Article 6 in a 6-part series
Agency Management is the last InsurTech category in our six-part series. We hope you have enjoyed learning about the strategies for investing in InsurTech and are getting ready to enter the 2020 InsurTech Award.
WHAT IS AGENCY MANAGEMENT?
An insurance agency management system (AMS) organizes all aspects of your agency’s book of business and increases operational efficiency. AMS automates the back office, carrier-facing and client-facing functions that agencies need to succeed.
WHY IT’S IMPORTANT TO USE THESE TOOLS
As independent insurance agencies embrace InsurTech solutions, it makes sense to start with the most primary functions first. AMS typically perform insurance-specific functions that drive and support sales. These include:
— Policy management
— Claims management
— Payment processing
Once you get comfortable with your AMS, you can integrate function-specific apps and portals to manage allied functions such as team collaboration, customer support, payment processing, and more.
As one AMS provider explains it, “Your AMS is the best employee you’ll ever hire.” This star “employee” gets work done faster and more accurately, freeing your agents and staff for more high-ROI activities, such as interacting with clients.
AGENCY MANAGEMENT TOOLS
Following are some of the tasks you can automate. We’ve also included some solution vendors as examples. Our list is not intended to be exhaustive of all the options out there, nor does ePayPolicy endorse or prefer one vendor over another.
Automate Key Agency Functions
These multifaceted systems are designed to make agencies look good because they’re built for efficiency. AMS companies Applied Systems and Vertafore are perhaps the most widely known AMS solution providers. Both offer a variety of system options and features. Innovators like Hawksoft, Veruna, and NowCerts are carving out their own niches and earning accolades, as they build in more functionality and run on popular platforms like Salesforce.
An AMS provides a central hub for specialized integration tools that increase sales and marketing, team collaboration, client support, and engagement with both clients and carriers. As you explore which capabilities you want to add to your technology stack (e.g., sales, chatbox, CRM, payment processing) start with your existing AMS provider or the provider(s) you’re evaluating. Different agency management systems integrate with particular vendors’ apps, and they’re usually featured on the AMS company’s website. That’s your assurance that:
— You’re seeing a pre-vetted list of preferred integrations partners
— The partner vendors listed will easily integrate with their AMS
The right AMS for your agency is out there, whether you write P&C or life and health policies, are large or small, InsurTech-savvy or just starting your automation journey. Agency Management Systems are foundational, customizable, and easy to set up and use. With or without any add-on to automation tools, the AMS enables your whole team to work smarter, not harder.
WHERE DOES YOUR AGENCY STAND?
Find out! ePayPolicy’s annual 2020 InsurTech Award is now open for entries. Top scorers will get cash and other awesome prizes. All entrants receive their InsurTech adoption score, along with valuable feedback. Enter today and find out how your agency stacks up against others (and how you’ve improved over time, if you’ve entered before). Judges even offer tips on specific ways to leverage automation for:
Our 6-part series covers all of these InsurTech solution categories. We invite you to explore them all.