This large sector is poised for heavy growth which explains why insurance is such a competitive industry. Insurers, both carriers, and agencies are continually looking for ways to stand out against their competition.
In the last decade, we’ve seen an explosion in the technological capacity of software to support the insurance industry and there is now a multitude of software systems that support insurers for both policy systems and claims systems.
The intersection of technology and insurance has arrived and capitalizing on this technology represents a big challenge for insurers in the coming years.
Over two-thirds of responders to a recent poll identified their willingness to download an app from insurers to facilitate their claims, indicating that the insurance industry has more of an incentive to leverage digital tools than ever before.
In this article, we’ll explore some of the best software for insurance agencies to manage their policies and claims.
There is a variety of insurance management software out there so we’ll take a look at the two main functions that software can have before exploring the best options on the market.
What Is a Claims Management System?
Claims management software systems are built to help insurance companies manage the entire lifecycle of the insurance claim. Starting at claim creation and ending with a settlement, if one is agreed, a claims management system enables insurance agencies to automate a great deal of these processes.
“Automation is an essential feature of claims management systems, but naturally human input is still required in the claims lifecycle. What a claims management system offers to the user is easy access to information about the claim and customer details, facilitating accurate decision making throughout the claim.”
Claims management systems are improving every step of the insurance agencies’ business meanwhile improving the policy holder’s experience.
Another valuable idea for insurers is to implement a policy management system, which we will discuss now.
What Is a Policy Management System?
Policy management software is often incorporated into claims management systems but provides a distinct purpose.
The policy is at the heart of the insurance industry and having the policy effectively communicated to customers as well as a secure policy application, underwriting, claims, and renewal processes in place mitigate risk and facilitate the ease of claims management.
Policy management software and claims management software are both forms of CRM (customer relationship management) that can help you stand out from the competition. You can think of a policy management software as a CRM specifically designed for insurance agencies who have customers with insurance policies.
Policy management software can also help you get ahead of the competition by comparing market prices and offering quotes for renewals, upsells, cross-sells, bundled policies and more.
An integrated comparative rater, or quoter, within policy management software, can provide your customers with real-time quotes from carriers across the marketplace in real-time. This can demonstrate your value to the customer and help your organization set its price points with accurate data.
Policy management software enables insurers to keep documents and data organized, providing a hub for the storage of policy documents. Ease of access to these documents can save your organization time and money and reduce the risk of expensive errors taking place when your agents lack the necessary information for making real-time decisions.
Before we explore the best insurance management systems on the market, let’s look at exactly how claims and policy management systems are so valuable for those in the insurance industry.
Why Use Insurance Claims and Policy Management Software?
Consumers are overwhelmed with insurance options and agencies to work with. So, in the competitive marketplace of insurance, it’s imperative that you stand out to consumers.
A recent poll revealed that 71% of consumers researched insurance companies online before making a decision.
“Policy holders are becoming more and more knowledgeable about insurance products and claims due to the available information and technology they have access to. So, they must be appealed to with an advanced level of sophistication. Offering leading technology is one of the best ways to satisfy this need for sophistication and so effective claims management software will strengthen customer trust in your organization.”
In 2021 and beyond, policyholders will expect great technology and a great digital experience.
Specifically, this is what policyholders expect and why you should use insurance management software:
- A quick and simple quoting process
- A frictionless application process
- Easy access to policy documents from their phone and computer
- An easy to manage claims process that keeps them updated on the process
Overall, the reason you will benefit by implementing software for your agency is by attracting more new policyholders while also retaining more existing policyholders. Furthermore, by improving your customer service and experience you will garner a better reputation and reviews along with more referrals.
The Costs of Software for Insurance Agencies
Claims and policy management software are increasingly essential to insurers, but of course, they come at a cost. These costs are often based upon usage requirements, making it hard to unravel the true cost of software for insurance agencies without committing to buying and using the software for some time.
Insurance management software systems tend to be offered on a subscription model, meaning your organization will be paying monthly for the privilege of using their software. This monthly fee should come with customer support, enabling you to use the software effectively and problem-solve any issues.
So, how much does software for insurance agencies cost?
Insurance management software generally costs between a few hundred dollars a month for a standard system for a small organization and can range in the thousands for a big business. Usually, your organization’s needs will determine the cost of the software, as well as how many claims and clients you want to use it for.
Fortunately, most CRM and insurance software systems offer free trials, allowing you to try before you buy. Leveraging a 7, 10, 14, or even a 30-day free trial to see which software works for you is an essential part of the decision-making process.
We even give away a completely free insurance CRM to help you get started collecting and managing leads that you can then import into any of the following CRMs, or any other CRM of your choice, in the future.
By utilizing a free trial you can estimate your usage requirements and determine what your monthly cost would be to subscribe to that particular software platform.
To help you choose, however, here are our picks for the top ten insurance management software systems in 2021.
Top 10 Insurance Management Software Systems
The list below contains the top 10 insurance management software systems that we have researched.
Each one is unique in its own ways so read about all of them to determine which insurance software system is best for your agency.
Insurance Agency Management System from AgencyBloc
AgencyBloc is focused on insurers in the health and life sector and is a cloud-based package offering software as a service (SaaS). Their software package offers claims management as well as policy management and marketing services – a complete service for customer relations as well as generating and storing documents securely.
AgencyBloc’s Insurance Agency Management System is a complete solution for managing all aspects of your agency, from sales and marketing to quoting, leads, policy administration, commissions, and more. It includes industry-specific CRM and integrates with back-office systems like accounting software. It automates routine business tasks such as quoting and policy administration, saving you time so you can focus on growing your agency.
AgencyBloc is one of the cheaper options on this list making it a great value for smaller insurers in the life and health insurance sector.
Agency Management System from Hawksoft
Hawksoft has been doing insurance agency management since 1995. Hawksoft’s Agency Management System (AMS) is one of the first online agency management applications. It allows insurance agents to quickly set up and run their business while providing a secure, easy-to-use interface for their clients. AMS is designed to increase agent productivity by reducing paperwork and allowing them to spend more time with clients.
Hawksoft’s advanced Agency Management System (AMS) is a cloud-based application that provides real-time, web-based access to insurance agency management functions, including policy and underwriting operations. Hawksoft AMS includes a comprehensive suite of home and auto insurance rating tools and an array of business intelligence features that enable agencies to grow their business while maintaining a competitive advantage.
Not all CRM software is intuitive and easy-to-use, but Hawksoft’s interface is usable with little to no training, which makes it a great choice for insurers looking to implement CRM for the first time.
Hawksoft can integrate other applications such as QuickBooks and offers everything an insurer requires for interfacing with customers. Further, Hawksoft can be purchased on a SaaS model or locally installed onto company hardware, meaning you have the option of avoiding recurring fees.
Hawksoft will help you manage your agency in a way that allows you to focus on what you do best: helping your clients.
Comparative Rater Software & AMS
This is a functional piece of software for managing insurance agency needs and includes a comparative rater, consumer quoting, and customer marketing functionality. Thanks to the module system, insurers can define their needs and choose a bespoke program, meaning that you’re never paying for software that’s not perfectly aligned with the needs of your organization.
EZLynx has been in the insurance industry for quite some time with their Comparative Rater software and Insurance Agency Management Systems (AMS). They have developed some interesting features such as Facebook Quoting (similar to our chatbot) as well as shortened forms with vehicle pre-fill capability.
They’re one of the few agency rating platforms that offer a full life cycle approach to managing your customers. Their reputation and success are built on helping agents succeed from start to finish by integrating seamlessly with their CRM, quoting program, and more.
Applied Epic (Applied Systems)
P&C Agency Management System
This complete insurance management software has a wide range of functionality and enables insurers to manage P&C (property and casualty insurance). With reporting capabilities that allow insurers to thoroughly document their processes, Applied Epic becomes a one-stop-shop for insurers looking to carry out all their business on a centralized platform.
Automate and save time managing your entire book of business with a single platform that integrates the core business processes for Property and Casualty insurance carriers. Applied Epic’s web-based solution offers carriers the ability to manage their quoting, policy management, renewal, billing, claims management, servicing, and carrier integrations from a single, scalable system.
Simple Software for Insurance Professionals
Insly is an insurance software solution that stands out from its competitors thanks to a sleek and functional design making it a truly modern choice of software. It’s a customizable, cloud-based software so insurers can adapt the software to their business needs, and it’s designed to enable users to be self-supporting with instant functionality.
Insly includes a real-time personal lines rater that supports over 500 carriers nationally offering 100% accurate quotes while saving agents up to 85% of their quoting time.w
Policy Administration Software
If your organization spends a lot of energy in designing policy, either to sell them to agencies or to end-users, ISI Enterprise could be the insurance software system for you. This system is built to allow carriers to build effective, risk-assessed policies and although it lacks functionality for transferring these to end-users (it lacks an element of claims management software) it’s highly functional within its own scope.
Software Development for Insurance Companies
Chetu is not directly aimed at those in the insurance industry but rather offers a platform for developing software to meet the needs of many businesses across transport, agriculture, and insurance. For insurers, however, it comes with an inbuilt understanding of regulatory limits enabling policy and claims management, rate calculation, and document management can be accomplished within Chetu.
Adaptik (Acquired by Sapiens)
Software Solutions for the Insurance Industry
Adaptik began in 2000 and was acquired by Sapiens in 2018. The platform offers a complete management system for insurers specializing in P&C claims, and it enables everything from generating quotes for potential customers and making sales to administering claims. By centralizing customer details, Adaptik makes it easy for agents to make decisions as well as provide efficient customer service.
Adaptik is available as both local software and on-cloud providing flexibility for agencies looking for functional CRM software.
Insurance Claims Estimating Software
This last piece of software on our list is designed for property claims adjusters. Xactimate is Xactware’s claims estimation software.
Claims estimation is a complex component in property insurance and making accurate claims estimations allows you to profit without estranging customers through excessive prices. Xactimate is cloud-based software, enabling calculations to be made accurately and efficiently. Purchased through a SaaS model, you’ll pay monthly to use Xactimate.
Picking the right software for your insurance agency can improve your relationship with your customers, generating long-lasting loyalty, and providing a healthy return on investment.
By properly mapping out your operational requirements you can select an insurance management software that reduces friction in your business and increases productivity without exceeding your budget.
We hope that our list helps you find the best software systems for your agency to help you grow your insurance agency in the coming year.
This post was a collaboration with Katherine Rundell who is a software review writer at Academized.com. She has ten years of experience building CRM-oriented software and works with many organizations optimizing tech policy.