By CommenceCRM

Benefits of Commissions Tracking CRM for Insurance Agents

Stack of wooden blocks with words life, health, legal expenses, business, house, car, travel, liability.

Many insurance agents rely on a commission-based salary, which can be tedious to keep up with when they have plenty of clients. A great way to help agents with this problem is to look at different life and health insurance CRM with commissions tracking. This ensures that they can easily keep track of their commissions, without encountering any problems. 

So why is it important for insurance agents to track their commissions using CRM? Customer relationship management (CRM) allows an insurance agent to organize data, manage leads, improve client relationships, and calculate commissions. 

Importance of Commissions Tracking 

Though many may overlook commissions tracking when it comes to insurance CRM, it’s just as important as other features such as marketing automation and lead generation. At the end of the day, one of the main goals of an insurance agent and agency is to ensure that they receive their commissions and retain their clients. Here’s how commissions tracking helps them achieve those goals:

1. Organizes Data

When it comes to handling many clients at once, it’s important to have all your data, including commissions, organized. This helps agents quickly look up any errors that may occur when they receive their commission payment. A commissions tracker can provide a sales representative with a view of all the payments, commissions, and adjustments in order of due date. 

Commission tracking can also help agents identify if a certain client canceled his/her insurance policy. Some clients may cancel their policy without notifying the insurance agency which can result in a missed payment. Once the agent sees that the client missed a payment, they can start to look into the situation. Moreover, late or missed payments can also cause problems for an insurance company once it starts to be the client’s regular habit. 

2. Lead Management

Properly tracking commissions also provides agents with a view of what kind of strategies work well. For example, looking at the data that commissions tracking provides can help them point out when they were able to receive the most clients. Through analyzing this data, they’re given a picture of what they should do in the future to attract potential clients. 

Additionally, tracking commissions helps manage leads since it helps agents foresee their budget and finances in the future. For an insurance agency that wants to grow and expand in the future, they must have an idea of how much insurance commissions are coming in. 

3. Improves Client Relationships

A good client relationship is essential in keeping insurance companies in business. With insurance agents tracking their commissions properly, agents can foster good client relationships. It helps agents provide constant updates about a client’s policy and inform them whether they’ve accidentally missed any payments.   

4. Helps Calculate Commissions

Lastly, tracking insurance commissions helps in calculating commissions more accurately. Remember that when an insurance broker doesn’t track commissions, it’s very likely that they don’t catch missed commissions at all. 

Believe it or not, there are still some insurance agencies that aren’t tracking their commission payments. Though this is more common for an independent agent, simply receiving an insurance commission without tracking can lead to several inaccuracies. In the long run, this causes more problems especially when they plan to grow and continue issuing policies to more clients. 

Features of a CRM for Insurance Companies

Now that we’ve laid out the importance of tracking commissions as an insurance agent, let’s look at the benefits of CRM for insurance companies. With the help of commissions tracking CRM, insurance agents enjoy the advantages of CRM software while tracking their insurance commissions. Here are some of the features of CRM for insurance companies:

1. Industry Specific

There are thousands of CRM platforms available, and insurance CRM guarantees that it provides agents with features specific to the insurance industry. This cuts any features that aren’t helpful for people who work in insurance, while highlighting its benefits for both agent and policyholder. For example, a CRM platform can have policy management and policy sales analytics to make the sales process easier for a sales agent.  

2. Optimizes Marketing

A CRM system is mostly used to improve customer relationships, and this is done through understanding and analyzing a customer’s preferences, behaviors, and needs. Using the data from these analyses, insurance agents can create tailor-fit marketing campaigns to attract more potential customers. For example, insurance CRM software can look at what kind of social media the client uses to help sales agents advertise a certain insurance product on that platform. In this way, they guarantee optimized marketing campaigns that reach their intended audience. 

3. Ensures Accuracy

Keeping track of all the documents and important information about clients can be quite difficult. For insurance agents who handle several policies at once, going through tons of paperwork and documents can be very time-consuming. CRM provides a great way to organize data and keep track of all the important information about clients so you can use them to your advantage. 

4. Helps Save Time and Money

Since CRM keeps track of clients more effectively, it ensures that companies save time and money. Insurance agency software helps reduce the time agents spend on creating marketing materials that don’t work. It also makes enrollment easier since there’s no need to go through tons of paperwork to find significant client information. In the end, this results in a boost in revenue because it allows agents to cater to more clients and address their needs. 

Insurance CRM Software With Commissions Tracking

Happy aged couple consulting with insurance agent at home

Though there are different CRM software that cater to insurance companies, not all of them have a commissions tracking feature. Some great insurance agency software with commissions tracking include the following: 

1. Zoho

Zoho is a top-rated sales CRM software that helps insurance agents connect with their clients wherever they are located. This CRM solution has a special omnichannel communication system that guarantees agents that they can engage with their clients in real-time. 

The easy-to-use platform provides a single interface they can access and organize all their clients’ data. With a built-in analytics engine, Zoho CRM allows insurance agents to leverage the data on hand to generate sales and identify trends. Insurance agents can also use the Commissions Management extension to calculate the insurance commissions amount based on their personalized settings. 

2. RadiusBob

RadiusBob has CRM software for insurance companies of all sizes, types, and geographies. The software helps insurance agents manage leads and organize their current database. Unlike traditional insurance software, agents don’t need to spend extra time setting up to manage the insurance life cycle when they use RadiusBob. 

The software has the following features such as automated workflows, email marketing, sales automation, VoIP, and commissions and renewal tracking. RadiusBob can also be integrated with different applications and platforms such as Google, Office 365, and Compulife. 

3. VanillaSoft

VanillaSoft offers insurance agents a single platform to help them engage, qualify, and close the sale. It helps agents build relationships and issue more policies since VanillaSoft provides the necessary information to measure lead ROI and make strategic business decisions. The CRM platform has insurance-specific features to optimize an agent’s workflow such as telemarketing, lead management, and sales engagement.  

4. AgencyBloc

AgencyBloc helps life and health insurance agencies secure and grow. The management software has everything an insurance broker needs to keep track of their clients and make smart business decisions.

AgencyBloc makes commissions processing easier since it allows agents to enter data via imports or manual entry. Afterward, the system takes care of the splits for the agent. Since AgencyBloc is linked up to the correct insurance policy, agent, and payout rate, agents are also able to project commissions and uncover any commissions they haven’t received. 

5. NextAgency

NextAgency saves an agent’s time and money through their CRM and commission tools. With their commissions tracking tool, agents can save up to 50-75% of their time when it comes to uploading commissions. It also helps agents identify which of their clients are in danger of lapsing. NextAgency guarantees that agents are able to manage, analyze, and split commissions so they have an easier and more efficient workflow. 

6. Commence

Commence offers CRM solutions specifically designed for insurance companies. Their software offers one of the best platforms insurance agents can use to enhance customer relationships. The web-based CRM allows the agents to access customer data anytime from any device. 

Using the features Commence CRM for insurance agencies, agents can capture, track, manage, and share vital customer information. Additionally, Commence also features commissions tracking so that insurance agents can manage all the payments received from policyholders. The award-winning CRM software ensures that agents close more deals and improve their customer’s buying experience.  

Choose Your Insurance CRM With Commence

It’s no doubt that commissions tracking is an important feature to consider when choosing an insurance CRM. With Commence CRM, insurance companies ensure that all their data and information are stored properly and accessed easily. Our software’s perfect balance of simplicity and special features guarantees that you receive the best value for money. 

Aside from providing excellent software for clients, we also have a team of experienced support staff that’s here to answer any questions and inquiries you have about our products. To know more about how insurance agents and agencies can benefit from Commence CRM, simply give us a call today.