An Insurance CRM
RFP guide for a
CRM Software System

How Insurers can benefit from TigerLRM's Insurance CRM with Sales Enablement Platform

TigerLRM can increase your income, efficiency, ratios, and more in the field or the office.

Are you constantly trying to improve sales and renewals with your insurance company? Independent and captive insurance agencies face unique challenges with sales and service. TigerLRM’s CRM with Sales Enablement lets you get everything under control, increasing sales and renewals.

When you sign up and use our CRM with built-in Sales enablement – designed for smaller sales teams like yours - and truly use the system, you will see results. We are built to help you sell and renew more policies! TigerLRM is a truly customizable solution, and we are successful only when you are.

Are you an Independent Insurance Agency or Captive Insurance Agency looking for a CRM?

In an RFP (request for Proposal), most independent or captive insurance agencies look for the following features:

• Insurance Automation Campaigns – Many small insurance companies do not use or do not know how to use automation campaigns. With automation, you can find the right products for your leads, qualify them, move them up your sales pipeline, and submit them to the right sales team.

• Two-Way Communications – 24/7 real-time communications, including SMS text, social media, email, and tracking phone calls, should all be a part of the CRM.

• Contact Logging – To safeguard agents from E&O claims, every conversation must be tracked and recorded, even from multiple sources.

• Pipeline Tracking – Most agents have various sales pipelines, including leads, appointments, quotes, etc. All of those must be tracked with the CRM

• Lead Generation – The software should be able to track and generate leads in the system from the company website(s), social media, email, and other sources, then your staff can nurture and convert them to clients.

• Appointment Setting – Appointment setting should become an automated function with leads converted to appointments sent to the right team(s).

• Target Marketing – The data from the CRM should be used to monitor buying and renewal patterns to make data-driven marketing decisions.

• Automated Reminders – Have your team get reminders and notifications when policies are about to lapse and renewals are due.

A CRM with Sales Enablement can help your company keep up with the following:

1. Educating Producers – With new regulations, policy changes, and claims, keeping up with sales training and new promotions is difficult. A CRM with a learning management system that can be used on mobile devices will allow you to train new hires in and out of the office. Our Learning Management System will enable you to set up custom training modules that your sales and service staff can use 24/7 remotely.

2. Time Management – Employees in smaller independent insurance agencies often have multiple job roles, making time management difficult. Our CRM helps managers, sales teams, and client services manage time effectively.

3. Customer service – Become fully engaged in customer service. With TigerLRM, your teams can consistently track customer policies, update clients, upsell them, ask for referrals, and ensure premiums are paid on time.

4. Marketing – You can use data from your CRM to track buying patterns and behaviors and plan targeted marketing campaigns. With robust reporting modules, our CRM can track the data from your clients, allowing you to make informed decisions.

5. Third-Party Integrations – The CRM should integrate with multiple third-party platforms and software services. TigerLRM has integrations with numerous third-party platforms.

6. Competitors – Small independent insurance agencies face competition from direct-to-consumer and larger agencies. But a CRM can provide a far more efficient workflow and level the playing field, wiping out the competitive advantages of larger companies. There’s a reason why every large organization uses a CRM – efficiency. As a smaller company, you can do the same.

7. Changing Regulations – Insurance agencies must stay up-to-date on the latest regulations and implement a system to teach their agents and staff those changes. Management can easily create and update courses and training modules for staff to understand new requirements and changes to the law.

8. Vendor updates and communications – Producers and others need access to communications from underwriters and other industry professionals. TigerLRM’s CRM keeps records of all the transactions around policy issuing, claims, and other issues available for all team members to view.

9. Humanizing – Put people first with Humanizing. Customers need to have the human touch and feel that they are being heard, often thru multiple channels and communications. TigerLRM’s AI powered CRM with built-in Sales Enablement provides all your teams’ access to client data and concerns, shortening the cycle and addressing issues quickly.

TigerLRMs powerful customer relationship management Software WITH a Service can help your company scale and grow. Run your projects, teams, and billing directly from the cloud, leaving no deals behind.

Track your KPIs with TigerLRM

KPIs, sometimes called Key Performance Indicators, are used in every successful business model. KPIs are measuring tools to show the success or failure of your business or some of your business policies.

For companies like yours, KPI usage can help company owners, managers, and regular employees figure out how effective their policies and training are, find areas of improvement, and make informed data-driven decisions to plan new tactics and approaches.

With TigerLRM, you can use the Reports Module to create and measure a KPI. Select the category of data you would like to receive, put in the fields you want, and select the columns you want to display. After that, you’ll have a Dashboard to track your KPIs for your business.

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While all businesses have KPIs, small insurance industry providers have some particular and unique ones. Some of the most common include:

Gross written premiums(GWP) – This KPI measures the company’s overall revenue over time.

Net Income – This KPI measures your profit after all expenses have been accounted for

Expense ratio – How much and what percentage of premiums are used for expenses, including salaries, marketing, and administration is the expense ratio

Customer Satisfaction – How high your customer satisfaction rate tells a great deal about the company. Sales Enablement and the use of a CRM can dramatically increase customer satisfaction.

Policy Size – This KPI follows the average policy size compared to the number of premiums sold. Many small policies sold can mean more stability.

Cost Per Quote – How much does it cost, in terms of marketing time and investment, to put attract new policyholders.

Net Profit Margin – Putting net income over total revenue results in the net profit margin. Every company, insurance or otherwise, uses this metric to track its overall profitability. Ratios above 10 percent are considered good for an insurance company. These KPIs need to be followed with data-driven tools such as a CRM with Sales Enablement built-in.

Small insurance companies can better understand their performance and identify improvement areas by tracking these and other KPIs.

What is a CRM?

What is a CRM anyway and why do I need one? A Customer Relationship Management software system (CRM) is a platform that takes your notes, emails, texts, and all other communications and organizes them in a unified database. all your teams can access and engage with the same customer data. A CRM allows your team to follow new leads, qualify them, and then enable those leads to become customers after the human touch is applied. The platform uses client data and tracks interactions, policy changes, billing updates, and more. Using a CRM, if done correctly, you can find all the information your teams need to sell your service and products.

What is sales enablement?

Sales enablement is a holistic strategy that molds your sales, marketing, customer service, and other teams into one cohesive unit. Using data from your CRM, SE allows your departments to create and modify content that follows a lead’s journey into a customer. This helps sales teams match that customer journey every step of the way. Essentially, sales enablement is the instruction manual and tools your sales staff need to work effectively in and use the CRM.

Using a CRM with sales enablement results in higher profitability, happier customers, and highly empowered salespeople. You can measure your sales enablement efforts with KPIs.

Using a CRM with Sales Enablement can help you track your KPIs

Businesses like yours can track KPIs and use the insights to guide your marketing, sales, and customer service procedures, optimizing your operations and achieving greater success.

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