Best insurance CRM software (2024)

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Does your business need insurance CRM software?

Businesses that use CRMs see their lead conversion rates increase by 300%. This is due to increased efficiencies in the sales process, the ability to access information in the field, and improved levels of personalization due to a 360° view of the client. In the insurance field, where competition for clients is fierce, high levels of speed and personalization can make all the difference. 

A specialized insurance CRM software like Freshsales automates a large share of your work, allowing you ample time to focus more on creating a delightful customer experience. It summarizes all your lead information quickly, chronologically groups customer interactions with your company, automates workflows, tracks opportunities, generates and manages quotes, provides customized campaign features to cross-sell or upsell products, and more.

Let’s take a deeper look at what an insurance CRM can do for your business.

1: Create customized, relevant conversations

Amidst growing competition, legal battles, rising interest rates, and changing customer attitudes toward purchasing an insurance policy, there’s no better time than now to be more customized in communicating with your potential customers or leads to create a winning pitch.

A good insurance CRM software can help you achieve this in multiple ways. While a real-time chat tool like Freshchat can be used to engage in real time with your customers and gather insights about them, customized web forms can also be a means to collect more information about them, which can be followed up with a welcome email.

Typically, modern insurance CRM software also comes equipped with the ability to auto-enrich leads from social profiles, giving you additional information leverage before establishing that first communication with your potential customers or leads. Additionally, a feature like event tracking can enable you to plan relevant, smart conversations with your leads or prospects by letting you know which pages on your website or app increased their interest and what kind of interaction they had on the platform.

2. Effectively track customer engagements

The insurance business has multiple lead and customer touchpoints and engagements. The best service and relationships depend on tracking every interaction with your customer, no matter what channel it is on.

A CRM like Freshsales also offers a modern UI that allows your insurance agents to: 

  • Create the views you want in a click, have all the data you need at your fingertips

  • Organize customer data the way you want, for instance, through Kanban cards

  • Drill down into your contacts using filters to view the data you want

  • Use bulk actions to send bulk emails, update a field in multiple contacts and more 

It also helps you keep track of all customer complaints in a single window, prioritizing them and closing them quickly and efficiently, thus creating another layer of a positive experience for your customers.

3. Prioritize customer needs better

In an industry like insurance, when you’re facing serious competition, focusing on customers who are truly interested in your business could help you close more deals and make you stand out in the market.

A CRM for insurance software can offer all this and more to help you carve a niche amidst other players. Contact scoring, for instance, helps you identify high-intent leads based on who they are and their engagement with your business. An Insurance CRM like Freshsales assigns each contact a score based on positive and negative signals and also recommends the next best actions to engage with them. 

While we’re on the subject of deals, insurance CRM software also has a unique ability to track all your deals through a visual sales pipeline. All your deals can be managed in a central location according to your sales process. A single pane view of all your deals and deal stages not only helps you generate a revenue forecast and track the progress made with each of your customers better but also helps you determine where to focus your efforts better.

4. Stay on top of sales activities

Insurance sales is a competitive business. How can you ensure quick turnarounds and timely follow-ups with your customers without manually keeping track of every task from time to time? This is where workflow automation comes into play.

With an insurance CRM system such as Freshsales, you can create pre-designed emails and follow-ups for your internal sales teams and customers, thus allowing the system to take over and reducing the time spent on implementing them.

Freshsales CRM also comes with pre-designed workflow templates that can help you automate the most common business activities. 

You can enable a workflow by simply clicking a button or editing an existing template to add more conditions and make it live. For example, if you need to send a reminder to a customer whose policy is up for renewal, send a welcome email to a new customer, or assign a customer in a particular geography to a specific sales team, automations can fulfill these tasks in a jiffy while also making your customers feel connected with your business at all times. 

5. Build long-lasting relationships

Buying insurance is not a one-time deal. From educating a prospect about the need for an insurance policy to engaging with your existing customers for policy updates, consistency in communication is key to building an active and loyal customer base. It could also help you earn more referrals.

According to an EY Global Customer Survey, 86% of the customers feel they’re not very satisfied with the communication from their insurance provider. Moreover, a Deloitte report reveals that 60% of consumers don’t get great value from their insurance agents.

With a robust CRM, you can use sales campaigns to create customized, personalized email newsletters such as health tips for a particular season, myths surrounding car insurance or cross-selling, or upselling based on the policy a customer has opted for. The campaigns can also be tracked to improve performance and can be scheduled to be sent when the time is right.

6. Save time

The amount of time you save with modern CRM features would pretty much pay for itself. First, you will greatly reduce menial tasks such as data entry. You can also rely on AI and automations to take the pressure off of your agents. And where marketing is concerned, a good CRM can help you create campaigns, lead magnets, and other assets.

7. Boost customer satisfaction

According to a study by Bain & Company, insurers who built loyalty by embracing digital platforms and re-training their sales teams to be more engaged with their customers gained 20 percentage points in Net Promoter Scores over three years, whereas those who didn’t focus on loyalty lost out by similar margins. A quality CRM is a key component.

8. Focus on the right deals

An insurance CRM can help you and your agents identify and prioritize the best leads and the right deals. Using lead scoring, your CRM can tell you where to focus your attention. A CRM like Freshsales that uses AI can identify trouble ahead with leads and deals in progress by analyzing factors that humans can easily miss.

9. Improve conversion rates

Companies using CRMs see their conversion rates improve due to a vast array of features. For example, automated lead assignment tools enable your agents to contact leads as quickly as possible, a key factor in conversions.

Centralized client data also improves conversion rates. With a 360° view of your client, you have the information you need to personalize interactions and form a trusting relationship. Use this same capability to segment your clients and leads so you can adapt outreach campaigns to their unique needs. 

Finally, your insurance CRM should help you track rates and identify where you are losing deals. Once you know what the problem is, you can work to fix it.

10. Increase deal value by upselling and cross-selling at the right time

Once you have a client, you want to make sure you are optimizing the value of that client. Upselling and cross-selling are important components of that strategy. CRMs support you by helping you identify opportunities using reports and analytics.

How to choose the best insurance CRM software?

Many companies offer CRMs, but not all CRMs are suitable for your insurance business. Here are some key features to look for:

1. Centralized data

In the insurance industry, you’re dealing with a lot of data all the time, including basic client information from your product catalog to policy dates and deadlines and more. Not only do you need this data, but you also need to be able to access and synthesize it easily at your desk and in the field.

When you get a call from a client with a question, you want to know everything about them. Not just who they are but also what policies they’re carrying, the terms of those policies, and what issues they’ve had in the past. If you had to look up that data manually, it would take more time than you or your client has.

However, with an insurance CRM like Freshworks, modern centralized views provide a user-friendly way to display data in various formats all in one place, enhancing productivity. You can view data as a customizable spreadsheet without the hassle of creating a spreadsheet. Filter data so you’re only looking at what you need.

2. Cross-channel communication with clients

Robust sales CRM features will track customer communication across channels. For instance, Freshsales allows you to connect with leads and clients via various channels, including Whatsapp, Apple Chat, Line, Facebook Messenger, and mobile and web apps. You can also create chat campaigns to enhance communication further and lead nurturing.

3. Comprehensive dashboard

Look for software with a dashboard that gives you key sales analytics reports at a glance and that provides tools to help your team work smarter. 

A CRM with built-in sales sequences will lead your agents through the sales process. And while built-in sequences are great, it’s even better if your software allows you to customize sequences for your unique needs.

4. Simplified marketing automation:

Look for a CRM that offers workflow and sales automation to free up your team to focus on in-person interactions. Check out how workflow automation can support your team.

Automations can go beyond menial tasks. Leverage the power of AI to create personalized interactions and support for your leads and clients. AI tools like Freshworks Freddy AI can provide basic services like eliminating duplicates in your CRM and advanced services like content writing assistance and customer support. 

5. Tool integration

To be your company's single source of information, your CRM must offer apps integration. After all, if your tools can’t talk to each other, then you won’t have full visibility into lead and client histories. Ensure your software integrates with the tools you already have and leaves you room to grow as your needs grow and change. 

6. Social network analysis

Your CRM platform can help you analyze social media engagement. For example, you can calculate reviews, likes, shares, and other activities across your social media profiles. These KPIs can pinpoint the channels your clients and leads use the most, driving the highest engagement and conversions for your business. 

7. Device synchronization

The insurance business isn’t limited to the office. Your agents and adjusters are often just as likely to be out in the field as at their desks. And they carry the power of your CRM on their devices. 

However, it’s critical that all information they collect or activities they perform are recorded in your system. Choose a CRM with device synchronization so that you and your team can work effectively from your laptop, smartphone, or device on and offline.

8. Lead assignment

Look for a CRM that offers automated lead assignment functionality and allows you to customize rules based on agent workload and skillset. That way, the right person connects with the right lead as fast as possible, and driving conversions.

9. Policy management

From quote to policy renewal, look for a CRM that can help you every step of the way. Your CRM should be able to generate and manage quotes, track policies,  policy expiration dates, and send reminders to you and your clients when it’s time for renewal. You should also be able to generate reports and analytics and identify cross-sale and up-sale opportunities.

10. Commission calculation

For most insurance agents, commissions are their bread and butter. It’s likely that you and your agents want to know where they stand at any given time. So make sure your insurance CRM has tools for tracking, managing, and forecasting commissions.

A robust CRM will contain commission rates for individual products as well as targets for each agent. It should be able to calculate commission earned as well as forecast potential commission for each deal in progress and in their total pipeline.

How much does an insurance CRM software cost?

Prices for Insurance CRMs range widely from CRMs that are free forever up to premium plans that start at $1600 per month. Most companies offer a range of plans, so you can find one that fits your budget.

Freshsales CRM offers competitive pricing plans, starting with their Free plan that accommodates up to three users. You can also choose the Growth plan, which starts at $15 per user per month, the most popular Pro plan, which starts at $39 per user per month, or the Enterprise plan, which starts at $69 per user per month.

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Why a data processing tool like a spreadsheet cannot become your Insurance CRM?

Tools like Excel and Notion offer very robust tools for companies on a budget. Running your business by piecing together various files and sheets is tempting. However, this DIY approach isn’t always a good fit for the busy insurance industry. Yes, spreadsheets contain incredibly useful data, but they don’t put it in context or make it easy for you to access.

In addition, agents need more than just data. They often manage multiple tasks at once, sometimes out in the field. It’s easy to become overwhelmed. Automations and sales process management tools are often necessary to ensure success.

While Notion and Excel have their place, they aren’t always a good fit for the insurance industry.

Reason 1. Requires manual entry

Because both Notion and Excel rely on data entry by people, which is tedious, time-consuming, and subject to human error, and when those errors occur, they can have serious consequences. 

It might not be a big deal if you spell a lead’s name wrong, but it’s a very big deal if you don’t have the correct policy dates or invoice them incorrectly. Automations such as those offered by CRMs like Freshsales reduce the need for manual entry.

Reason 2. Difficult to customize

Tools like Notion and Excel are essentially blank slates that you must customize. Depending on your expertise, your learning curve might be too long and negatively impact your business. And mistakes can mean you can’t find what you need, and that can lead to mistakes. Failure to serve your clients breaks down the trust that is so vital, and it could leave your customers without coverage.

Reason 3. Integrations are manual

While Notion and Excel allow for some levels of integration, you need to find and configure them yourself. Integrating tools can be complex, and mistakes can mean missing leads or deadlines and improper data collection. You may have difficulty if you don’t have an IT team or aren’t personally proficient with an array of tech, you may have difficulty.

Reason 4. Overwhelm

Sometimes, when you can do anything, narrowing down what you need is difficult. Tools like Notion allow you to truly set up your system from scratch. This can be overwhelming–especially if you don’t already have set business processes to guide you. In addition, not everyone has the knowledge, time, or resources to do this. An insurance CRM gives you an out-of-the-box solution to get you up and selling fast.

Reason 5. Lack of support

Tools like Excel and Notion rely heavily on knowledge bases and crowd-sourced support. Although that can take you far, a skilled user who created a video isn’t a substitute for a customer service rep you can contact at all hours. Look for tools that offer personalized, human support to ensure you’re getting value and not leaving anything to chance.

Reason 6. Lacks conversation tools

When nurturing leads, closing deals, or providing customer service, conversations are necessary and often plentiful. In today’s business world, conversations are happening online across channels. You can’t afford not to have conversation tools. Excel and Notion can’t provide you with Live Chat, SMS messaging, email, or even a phone call. This leaves you pasting together tools from everywhere and then recording information manually. This leads to missed opportunities, poor customer satisfaction, and mistakes.

What's in Freshsales for your insurance businesses?

Create customized, relevant conversations

Amidst growing competition, legal battles, rising interest rates and changing customer attitudes toward purchasing an insurance policy, there’s no better time than now to be more customized in communicating with your potential customers or leads to create a winning pitch.

How old are they? What is their nature of work? Do they have a history of severe illness? Do they own a car or a house? How many members are there in their family? Communicating with your potential customers based on an understanding of their lifestyle, interests, and needs can make a world of difference in helping you lay the foundation for a long-lasting relationship with them.

A good insurance CRM software can help you achieve this in multiple ways. While a real-time chat tool like Freshchat can be used to engage in real time with your customers and gather insights about them, customized web forms can also be a means to collect more information about them, which can be followed up with a welcome email.

Typically, modern insurance CRM software also comes equipped with the ability to auto-enrich leads from social profiles, giving you additional information leverage before establishing that first communication with your potential customers or leads. Additionally, a feature like event tracking can enable you to plan relevant, smart conversations with your leads or prospects by letting you know which pages on your website or app increased their interest and what kind of interaction they have had on the platform.

Effectively track customer engagements

As insurance salespersons, every day you are likely to deal with more than a handful of customers who have signed up for different policies: life, health, automotive, or more. And not only are you tasked with addressing customer queries based on the policy they’ve signed up for, but you’re also expected to keep track of which policy is up for renewal, which customer is requesting for a claim, what progress the claims have made, what approvals and documentation is required to process the claims and so on.

Usually, in such a scenario, you are left with searching through multiple emails and conversations to see what kind of engagement has happened with each of your customers so far, which could be time-consuming.

An effective CRM for insurance software like Freshsales could reduce your time on unproductive tasks. An insurance CRM software like Freshsales provides 360𝆩 view of all your customer engagements and past activities in a single page; be it email or phone communication. It also allows you to customize the contact and accounts details page, giving you the flexibility to highlight and summarize the fields that are important for your business, such as account details, files, open support tickets, etc.

Customer 360 in Freshsales brings together internal teams — sales, support, and marketing, around a single, shared view of customer data. Improve collaboration, align your teams, break internal silos to deliver tailored customer experiences, and build deeper relationships with your customers.

It also offers a modern UI that allows your insurance agents to: 

  • Create the views you want in a click, have all the data you need at your fingertips

  • Organize customer data the way you want for instance, through Kanban cards

  • Drill down into your contacts using filters to view the data you want

  • Use bulk actions to send bulk emails, update a field in multiple contacts and more 

It also helps you keep track of all customer complaints in a single window, prioritizing them and closing them quickly and efficiently, thus creating another layer of a positive experience for your customers.

Prioritize customer needs better

Strike while the iron is hot, goes an old adage. Today, in an industry like insurance, when you’re facing neck and neck competition, focusing on customers who are interested in your business could help you close more deals and stand out in the market.

A CRM for insurance software can offer all this and more to help you carve a niche amidst other players. Contact scoring, for instance, helps you identify high-intent leads based on who they are and their engagement with your business. An Insurance CRM like Freshsales assigns each contact a score based on positive and negative signals and also recommends the next best actions to engage with them. 

While we’re on the subject of deals, an insurance CRM software also has a unique ability to track all your deals through a visual sales pipeline. All your deals can be managed in a central location according to your sales process. A single pane view of all your deals and deal stages not only helps you generate a revenue forecast and track the progress made with each of your customers better but also helps you determine where to focus your efforts better.

In fact, you can also generate daily, weekly, or monthly sales reports to determine the impact of your sales process and identify strategies to improve your business. Sales reports can help you analyze deals by giving you an insight into won and lost deals, bottlenecks in ongoing deals, the potential value of deals, and more.

Ensure quick turnarounds and timely follow-ups

How can you ensure quick turnarounds and timely follow-ups with your customer without having to manually keep track of each and every task from time to time? This is where workflow automation comes into play.

With insurance CRM tools such as Freshsales, you can create pre-designed emails and follow-ups for your internal sales teams and customers, thus allowing the system to take over and reducing the time spent on implementing them.

Freshsales CRM also comes with pre-designed workflow templates that can help you automate the most common business activities. 

You can enable a workflow by clicking a button or editing an existing template to add more conditions and make it live.

For example, if you need to send a reminder to a customer whose policy is up for renewal, send a welcome email to a new customer, or assign a customer in a particular geography to a specific sales team, automations can fulfill these tasks in a jiffy while also making your customers feel connected with your business at all times.

H3: Build long-lasting Relationships

Buying insurance is not a one-time deal. From educating a prospect about the need for an insurance policy to continue engaging with your existing customers on policy updations, consistency in communication is key to build an active and loyal customer base. It could also help you earn more referrals.

Take this statistic for instance. According to an EY Global Customer Survey, 86% of the customers feel they’re not very satisfied with the communication from their insurance provider.

Moreover, a Deloitte report reveals that 60% of consumers don’t get great value from their insurance agents.

How can you turn this around? You can use sales campaigns to create customized, personalized email newsletters such as health tips for a particular season, myths surrounding car insurance or cross-selling, or upselling based on the policy a customer has opted for. The campaigns can also be tracked to improve performance and can be scheduled to be sent when the time is right.

What's in Freshsales for your insurance businesses?

Create customized, relevant conversations

Amidst growing competition, legal battles, rising interest rates and changing customer attitudes toward purchasing an insurance policy, there’s no better time than now to be more customized in communicating with your potential customers or leads to create a winning pitch.

How old are they? What is their nature of work? Do they have a history of severe illness? Do they own a car or a house? How many members are there in their family? Communicating with your potential customers based on an understanding of their lifestyle, interests, and needs can make a world of difference in helping you lay the foundation for a long-lasting relationship with them.

A good insurance CRM software can help you achieve this in multiple ways. While a real-time chat tool like Freshchat can be used to engage in real time with your customers and gather insights about them, customized web forms can also be a means to collect more information about them, which can be followed up with a welcome email.

Typically, modern insurance CRM software also comes equipped with the ability to auto-enrich leads from social profiles, giving you additional information leverage before establishing that first communication with your potential customers or leads. Additionally, a feature like event tracking can enable you to plan relevant, smart conversations with your leads or prospects by letting you know which pages on your website or app increased their interest and what kind of interaction they have had on the platform.

Effectively track customer engagements

As insurance salespersons, every day you are likely to deal with more than a handful of customers who have signed up for different policies: life, health, automotive, or more. And not only are you tasked with addressing customer queries based on the policy they’ve signed up for, but you’re also expected to keep track of which policy is up for renewal, which customer is requesting for a claim, what progress the claims have made, what approvals and documentation is required to process the claims and so on.

Usually, in such a scenario, you are left with searching through multiple emails and conversations to see what kind of engagement has happened with each of your customers so far, which could be time-consuming.

An effective CRM for insurance software like Freshsales could reduce your time on unproductive tasks. An insurance CRM software like Freshsales provides 360𝆩 view of all your customer engagements and past activities in a single page; be it email or phone communication. It also allows you to customize the contact and accounts details page, giving you the flexibility to highlight and summarize the fields that are important for your business, such as account details, files, open support tickets, etc.

Customer 360 in Freshsales brings together internal teams — sales, support, and marketing, around a single, shared view of customer data. Improve collaboration, align your teams, break internal silos to deliver tailored customer experiences, and build deeper relationships with your customers.

It also offers a modern UI that allows your insurance agents to: 

  • Create the views you want in a click, have all the data you need at your fingertips

  • Organize customer data the way you want for instance, through Kanban cards

  • Drill down into your contacts using filters to view the data you want

  • Use bulk actions to send bulk emails, update a field in multiple contacts and more 

It also helps you keep track of all customer complaints in a single window, prioritizing them and closing them quickly and efficiently, thus creating another layer of a positive experience for your customers.

Prioritize customer needs better

Strike while the iron is hot, goes an old adage. Today, in an industry like insurance, when you’re facing neck and neck competition, focusing on customers who are interested in your business could help you close more deals and stand out in the market.

A CRM for insurance software can offer all this and more to help you carve a niche amidst other players. Contact scoring, for instance, helps you identify high-intent leads based on who they are and their engagement with your business. An Insurance CRM like Freshsales assigns each contact a score based on positive and negative signals and also recommends the next best actions to engage with them. 

While we’re on the subject of deals, an insurance CRM software also has a unique ability to track all your deals through a visual sales pipeline. All your deals can be managed in a central location according to your sales process. A single pane view of all your deals and deal stages not only helps you generate a revenue forecast and track the progress made with each of your customers better but also helps you determine where to focus your efforts better.

In fact, you can also generate daily, weekly, or monthly sales reports to determine the impact of your sales process and identify strategies to improve your business. Sales reports can help you analyze deals by giving you an insight into won and lost deals, bottlenecks in ongoing deals, the potential value of deals, and more.

Ensure quick turnarounds and timely follow-ups

How can you ensure quick turnarounds and timely follow-ups with your customer without having to manually keep track of each and every task from time to time? This is where workflow automation comes into play.

With insurance CRM tools such as Freshsales, you can create pre-designed emails and follow-ups for your internal sales teams and customers, thus allowing the system to take over and reducing the time spent on implementing them.

Freshsales CRM also comes with pre-designed workflow templates that can help you automate the most common business activities. 

You can enable a workflow by clicking a button or editing an existing template to add more conditions and make it live.

For example, if you need to send a reminder to a customer whose policy is up for renewal, send a welcome email to a new customer, or assign a customer in a particular geography to a specific sales team, automations can fulfill these tasks in a jiffy while also making your customers feel connected with your business at all times.

H3: Build long-lasting Relationships

Buying insurance is not a one-time deal. From educating a prospect about the need for an insurance policy to continue engaging with your existing customers on policy updations, consistency in communication is key to build an active and loyal customer base. It could also help you earn more referrals.

Take this statistic for instance. According to an EY Global Customer Survey, 86% of the customers feel they’re not very satisfied with the communication from their insurance provider.

Moreover, a Deloitte report reveals that 60% of consumers don’t get great value from their insurance agents.

How can you turn this around? You can use sales campaigns to create customized, personalized email newsletters such as health tips for a particular season, myths surrounding car insurance or cross-selling, or upselling based on the policy a customer has opted for. The campaigns can also be tracked to improve performance and can be scheduled to be sent when the time is right.

Get started with an insurance CRM tool that adapts to your needs

Try Freshsales for Free

FAQ

Which is the best free Insurance CRM software?

- Freshsales CRM

- Hubspot CRM

- Bitrix24

What is a CRM in Insurance?

An insurance CRM is a Customer Relationship Management system tailored for the insurance industry. It will include features that help you manage customer data and conversations and automations that streamline your processes and save you time. It should also include a product catalog and be able to easily generate quotes complete with e-signature integrations. For agents in the field, a reliable mobile app and device synchronization are needed.

What is the best life insurance CRM software?

- Freshsales CRM

- Zendesk Sell

- Salesforce Essentials

What is the best health insurance CRM?

- Freshsales CRM

- Pipefy

- Pipedrive

Why is CRM important in Insurance?

A CRM is important in insurance because it minimizes menial tasks and streamlines workflows with automations to save you time and enable you to focus on customers. It makes lead nurturing and quote generation easy. It also allows you to work in the field with a mobile app.

Ready to check out the best Insurance CRM software for free?

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