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Why CRM is becoming critical for insurance firms

For insurance firms, CRM technology is fast elevating from a nice-to-have addition to a must-have component as the expectations of their end clients are steadily driven higher by improved experiences from other parts of the financial sector.

In response, for example, the Amica Mutual Insurance Company is turning to Salesforce and Guidewire’s apps to help it raise the bar on customer service.

Amica, founded in 1907, is one of the oldest mutual insurers in the US automobile market. However it also writes home, marine, and umbrella insurance policies, as well as maintaining a life insurance arm.

Guidewire is a specialist in the property and casualty insurance market, focusing on core processing, data and analytics, as well as digital engagement.

While Amica does already enjoy strong rates of client retention, it has been battling with disconnected legacy technologies while continuing to expand its nationwide footprint – a presence that now stretches to 44 offices and nearly 4,000 employees.

The firm was facing rising expectations from its customer base, particularly as mobile and social technologies play an increasingly important role in their daily lives. There was, therefore, a growing need for a unified CRM solution.

By implementing Salesforce and Guidewire in conjunction with one another, Amica sales representatives will be able to handle both sales- and service-oriented queries, and build a single view of every customer interaction. That capability will eliminate the previous need to toggle between systems in order to be able to piece together a more complete picture of the client.

The company’s ultimate goal is to deliver a more personalized experience and assist new and existing policy holders quickly and seamlessly.

“We’ve won many awards and our customers stay with us for a long time, but we’ve been doing it without CRM technology,” admits Amica CIO Peter Moreau.

If you’re in a similar situation, think about that admission from a company the size of Amica, with its existing high standing among its client base. For evidence, the firm has won 46 JD Power awards for customer satisfaction.

Amica is deploying the Salesforce Financial Services Cloud and two apps developed by Guidewire through its partnerships with Salesforce. These will help Amica manage its insurance operations, including policies and billing. The data will be flowed through the Salesforce Financial Services Cloud, creating a 360-degree view both of policyholders and data, as well as generating actionable data for sales representatives.

Amica is branding the new as CARE – Customer Acquisition, Retention and Engagement. Company execs hope this strategic turn will drive increased revenue growth and internal efficiencies.

“With Salesforce, Amica will get even better,” Moreau says. “Salesforce is going to accelerate our ability to leverage all our information and take action on it.”

Some of the benefits for the end customer should include increased first-call resolution rates and generally higher levels of satisfaction.

Key Takeaways:

• The US insurance market is growing increasingly competitive.

• Firms are no longer simply competing on the basis of their product offering or pricing: The quality of customer experience is now much more important, in turn placing new emphasis on the quality of the CRM system in place.

• Amica has been using Guidewire’s InsuranceSuite since 2016 to help it streamline and unify its operations. However, it will now be the first joint customer of Guidewire and Salesforce.

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