right system, we can certainly narrow the prospective pool for you. The following list of the most popular CRM insurance software in the market gives you a general idea of what to expect from your chosen solution.
Pipedrive
Pipedrive helps insurance companies create digitized, automated workflows for smoother day-to-day operations. It allows you to monitor every deal, claim, touchpoint and interaction within the system. You can set up custom fields to tag information like premium amount and policy type.
Its case management capabilities quickly assign cases to relevant agents. Send automatic follow-ups upon the policy renewal date. You can get a comprehensive view of your insurance operations through granular reporting.
Lead management in Pipedrive.
Salesforce Sales Cloud
Salesforce Sales Cloud provides industry-specific capabilities that allow insurance reps and agents to deliver a personalized and interactive experience. It offers agents a complete view of client service requests across websites, social media, call centers and emails. Reps can also prioritize tasks according to urgency.
Policy Management in Salesforce Sales Cloud.
Infusionsoft
Infusionsoft by Keap helps insurance companies reduce their administrative workload. You can set up automated texts and emails for policy renewals, birthdays and holidays. Use drag-and-drop dashboards to see which leads are hot at the moment and customers that need immediate attention.
Agents can use business cards, add notes and send appointment links via the mobile app. Its other capabilities include lead segmentation, insurance upsell campaigns, customer onboarding and sales stage tracking.
Contact management in Infusionsoft.
Questions To Ask
In school, teachers always reiterate the importance of asking questions. The same holds true for software selection as well. Doing so helps you build a solid framework for your business-specific requirements.
Use these questions as a starting point for internal conversations:
- Do we need an on-premise or cloud-based solution?
- Which workflows do we need to manage and automate?
- Do we require a scalable insurance CRM?
- Who will use the system, and how many user licenses do we need?
- Do we require an industry-specific solution?
Presenting your queries to vendors gives you a peek into what lies ahead if you purchase the system. It also helps you with the elimination process to finalize the solution. Use these questions as a starting point for conversations with vendors:
- Will the system integrate with our existing platforms?
- Is the solution customizable?
- Is the platform user-friendly?
- What kind of support does the vendor offer?
- How long will the implementation take?
In Conclusion
While the right CRM insurance software will undoubtedly standardize your workflows and optimize your day-to-day tasks, the selection process can prove to be grueling. The trick is to simplify the procedure by gathering all your requirements. Then, you can move on to evaluating vendors. Hopefully, this buyer’s guide can help you finalize the ideal software!
Products found for CRM Insurance
Pipedrive
Pipedrive supports sales professionals in managing every phase of the sales process, from lead generation to customer contact. Forecasting enables sales reps to close more deals, and visual pipelines clarify what stage a lead is in and what action is required. Users can simplify and streamline tasks with automation and AI capabilities. It offers integrations and an open API, so companies can plug in third-party apps to further extend its capabilities.
Salesforce Sales Cloud
Suitable for companies of any size, Salesforce Sales Cloud delivers sales and customer service capabilities for both the B2B and B2C domains. It helps businesses work more efficiently, easily surface key metrics and share business data via integration. Capabilities include real-time tracking, visual workflows, forecasting, marketing tools and reports.Equipped with a mobile app for iOS and Android devices and deployed in the cloud, it enables unrestricted access so users can work from anywhere.
Zoho CRM
Zoho CRM enables an organization’s sales force to work more effectively and close more deals. It incorporates lead management, marketing automation, contact management, multichannel forecasting, territory management, and a host of other capabilities.Built with conversational AI, it supports users by predicting lead and deal success, offering a voice assistant, and suggesting activities to automate based on behavior analysis. Users can leverage workflow automation to streamline manual tasks and stay on top of performance with real-time reporting and analytics.
Dynamics 365 CRM
Microsoft Dynamics 365 CRM (formerly known as Microsoft Dynamics CRM) offers a suite of customer-focused capabilities to facilitate marketing, sales and customer service activities. Organizations can implement the products separately for specific business cases or together for a unified ecosystem. Field service and project service automation can be included if desired. It includes social media features, an onboarding dashboard and APIs that support modifying campaign elements. Visual editors enable creating and deploying mobile and web apps without the need for code. It’s available both in the cloud and on-premise. Features like Power BI and PowerApps are included only in the cloud version.
HubSpot CRM
HubSpot CRM provides a full suite of capabilities that aid smart teamwork and allow companies to track, organize and close sales seamlessly. It’s entirely free of charge and provides automated contact management, customized tracking and reporting.App marketplace integrations let users expand performance capability based on their needs to achieve optimum business growth. Additionally, users can increase traffic, generate revenue, connect and manage leads all from one panel. The option to connect with the marketing, sales, service and CMS hubs allows companies to receive even greater functionality.
Insightly
Insightly is a cloud-based platform with tools that support every phase of the customer lifecycle. The solution’s capabilities allow organizations to accomplish sales activities, nurture customer relationships and manage projects to deliver on customer orders. The software is best suited for small businesses, although several larger companies have had success with the product as well.
Streak CRM
Streak CRM is built into Gmail, allowing users to manage common sales tasks directly from their inbox. It facilitates pipeline management so users can track leads, follow up, collaborate and close deals. Three different pricing tiers make it useful for both individuals who need basic functions and companies that require more advanced capabilities. In addition to managing a pipeline, users can also leverage it to manage projects, foster business relationships, run fundraisers, provide customer support and execute other projects that require tracking details.
Infusionsoft
Infusionsoft by Keap is a comprehensive software platform designed to help small businesses save time and grow revenue. Rated as a top sales product for SMBs in 2019, this vendor brings automation and organization to sales and marketing activities. The available toolkit allows small businesses to gain extensive control over their efforts to help form personal, lasting connections with their customers. This product is suitable for individual business owners or small teams looking to scale and handle an increasing task load. The implementation includes a required kickstart package (available in three different price tiers) that helps users get set up with the program and positions them for success.
Bitrix24
Bitrix24 facilitates the execution of the customer journey. It supplies organizations with tools for marketing, sales and customer service activities such as lead generation, marketing automation, campaign management and call center support.It comes with a free edition for companies with less advanced needs or a smaller budget. Deployment is available in the cloud and on-premise. It’s suitable for smaller businesses as well as enterprises with up to 50,000 employees.
Spiro
Spiro employs native AI capabilities to help companies proactively manage leads and customers. It can be leveraged for common tasks like lead management and activity tracking, as well as more advanced functions such as sales enablement and analytics.It helps evaluate sales data and assists sales teams by sending reminders to update contacts, change pipeline status, correct inconsistencies and more.
Agile CRM
Agile CRM is an all-in-one cloud platform that enables companies to handle all activities and tasks across the customer lifecycle. With integrated modules for marketing, sales and service, it provides capabilities such as contact management, a deal pipeline, lead scoring, project management, email marketing and campaigns, service automation, and live chat.Targeted primarily at small businesses, it allows users to maintain visibility into contacts, boost results with sales enablement, engage web users and deliver comprehensive support. Free and premium versions are available.
Bloomerang
Bloomerang is a complete system allowing nonprofit organizations to manage donor relationships, events and fundraising. Its emphasis on donor engagement and retention supports company growth.Capabilities include email marketing, online giving, grant tracking, donor surveys, data segmentation, dashboards, reporting and prospect research. Deployment via Amazon Cloud Services provides security and scalability. It’s available to both U.S. and Canadian organizations.
Freshsales
Freshsales is a cloud solution suitable for small and medium businesses across different industry verticals. Being one of the sales management and customer engagement offerings from Freshworks, it provides comprehensive features for managing leads and deals. Capabilities include a chronological timeline view of customer journey, AI-based lead scoring, built-in one-click phone, and native mobile apps for Android and iOS devices.
Top Producer
Top Producer offers a set of cloud-based solutions tailored for the real estate industry, enabling brokers and agents to be more effective with their marketing and sales efforts. A tiered pricing model provides flexibility based on an agency’s needs.It’s mainly used by small businesses but can support larger companies as well. Capabilities include a client database, contact profiles, website builder, lead generation, automated email marketing, reports, lead management and integrations.
Less Annoying CRM
Less Annoying CRM is designed to help small businesses make it simple and efficient to handle activities surrounding leads and customers. It gives companies an easy-to-use, cloud-based platform for storing contacts, tracking leads and managing tasks to help close more deals.
Sugar Sell
Sugar Sell, formerly SugarCRM, is a sales automation solution suitable for small, medium and large businesses. It offers contact, call and email management, dashboards, reporting, integrations, customer journey management, sales forecasting, and business process management (BPM) capabilities.It consolidates customer data into a central location for sales professionals to gain visibility into the conversations, actions and emails related to each contact or account. Cloud deployment is available, and on-premise deployment comes with the Sugar Enterprise edition.
Nimble CRM
Nimble is a one-stop solution for managing and organizing contacts, setting reminders, building and maintaining relationships, finding opportunities, and meeting goals. It provides complete information on the customer's history and their deal status. Users can set up a structured to-do list for teams.It allows users to engage and interact with prospects and customers on a personalized level, enabling them to stay connected across the entire customer journey.
LionDesk
LionDesk delivers cloud-based marketing and sales tools tailored to professionals in the real estate industry. Suitable for individuals, teams and brokerages, it provides a single place to manage client relationships.It helps import leads from other sources, organize information, manage processes, connect with clients, boost closed deals and track tasks. Capabilities include contact management, property management, video emails and texts, pipeline management, automation, and marketing campaigns.
Nutshell CRM
Nutshell is a cloud-based platform that helps organize operations and reporting processes. It provides customization options that can cater to specific industry needs. The user-friendly interface allows users to make changes and adapt quickly irrespective of technical skill. Features include contact management, email campaigns, a mobile app, pipelines and unlimited storage.
kvCORE
Designed for the real estate industry, kvCORE is a cloud-based, all-in-one platform equipped with smart relationship management, a lead engine, web and IDX, transactions, listings, a marketing autopilot feature and business analytics. It allows users to generate leads from different sources and shortlist them. The K+Team offering provides lead acquisition and relationship management features that help drive business.
DonorPerfect
DonorPerfect is a comprehensive fundraising solution that helps non-profits nurture donor relationships. It helps manage donations, receipts, contacts, emails and fundraising initiatives from a single system. Capabilities include integrated online donation forms, automatic monthly giving, standard and custom reports, auction management, Constant Contact email and a network of integrated partner products. It helps save time and offers pricing packages to meet any budget.
ZoomInfo
ZoomInfo provides a detailed contact directory for simplified marketing outreach. It supports lead generation, sales management and revenue tracking, and helps improve productivity by systematizing work. Users can leverage analytics and prioritize marketing efforts, sales prospects and align teams for effective outcomes. The ability to locate and align required contacts from desired domains reduces anonymity rates. Data-driven, it helps businesses make insightful strategies, connect with the right audience, boost business growth and provide custom solutions.
ClientLook
ClientLook is a cloud-based solution that helps users by combining contact management, deal tracking and client collaboration with a property module to organize real estate operations. Other key features include pipeline tracking, email marketing and listing management. It also helps back-office assistants with data entry, online lead capture and listing administration, along with an option to leverage a free team of virtual assistants to save time and operational costs. It was acquired by Lightbox in January 2020.
Act! CRM
Act! is a contact and client management tool built by Swiftpage that helps manage a central repository of information related to prospects, leads, opportunities and clients. It stores contact details, account history, interactions, notes and activities.Available both on-premise and with cloud hosting, it offers sales and marketing automation to support business growth through sales, engagement and retention.
Vtiger
Vtiger is a cloud-based suite of marketing, sales and help desk offerings, which can be deployed separately or as an integrated, all-in-one ecosystem. It enables companies to eliminate silos and improve connections with customers.Though designed to serve small and mid-sized businesses, it’s capable of handling the needs of Fortune 500 organizations. It’s accessible on Android and iOS devices, enabling work from anywhere.
GreenRope
GreenRope, a cloud-based CRM software, consolidates and optimizes email marketing, social media, sales, event and project management simultaneously. It bridges the gap between sales and marketing to make data and processes easily accessible and transparent. Its all-in-one operations modules simplify business processes to deliver optimized omnichannel customer experiences.
Capsule CRM
Capsule CRM is a cloud-based solution for small to medium businesses. It helps foster customer relationships with features like email marketing, website personalization, social media service, automated reminders and more. Organizations can enter basic contact information, pipelines, goals and budgets and start building an in-depth, personalized pipeline with full access to customer details.
Copper CRM
Designed to integrate with Gmail and other Google Apps, Copper (formerly ProsperWorks) is a comprehensive and easy-to-use platform. It helps small and medium-sized businesses automate core operations; manage leads, sources and opportunities; streamline sales processes; uncover actionable insights; and nurture customer relationships. It enables users to check email threads and past interactions. It also acts as an alternative for goal setting and forecast management, as it converts sales bottlenecks into visible opportunities.
Follow Up Boss
Follow Up Boss is a cloud-based software suite that helps users automate real estate lead conversion and sales follow up. Its inclusions let users close more deals and grow their business in an organized manner. It aggregates leads from various sources and automates workflows and communication using rule-based engines and pre-formatted templates to support the entire customer lifecycle.
GoldMine
Suitable for businesses of all sizes, GoldMine Premium CRM offers a central platform to manage customer and prospect relationships efficiently. It ensures improved productivity and streamlined operations, and helps save money. Users can leverage it for contact management and customer support. They can also manage marketing programs and sales pipelines. A database is available at several tiered levels for organizations with different requirements. Capabilities include sales automation, a help desk and call center and CTI applications, along with enhanced features like easy-to-use interface, marketing automation, web self-service, channel management, knowledge management and analytics.
Siebel
Siebel CRM supports marketing, sales, service and other key areas of customer interaction via a suite of more than 35 products. It helps businesses of all sizes enhance customer experiences and automate processes. Implement as many or as few of the individual modules as desired for a highly flexible environment.
Realvolve
Designed to help real estate agents and teams, Realvolve’s cloud-based platform helps automate workflows and handle communications efficiently. It helps manage information such as property listings, clients, documents, escrow correspondence, events and tasks. Users can leverage it to customize marketing campaigns for clients on anniversaries and birthdays based on personal and professional details. It also allows sending emails and SMSs about new deals.
Pipeliner
Pipeliner is a cloud-based solution that helps organizations track leads, opportunities and deals. It uses a graphical overview of a company's pipeline to give sales and marketing professionals an up-to-date view of all activities. Teams can also perform account management tasks and view sales performance.It includes modules for account management, contact management, lead management, opportunity management and activity management.
Redtail CRM
Redtail CRM is a web-based system that enables financial professionals to manage prospects and clients. It helps track client data, automate time-consuming tasks, organize records and more. Capabilities include contact management, email, reports, seminar management and integrations.
Neon CRM
Neon CRM is a cloud-based solution built by Neon One that helps nonprofit organizations streamline day to day processes for more efficiency and manage fundraising events, memberships and volunteers through automation. Users can leverage it to build nonprofit websites while facilitating real-time credit card processing and recurring payments. These inclusions help enhance online donations while reducing manual work.
PipelineDeals
Designed to serve small and midsize businesses, PipelineDeals is equipped with sales-focused features, enabling sales teams to automate redundant tasks and nurture relationships with customers. With an intuitive user interface, it helps set up scalable processes, resulting in improved productivity and increased profitability. Deal management and sales acceleration tools expedite the sales cycle, and help set and track targets. A sales dashboard offers a 360-degree view of performance status, while lead management capabilities help streamline lead generation and nurturing. Customizations ensure enhanced experience and expanded functionality.
Call SelectHub for a free 15-minute selection analysis: 1-855-850-3850
Pricing Guide
See the Price/User for the top CRM software for Insurance… plus the most important considerations and questions to ask when shopping.
![](https://d3uimxdj41cg3o.cloudfront.net/categories/ab233b682ec355648e7891e66c54191b-85c3134879c301b2c6ff5a190c5efdc1/resources/original/logo.jpg?1685568406)
Real People... with Data
We know selecting software can be overwhelming. You have a lot on the line and we want you to make your project a success, avoiding the pitfalls we see far too often.
As you get started with us, whether it be with Software Requirements templates, Comparing, Shortlisting Vendors or obtaining that elusive Pricing you need; know that we are here for you.
Our Market Research Analysts will take calls, and in 10 minutes, take your basic requirements and recommend you a shortlist to start with.
Narrow Down Your Solution Options Easily
closeApplying filters...
Search by what Product or Type or Software are you looking for