Heraclitus is reputed to have once declared that, “the only constant is change”. This observation is as true today as when Heraclitus first acknowledged it.
We all know that times have changed and will continue to change – from anything traditional to anything technological and automated. Unfortunately, some are stuck in the past and need to wake up, brush their teeth and start their day with a strong cup of “WE NEED TO DO THIS!”
Innovation now comes part-and-parcel with technology. What used to be “state-of-the-art” is now a cliché that we cannot wait to get rid of. By implementing a CRM system, you will exponentially decrease the risk of becoming stagnant. Re-engineer your business for a more efficient and effective one.
You might ask, “Why change now if it is going to change again? It will cost me money yet still be outdated in a few years’ time…”. Well, it’s inevitable to become obsolete, but CRM is here to stay. The CRM system might go through changes and a million updates but the CRM concept will remain unchanged throughout.
The central paradigm of Customer Relationship Management is typically the use of Information Technology (IT) to integrate several processes such as marketing, sales and customer-service into a holistic and homogeneous whole. This will create value for your customers and generate revenue for your business.
What’s in it for me, you may ask? Below is a list of how CRM helps your company stand out and succeed.
1. Gathering Customer Insight
By recording customer claims, pay-out dates and so on, you will be differentiating yourself from other financial institutions. This is made possible thanks to the integration of marketing, sales and customer service functions making it possible for agents and managers to access complete information throughout the whole organisation. Having a complete view of your customers purchase history and specifications allows for further cross-selling and more efficient customer sales service.
“Just four weeks after providing functionality from Microsoft Dynamics CRM in our mobile applications, user adoption increased by 40 percent.” – Steve Jensen, Vice President of IT, Insphere Insurance Solutions
2. Increased Automation
Repetitive manual activities are eliminated by automation thus giving the agents more time to focus on improving customer loyalty and service provided. Key processes such as quote generation, policy binding, renewals and lead development are readily defined. This allows for company-wide standardization as well as reduced the need for cross-training.
Marketing activities in particular can not only be automated but also be set to target specific groups of people who may benefit differently from the types of services provided. By creating lists, your customer base is segmented to better provide personalised material. Moreover, leads are tracked easily for better targeted material and ultimately new business opportunities.
3. Simple Visualisation
CRM provides the capability of visualising your sales pipeline, agent productivity levels, client loyalty, claims processes and so on with the use of dashboards and analytics. With just a few clicks, an agent can gain access to customer data such as his current policy portfolio and recent interactions thus helping with providing a better service and also present the opportunity to cross-sell to other insurance packages.
A Microsoft case study on Insphere Insurance Solutions showcases the importance of such system to an insurance company. Now, Insphere drives more productive activities and managers are provided with greater visibility into such activities. It is believed that this integration of processes benefits greatly by making it easier to retain customers and also recruit agents.
Here at iMovo, we strongly value relationships. Let us help you throughout this process and we’re sure you will be fully satisfied and start noticing results within just a few months. Don’t leave what needs to be done today for tomorrow. Act now.
