Productivity Reports in Insurance CRMs

Taking Your Health Insurance Agency to the Next Level



Selling health insurance can be incredibly competitive and complex. Several laws, regulations, and coverage options change every year, prompting both clients and potential leads to frequently reassess and 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 advisors.


As an insurance professional, you must also anticipate the needs of your clients and be available and responsive. The key to achieving this is by leveraging modern tools that deliver the most value to your clients while helping you operate more effectively. 


One such tool that all successful agencies, independent agents, and brokerages need today is a customer relationship management (CRM) solution. 

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Chapter 1

What Is a Customer Relationship Management Solution?

A health insurance CRM enables you to keep track of client-specific information – including names, birthdays, addresses, policy and claims history, preferred mediums of communication, date last contacted, and much more. 


With the right insurance CRM software in place, your agency or brokerage can easily stay connected to all of its clients, managing relationships effectively with easy access to relevant data.



Benefits of Using a CRM Solution Built for Insurance Businesses


According to the latest reports and studies, CRM solutions deliver a number of benefits, including the following:

  • 300% increase in conversion rates
  • 29% increase in revenue
  • 40% increase in productivity
  • 87% increase in sales
  • $8.71 return on investment for every dollar spent on a CRM

In this guide, you’ll learn how to use cutting-edge insurance CRM systems to accomplish these benefits and what to look for when shopping for a new solution. Keep reading to find out:

  • Why insurance 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 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 several productivity-focused benefits. Let’s explore five of them.



1. Stay Organized With Segmentation


Leading insurance CRM solutions enable you to segment your client list by certain parameters. Maybe you want to see how many of your clients will age into Medicare over the next two years or what supplemental coverage they are able to receive.


With all of your client information stored in one location, it’s easy to track this. 


A robust insurance CRM system also enhances your sales capabilities by allowing you to: 

  • Sell multiple products and ancillary coverage to clients in similar groups
  • Increase your capacity to quote many clients and products via automated and segmented search results
  • Search for clients by proposal, policies sold, policies soon to expire, date of last contact, and more with built-in filtering tools

Insurance 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.


Insurance 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. 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 CRMs for insurance agents and brokers 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 emailing you, or a prospect visiting your website. 


When you’re equipped with this information, it’s easier to figure out the most appropriate and effective next steps for each client.



3. 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 the right CRM, all of these messages can be automated. For example, you might configure your insurance CRM software 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.

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 insurance CRM software.



1. Spreadsheets Are for Data Management – Not Customer Management

Spreadsheets may suffice for basic data management tasks, but when it comes to managing customer relationships, they fall short in several key areas. While it's technically possible to use spreadsheets for customer management, it's far from the most efficient approach. A health insurance CRM not only tracks client data but ensures all sensitive client information is protected and compliant.



2. Spreadsheets Can Be Riddled With Human Errors

We all make mistakes, but that can be a major issue in building customer relationships. By automatically pulling data from various locations, insurance 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

Rather than spending an unnecessary amount of time creating and filling out a spreadsheet, insurance CRMs enable you to automate customer data updates. The right solution will even remind you of follow-ups or tasks that still need to be completed. Whether it's scheduling a policy renewal reminder or following up on a client inquiry, the right CRM solution keeps you organized and on track, ensuring that nothing falls through the cracks.



4. Spreadsheets Lack User–friendly Reporting Functions

While Excel or Sheets are cumbersome and complicated programs, CRMs are typically built to be easy to use. A solution designed for insurance sales gives insurance agents and brokers robust reporting and analytics tools that are intuitive, enabling them to easily get the information they need to make the best decisions.



5. Spreadsheets Can’t Be Customized Easily

While spreadsheets allow you to arrange data in rows and columns, they lack the versatility needed to adapt to the unique needs of your insurance business.

From custom fields and workflows to personalized dashboards and reporting tools, a CRM empowers you to design a system that aligns perfectly with your business processes and objectives. Leading insurance CRM solutions can also integrate with several popular systems – such as quoting and enrolling tools – to help you operate and customize more effectively.

Chapter 4

3 CRM Reports You Need to Keep an Eye On


1. 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.

A leading CRM will consolidate this data for you so you can create the best strategy that will help win over leads and retain clients. With personalized data for each client at your fingertips, you’ll have the ability to deliver the most relevant health insurance information and coverage to meet the needs of each client.



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?

This can help you determine where to invest more resources moving forward, which will further optimize your team.



3. Finding Out Where Your Most Valuable Clients Are Coming From

Figuring out where your most valuable clients are coming from can help

you determine where to invest more resources moving forward. Are you getting the best results from cold calling? Are website visitors and in-person networking opportunities a better source of valuable clients? 

With a top CRM for insurance brokers and agents, you can precisely pinpoint:

  • Where your conversions are happening
  • What tactics are helping you generate new clients
  • Where clients are becoming stuck in the sales pipeline
  • And much more

Chapter 5

How to Get the Most Out of Your CRM


Look for a Solution That Works for Your Specific Situation


Rather than use a generic CRM, look for a CRM solution that was designed with your insurance company’s specific needs in mind, such as maintaining HIPAA and PCI compliance and enhanced insurance sales features.


Find a CRM Solution That Can Integrate With Other Tools


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.


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


Pick a Solution That Allows You To Track the Right KPIs


Every company will have different key performance indicators (KPIs), but a CRM solution for insurance brokers and agents must be able to track at least the following:

  • Close ratios (how many deals you close compared to how many prospects you pitch)
  • How many leads your agents follow up with and how long it takes to do so
  • How long it takes your agents to close a sale
  • How much money is being spent per new client onboarded
  • Client retention rates
  • How often your agents are calling clients and prospecting new leads over the phone
  • Client information and disposition activity, such as life of leads, policy pieces, agent of record, coverage type, and coverage by vendor


Chapter 6

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 and efficiently.


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.


That’s where Quotit can help you.


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.

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