Insurance CRM for policy sales & renewals

4 min read

You’ll be very surprised to know Insurance reach is still low in a country like India.

According to Ibef , overall insurance penetration ( premiums as % of GDP) was only 4.2% in FY21, providing a huge underserved market. But, it’s still one of the premium sectors experiencing upward growth in the country.

Challenges are many!

First, low insurance penetration can be attributed to inadequate capital with insurers. Insufficient capital makes it difficult to expand footprints into unpenetrated areas while affecting their financial standing too.

Second is the tone of the crucial element of customer experience. With 88% of insurance customers demanding more personalization from their providers, only 15% of customers are satisfied with the existing digital experience. Indicating that insurers need to put experience at the centre of their business strategy. Enhancing the customer experience is of the most vital challenges for insurers.

Let’s jump to the solutions!

How can technology improve policy renewals & retention?

Challenges requiring sophisticated problem-solving strategies can be effectively addressed through the utilization of advanced tools such as Insurance Customer Relationship Management (CRM) software. Importantly, Insurance CRM can save time, reduce errors and make renewal more efficient and less prone to mistakes. Also, engage customers in new ways that can help to improve retention.

But, what is an Insurance CRM?

An Insurance CRM is a solution that addresses the specific needs of insurance brokers and insurance providers. Organize all your leads and claims, automate assignments to the right people, and manage multiple policies in a single system with an Insurance CRM.

Insurance CRM for policy renewals & retention?

There are several steps to do it, let’s list out vital steps –  

  1. Digitizing & automating the manual process
  2. Identifying the right Leads
  3. Seamless onboarding process
  4. Digital Document management
  5. Simplify renewals 
  6. Sales Campaigns

1. Digitizing & automating a manual process via Insurance CRM:

Insurers often find policy onboarding as a major challenge. As it’s a long, time-consuming process for both insurers as well as customers. Adopting CRM software for insurance assures you eradicate all the manual paperwork. 

Not only it will enhance the insurance agents’ productivity but also the execution. Many insurance CRM comes with inbuilt OCR to make the verification process simpler. 

Additionally, with the document management feature. All the vital documents can be accessed by Insurer on the go.  

Toolyt becomes the digital diary for agents to keep track of their customer communications, plan of action etc. 

2. Identifying the right leads:

It is very important to know & understand the contextual background of the leads captured. The customer 360* module helps insurance agents to understand their history, requirements, preference, location, demographics etc. 

Assigning scores based on these attributes to these leads can also guide insurers to target the right kind of customers.

3. Seamless onboarding process: 

Most insurance policies are complex and contain many terms and conditions. It’s vital for insurance agents to communicate everything to the customer to avoid any misinterpretation and for the chosen policy.

As highlighted by Deloitte, “Onboarding and ongoing learning provide the best method for carriers to generate brand loyalty and affinity.” By connecting your systems, data and people, your brokers have more customer insight. This speeds up applications and allows brokers to build a more holistic view of their clients and provide tailored services and communications, paving the way for long-lasting relationships.  

The mobile-first onboarding process allows the insurer to collect & verify customer information in real-time. Further, it eliminates the hassle of scanning and uploading documents which can time-consuming and inconvenient.

4. Simplifying renewing :

The insurance renewal process is crucial in Insurance. And, if your renewal process is lengthy & time-consuming, it will be difficult for you to increase your renewal retention rate.  

According to a study, 14% of customers are not getting any renewal reminders from their carrier. 

To make the best use of the Insurance CRM for policy sales & renewals, understanding and anticipating consumer behaviour is key to maintaining insurance clients, especially in terms of reducing churn for vulnerable customers.

To guide with the renewal process, often Insurance CRM for policy sales & renewals comes in handy. Insurance retention tactics that are effective require carefully planned, multi-channel, tailored marketing that is driven by insightful consumer data. For instance, techniques like linking communications to behaviour-based signals and sending personalised offers at the appropriate moment with the appropriate message etc.

5. Digital document management : 

Document management plays a very vital role in customer satisfaction and customer retention. Insurers often waste their precious time gathering, retrieving and managing documents of the customers.

Digital document management ensures there is a seamless document process without any paperwork. It also enables insurance agents to improve operations across different teams and tie important data together. 

Moreover, it acts as a large document repository for insurance companies to manage all the documents like claim forms, case files etc in one place for effective productivity and quick turnaround time. 

6. Run Sales campaigns with your Insurance CRM for policy sales & renewals:

The ability of Insurance CRM for policy sales & renewals to centralize and organize customer data and automate renewal processes. It facilitates targeted sales campaigns to ultimately drive policy sales.

A structured and focused set of actions and activities orchestrated to achieve a specific, often time-sensitive sales objective within a predefined timeframe. These campaigns are designed to target specific segments of customers and are executed with the goal of increasing policy sales and revenue for the insurance company. And, a chance to capture & measure real-time updates on campaigns, and immediate feedback on set targets.

Moreover, it ensures the insurer sells more policies within the limited time frame.


Insurance CRM for policy sales & renewals is an essential tool for insurance companies to manage customer relationships, track policy information, and automate renewal processes. The software enables insurance companies to effectively communicate with their customers, which can lead to increased customer satisfaction and retention rates.

It allows insurance companies to quickly and easily retrieve information about their customers, such as policy details, contact information, and claims history. Additionally, the software can be integrated with other systems, such as policy administration systems, enabling insurance companies to seamlessly track and manage customer data across multiple systems.

If you’re looking for a mobile-first insurance CRM for policy sales & renewals enablement platform that can help you increase your policy sales to 10X and enhance customer retention, then Toolyt is the most effective mobile CRM.

Schedule a demo and see the results instantly!