CRM Connect 2 01

CRM for Financial Advisors: A Guide for Caribbean Insurers

The challenge of increasing your advisors’ productivity

In the Caribbean, some of the larger insurance companies provide their advisors with CRM solutions. But for many advisors, managing client relationships is handled through jury-rigged workflows. Many still use Outlook for scheduling, and spreadsheets or word docs for recording client information and communication.

That’s not an optimal solution.

None of those tools were built with advisor client relationship management in mind. Scheduling is not automated. The chance of activities falling through the cracks is very real. It’s difficult for advisors to monitor their activities and really manage their practices.

Because the solutions aren’t integrated with other carrier and advisor systems, time gets wasted. Plus, insurers and brokers lack visibility into their advisors’ activities, making it challenging to manage their field force. Insurance companies and brokers can remove all those frustrations by providing a CRM solution specifically tailored to the needs of their advisors.

The Solution: Pre-configured, advisor specific CRM increases automation in advisor practices

Customer Relationship Management systems (CRM) are software solutions that enable advisors to effectively manage all their client and prospect relationships.

Modern CRMs are designed to handle all the ways advisors interact with their clients. They use automation to streamline workflows and keep track of what has been accomplished. These solutions make it easy to manage client data and identify new sales opportunities.

Read the case study to find out more

What are the main benefits of CRM for financial advisors?

CRM affects every part of an advisor’s business. It can help them manage and implement targeted marketing campaigns. It makes compliance easier to achieve. Up-sell and cross-sell opportunities are revealed. And, it helps advisors uncover new prospects that match their ideal client profile. The best advisor-specific CRM will increase advisor efficiency in all areas of their practice. It enables them to streamline workflows—saving time and effort.

1. Automate advisor workflows

CRM solutions for financial advisors can remove obstacles that slow down workflows by automating business processes and the management of their activities. For each process in an advisor’s practice, they can map out the steps that will be required. Each step in the workflow can be set up in the CRM as an activity. Then, the CRM system will send an alert when the time comes to perform the task.

So, no more reminders scrawled on post-it notes or forgotten calls. Advisors won’t have to worry about missed or incomplete tasks. They’ll be organized and efficient—spending more time on high-value activities, rather than trying to manually manage their workflows.

2. Centralized Data

Advisor-specific CRMs give insurers the ability to populate advisor tools with their clients’ investment and insurance data in one centralized location. This is accomplished through gateways that connect to carrier back office systems and pull current data into the CRM.

The right tool provides access to all client data in the same application. That means advisors will spend less time looking for important client data. They are freed to spend more time on the things that matter most-building relationships with their clients.

3. Increase Marketing effectiveness

CRM solutions for advisors has many built-in tools to make marketing campaigns more effective. They have filters to enable advisors to find ideal targets for their campaigns. Many include features like forms and templates, so advisors can create the perfect email piece for a given campaign. Mail merge and secure mail delivery enable advisors to send those materials to the right prospects and clients quickly and securely.

Activity management tools will automate and track the activities in the follow-up process so that no opportunity is missed. CRM solutions for advisors have tools that automate marketing activities.

4. More easily manage sales opportunities

The best CRM for advisors should help them manage their sales opportunities. Being able to effectively track and manage opportunities will enable them to work more proactively. It frees up time for preparation before the advisor gets in front of a client. And that increases their chances of making the sale.

A CRM platform enables advisors to map out and manage any future sales opportunities. They will provide an overview of all the opportunities currently in play and a visual representation of the progress on each. Managing opportunities makes it easy to see what an advisor needs to focus on each day.

5. Provide insurers and brokers with business intelligence on advisor activity

A big benefit to carriers and brokers is that CRM gives the insurers a window into their advisors’ activity. Insurers can easily see what advisors are doing and use this information to help manage productivity.

Putting it all together

Purpose-built advisor CRM software can free advisors from the weight of paper. It will make them more efficient and make their marketing and sales campaigns more effective. It will protect clients’ personal and financial information with secure email capability and make compliance easier to achieve.

CRMs tailored for advisors are able to:

  • centralize client data in one location
  • enable advisors to more effectively manage client relationships.
  • support advisor efforts to create awesome client experiences and help build stronger relationships.

Providing advisors with this type of CRM gives insurers and brokers a window into advisors’ activity. They can easily see what advisors are doing and use this information to help their advisors increase their productivity

Find out more about how Equisoft/connect can increase your advisors’ effectiveness

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