How to Choose the Best CRM System for Insurance Agents

How to Choose the Best CRM System for Insurance Agents

What is Insurance CRM?

CRM (customer relationship management) is a technology that helps insurance agencies successfully manage all sales and marketing processes. Insurance CRM combines a multitude of applications, producing a system that makes work easier and quicker for insurance agents, brokers, CSRs, and sub-agents. In order to run an insurance business successfully, it is necessary to have deep knowledge of clients’ needs, their product choices, and contract specifics, which may sometimes make it extra difficult to drive customers through the funnel to convert and maintain proper customer satisfaction levels. This is where CRM systems come to help.

Why Do Insurance Agents Need CRM?

Customer relationship management helps achieve a superior customer experience across all points of the customer journey. Did you know that the use of CRM increases sales by 29% on average? What this means is that businesses can strategically use CRM to see a significant rise in customer acquisition plus existing customer retention, which is generally the ultimate goal for any business. This makes CRM a vital tool for all industries, especially for highly competitive ones like insurance, where the customer relationship management role is pivotal.

Having the necessary information always at hand is highly important for insurance companies to be able to provide customers with the best possible service. By using CRM software for insurance companies, it is possible to quickly upload data on new contacts, store this information safely and securely, schedule interactions and create personalized marketing campaigns based on this data, improve post-sales customer care and claims processing, analyze aggregated data and make data-driven, well-informed sales and marketing decisions.

The Role of CRM in the Insurance Sector

Although the insurance niche is highly competitive, it is also a highly regulated field, which means that making insurance products drastically different from the competition is quite hard. So what can really make you stand out and provide you with a competitive edge is truly knowing your clients and being able to offer them exactly what they need, quickly. And this is exactly what customer relationship management can help you with. Here are the benefits that a properly set up and managed CRM can bring you: 


  • Improved customer experience

Making a customer feel special can go a long way, and here personalization is key. By providing agents with extensive information about a client, CRM allows them to offer policies that are right for their needs. Other important information that can be stored in CRM and used by agents is the client’s preferred communication channel, language, the history of policy purchases and inquiries, and more.


  • Adherence to industry regulations

CRM can help with maintaining data security for сustomer and prospect information. Both universal and industry-specific CRMs are obliged to comply with data privacy and security regulations, which means that CRMs are hosted on secure servers and users’ connection is encrypted. For added data security, your CRM admin should be able to schedule regular data backups.


  • Lead prioritization

Modern CRM solutions provide lead scoring opportunities, thus helping agents focus on leads that are more likely to convert. To leverage this feature, you’ll need to define the criteria for eligibility, such as the financial status, age, interests, locations, and policy preferences. Once the criteria are set, the customer relationships management system distributes scores for each lead in the system, prioritizing where applicable.


  • Quick agent onboarding

CRMs provide the obvious benefit of storing all customer information in one place – this alone is a great thing for new employees’ onboarding. Besides that, you can set up templates for client interactions and schedule interactions based on certain triggers, and this can help eliminate errors and prevent agents from ‘losing’ contacts along the pipeline, which also makes onboarding go more smoothly.


  • Claims Processing and Management

Your CRM may have a claim management functionality that will provide policyholders with an opportunity to quickly submit their claims and track progress on their processing. On the other hand, agents can take advantage of task prioritization to work on the most urgent cases first.

How to Choose Your Perfect Insurance CRM 

Choosing the right CRM solution can prove difficult as there are many factors to consider. Here are a few basic questions to help you with your choice: 


  • How many CRM user accounts will you need? What is your budget?
  • Do you need your agents to be able to use CRM on the go, through a mobile app?
  • What are the business activities that you plan to optimize with the help of CRM?
  • What software integrations would be necessary for your CRM to fit into your existing IT infrastructure?

Best CRM Systems for Insurance Agents 

As mentioned before, not all CRM programs are created equally, so consider examining each to see if it is the right fit for you. The most desirable options for the best CRM software and systems for insurance agents have been collected and observed, based on high ratings from real users, user-friendliness relative to similar programs as well as the inclusion of insurance-specific features listed above. 

Salesforce CRM 

As a leader in the CRM niche, Salesforce offers a multitude of features and add-ons, and some of them are crafted specifically for insurance companies. These add-ons include insurance product administration, insurance policy administration and insurance claims management. It should be noted that Salesforce is definitely not the cheapest CRM, and the add-ons specific to the insurance sector come at a hefty cost. The pricing plans range from $25 per user per month to over $300, the monthly fees varying depending on the needs of each business.

Salesforce can be integrated with numerous other solutions, and its AppExchange marketplace offers various applications, both free and paid, to extend your CRM functionality. Also, Salesforce proudly leads the innovation in the CRM industry, which allows its users to leverage powerful AI features out of the box, at no additional cost.

One of the disadvantages of Salesforce may be its steep learning curve, which is no wonder given its extensive functionality, meaning that for small businesses and simple CRM operations Salesforce might be too complex. Another drawback is that Salesforce needs a quite complex configuration, customization and administration, all of which might require professional assistance. 

Microsoft Dynamics 365 CRM 

MS Dynamics 365 offers extensive CRM functionality that insurance companies can leverage. It provides a convenient way to manage both policyholder and broker contacts and allows building custom pipelines for efficient deal management. If your organization already uses other Microsoft products like Outlook, then getting used to the CRM interface should be easy. Pricing is flexible and depends on the modules (or ‘apps’) your business requires. The sales module is $65 per user month, though with other modules it is discounted. Incorporating Microsoft Dynamics CRM into your IT infrastructure and integrating it with the solutions of your choice without professional help might be quite challenging. 

HubSpot CRM 

HubSpot provides many features besides CRM that can be useful for marketing purposes, including site chatbots, email marketing, and site contact forms. Although basic CRM functionality comes at no price at all, advanced options for sales and marketing can be quite expensive – from $45 to $3200 monthly for Marketing Hub (if billed yearly) and up to $1,200 monthly for Sales Hub. At the same time, HubSpot provides wide integration opportunities and even has a developer platform for building custom applications. 

Radiusbob CRM

Unlike other CRMs on our list, this one was developed specifically for the insurance sector. Radiusbob’s automation tools include workflows, SMS, email marketing, quote generation, responders, task assignments and many more. There are 4 monthly payment plans to choose from Agent ($34), CSR ($68), broker ($149), and agency ($292). Its lead and pipeline automation includes automated workflows, lead distribution and relationship nurturing, as well as the ability to send 2,000 text messages per month. The integration opportunities are quite limited though, and so is customization. This might be a good solution for small-size agencies and individual agents.

Less Annoying CRM 

Less Annoying CRM is targeted at small businesses and designed to provide essential features rather than the most features. This makes it user-friendly from the start and includes quick setup and configuration. On top of that, you get free technical support by email or phone, even if you aren’t a customer. The monthly price for Less Annoying CRM is simply $15, with no hidden fees, no contracts, and that is why they call it ‘less annoying’. It has an easy-to-navigate sales pipeline and lead tracking tools, custom options available for select alerts and actions such as renewals or birthdays, and expansive training tools including webinars, videos and support hubs. This solution doesn’t offer a mobile app.

Do you need help evaluating your insurance company’s CRM needs and choosing the best solution? We at OMI can help you make a well-informed decision and create a thorough plan on how to integrate CRM into your existing IT infrastructure and business processes. Our job is to help you make the most of your CRM investment and just help you streamline the work of your agents, boost sales, and improve customer service. Get in touch with us for a consultation.

Nimble CRM 

Nimble has an affordable price tag and easy-to-use features and empowers insurance companies to track and power policy sales, launch marketing campaigns, manage tasks and contacts, and more – anywhere and everywhere. Audience segmentation through custom fields and tags allows the support of different pipelines for clients, insurance brokers, claim adjusters, partners, etc. As a bonus, the Nimble Prospector browser extension enables users to gather important insights on leads and prospects from your inbox. Besides, Nimble supports numerous integrations through Zapier. This CRM offers a free trial and has simple pricing – 19 or 25$ per user monthly, depending on whether you choose monthly or annual billing. 

Choose the Best Insurance CRM for Your Business

Specialists at OMI will provide you with full-cycle CRM solutions, including project assessment, installation & integration and product support.