How to Grow Your Commercial Insurance Business Using CRM

Whether you are a commercial insurance brokerage focusing on providing insurance and risk management services, or a commercial adjuster providing claims and administration, at the end of the day insurance is a relationship business. In order to maintain these relationships, it is important to have the insight to tailor services to your customers’ needs and identify additional areas where you may be able to provide further benefit. Customer Relationship Management (CRM) is an important technology in accomplishing this goal. As with any business, being able to visualize your customer data is paramount in developing trends, opportunities to expand, and increasing revenue. 

In a J.D. Power 2016 Large Commercial Insurance Study, the single most critical touch point between a customer and an insurance broker was the quality of advice and guidance provided. When it comes to insurers and adjuster’s, client communication and offsetting lower scores in claims were rated most important. Since then not much has changed, customer experience and service interaction are as important as ever, but yet as of 2018, 30% of large commercial insurance customers rate their relationship with their provider as ‘indifferent’

In order to address some of these challenges, a well configured CRM can improve customer experience, identify potential sales opportunities, and assist in improving operational processes. If designed correctly, activities like claim tracking, renewal reminders, and invoice generation can be automated and configured to seamlessly integrate with other business systems. In addition, marketing tools offer insurance businesses the ability to provide a high-touch customer experience through consistent and valuable communication, informing existing and potential customers about relative services.    

SugarCRM and Your Insurance Business

SugarCRM provides cloud-based CRM solutions for insurance brokers and adjusters that offer an array of service features including self-servicing support, marketing automation, sales forecasting and business process management. With the added functionality of Outlook and GMAIL email and calendar integration, you can avoid losing key customer emails, attachments, or calendar events, as they are synced and archived within the CRM. With SugarCRM’s mobile application you have access to valuable business insight at your fingertips. 

Self-Servicing Support - SugarServe, provides a 360-Degree view of the customer, assisting you in providing the best service and resolving customer issues and claims faster. Pulling data from across the platform SugarServe provides a comprehensive view and history of customer activity and records, offering a self-service client portal, automated renewal reminders, and a self-help knowledge base to assist in reducing support costs, which can run especially high for brokerages. A McKinsey study on evolving cost structures reported that an expected 5-year cost change can average a reduction in support costs by 14% and in operations by 38% for insurance players acting decisively regarding the automation of sales support and an increase in self-service.

Marketing Automation - SugarMarket aligns sales and marketing functions by automating emails and communication with relevant content while also offering real-time data and lead scoring. Lead scoring assigns values based on characteristics relevant to your sales process. It helps companies to prioritize leads, nurture prospects through the funnel more effectively, and formulate strategic responses to convert customers faster. SugarMarket gives you additional rich features including Google paid search integration, social media management, and a drag-and-drop landing page builder. Additionally, you can create customer surveys through interactive dashboards, and access robust reporting features to better understand the buyer’s journey and what your primary revenue drivers are. 

Sales Forecasting and Business Process Management -  SugarSell provides a customized interface for lead, opportunity, account and contact management, facilitating insight into the customer across business units. Sales staff can create custom quotes from a unique service catalog. To improve internal business processes quote approval and lead routing can be automated. SugarSell provides the capability to generate customer invoices and integrate with external ERP systems. Reporting and analytics features available in the platform assist in driving decisions by allowing you to monitor customized business metrics.  With the ability to run reporting on revenues and opportunities demand for products and services can be more easily anticipated. 

Polar Strategy is a valued SugarCRM Partner and Systems Integrator providing the insurance vertical with customized solutions to assist in the business of relationships. 

Want to talk to Polar Strategy?


Not sure where to begin?
Contact us today and one of our Experienced Business Analysts will help you define your requirements.