The insurance industry is one of the most demanding industries in the world with clients keeping insurers at their toes always by adding regular claim queries to the already lying plethora of tasks to handle. With advancements in technology, the work burden of the insurers has been minimized to a great extent.
An insurance agency management system or AMS incorporates the use of a SaaS (software as a service) technology by an insurance business. AMS is extremely crucial for the insurance agencies in order to streamline their operational efficiencies, track claims and generate reports, secure their data, build strong relationships with customers, and more.
Top Insurance Industry Statistics
- The National Association of Insurance Commissioners reported of 5,954 insurance agencies that were operational in the U.S. in 2017
- As per The Digital Transformation in Insurance Survey 2018, 48% of insurers use technology in the form of SaaS, Artificial Intelligence, Machine Learning, etc. to determine premiums’ level, 32% to detect fraud, and 45% to aid underwriting
- According to a report by S&P Global Market Intelligence, the net premiums written in the U.S. insurance sector valued at $1.2 trillion in 2017
- S. Bureau of Economic Analysis reported the contribution of the insurance carriers of 3.1% or $602.7 billion towards the gross domestic product (GDP) in 2017
With so many AMS options available in the market, it can get confusing for the insurers to choose the best one amongst them. Irrespective of the level of your insurance needs, you should consider an AMS which surely comprises of the following features:-
Top Must-Have Agency Management System (AMS) Features
- Policy Administration
Policies form an integral part of an insurance business. Choosing an AMS which helps in organized and orderly policy management is the basic necessity of every insurer
- Lead Management
An AMS which is capable of tracking your prospects and leads is definitely recommended in order to manage your leads to perfection and increase the conversion rate
- Industry-Particular CRM
It makes complete sense to choose an AMS which is specifically designed for your industry and can help you manage your books more efficiently than others
- Single-Office Solution
Integrate your whole office in a single AMS and track the office operations easily, along with working cohesively for the best results in terms of work productivity and efficiency
- Commissions Processing
Every insurer is faced with the commissions processing task every month. Choosing an AMS which pairs this processing helps in accomplishing this task significantly.
- Automated Workflow
There are a lot of tasks in the insurance sector which can be easily automated, eventually reducing the manual efforts at large and saving lots of time
- Real-Time Analytics
It is imperative to address the current situations carefully in order to avoid them becoming a problem in the future, which is only possible with the help of real-time analytics
- Cloud Access
A cloud-based AMS lets you manage your insurance business processes from anywhere and at any time and also lets you control the access to its usage
- Contact-Based Solution
An AMS which provides contact-based solutions helps in keeping the contact information of your clients organized in an easy to understand, clean, and efficient manner
- Custom Reporting
When you report from your ARMS directly, you are able to understand the overall trends which are prevalent in your agency and make decisions which are more informed
- Email Marketing
An AMS which constitutes of built-in email marketing platform helps you to stay in contact with your clients, leads, and prospects in an organized and easy manner
- Cross-Selling
If your AMS is capable of identifying the cross-selling opportunities for you, you can grow your business book easily and in a more refined way
Top Capterra Suggested AMS Options
- Bitrix24
This insurance software is one of the most widely used free insurance agency management systems, with more than 4 million users worldwide. Some of the key features provided by this AMS includes appointment scheduling, contracts, free CRM, calendars, quotes, email marketing, agency management, and more.
- Applied Epic
This is a cloud-based and on-premise AMS that provides businesses with automation capabilities. A lot of integration options are available with this single and open application to manage the policies, administer benefits, take care of customer relationships, processes for financial accounting, and sales automation.
- EZLynx
If you want to have a competitive edge over your competitors through a single platform, EZLynx is the name for you. This real-time engine for rating, cloud-based AMS maximizes the potential of your agency to the fullest by providing a seamless foundation. With this AMS, you can easily retain your existing customers, along with acquiring new customers at the same time
- Macaw
This AMS supports end-to-end processes for brokers in P&C (Property and Casualty) and MGAs (Managing General Agent) and covers sales, underwriting, CRM, accounting, and insurance claims processing. Apart from this, it comes with a built-in Document Management System, workflow, and rules components, along with effortless integrations with eSign, payment gateway, and mass email marketing.
- A1 Tracker
This AMS is robust in nature, providing some of the best options for handling claims management, insurance policies, customer service, insurance quotes, and more. If you have an insurance agency with multiple insurance products like commercial, health, auto insurance, liability, etc., A1 Tracker is an apt choice for you. Also, it is extremely beneficial when it comes to the generation and management of policy documents, automating notifications for policy renewal, and more.
Conclusion
2019 is the modern age of digitization, and no insurance agency in the present scenario can sustain itself without incorporating the use of technology in their processes owing to the increasing customer demand, need for enhanced security, and error-free claims processing.
Depending upon the specific requirements and budget of your insurance business, you may choose the most relevant Agency Management System (AMS) for yourself. Irrespective of whether you opt for an AMS or go for insurance BPO services, it will not only help in streamlining your agency processes but also satisfy your clients in the long run, along with minimizing the manual efforts and saving time and costs.
GUEST CONTRIBUTOR: Diana Krall brings more than five years of experience in managing and analyzing the insurance business processes at Insurance Support World, a well-recognized specialized insurance outsourcing services company. She likes to thoroughly research and share her viewpoints about the insurance industry trends through her writing skills and helping businesses drive growth.
