Productivity Reports in Insurance CRMs

Taking Your Health Insurance Agency to the Next Level


The health insurance business is incredibly competitive and complex. Laws, regulations, and coverage options change every year, causing many clients to frequently switch health plans. To thrive in this challenging environment, independent agents, brokerages, and agencies need to stay on top of industry trends while positioning themselves as trusted advisers. Insurance professionals also have to be available and responsive, anticipating the needs of their clients.


Beyond that, agencies and brokerages need to invest in modern tools that deliver more value to their clients while helping them operate more effectively. One such tool that all serious agencies, independent agents, and brokerages need today is called a customer relationship management (CRM) solution.


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Chapter 1

What Is a Customer Relationship Management Solution?

A CRM system enables you to keep track of client-specific information—including names, birthdays, addresses, preferred mediums of communication, date last contacted, and a whole lot more. With the right CRM system in place, your agency or brokerage can easily stay connected to all of its clients, managing relationships effectively with easy access to relevant data.

For example, a CRM system enables you to automatically send “happy birthday” notes to each of your clients. You can also use a CRM to automatically send out messages reminding them that their policy renewal dates are approaching.

Personalized interactions, automated, at the most appropriate times.
Sounds good, doesn’t it? 


According to a number of recent studies, CRM solutions deliver a number of benefits. Users reported the following outcomes of implementing a CRM: 

As you can see, CRM systems provide agencies, independent agents, and brokerages with a ton of upside. If you’re still relying on an old-fashioned approach to managing your insurance clients, you need to migrate to a new CRM system to remain competitive—it’s that simple.


Keep reading to learn how CRM systems increase productivity and what to look for when shopping for a new solution, including:

  • How, specifically, CRM systems increase productivity in the insurance business
  • Why CRMs are much more effective than spreadsheets
  • What metrics you need to track in your CRM
  • What reports you need to keep an eye on in your CRM
  • How you can get the most out of your CRM investment

Chapter 2

How CRMs Make Health Insurance Agencies, Independent Agents, and Brokerages More Productive

CRM systems help insurance brokers and agents get more done in less time by curating all relevant client information in one central database. Instead of moving from platform to platform (e.g., email to a spreadsheet) to find critical client information, you can access all of that data in one location.


This consolidated approach to data management enables brokerages, independent agents, and agencies to unlock a number of productivity-focused benefits. Let’s explore five of them.



icon-phone1. Stay organized with segmentation


Leading CRM solutions enable you to segment your client list by certain parameters. Maybe you want to see what kinds of policies your male clients who are in their 50s are most likely to have. Maybe you want to see how many of your clients will age into Medicare over the next two years.


With all of your client information stored in one location, it’s easy to stay organized. You can sell multiple products (e.g., health insurance and ancillary products such as dental insurance or life insurance) to clients in similar groups. For example, you might want to send a cross-selling or upselling email to all clients that have been with you for a year.


Segmentation also enables you to increase your capacity to quote many clients and products each week because you no longer have to search for certain segments by hand. Thanks to built-in filtering tools, you can search for clients by proposal, policies sold, policies soon to expire, date of last contact, and more. 


Leading CRM solutions also have advanced search and sorting tools that help you find clients with particular plans or particular carriers. This functionality is particularly important when plans are changing or carriers are removing plans and you need to act fast to get your client new coverage.

Bottom line: CRMs help you cover more ground in less time by keeping all information organized in an easily searchable manner—increasing your team’s effectiveness along the way.


2. Track information about clients


CRM tools also help you track information about clients—such as contact information, demographics, family members, health conditions, long-term insurance goals, important dates (e.g., birthdays, anniversaries, and renewal dates), and more. This makes it easy to remember which clients are aging into Medicare and ensures that you don’t forget critical information.


In an age when everyone is demanding increasingly personalized experiences, a CRM solution can really help you deliver on this expectation.


3. Know when you need to follow up


If you follow up with clients based on handwritten notes or gut instinct, you’re almost certainly letting some opportunities slip through the cracks. With a CRM system in place, you will automatically know when your last contact was and when you need to follow up next—both when they reach out to you and when you reach out to them.


Today’s leading solutions will help you keep track of each interaction—whether it’s you calling a client, a client shooting you an email, or a prospect visiting your website.

When you’re armed with this information, it’s easier to figure out the most appropriate and, over time, most effective next steps. 



4. Use automation to send out targeted messages


If you’re still counting on your memory to manage client outreach in a timely manner, at least some things are going to slip through the cracks—which is a big deal because missing a single milestone can cause a client to start searching for new coverage.


With a CRM solution in place, all of these messages can be automated. For example, you might configure your CRM to automatically email your clients to remind them that their policy renewal date is two months away, then one month away, then two weeks away, then one week away.

As a result, you won’t miss any important opportunities for outreach—and you’ll have more time to focus on other growth opportunities.

5. Send and track proposals in a standardized way


Instead of forcing your team to toggle between several different platforms to do their jobs—and trying to figure out how each of your agents is sending proposals so you can track them—CRM tools standardize the entire process. You’ll know exactly when proposals are sent and by whom, enabling you to quickly gauge where your progress stands at any given point in time. 


Now that you understand how CRM systems increase productivity, let’s turn our attention to how, specifically, they are better than spreadsheets.

Chapter 3

Spreadsheets vs. CRM: An Easy Choice

For decades, insurance agencies, independent agents, and brokerages managed their customer relationships via spreadsheets. Although they might have worked well enough, when it comes to managing customer relationships, spreadsheets aren’t the right tool for the job.


With that in mind, let’s take a look at five reasons today’s leading agencies are moving away from spreadsheets to CRM systems.

icon-options-cropped1. Spreadsheets are for data management—not customer management


Spreadsheets are perfect for managing data. But they weren’t built for managing relationships. While you can use spreadsheets to manage customer relationships, it’s not anywhere near the most efficient approach. With a CRM solution, you can easily keep track of all relevant client data.


What’s more, leading systems built for the insurance industry include enterprise-grade security features that keep all sensitive client information protected and compliant.

2. Spreadsheets can be riddled with errors


When you use spreadsheets to manage client relationships, you are in charge of inputting data for each field—cross your fingers and hope you don’t make any mistakes. By automatically pulling data from various locations, CRM solutions remove human error from the equation altogether, giving you the peace of mind that comes with knowing your data has integrity.

3. Spreadsheets are stagnant


You’ve spent an endless amount of time loading client data into a spreadsheet.




Now you can reference that data whenever you choose to engage with it. CRMs, on the other hand, enable you to automate tons of repetitive tasks so you don’t miss an important event. For example, you can automatically get notified when it’s time to follow up with a client or prospect. Agents are also reminded when certain tasks need to be completed, and since customer data is pulled directly from the CRM, they don’t have to worry about things like misspelling a client’s name—and potentially irritating them.




4. Spreadsheets lack user-friendly reporting functions


If you’re an expert at Excel, you can run all kinds of reports with spreadsheets. But you need to be an actual expert. Excel is a cumbersome and complicated program; average employees will have a difficult time, at best, unlocking its full potential. CRM tools, on the other hand, make reporting incredibly easy. Leading solutions have robust reporting and analytics tools that are intuitive, enabling agents to easily get the information they need to make the best decisions.



5. Spreadsheets can’t be customized easily


Excepting the fact that you have control over which columns and rows you choose to put information into, spreadsheets aren’t really customizable. Compare that to leading CRM solutions, which can integrate with several popular systems—such as quoting and enrolling tools—to help you operate more effectively.


At this point, you understand why insurance agencies, independent agents, and brokerages are ditching spreadsheets and moving to modern CRM solutions. Now it’s time to take a look at the kinds of metrics you can track in your CRM tool.

Chapter 4

7 CRM Metrics You Need to Track

The best CRM tools make it easy for you to track all kinds of critical metrics. By keeping tabs on the following seven metrics, you will know where your brokerage or agency stands at any given point in time. And, more importantly, you will know which metrics need to be improved.


Here are seven KPIs you’ll want to track with your new CRM:

1. Close ratios


How many deals do you close compared to how many prospects you pitch? If you’ve tried to sell to 100 prospects and only 10 convert, you have a 10 percent close ratio. According to one report, a closing rate of 50-70 percent is great in insurance. If you’re tracking lower than that range, you may need to refine your sales approach or coach your agents.


2. Percent of leads worked and time to contact outbound leads


How many leads do your agents actually follow up with? On average, how long does it take your team to contact outbound leads? For the best results, you’ll want to work a high percentage of your leads and contact all of them as quickly as possible.

3. Length of sales cycle


Are your agents able to close deals quickly? Or do most sales take weeks—or even months—to close? The shorter your sales cycle is, the healthier your bottom line will be.

4. Sales call volume


If your outbound sales team isn’t picking up the phone that often, can you really expect to grow your business? Tracking sales call volume will help you figure out which members of your team are making enough calls and who could afford to dial a few more numbers each month. Generally speaking, the more calls your team makes, the more deals you’ll close.

5. Cost per sale


How much money is your agency or brokerage spending on each new client? Cost per sale is a metric that includes direct labor costs, advertising costs, commissions, and more to determine how much your agency is paying to close each deal. The lower your cost-per-sale metric is, the better.

6. Client retention rates

It’s much easier to sell to an existing client than a new one. The goal of every profit-driven business should be to maximize client retention rates because that’s the ticket to financial well-being. Believe it or not, according to a Harvard Business Review article, a 5 percent increase in customer retention rates can translate into a 95 percent increase in profitability! Whatever your customer retention rate is, your brokerage or agency should be working around the clock to improve it.

7. Disposition activity


The more information you keep track of, the better the business outcomes you’ll experience. Leading CRM tools help you stay on top of all kinds of disposition activity, including life of leads, policy pieces, agent of record, coverage type, coverage by vendor, and more. Use this data to get a bird’s-eye view of your operations and find out whether certain changes might make sense. For example, if you find out that the bulk of your policies are coming from the same company, perhaps you can work out a more beneficial deal with that carrier.

By tracking all of these critically important metrics, you can run all kinds of reports and leverage that data to continuously improve your operations.

Chapter 5

3 CRM Reports You Need to Keep an Eye On

Best-in-class CRM tools include robust reporting and analytics capabilities right out of the box. Here’s an example of three common kinds of CRM reports you’ll want to stay on top of.

icon-profiles1. Filtering to determine which clients you need to follow up with


Reports that show you how many proposals have been sent, which plans are going to expire, and which clients you need to follow up with will help you identify top priorities and devise a strategy to take care of them.

2. Keeping track of agent productivity


If you’re in a management role, you’ll want to keep tabs on how much work each of your agents has done. Who’s closing the most deals? Who has the highest close rate? Who’s making the lowest number of outbound calls? Who’s getting new clients at the lowest cost per acquisition? All of this data can be used to further optimize your team.


3. Finding out where your most valuable clients are coming from


Are you getting the best results from cold calling? Or are website visitors and in-person networking opportunities a better source of valuable clients? Figuring out where your most valuable clients are coming from can help you determine where to invest more resources moving forward.


By now, you understand how CRM systems help you become more productive. You know why they’re better than spreadsheets, and you know what metrics and reports you should track. 

It’s time to figure out the last piece of the puzzle: maximizing your CRM investment.

Chapter 6

How to Get the Most Out of Your CRM

As you begin your search for the CRM system that works best for your business, you’ll quickly find out you have several options to consider. Here are three things to keep in mind as you look for the solution that is perfect for you.

1. Look for a solution that works for your specific situation


There are CRM tools made for general business applications. Other solutions are made for financial services companies. Still others are made specifically for pharmaceutical and biotech companies.


For the best results, look for a CRM solution that was designed with your insurance company’s specific needs in mind (e.g., built-in HIPAA and PCI compliance).

icon-hand-heart2. Find a CRM solution that can integrate with other tools


The whole point of moving to a CRM system is to consolidate your data and make the agent’s job easier. If your CRM solution doesn’t integrate with other tools your team relies on—such as quoting and enrollment software—you’ll be solving only part of the problem. 


The best CRM solutions can integrate with the popular tools in your software suite, enabling you to get a stronger return on your investment with better data and additional productivity gains.


3. Choose a solution that offers the most functionality out of the box


While you can get a CRM tool that integrates with other solutions, you can also get a CRM tool that offers a wealth of functionality out of the box. Instead of forcing you to connect different services to one another (which isn’t always as easy as we’d like), a comprehensive solution will provide all the tools you need in a single software solution. 

"Lead management and distribution, quoting and enrolling, auto-responding tools, and more are built in, enabling you to transform your operations that much faster."

Chapter 7

Invest in a CRM Solution Today and Take Your Agency to the Next Level

Today’s best insurance agencies, independent agents, and brokerages move fast, keeping tabs on industry trends and anticipating their clients’ needs. It’s not that these companies know more than their competitors and are able to offer better services because of it. Instead, it’s because they’ve modernized their approach to insurance sales, migrating to powerful new tools designed to help them get more done more effectively in less time.

To enhance their offerings, improve the customer experience, increase productivity, and streamline enrollment and approval processes, today’s leading agencies, independent agents, and brokerages are using modern CRM solutions.

"Unfortunately, you can’t simply decide to move to any run-of-the-mill CRM system and expect to get great results. You need to look for a system that meets your needs and supports your unique workflows."

To this end, the best insurance CRM systems feature intuitive design and built-in security and compliance tools. They offer robust reporting and analytics features, enabling you to make sense of all the data you’re generating—and make quick decisions based on it. Beyond that, leading solutions pack more of a punch by integrating with the other critical tools your team relies on every day—or even including them out of the box.


Add it all up, and a CRM is your ticket to improved agent productivity, more effective outreach, and better customer experiences—which work together to deliver considerable ROI.


To learn more about how your health insurance agency or brokerage can use a CRM system designed by Quotit to supercharge your operations, delivering more value to your clients and increasing productivity along the way, schedule a demo today. We look forward to helping you improve and continuously optimize your insurance operations.

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