The High Cost of Not Having a CRM Solution in Your Insurance Agency

12.15.21 11:39 AM By Emilia

The High Cost of NOT Using a CRM Solution in Your Insurance Agency

Part 1

Customer relationship Management is a crucial part of business in the modern world. However, many insurance agents are still unaware of the impact a CRM can make on their agency and they expect to be able to remain competitive in business without this technology. The truth is that those who do not evolve and look for ways to improve their ways of conducting business are not going to be able to survive. The competitive landscape is more relentless than ever before and it is a world that caters to solutions that are made much easier with the use of technology.

There are some significant disadvantages to not having a CRM system. 


Lack of Organization

Without a system to track, organize and analyze your data, your insurance agency will likely struggle with a lack of proper organization of your customer data

Data has become a huge in the modern world and it is essential that you handle that data efficiently. One of the greatest mistakes made by business owners is the lack of organization when dealing with information related to their customers. This can be a costly mistake that could have severe negative effects on the agency. 

Negative Customer Retention

Without effective and useful communication from the agency, the agency is at risk of losing customers. This can come in a variety of different scenarios such as:

1. Not communicating with the customer at vulnerable times.

2. Sending irrelevant or duplicate communications

3. Not communicating frequently enough with current customers. 

Loss of Potential Revenue

Without an efficient want to log and track your lead and customer data, you could easily be missing out on additional revenue for your agency. A robust CRM system will help your agency:

1. Up-sell a customer's current products.

2. Cross-sell an additional product they may need but do not currently have.

3. Set up marketing campaigns to reach potential new clients or previous clients that have been lost. 

Competitors Will Leave You Behind

The current competitive landscape is so fierce that most insurance agency owners looking to succeed are incorporating a CRM solution into their efforts. This means that your business is going to struggle to compete at their pace and with the same level of customer engagement.

Without a CRM system to track your customer data, your workforce will be overwhelmed with data to analyze. This can lead to errors in the evaluation of the data or in oversight of missed signals indicated by the data.

A CRM will help you gather and organize your data in a way that makes sense and will give you the tools needed to be able to utilize and respond to this data.

It is essential to look for a reliable CRM provider that provides a robust and customizable platform that offers high levels of customization. A system with an open API is also becoming increasingly important. Be sure to do your research to find a system that is most compatible with the needs of your insurance agency.

If you are an insurance agency, a solution that includes both a CRM system and your insurance Agency Management System (AMS) on one platform is a dream come true! SiegeAOS offers both a true CRM system and an AMS system combined on one single platform. This allows an agency to maintain all of their customer data and policy data in once place for increased efficiency both in evaluating data but also in communicating and tracking interactions with clients and leads. 

Contact SiegeAOS today and work with a team that is able to provide optimal CRM solutions that are focused on insurance as well as the Agency Management System (AMS) functionality needed to operate your agency. Why wait? The time to evolve and upgrade your insurance agency is here.

SiegeAOS is a product of Siege Technology Solutions, Inc.