Salesforce Insurance CRM: Payment Collection

Today 150,000 businesses including the fortune 500 are utilizing Salesforce. But One industry that comes with unique needs when it comes to managing policyholders and their payments is the insurance business. There are many areas in the insurance sector that lack established processes like communications and customer service, collecting payments and handling claims. These can lead to operational inefficiencies,errors in data, and slower resolutions of several claims.

Salesforce comes with features that are suitable for insurance businesses. Salesforce has recently launched an Insurance CRM that specifically works on streamlining insurance operations. Also when it is combined with a payment system, it offers simple and straightforward management for your customer and policies.

Let’s discuss in detail how Salesforce for insurance can help you in managing payments. 

Salesforce work for insurance Companies

Insurance companies are different from other organisations. They need a different type of solution than other businesses to address their specific requirements. Salesforce offers various exceptional benefits to insurance providers. This includes better data organisation, a better understanding of your customer’s requirements, and a streamlined experience for all parties.  

• Organize data: Salesforce helps you to allow your customers to self-service the information collection and onboarding process. It requires less work and results in fewer errors during the data entry. Once submitted,  all the information is recorded directly in Salesforce. It can be organized by anyone.
• Understanding your customers: The service agents will be more effective in servicing your customers if they have more information. Salesforce helps you in keeping a record of each policyholder with details like policies, payment history, contact information. This information is available to any administrator in your organization to make sure that the employees have all the information ready.
• Better customer experience: Salesforce’s Insurance CRM helps businesses to streamline their operations and create a more efficient and better customer experience. It also alerts agents with important life events of customers. 

Instalment payment collection process

Payment collections are the most challenging operations for insurance companies. They require flexible payment solutions so that they can accept payments in the way they prefer. This includes one-time policy payments, quarterly instalments, or even monthly instalments. 

Insurance companies often find it difficult to offer different payment schedules or accept various payment methods. The main purpose of the existence of the payment system is to solve these challenges. It does so by making payments flexible, convenient, and secure. It is the add-on you need so that you can modernize the handling of your payments and boost productivity. 

Automating payments with recurring billing

Collecting the full policy amount for the insurance business is always ideal, but is practically not possible for customers. Most insurance customers prefer paying their policy in smaller payments instalment. But various instalments can increase workload if you don’t have the correct system.

When we talk about accepting instalments, recurring billing is an easier option for everyone. Customers are charged on a defined schedule. They do not need an agent to contact them. The payment will be processed on time, with no effort required from the customers if they have the required funds available.

Retain customers through automated collections

The agents are most productive when they sell new customer policies. However, they often spend most of their time servicing current loans and checking late and failed payments. Whenever the payment is late, the customer begins to drift away. Once they have lapsed for too long, they start exploring other options. 

Customer retention is extremely important for the reputation of an organisation, cash flow, and profit margins. Acquiring a new customer costs up to five times more than retaining an old one. The Salesforce insurance CRM system ensures that customers receive a notification whenever they miss a payment and provides a link where they can update their information and resolve their situation.

Conclusion

Salesforce offers various features to help insurance companies become more efficient when managing their customers and also not burdening their employees with the extra load so that they can more effectively sell the policies. Ksolves is the leading Salesforce development company with Salesforce development services and Salesforce CRM consulting services for the insurance business. But if you don’t take our word, book your free demo now to choose the best.