An Emerging Trend in Insurance Commission Technology
In the current economic scenario, insurers are acutely aware of the need for greater customer satisfaction and higher retention rates. Insurers realize that improved customer loyalty helps reduce overall costs and gain more value. With ever-increasing consumer demands for instant access to service, carriers are focusing more than ever before on ways of using technology to provide high quality self-service experiences.
In her presentation at the 2008 Healthcare IT Summit, “The Disruptive Transformation of Front Office Customer Touch points,” Gartner analyst Joanne Galimi stated that, “Future differentiation is about service, and an automated sales process is a major service improvement… To appeal to empowered consumers and to retain membership, health insurers must provide excellent customer service.”
Customer Relationship Management (CRM) technology provides access to the complete history of individual customer interactions and scheduled communications, allowing insurers and brokers to provide the right information to the consumer at the right time.
More forward-thinking carriers are looking to implement a comprehensive strategy; a fully-integrated approach that manages the entire sales cycle from point of contact, to online enrollment, to paying broker commissions and managing renewals. This approach is readily attainable with the integration between CRM solutions and commission systems, since companies would have their products, insureds, policies, groups and producers all in one place.
A fully integrated sales and relationship approach helps insurers to:
Improve the overall productivity of the sales staff
Convert more sales interactions into sales opportunities
Break down physical boundaries to shorten sales cycles
In short, a comprehensive CRM technology solution empowers the distribution channel by allowing managers and producers to seamlessly share information. This helps in hands-on management of interactions with potential customers, giving them the right information at the right time and empowering them to make the right choice of coverage. Carriers benefit from improved customer satisfaction and loyalty, increasing the lifetime value of each client.