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What are Insurance Agency Management Systems?
Insurance agency management systems are multiuse software designed to manage the operations of an insurance agency. These solutions provide back-office functionality as well as customer-facing features. The goal of an insurance agency management system is to provide a comprehensive solution that takes care of the majority of tasks required of an insurance agency.
Key Benefits of Insurance Agency Management Systems
- Consolidate client information
- Improve managerial efficiency
- Generate detailed reports
- Improve client communications
Why Use Insurance Agency Management Systems?
Insurance agency management systems are vital for insurance agencies to consolidate their data, improve their operational efficiency, build strong customer relationships, generate reports, track claims, and more. The agency management system acts as the central hub for all insurance agency activities, including building and maintaining a client base and strong communication channels with those clients.
Consolidate Data — Insurance agencies have a lot of information on file. Insurance agency management systems make it easier to house a majority of agency information in a single location. These consolidated data sets help insurance providers with complex, data-driven tasks such as risk assessment, risk management, and fraud detection.
Marketing Automation — Many insurance agency management systems contain marketing automation features, which allow agencies to streamline marketing operations. These features enable insurance agencies to create campaigns that drive prospect collection, delivering proper messaging to the correct prospects at the right time. Instead of cold email campaigns or poorly timed off-message mass emails, agents can rely on the aid of their agency management system to streamline and improve their outreach to both prospective and current clients.
Lead Management — Lead management is a major reason why companies use agency management systems. Insurance agency management systems can assist in managing a sales and prospecting process, which can be extremely time-consuming. Leads are key to this, so agency management systems contain lead management functionality to aid in the transition from marketing to sales activities in the sales funnel.
Who Uses Insurance Agency Management Systems?
Insurance agencies are the companies that use insurance agency management systems. Within the insurance agency itself, the sales team uses insurance agency management systems the most, as it is vital to their function. This type of software system is essentially a CRM and allows them to maintain accurate information about current clients and prospects that they can sell to.
Insurance Agency Management System Features
Insurance agency management systems often include, but are not limited to, the following features:
CRM — Solutions in this category almost always contain CRM functionality, enabling users to connect with prospects, develop relationships with existing clients, and maintain strong communication channels with all contacts in their system.
Task Management — Task management functionality in these systems allows users to keep their tasks organized and their business running smoothly.
Claims Management — There are dedicated claims management solutions, but often insurance agency management software contains some claims management features like claims reporting, settlement workflows, and risk assessment.
Policy Management — This feature allows agents to manage client policies directly within the application.
Client Portal — This is a self-service portal through which clients can perform a multitude of tasks, from updating information to checking on their policy and more. As clients become more digitally connected than ever before, offering self-service options will be increasingly important.
Mobility — Certain insurance agency management systems are now offering mobile versions of their applications. Both clients and agents can use the mobile application, which bolsters user engagement and ease of use on the go.
Payment Processing — Certain insurance agency management systems contain built-in payment processing functionality. This makes it much easier to streamline workflows and keep relevant information in a single system.
Accounting — Insurance agency management solutions sometimes contain basic accounting functionality.
Commissions — Commissions tracking is a key feature of insurance agency management systems. Insurance agency management systems with this feature will track who is owed what, depending on sales, throughout the measured time period.
Invoicing — Insurance agency management systems often have invoicing functionality so that billable actions can be invoiced directly to the client within a single system.
