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Vertafore Agency Platform is a cloud-based insurance management solution designed for insurance companies of all sizes. It offers accounting, customer management, document management, policy management and reporting within a suite...Read more
Stream Suite is an insurance management solution designed for insurance companies of all sizes. It offers claims management, customer management, billing, policy administration and distribution management within a suite. The produ...Read more
Applied TAM is a cloud-based insurance management solution designed for small and midsize businesses. It offers business process management, risk management, insurance renewals, marketing management and reporting functionalities w...Read more
Agency Suites is a cloud-based workflow management solution from EZLynx that integrates user websites with consumer quoting and client centers. Users can connect to the solution from home, office or mobile devices. The retail pack...Read more
HawkSoft is an insurance management solution designed for independent agencies. HawkSoft offers workflows for commercial and personal lines and an auto-documentation process that builds a trail of every client interaction. Ha...Read more
Partner Platform’s agency management system (Partner XE) is praised by clients for its ease of use, breadth of capabilities, and long-term affordability. Built for the agency that cares about community values and is tired of the s...Read more
1insurer Suite is a cloud-based and on-premise insurance solution that combines software modules such as policy management, billing, claims management, agent/customer/repairer portals and insurer analytics. Businesses can choose t...Read more
InsuranceEnterprise by CodeObjects is an integrated insurance solution that can be deployed on-premise or in the cloud. The solution offers four modules, which include policy administration, claims management, ratings and billing....Read more
With a claims engine as its core, VCA Software (formerly known as Virtual Claims Adjuster) is a global SaaS platform focused on improving policyholder satisfaction and retention, while providing a next-generation ecosystem to impr...Read more
FINEOS Claims is a cloud-based solution designed to help businesses of all sizes streamline and manage accident, health and life insurance claims. The centralized dashboard enables employees to automate and optimize the entire cla...Read more
AgencyBloc is an agency management software for life and health insurance agencies looking for a more effective way to increase company's profitability, enhancing customer satisfaction and controlling costs in today's competitive ...Read more
Applied Epic is a cloud-based insurance solution that assists agents, brokers, insurance providers and consumers with the exchange of insurance data and information. Key features include policies and benefits administration, licen...Read more
Despite a slew of challenges in recent years—government regulations being constantly in flux, homeownership rates declining—insurance companies continue to survive in an increasingly competitive and complex industry. In some cases, they're even thriving: The global insurance industry is expected to grow 4.5 percent in 2017 and 2018.
Does that mean it's time to be complacent if you're an insurance carrier, agency or brokerage? No way.
Your business won't last long in this day and age without being able to manage a growing policy volume, while still meeting the increasing demands of digital-savvy customers. In a recent report, global consultancy Ernst & Young said having the right technology in place is vital to gaining a competitive advantage in the insurance industry moving forward:
"To meet changing expectations, insurers need to digitize interactions with customers, employees and suppliers. Building new distribution channels and working closely with existing distribution partners to enhance the customer experience is a strategic imperative."
This is why you should consider investing in insurance software—systems designed with the specific needs of insurance carriers, agencies and brokerages in mind.
In this Buyer's Guide, we'll explain what insurance software is, what common functionality to look out for, how much it costs and everything else your insurance business needs to know before making a purchase decision.
Here's what we'll cover:
What Is Insurance Software?
Benefits of Insurance Software
Common Insurance Software Functionality
How Much Does Insurance Software Cost?
Key Considerations When Purchasing Insurance Software
Insurance software is designed to help insurance carriers, agencies or brokerages manage their day-to-day operations. On the administrative side, these systems can help you keep track of policy and claims information, manage your teams and more. There's a client side to this software as well, which allows your customers to log in and do things such as check their policy information, fill out forms and make online payments.
Combining business process management (BPM) and customer relationship management (CRM) functionality, insurance software can act as the digital hub to facilitate all of your company's primary insurance processes.
Claims management in Insly
Dedicated insurance software can provide numerous benefits to your insurance company over more manual methods such pen and paper or spreadsheets. With an insurance software system in place, you can expect:
When researching different insurance software systems, you'll find a lot of variance in functionality. Some systems focus on breadth of functionality, acting as comprehensive software suites that can do everything your insurance business needs, while others focus on depth of functionality and being able to do one thing really well.
With that in mind, here is some of the most common functionality you can expect to find:
Policy management | Create, administer and manage insurance policies for various customers and insurance lines. |
Claims management | Manage customer claims information and track the status of claims that are being processed. |
Billing | Create and send invoices, process insurance payments and manage customer billing information. |
Rating | Enter customer information and receive quotes from partnered insurance carriers in real time. |
Underwriting | Define formal rules for insurance coverage company-wide. Enter prospective client information to determine risk of insuring. |
Analytics and reporting | Analyze trends to discover instances of fraud, risk prevention or revenue opportunity. Generate standardized reports. |
Another trend you'll notice when researching insurance software is that many vendors aren't completely transparent about pricing on their websites. This happens for a number of reasons—the vendor might be trying to get you on the phone to sell you on their product, or their system might have so many customizable options that the cost varies wildly from customer to customer—but it's frustrating nonetheless.
Most insurance software vendors charge a per-user subscription fee. This means you pay a recurring fee (usually monthly) that changes depending on how many people in your company are using the system. The monthly fee can range from around $30 on the low end to $150+ for more advanced systems.
The license cost isn't the only one to consider either. Vendors may also have recurring support costs or one-time upfront fees for services such as implementation, data migration or training. Be sure to understand all of the various costs, pricing models and payment schedules associated with a specific insurance software system before finalizing the purchase.
Here are some final key factors you should consider when deciding on the right insurance software system for your carrier, agency or brokerage: