As an agency leader in the insurance industry, choosing the best management system for your company is one of the most significant decisions you’ll face. So, what do you need to know about these systems to ensure you choose correctly? Agency management systems are software applications that allow you to perform your essential business operations. These systems allow you to integrate multiple company operations via an online (SaaS) platform. Offering capabilities like policy management, accounting, integrated rating, sales automation, reporting and more, agency management systems help independent agencies save time, stay organized and gain an edge in the market so they can take their businesses to the next level.

The Importance of Agency Management Systems

Agency management systems are so crucial that 99% of insurance agencies use them. The highest quality systems don’t just help a business function, though; they help it thrive. A great system will streamline data input, consumer interfacing and business-to-business connectivity. It will even allow you to leverage data for critical insights into your performance. Features like these can give your company the agility and foresight to increase revenue, even in a competitive market.

Finding the Agency Management System That Fits Your Needs

Identifying the agency management system that fits your business’s needs is essential. An excellently designed system can supercharge your company’s growth, but a poor management system can stunt your potential. So, how can you make sure you’re picking the right system? Before you make this all-important decision, you need to know the right questions to ask.

Questions To Ask About an Agency Management System

Knowing what you’re looking for is the first step to finding it. So, what specific questions should you ask to ensure you get the best product possible? Well, to start, you should ask if an agency management system can help you:

• Save time and effort?

• Maintain and form valuable connections?

• Identify and take advantage of new opportunities?

If the answer is yes to all three, you’re off to a good start.

There’s still more to consider, though. Make sure you’re getting the most out of your business with a management system that offers the specific capabilities your company needs. The best insurance agency management systems empower agents to:

• Manage all lines of business in a single application. Agency management systems provide all the key features needed to manage personal lines and standard commercial lines. When agents don’t have to maintain or switch between multiple systems, they can cut costs, get deeper insights into their businesses, and create a healthy pipeline for new business.

• Improve and streamline sales processes. Agency management systems can help agents manage the complete customer lifecycle and grow their businesses by giving them more visibility into their sales pipeline. Management systems provide an easy and effective way to forecast sales, track and manage sales tasks, access relevant sales information, target opportunities, upsell, and close deals.

• Provide excellent customer service. Self-service technology, like a client portal, allows agencies to deliver enhanced service. It gives policyholders the power and freedom to access insurance policy information and documents and pay their statements at their convenience. By transitioning these simple service requests online, agents can save money and free up time to focus on revenue-generating tasks. Making interactions with the agency simple and convenient will strengthen client relationships.

• Effectively communicate and market to customers and prospects. Agency management systems can help agencies stay in touch and up to date with customers by delivering targeted and timely client communications. Communication tools inside the management system can send birthday wishes and important notifications, help with cross-selling opportunities, and expand marketing reach. When agents connect with their customers at the right time with the right messages, they can build loyalty, cement their place as trusted advisors and improve retention.

• Improve efficiency by automating business processes. Automating routine agency processes can significantly improve efficiency and productivity. Automation can allow staff to focus on higher-value activities, such as building client relationships and finding new business opportunities. Automation can standardize processes, helping reduce errors and improve accuracy. By streamlining processes and reducing manual labor, automation helps agencies save time and money.

• Increase customer retention. Agency management systems can help agencies efficiently retain customers through automation and analytical tools. It allows agents to quickly pull important information about their clients, allowing them to provide better customer service and respond more quickly to their clients’ needs. It can also help agents save time and be more efficient by automating simple tasks, freeing up time for agents to focus on other important activities.

• Provide insights for data-driven decision-making. By using data stored in the management system, agents can get information on key performance indicators giving them insights into your agency’s health, progress, and where to focus their efforts to reach their goals. Reports and dashboards make accessing information and client data simple, allowing agents to track and analyze the metrics that matter most.

Next Steps

A good agency management system empowers your company to fulfill its true potential. In addition to saving time and money, the right system can increase customer retention and help you expand to new clients and markets. When you choose a system with features that match your business’s needs, the possibilities are endless!

For more specific information about what to look for when selecting an agency management system, including a 10-point checklist, download our EZGuide: How to Find the Best Management System.