Your user account has not been assigned a Microsoft Dynamics CRM Online license.
NOTE: If you have an existing Office 365 subscription and later added a CRM Online subscription, a CRM Online license is not assigned to your user record automatically. If your user account has the Global Administrator or Service Administrator role, you can still sign into the CRM web application to perform administrative actions but cannot create records such as Accounts, Contacts, Leads, etc... You must have a CRM Online license assigned to successfully connect Microsoft Dynamics CRM for Microsoft Office Outlook to your CRM Online instance. Within the CRM Online web application, you can navigate to Settings | Security | Users and change the view to Administrative Access Users. This view displays users who have administrative roles in the Office 365 portal but do not have a CRM Online license assigned.