Insurance agencies implement insurance software solutions to improve the transparency and efficiency of business processes. Choosing the perfect insurance software for agents is crucial for facilitating agency growth. Yet, determining which software is the most suited for the agency can be highly daunting. If you are stuck in the software selection phase and cannot decide which solution would be right for your agency, then this article is perfect for you. When evaluating various insurance software systems, it is critical to know what to look for. The points given below will help you pick the right insurance solution for your agency
Tips for Selecting the Right Insurance Software
Nowadays, due to a boom in InsurTech, there are a number of insurance software companies offering different kinds of software solutions for agencies. If you are in the market for a new agency software, then these tips will help you make the right selection.
1. Identify the Needs
Before diving into the selection process of the insurance software system, you need to outline your business requirements and identify what you want from the new software. You cannot choose the right solution unless you know what you want. Speak to the employees and evaluate the issues they are facing. Figure out how insurance software companies can alleviate these issues and which features will help you meet your objectives. Depending on your needs, you can either opt for a custom software or a run-of-the-mill solution.
2. Check the Scalability
Insurance businesses scale up or down with time. In this regard, traditional insurance agency management systems fail. Since they aren’t scalable, they cannot grow with the company and only become liabilities. However, with a modern insurance software, insurance agencies do not have to worry about scalability. These solutions can support the changing needs of the agency and adapt well to more locations, more workforce, and more customers. This type of flexibility is imperative to business growth and success.
3. Set a Reasonable Budget
Cost is a significant factor to consider when choosing an insurance software for agents. Small and new businesses may have a tight budget. However, you shouldn’t blindly go for the most affordable solution in the market. Insurance systems vary in price, depending on features, modules, and functionalities.
Estimate the real cost of the solution. While doing so, do not fail to account for the long-term savings that you will get with the right software. The real cost of software is not easy to determine. There are a number of hidden costs, and unless they are factored in, you can easily blow past your predetermined budget. Understand all the facets involved in estimating the total cost of ownership, including license fees, training, implementation, hardware, etc. It shall help you stick to the set budget.
4. Integration Capabilities
When choosing a new insurance software, you may not wish to overhaul your existing systems and processes to accommodate the new addition. Doing so is not only very expensive and time-taking but it can also lead to significant downtime. Unless you are modernizing your entire business setup, it makes sense to go for an insurance software that can integrate with your current infrastructure.
Determine if the vendor provides programming tools for customizing the software. Find out if there are any established partner communities that offer add-on apps by the department and pre-built integrations with other systems. It becomes essential to ensure that the new insurance agency management solution is compatible with the existing setup. It can save you significant time and money in the long run.
5. Data Security and Management
Data management is an essential factor to consider when selecting an insurance agency management system. As insurance businesses work with massive volumes of confidential information, the need for secure and efficient data management cannot be overlooked. Before migrating the data to the new solution, you have to identify if the data is ready for migration. In case you are implementing agency management software for the first time, then it is likely that all of your business and client information is stored in disparate systems and folders.
Therefore, you need to form a strategy for ensuring a secure and hassle-free migration of data. This needs to be done before you select the insurance system. The data migration strategy will act as a roadmap for migration and allow you to ensure an error-free and clean migration.
6. Post-Deployment Customer Service
Even though the right insurance software will offer you a great return on investment, the business would still have to gain buy-in from the employees as they will be the ones utilizing the system on a day-to-day basis. Check out what kind of training the vendor provides and if they offer after-sales support. A number of vendors offer professional training services at extra costs. If you have limited expertise, then pick a vendor that works with from right from implementation and deployment to the following couple of months. Also, ensure that you have a bunch of options for seeking advice from the vendor’s consultant. Comprehensive employee training should be made available through remote, on-site, or classroom sessions.
Qualities of a Perfect Insurance Software
For extracting the true potential of the insurance software, you must ensure it has the following features and capabilities:
● Business data management capabilities
● Seamless integration with third-party tools and technologies
● Insurance policy administration and management
● Claims process management
● Insurance policy underwriting and quoting
● Customer relationship management
● Customer service and support
● Business process automation
● Real-time analytics and customized reporting
Conclusion
An insurance software brings with it an array of unique advantages ranging from increased productivity to higher revenue. These benefits contribute to the overall profitability and help agencies grow and expand. The software also automates workflows and allows insurers to focus on core business activities. Use the pointers given above to select the right insurance software that will help your business grow by leaps and bounds.
