How Insurance Agencies and Brokers are benefitting from using Dynamics 365 | Intelegain

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How insurance agencies and brokers are benefitting from using Dynamics 365

Data affairs in the insurance industry are crucial yet complex. To manage the same, Microsoft Dynamics 365 is doing more than the needful. What benefits are exactly gaining traction among insurance agencies and brokers? 

There’s inherent complexity in the way the insurance sector operates and manages its data and clientele relationships. Although the huge ERP systems do the job for large organizations, they come at an expensive cost for SMEs and insurance brokers. Additionally, the drawbacks of spreadsheets such as data vulnerability, difficulty in regulatory compliance, susceptibility to human errors and poor consolidation are quite evident. Consequently, Microsoft Dynamic 365 has managed to tap into the loopholes of operational management in the insurance sector. 

The blog sheds light on the benefits of Microsoft Dynamic 360 and how it has helped many powerful insurance organizations worldwide. 

Strong Clientele Relations: 

With Dynamics 360, brokers or sales executives have a streamlined sales pipeline, and hence the journey from the leads to prospects and finally becoming loyal clients becomes effortless. In addition, since the users can access and track customer issues and concerns on the go, it helps the firm deliver constant, connected and most importantly, personalized support across channels. 

What’s in for you? 

  • Gained loyal customers through a robust client acquisition process
  • Easier track of customer interaction, RFP creation or submitted E-documents
  • Faster and personalized support to clientele family

Secured Data through Defined Accessibility: 

Multiple levels of security in the data infrastructure allow networks running between customers and data centres to stay encrypted, thereby protected. As per the level of authority and role of the user, access to user data and model can be changed. For example, the team head handling external communication can export data as needed, while junior team members can have controlled or less access to data handling. As a result, though data is consolidated and distributed under one roof, its security is maintained, reducing data risks. 

What’s in for you?

  • Encrypted data ensuring complete data security
  • Built trust for potential clients 
  • Elimination of unnecessary monitoring 

Realtime assessment: 

Loyal customer acquisition requires a well-planned sales process based on assessment. To compete in the market, the quicker it is, the faster is the conversion through better decision making. With Microsoft Dynamics 365, you can assess identified opportunities and keep a check on the win-loss ratio for the potential customers and make your decisions as per the insights. 

What’s in for you? 

  • Quickly assessed data and statistics helping you to optimize sales
  • Make informed decisions based on key insights 
  • Saved time on monitoring separate spreadsheets 

Smooth transition of data: 

The insurance sector runs on longer client interactions and their enormous details and records about communications, premiums, policies, renewals, claims and so on! Restoration of such records in old systems and developing the same can be an ever-evolving process. Microsoft Dynamics 365 makes migrating from old systems to newer systems smooth and faster. It has taken only a few days to transit data from the old to the new one for many companies. 

Additionally, for different states, policies can be different with frequent alterations in the same. In such cases, making changes and bringing transitions in the accounts can be laborious. With Microsoft Dynamics 365, it’s easier to update such policies and informing agents thereof. 

What’s in for you? 

  • Faster and smarter transition of data from old to new systems 
  • Quick adaptation to new policies and updates as per state regulations 

Easy cross-team collaboration: 

Smooth work experience and employee-management relationships are as important as great consumer experience and maintaining client relations. To ensure that the teams work together to achieve set targets, there has to be a well-defined platform for easier collaboration and coordination. Microsoft Dynamics 365 allows agents to put forward integrated work while maintaining the needed privacy and controls over data. It is especially helpful when data handled by agents is sensitive and crucial for the company. 

What’s in for you: 

  • Deepened team ties through easy collaborative efforts
  • Controlled share-points of disclosures and crucial data 

Better Commission Tracking: 

All commission payments rights from incoming carrier share to outgoing producer commission can be managed under one roof. Similarly, you can manage commissions at both global and even at the deeper levels into the schemes. Not only does it include carriers but also producers and other split payments. Further, Dynamics 365 allows agents to import carrier statements and bring harmony to their financial accounts. 

What’s in for you?

  • Consistent reconciliation process as per the business strategy
  • A clear view of actual and expected commissions through Ad Hoc reports

In a nutshell, the following are the challenges overcome by Microsoft Dynamics 365 to help insurance agencies and brokers: 

  • Commoditization that leads to poorly retained client relations. 
  • Ineffective management of enormous data under one roof.
  • Poor consolidation and transition of data and associated documents. 
  • Manual data analysis leads to a poor decision-making process. 
  • Absence of intelligent solution for cross-team and external collaborations. 

Yes, Dynamics 365 addresses all such issues. BUT! Besides all the aforementioned benefits of the platform, the most important of them all is its agility. The solution is flexible enough to fit into any level, any type, and any style of insurance firm and brokers. Regardless of the team’s strength and clientele family, agents can easily bring their workflow onto the platform to make hassle-free decisions. Many insurance brokers have switched to Microsoft Dynamics 365 and reaped its benefits, while it has also served the purposes of some of the large organizations. 

It is said that the precision in any business is resolving concerns and swift service that the customers look for. However, if we get down to the wire, one can reckon that it’s a lot more than that. The expectations of customers as well as employees are always acclivitous. As an insurance firm or a broker, the least we can do is to make their service experience the best. And Microsoft Dynamics 365 is certainly a solution that helps firms achieve the same.

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