The market size of CRM (customer relationship management) was valued at $41.93B in 2019, and it is projected to touch $96.39B by 2027. In the insurance segment alone, the market for CRM software is slated to grow at a CAGR of 12% by 2027!
These numbers indicate the thriving demand for CRM in insurance applications. But is CRM for insurance agents a necessity or simply a hype? Let us analyze the role of customer relationship management for an insurance agency and whether or not it brings in the value that it promises in such settings.
CRM for Insurance Agents: Market Trends and Drivers
Given the accelerated demand for CRM in insurance, one might wonder where it all originates. For starters, customers now possess the power to demand such changes which are causing the seismic shift in business operations.
Against this background, here are the key driving forces behind the increasing investments in CRM for insurance companies.
Shifting Customer Expectations
While the basic principles of customer service are ever-lasting, customer expectations are not. Customer expectations are rapidly changing in the digital era, and this shift is driving businesses to deploy CRM for insurance agents.
Increasing Demand for Smart Solutions
The growing demand for automated engagement with clients, paired with the improved scope of digitalized operations, is driving the demand for CRM for insurance companies across the globe.
Need to Manage Documents Safely and Efficiently
The growth of the global CRM market can be attributed to factors like the increasing need to streamline and automate data management and ensure the security of confidential data.
Investing in a CRM for insurance agents is a foolproof way to boost sales and efficiency, drive customer retention and save money. If chosen wisely and implemented correctly, CRM can be a game-changer for your whole business.