Insurance Software Is All About Integrating Day-to-Day Operations With CRM Workflows
By Shauvik Roy, Market Analyst at SelectHub
Insurance software is an end-to-end agency management solution for insurance agencies, managing general agents (MGAs) and independent agents. It unifies business process management with salesforce and CRM workflows. Provides visibility over a range of essential procedures - from agent recruitments, client enrollments and renewals to policy recommendations, lead conversions and after-sales services. The switch to a paperless interface helps keep up with evolving customer demands and policy requirements. Digitally connect the agency with carriers and insureds for lightning-fast updates and maximum scalability.
The insurance industry is in a state of constant flux. This guide will provide you with an elementary idea of what to expect from insurance software. We’ll walk you through a general overview of what insurance software is, followed by a summary of its key features and benefits. Then we’ll look at the comparison strategy along with cost and pricing information. You’ll also learn the right questions to ask while identifying the ideal solution for your needs.
Executive Summary
- Insurance software simplifies routine procedures and tasks associated with running an insurance agency.
- Using an insurance platform grants faster and direct access to existing policyholders and potential customers.
- Automated workflows free up agents to pursue more revenue-oriented tasks.
- Insurance software eliminates paperwork and lets you focus on customer service and future growth.
What This Guide Covers:
- What Is Insurance Software?
- Benefits
- Software Comparison Strategy
- The Most Popular Insurance Software
- Questions to Ask
- In Conclusion
What Is Insurance Software?
Insurance software allows insurance agencies and independent agents to automate administrative processes and streamline client management programs. You can prepare invoices and manage accounts with complete transparency and maintain compliance with government regulations.
Administrative Processes
Insurance software lets you set up trigger-based workflows for lead follow-ups, renewals, policy changes and task assignments. Machine learning can track consumer trends, insurance products, sales and renewals throughout the customer lifecycle. A centralized repository of carrier contacts and policy information provides accurate quotations in real time. Make sure your underwriters always have the latest data available to make objective risk evaluations. Never miss important developments with an automated alert system.
Related Categories
- Claims Management
- Insurance Policy
- Insurance Rating
- Life Insurance
Customer Relationship Management
Automating customer outreach and communication allow agents to focus more on securing sales. You can leverage actionable insights to prepare tailored policy recommendations and meaningfully engage with clients.
Integrated self-service portals provide insureds with direct access to applications, enrolments, claims and payment modules. Create a two-way communication channel between policyholders and insurers. Built-in CRM workflows accelerate policy processing and claims administration to improve the agency’s approval ratings.
Accounting
Track payments and carrier commissions in real time to uncover missed payments. Perform internal audits to check compliance with government regulations, including GPPR and IDD. Choose from a variety of purpose-built templates to prepare branded invoices. Offer tailored payment methods and billing packages to get the best out of your clientele. Securely process credit card payments without worrying about the paperwork.
Primary Benefits
You’ve to contend with several benefits while deciding on insurance software. This section will go through the primary benefits of insurance software that make the investment worthwhile.
Better Data and Process Management
The most significant benefit of switching to a digital setup is accessing a centralized database for your insurance information. Predictive analytics and reporting models analyze client activity to predict customer requirements. You can provide your agents with the correct information at the right time and save considerable amounts of time and resources (yes, it does add up to a lot). Robust search capabilities give almost instantaneous results to information requests.
Use existing database information to pre-fill application and renewal forms to process web forms even faster. Implement a streamlined process without errors and omissions.
Improved Client Satisfaction
Insurance platforms come equipped with dedicated customer service portals. Reach out to existing policyholders and leads directly via communication channels. Agents can remotely request and approve electronic signatures, files and documentation. Allow your clients to access policy information, premium data and transaction history to eliminate unnecessary information requests. Send digital invoices and payment links and process online payments.
Empower your clients via self-service channels and free up agents to pursue sales-oriented tasks. Improve operational efficiency and customer engagement with a single insurance system.
User-Friendly Task Automation With Guided Workflows
Automate your day-to-day operations with preconfigured, customizable workflows. Process renewals and cancellations, conduct KYC verification, log transactions and carrier commissions automatically. Set up trigger-based workflows to follow up on leads and perform outreach activities like birthday greetings, reminders and expiration notifications. Configure existing workflows to suit your everyday needs.
Airtight Security and Confidentiality
Insurance agencies are privy to their client’s confidential information. Most solutions offer military-grade encryption of client data and communications, both during transit and at rest. You can secure platform access via multi-factor authentication (MFA) and single sign-on options. Insure against all possible exploits to prevent potential malpractice suits.
Multi-Device Accessibility
The mobile application provides global access to the agency database and system capabilities from any device with an internet connection. Get instantaneous access to carrier data, rate quotations and policyholder information.
Latest Risk Information For Underwriters
Most insurance platforms offer additional underwriting services with or without a fee. Analyze forms and accurately gauge the risk associated with specific applications.
Key Features & Functionality
| Policy Management | Policy management is a fundamental requirement if you want to process policy applications, renewals and cancellations automatically. You can edit and search for coverage information, carrier data and associated insured contacts. The centralized database makes it easier to check policies for out-of-sequence, future-dated and backdated endorsem*nts. Review status of existing policies, create notes, log transactions and set up alerts for policy actions. |
|---|---|
| Claims Administration | You can use this feature to bypass the paperwork and tedium associated with claims processing. Empower your policyholders with client-specific portals for filing the first notice of loss (FNOL) and allow them to upload video and image files supporting their claims directly into the portal. As for the rest of the work - insurance software will auto-fill all claims applications with existing customer and policy information, make notes and track losses. |
| Billing | Billing is one of the most popular features insurance software has to offer. You can automate the entire billing procedure with predefined workflows for payment processing, invoice generation, premium accounting, document generation, non-pay notices, reinstatements, cancellations and more. The software will do all your work; you have to simply set up tailored billing schedules and flexible payment methods for insureds. It can automatically deduct premiums from trust accounts or accept payments via credit cards, cash and checks. |
| Product Definition | With insurance software, you can edit an agency’s product directory on demand. Specify coverages, rate quotes, underwriting rules and endorsem*nts. |
| Agency Management | With a robust insurance platform, you get real-time visibility over company information, agent performance, recruitments, policy data and user groups. Create new tasks and follow up on enrollments, renewals and potential leads based on requirements. For large agencies, keeping track of who is doing what can get impossible at times. Most insurance platforms allow you to import and export schedules to and from third-party sources. Synchronize all existing tasks and scheduling information and mass distribute certificates. |
| Rating | Depending on the software vendor, you can choose from flat, factor-based and table-based rates. If you have any preference for specific raters, you can integrate with them as well. |
| Integrations | If you have in-house technicians, you’ll be pleased to know that insurance platforms support RESTful API-based integration. In addition, they come equipped with in-house integrations for continued scalability and ease of migration. |
| Reporting and Analytics | Switching to digital means provides 24/7 access to your performance metrics. Pick and choose from various preconfigured reports on policies, agent performance, carrier products, lead sources, profitability and more. Built-in analytics enables you to track policies and payments and easily identify missed carrier commissions. Export results in Excel binary file format for analysis by third-party BI applications. |
| Lead Distribution | As the driving force behind the insurance industry, it’s necessary to track your leads as they come. Insurance software helps you maintain a detailed directory of recorded leads and sort interactions by lead source, status, date and servicing agent. Embed lead forms directly on the firm’s website and mobile application. Additionally, you can automate all procedures after form submission. It helps track the status of active leads in real time. |
| CRM | Allow your insurers to access a centralized database of policyholder contacts. It offers a 360-degree view of renewal requests, submissions, expired policies and unpaid premiums to provide best-in-class customer service. You can create email marketing campaigns and newsletters to engage prospects and cross-sell opportunities. Automate client communications, touchpoints and follow-ups with scheduled birthday greetings, renewal reminders and policy change notifications. |
Software Comparison Strategy
Due to the industry’s volatile nature, we cannot simply point you to an insurance software that will be a guaranteed fit for your goals. Your options will vary depending on the nature, scale and size of your organization. Therefore, it’s crucial to start your software selection journey with a list of requirements.
Most insurance software comes equipped with a range of standard features geared towards agency management, customer service and online marketing. In this section, we’ll bring to your attention some defining characteristics of insurance software.
Depending on the size and scope of your organization, you’ll have to decide the importance of mobility. A mobile application with unrestricted access to platform capabilities is a must-have for most mid to large-scale insurance agencies.
The mode of deployment is another important point of contention. You’ll need to choose between an on-premise installation and a Software as a Service (SaaS) model.
If you already have a large, established customer base, you might want to consider alternatives with robust client outreach capabilities. Triggered event alerts and reminders can end up saving a lot of time.
Finally, take into account any migration and integration support. These support services are a big deal for agencies with a reliable system already in place. The ability to quickly and efficiently relocate data, along with integration support for in-service applications, can make the deal much sweeter.
If possible, ask for references from within the insurance industry. Get to know the ins and outs of popular choices. Don’t hesitate to sign up for free trials, if available, to get a first-hand experience of the selected platform. Keep going through your shortlist till you find the right software with compatible features and UI.
Cost & Pricing Considerations
When it comes to pricing, the primary deciding factors are the size of your agency and mode of deployment.
If you choose to go with an on-premise deployment, the cost will depend on the number of physical devices your agency owns. For a cloud-based solution, packages will depend on the total number of employees using the subscription.
In addition to the points stated above, vendors may charge extra for a few other influential factors:
- Data migration, onboarding and implementation support.
- Additional resources, such as underwriting and call center services.
- Website creation and maintenance, and custom branding.
Take some time and weigh your requirements against your budget to figure out exactly how much you’re willing to pay for which service. You can then narrow down your vendor shortlist according to your preferences.
The Most Popular Insurance Software
Due to the constantly shifting landscape of the insurance industry, it’s difficult to settle on any one vendor as the best insurance software. Additionally, there’s no guarantee that it would be a perfect fit for your organizational needs. Therefore, we’ve narrowed down the list to include the most popular systems in the industry.
EZLynx
EZLynx is a cloud-based insurance software that combines an integrated policy library with a comparative rater to provide quotes in real time. The agency management module can automate follow-ups, pre-fill forms, assign tasks, process commissions and track leads. Run built-in reports to monitor agent performance, productivity and profitability of different lines of business. Customers can get home and auto rate quotes, and enhanced quoting modules.
Accounting on EZLynx.
AMS360
AMS360 simplifies agency management with automated workflows for data entry, documentation, renewals, client outreach, invoicing and commissions. The intuitive dashboard tracks insurance products, expirations, non-payments and other important events. Monitor financial data to uncover missed payments and carrier commissions. It’s compatible with both commercial and personal lines of business.
Policy management on AMS360.
Pega
Pega is an enterprise-grade SaaS software compatible with insurance agencies of all sizes. Maintain a central database of insurance products and policyholder contacts to accelerate day-to-day operations. Leverage preconfigured workflows to automate customer outreach, policy processing and billing activities. AI-powered predictive models analyze recorded customer inputs to empower intelligent chatbots, messaging portals and self-service modules.
Analytics on Pega.
Questions to Ask
Now let's go over some questions you should ask internally to understand your requirements, as well as key questions to ask vendors.
These questions should help you frame your requirements:
- What are our primary requirements?
- What kind of deployment would be favorable for the agency?
- Are we prioritizing any integrations?
- Do we need a scalable solution?
- What’s our total budget?
- What lines of business do we serve?
These questions will help you communicate your requirements to vendors:
- Do they offer implementation, onboarding and data migration services?
- What integrations are supported?
- What’s their compliance and security posture?
- Which services incur additional charges?
- What kind of customer support do they provide? What are the support timings?
- What’s the average time to market for their clients?
- Which raters do the platform support?
In Conclusion
Switching to a digital platform is necessary to remain competitive in today’s market. Insurance software significantly improves the efficiency, profitability and consistency of your business processes. It helps automate operational procedures and focus on growth and development. Selecting the right insurance software can be a daunting task. We hope this guide will serve as an essential reference point in your software selection journey.
Insurance software is a comprehensive solution that integrates day-to-day operations with customer relationship management (CRM) workflows. It is designed for insurance agencies, managing general agents (MGAs), and independent agents to streamline their business processes and enhance customer service. By digitizing operations and automating administrative tasks, insurance software enables agencies to improve efficiency, reduce paperwork, and focus on revenue-oriented activities.
What Is Insurance Software?
Insurance software automates administrative processes and streamlines client management programs for insurance agencies and independent agents. It allows agencies to set up trigger-based workflows for lead follow-ups, renewals, policy changes, and task assignments. Machine learning capabilities track consumer trends, insurance products, sales, and renewals throughout the customer lifecycle. The software also provides a centralized repository of carrier contacts and policy information, enabling accurate quotations in real time. Additionally, insurance software offers features such as customer relationship management (CRM), accounting, and claims management.
Benefits of Insurance Software
- Better Data and Process Management: Insurance software provides access to a centralized database for insurance information, enabling predictive analytics and reporting models to analyze client activity and predict customer requirements. This improves data accuracy, saves time, and enhances process efficiency.
- Improved Client Satisfaction: Insurance platforms come equipped with dedicated customer service portals, allowing agents to reach out to existing policyholders and leads directly. Clients can access policy information, premium data, and transaction history, reducing information requests and improving customer satisfaction.
- User-Friendly Task Automation With Guided Workflows: Insurance software automates day-to-day operations with preconfigured, customizable workflows. This includes processing renewals and cancellations, conducting KYC verification, and setting up trigger-based workflows for lead follow-ups and outreach activities.
- Airtight Security and Confidentiality: Insurance agencies deal with confidential client information, and insurance software offers military-grade encryption of client data and communications. It also provides secure platform access through multi-factor authentication (MFA) and single sign-on options.
- Multi-Device Accessibility: Insurance software includes mobile applications that provide global access to the agency database and system capabilities from any device with an internet connection.
- Latest Risk Information for Underwriters: Insurance platforms offer underwriting services that analyze forms and accurately gauge the risk associated with specific applications.
Key Features and Functionality
Insurance software offers various key features and functionality, including:
- Policy Management: Allows agencies to process policy applications, renewals, and cancellations automatically. It provides coverage information, carrier data, and associated insured contacts in a centralized database.
- Claims Administration: Streamlines claims processing by empowering policyholders with client-specific portals for filing claims and uploading supporting files directly into the system. The software auto-fills claims applications with existing customer and policy information.
- Billing: Automates the entire billing procedure, including payment processing, invoice generation, premium accounting, document generation, and more. It offers tailored billing schedules and flexible payment methods for insureds.
- Product Definition: Enables agencies to edit an agency's product directory, specifying coverages, rate quotes, underwriting rules, and endorsem*nts.
- Agency Management: Provides real-time visibility over company information, agent performance, recruitments, policy data, and user groups. It allows agencies to create tasks, follow up on enrollments and renewals, and synchronize tasks and scheduling information.
- Rating: Offers flat, factor-based, and table-based rates, with the ability to integrate with specific raters.
- Integrations: Supports RESTful API-based integration and comes equipped with in-house integrations for scalability and ease of migration.
- Reporting and Analytics: Provides access to performance metrics and preconfigured reports on policies, agent performance, profitability, and more. Built-in analytics helps track policies, payments, and missed carrier commissions.
- Lead Distribution: Helps agencies track leads, sort interactions, and automate procedures after form submission.
- CRM: Offers a centralized database of policyholder contacts, allowing for a 360-degree view of renewal requests, submissions, expired policies, and unpaid premiums. It enables email marketing campaigns, client communications, and automated touchpoints.
Software Comparison Strategy
Selecting the right insurance software depends on the nature, scale, and size of your organization. It's crucial to start the software selection journey with a list of requirements. Consider factors such as mobility, deployment options (on-premise or Software as a Service), client outreach capabilities, migration and integration support, and references from within the insurance industry. Asking the right questions internally and to vendors will help you communicate your requirements effectively.
Cost and Pricing Considerations
The cost of insurance software depends on the size of your agency and the chosen deployment model. On-premise solutions consider the number of physical devices, while cloud-based solutions base pricing on the number of employees using the subscription. Additional factors that may influence pricing include data migration, onboarding and implementation support, additional resources (underwriting and call center services), website creation and maintenance, and custom branding. Consider your requirements and budget to narrow down your vendor shortlist.
The Most Popular Insurance Software
Due to the constantly shifting landscape of the insurance industry, it's challenging to determine a single best insurance software. However, some popular systems in the industry include EZLynx, AMS360, and Pega. These platforms offer a range of features and functionalities tailored to insurance agencies of different sizes.
In conclusion, insurance software simplifies routine procedures, automates administrative tasks, and enhances customer service in the insurance industry. It improves data and process management, client satisfaction, task automation, security, and accessibility. When selecting insurance software, consider your organization's requirements, budget, and preferred features.
