How a Major Insurer Adopted CRM To Drive Sales, Premiums and Revenues Higher

Embracing digital technology opens up new ways to find and serve clients

The insurance industry in North America is perhaps the perfect poster-child for customer relationship management (CRM) solutions.

Sales Success Depends On Data

Insurance companies conduct sales and marketing campaigns on a regular basis, and the success of those campaigns is largely, if not wholly, dependent on access to critical data.

As the need to uncover new sales opportunities drives insurers to adopt more efficient methods, so too does the need for better data analysis within the sales pipeline.

Why Customers Are Changing

At the same time, insurance customers are changing, too, as a recent report from Accenture points out.

This is an era where customers of all stripes are demanding faster, cheaper and better products online and accessible from mobile platforms.

They aren’t interested in meeting with an insurance sales person and listening to a “pitch”; they can educate themselves online and make their own buying decisions on a particular insurance product.

So, insurers are making those online purchases possible,  and turning internet leads into sales.

One such company undertook to improve its access to critical data with the help of Gerent LLC and Salesforce.

Old Structure – Same Old Outcomes

The client is a U.S.-based holding company consisting of three separate insurance firms and exhibiting some predictable structural outcomes.

• There was no unifying CRM in place; instead, there were several systems that were incompatible with each other, so the vast amount of data within the three was siloed, making it difficult for sales and marketing teams to obtain an overall view of their campaigns and how they were working
• In addition, each insurance company had its own sales and administration processes, placing an undue burden on admin teams at head office
• Too much time was being spent on administrative tasks and too little on maintaining a selling focus, leading to major productivity losses
• Perhaps the greatest impediment was the lack of a 360 degree view of their policyholders

The Need For A Detailed Customer Profile

It’s vital for insurance companies to have a complete profile of their clients in order to find opportunities for further sales, especially regarding life insurance, an area of the industry that has been shrinking  in recent years.

Gerent LLC provided a solution that is propelling the insurer forward in a meaningful way.

The Gerent Solution Leads To Clear Forecasting

Gerent’s team began by implementing Sales Cloud, Salesforce’s AI-powered platform that helps organizations capture important data and delivers instant insights like leads, next steps and suggested strategies.

Not only would this help agents but it would provide clear sales forecasting and provide a snapshot of team performance, allowing sales and marketing managers to fine tune campaigns and direct agents to better results in the field.

Gerent also undertook to completely integrate Sales Cloud with the client’s data warehouse and in-house quoting tool.

Finally, Gerent implemented Pardot, which automates numerous marketing functions and helps to illuminate leads and other sales opportunities while eliminating manual marketing tasks.

At the same time, marketing teams have the ability to accurately calculate ROI from their marketing efforts.

Full Visibility Of The Sales Cycle

Gerent deployed the solution quickly and the client immediately began to generate results.

Thanks to Gerent training, there was wide user adoption of the Salesforce solution throughout the company, leading to an expanded number of licences.

The company has now gained full visibility to their pipeline and the entire sales cycle from lead

generation to deal closure, enabling sales leaders to significantly improve the way they manage their businesses.

Pardot has provided the sales and marketing team leads with the ability to manage campaigns closely along with the ability to execute sophisticated, targeted campaigns that are relevant to key customer segments.

New Insights Are Driving Better Business Decisions

For the first time ever, the client is now able to track conversions from lead to sale, conduct analysis, and gather business intelligence, leading to ROI insights that are helping to drive critical business decisions.

From this base of technology-driven expertise, the insurance company has taken the next step with its CRM platform; it has launched a direct-to-consumer site, taking advantage of the built-in lead generation and data analytics capabilities of its Salesforce CRM to market health insurance, dental and vision plans directly to Americans in the over 65 market.