Best Insurance Agency Management Systems

What are Insurance Agency Management Systems?

Why Use Insurance Agency Management Systems?

Who Uses Insurance Agency Management Systems?

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.

Trends Related to Insurance Agency Management Systems

The insurance industry has been experiencing a significant digital transformation, and that digital shift has driven development in the insurance agency management system space. The drive toward an entirely digital insurance industry will continue, and systems in this category will increase in importance as the backbone for insurance activities.

Mobility — Users everywhere are switching to mobile as smartphone proliferation occurs and internet availability becomes ubiquitous. Because of this, insurance agency management system vendors are increasingly offering robust mobile functionality for their applications.

Self-Service — Another trend in the industry is the shift toward self-service. Clients like to take care of things themselves, as interacting with an application is typically faster and easier than getting a support agent to deal with their issue. To offer their customers greater customer service options, insurance agency management system vendors are providing agencies with self-service client portals, through which users can look up information, ask questions, pay bills, and more.

Automation — The general trend in the insurance industry is toward automation. This extends to insurance agency management systems, which automate marketing activities and certain sales activities. The more automation there is on the insurer’s side, the better for both parties, as long as the technology works well. Insurers will need less staff to service and sell accounts, which means less overhead. The efficacy of insurance agency management systems becomes key, but there will still be a need for human-to-human selling for the foreseeable future.

Personalization — Personalized insurance policies have seen a rise in popularity. Because of the emergence of the internet of things (IoT), insurance companies can leverage new sources of data to create new policies. These policies may be micro policies like car insurance for borrowing a friend’s car or pay-per-mile car insurance, enabling a policyholder to cut down on premiums if they rarely use a vehicle. The increase in policy personalization gives agents more to sell, which means more potential prospects and an increased emphasis on organized selling to the right target markets.

Software and Services Related to Insurance Agency Management Systems

Insurance Claims Management Software — Insurance agency management systems often integrate with insurance claims management software.

Insurance Compliance Software — Insurance compliance software will typically integrate with insurance agency management solutions.

Insurance Suites Software — Insurance suites usually contain an insurance agency management module as part of the suite. The agency management portion is usually the backbone of the entire system.