The global insurance CRM software market is estimated to exhibit considerable CAGR during the forecast period (2019-2025). The growing demand for efficient insurance CRM software by insurance vendors is the key factor driving the growth of the insurance CRM software industry across the globe. Insurance CRM software is developed to simplify and automate the entire insurance workflow. This software facilitates the insurance company to bring in insurance workflow automation, policy tracking, insurance reporting engine, agent management & activity tracking, and others. Insurance software is designed to simplify the whole process, such as lead generation and sales.
The online application of this software directly plugs into a quote engine, rating issuance & then the policy itself, and eliminating the need to re-entry of any data among others. In the policy tracking insurance CRM software facilitates its user in making policy data, including policy type, price, payment status, and others. In the insurance reporting engine insurance CRM software helps to secure databases, report on insurance sales, and report of company growth statistics among others. In the agent management & activity tracking insurance CRM software facilitates in call tracking and integration, instant reporting, lead tracking, commission calculations, administrative capabilities, and others.
Recent Developments in the Market
- In December 2019, QuinStreet, Inc. had launched QuinStreet Rating Platform (QRP), a groundbreaking and intuitive rating platform that empowers insurance agencies to better serve customers while making their jobs easier to manage.
- In September 2019, Salesforce, Inc. had announced new insurance-focused enhancements to Financial Services Cloud to facilitate insurers to build stronger, more personalized relationships with policyholders. The enhancement of such a feature will enable the insurers to have a unified, 360-degree view of their policyholders including household relationships, life events, coverage and claims across all lines of business.
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Global Insurance CRM Software Market Segmentation
By Types
- Cloud-Based
- On-Premises
By End-User
- Large Enterprise
- Medium-sized Business
- Small and Medium-Sized Enterprises(SMEs)
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