A Match Made in the Cloud: Insurance Claims and Policy Management + CRM

Customer Relationship Management (CRM) solutions have proven to be a worthy upgrade to the once highly useful Rolodex. It is the lifeblood of business operations and a breath of fresh air for sectors aiming to become customer centric. The insurance industry is one such segment benefiting from CRM in insurance.

While CRM platforms enjoy great popularity across the entire insurance value chain, they steal the spotlight in insurance claims and policy management. The combination of cloud technology claims and policy management tools, and CRM in insurance is a proven recipe for success. This integration has a transformative effect on customer experiences, drives organizational efficiency, and makes insurance businesses sustainable.

Here’s a detailed look at why insurers should get serious about combining claims and policy management solutions with the best cloud-based CRM software for insurance.

Why Integrate Policy and Claims Management with CRM?

Here’s how integrating cloud CRM with claims and policy management systems benefits insurers:

1. Every Claim is an Opportunity

Almost nine out of ten policyholders consider the claims experience to be an influential factor when deciding whether to remain with an insurer or make the switch. In other words, claims can make-or-break an insurance business. As such, insurance companies have recognized the importance of delivering a seamless and customer-first claims experience by treating it as an opportunity. Against this context, it comes as no surprise that cloud-based CRM solutions are a top priority for insurance technology investments. The right CRM for insurance agents inject a flavor of customer-centricity to all insurance operations—from initial policy inquiries to claims resolution—and makes it all manageable. This boosts service delivery capabilities and qualities, allowing insurers to convert every opportunity into a success story.

2. Policies That Sell Themselves

While claims management is definitely a top priority for insurers, it only yields fruit when complemented by effective policy management. Smart policy management is the foundation for perfecting customer relationship building.

For one, it sets off the insurer-insured relationship on a positive note. Policyholders can explore the wide range of insurance products and services available to them—at their own convenience. At the same time, insurers can leverage it to personalize their offerings depending on the prospect or customer’s requirements.

Next, policy management solutions transfer the power into the hands of the policyholder. It empowers policyholders to check out their policy details, make adjustments to it, and stay updated on any changes. Handing over such control to policyholders fosters a culture of transparency that nurtures trust and strengthens relationships.

Finally, policy management software solutions make insurance data driven. This shift in approach improves reinsurance rates, enhances workforce productivity and efficiency, maintains accuracy, and strengthens compliance. Such tangible benefits make a solid case for investing in policy management solutions.

3. Building Customer Relationships That Last

Now that you understand where claims and policy management tools fit the larger picture, let’s circle back to CRM in insurance.

Modern-day CRM systems carry more depth than unidimensional customer databases that carry names and contact details. The best cloud-based CRM software for insurance are rich data sources capturing a wealth of information spanning customer preferences, purchase behaviors, claims histories, support interactions, and more. This data is a treasure trove of insights that act as a window into the policyholder’s needs. Insurers that possess this knowledge can tailor their products and services to bridge requirement gaps and develop trust.

For instance, the best CRM for insurance brokers may automate actions to facilitate policy personalization. Such as, optimizing a family health insurance policy when the policyholder updates details of their newborn child.

Similarly, CRM has a similar effect on claims processing. For example, CRM for insurance agents grants an overview of the historical interactions with a claimant, making it easier to flag instances of fraud. Using insurance AI solutions within this framework allows insurers to build stronger, more trusting relationships with their clients.

In simpler words, CRM infuses value in all interactions, thereby strengthening customer relationships.

4. The Cloud is (Not) the Limit

Notice how most conversations surrounding CRM in insurance primarily talk about cloud-based CRM solutions?

Well, it’s no coincidence considering that cloud-based solutions offer a clear and definite advantage over their on-premises counterparts. In the case of insurance, opting for a cloud-based CRM platform makes more sense due to several reasons listed below:

• Cloud-based CRM adapts to changing business needs, allowing insurers to scale up or scale down, as need be, without any significant upfront cost. Such scalability is a boon for insurers.
• Cloud-based CRM platforms are accessible through any device having a stable internet connection. This makes it accessible to all stakeholders—policyholders, brokers, agents, adjustors, and everyone in between.
• Cloud-based CRMs eliminate the need for on-premises hardware, software licensing, and maintenance hassles. This brings down the total cost of ownership while making the solution appear effortless.
• Cloud providers deliver robust data security measures and follow meticulous disaster recovery plans that make customer data impenetrable. This alleviates compliance worries, which could be more threatening while dealing with sensitive and personal data used in insurance.
• Cloud-based solutions come with powerful integration capabilities allowing insurers to expand their feature set depending on changing requirements, customer behaviors, and other variables.

All Powers Unite for an Integrated Ecosystem

It’s been established that policy and claims management solutions and CRM tools each add a set of distinct advantages to insurers. What if there was a way to combine these individual benefits to get a bouquet of gains? That’s why we’ve alluded to the integration aspect of cloud technologies!

Integrating CRM with policy management systems in the cloud environment brings all internal stakeholders in the same plane. This unifying effect ensures that customers receive consistent, high-quality service throughout their lifecycle. At the same time, it eliminates data siloes or roadblocks posed by disparate or geographically dispersed teams. Whether it’s a pricing query or a claims issue, access to critical data allows insurers to respond more quickly across all channels without trading off on accuracy. Such prompt and efficient value delivery allows them to cultivate deeper, more meaningful, and trusting relationships. The byproduct of streamlined workflows, data-driven accuracy, 360-degree view of the customer, and cost optimizations are just a bonus byproduct.

Conclusion

In summary, the need for unifying the insurance tech stack is not just a strategic move for insurance businesses but also an indicator of trust for policyholders. Having a unified system allows insurers to provide faster, more accurate services, ultimately strengthening customer loyalty.