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.
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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.
The increasing demand for smart and automated technologies in the insurance sector is another factor driving the global insurance CRM software market. Besides, insurance companies are actively using such software to make the workflow smoother. Insurance CRM software facilitates the integration of all the systems of insurance work under one umbrella, Insurance CRM software integrates the agent data, client data, finance data, and other systems data. Growing need to manage documents and to secure sensitive data information is driving the growth of the global insurance CRM software. The increasing demand for the web-based interface and large-scale investment made in the insurance sector is expected to offer potential opportunities for the growth of the global insurance CRM market.
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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.
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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