12 Important CRM Reports for Insurance Agencies

Nicholas Ayers

Nicholas Ayers

Better Agency Co-founder

CRM reports have many benefits that businesses and agencies should take advantage of. They highlight many forms of invaluable data that can help direct the business toward success.

CRM reports specifically assist companies with marketing campaigns, ROI, goal monitoring, and problem-solving. Additionally, they boost client retention by as much as 47% and they improve sales forecast accuracy by approximately 40%. Further, there are many types of CRM reports, so companies can benefit from them in many different business sectors — from contact reporting to profitability reports and more.

Importance of CRM reports

CRM reports are vital to the success of any CRM system a business may employ. They track how data is being used, inform agents on how to improve campaigns, identify problems, and assist agents in many other ways. 

  • They’re data-driven. CRM reports use facts and data gathered to ensure the best decisions are made and that better relationships are built between the agency and its clients. 
  • They use measurable facts to improve campaigns and measure ROI. CRM reports can help improve campaigns by assisting marketers in tracking their campaign’s performance. This enables agents to monitor exactly how well or poorly their campaign is going in hard facts. Additionally, reports can help agents measure ROI and make informed decisions about any number of problems. 
  • They help improve customer relationships. When agents can track customer satisfaction, previous purchases, and customer behavior, they can interact with them in a way that increases retention and improves the customer’s experience with the business. 
  • They monitor progress and goals. CRM reports track more than just campaigns; they also help agents monitor their progress and goals they may have. This is incredibly useful because without progress tracking, businesses cannot see how far they’ve come. It can also help them determine what extra effort they need to make to ensure goals are met.
  • They help agents identify problems. The data gathered in CRM reports allows agencies to see the unbiased results of their business, both good and bad. When agents have all possible information about their business, not only can they determine where they can grow, but also where they have problems they need to address.
Important CRM Reports For Insurance Agencies

Top CRM report types for Insurance agencies

There are many different types of CRM reports, and each highlights certain crucial aspects of a business. However, of all of these report types, five stand out because of how incredibly useful they are in improving business relationships with clients, increasing profitability, and measuring success. This list includes contact reporting, campaign performance reporting, case summary reports, profitability reports, and win/loss reports.

1. Contact reporting

Contact reporting lets agents carefully monitor all contacts they have within their database. The information in these reports can help agents analyze their contacts to determine which ones will be most receptive to certain marketing campaigns or specific opportunities. Typically, the information in these reports will include location, job type, how engaged they are with the business, and much more.

Further, these reports are broken down into several smaller sub-reports covering the sales cycle stage, the last topic of conversation, the last conversation date, their source, zip code, product interest, and enrollment date.

2. Campaign performance reports

Campaign performance reports help businesses determine how well each of their marketing campaigns is performing and which client types are most likely to be drawn in for specific marketing strategies. This can help businesses improve their marketing reach or even specialize in appealing to specific client types to encourage their engagement with the company and its products.

3. Case summary report

Case summary reports track why customers are contacting customer support services on a case-by-case basis. This can help agencies understand which problems, whether internal or external, are most common for their clients to experience so that they can take steps to rectify those issues and prevent problems from arising in the first place.

4. Profitability report

Unlike other report types, profitability reports aren’t focused on deals. Rather, they measure revenue by individual customers. Additionally, these reports reveal the “true value” of a customer by accounting for both revenue and costs associated with the individual.

This is useful because companies may assume a high-revenue client is profitable for the company. But, if the individual requires a lot of management or maintenance, they may not have high profitability at all. Further, profitability reports can determine which marketing efforts are effective in the long term and which aspects of the business may need to be cut to improve overall profits.

5. Win and Loss reports

Win and loss reports help agents understand exactly how well their business is doing in real-time. They identify high-performance deals and which ones aren’t performing as well. This is useful because it allows businesses to assess individual agents or teams to determine how well or poorly they are doing or if they are successfully meeting targets and industry benchmarks.

Further, this report type can help businesses understand why potential clients may have chosen a competitor’s product above their own by using data to determine which factors were behind the lost opportunity.

6. Lead source analysis report

Lead source analysis reports allow insurance agents to track how prospective customers find you and your business. For example, this report will show if your social media marketing efforts are effectively working to bring people to your website or offer their contact this information. It helps you determine what is working and where to focus your marketing efforts.

7. Sales cycle reports

A sales cycle report gives you a clear picture of your sales cycle based on different lead sources. It allows you to see how different variables can affect each stage of your sale cycle and how you may be able to make adjustments to shorten the average response time and policy closing.

8. Sales forecast reports

When you understand your current pipeline, a sales forecast report uses your current leads and past trends to project your future revenue. Based on these forecasts, you can set goals for each of your team members monthly or quarterly.

9. Pipeline reports

Pipeline reports show an overview of how leads are progressing through every pipeline stage for each agent or team member. It helps identify potential problems that need to be addressed, areas to focus on, and if you are on track to reach your sales goals.

10. Sales conversion reports

Sales conversion reports allow you to see the percentage of your leads converted to closed deals within a specific date range. With many CRMs, you can break this down by lead source. For example, your sales conversion report could show that social media leads converted at 25 percent last month, while paid advertising only accounted for 7 percent. Learning this information allows you to focus your marketing efforts on areas that provide a higher conversion.

11. Goal progress reports

A goal progress report allows you to get a clear picture of how your agents perform against your set goals. It allows both you and your agents to monitor progress and work on the same page every month, ensuring that everyone is working to achieve these goals. If you determine an agent is falling short, changes can be made to ensure these goals are met and their efforts stay on track.

12. Call reports

Call reports provide an in-depth look at all documentation made during customer interactions. Building trust and nurturing relationships with leads and customers are essential. Call reports allow you to stay on top of customer interactions, determine what questions customers are calling to ask, and ensure that they receive the answers they need. You can see how agents deal with customers and whether they are working to turn these conversations into new policies or sales.

Key takeaways

There are many benefits to using CRM reports and many different kinds of reports can help your business in different ways. From increasing client retention to improving sales and assessing loss, each of these five report types can measurably increase the quality and performance of agencies around the world.

For more information on CRM reports, contact Better Agency today.

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