Showing 1-20 of 34 products
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, license... Read more
Recent recommendations: 25 recommendations
NowCerts is a cloud-based insurance solution designed for insurance agencies of all sizes. Key functionalities include commission tracking, task management, claims management, reporting, self-service certificates, reminders, calendars,... Read more
Recent recommendations: 17 recommendations
Partner XE is a cloud-based insurance agency management system for independent agencies. Partner XE offers accounting, claims management and policy management. Using the system's integrated accounting functionality, users can manage... Read more
Recent recommendations: 3 recommendations
BindHQ by Owsy is a cloud-based insurance solution designed for specialty insurance distribution. The solution is built to serve wholesalers, managing general agents (MGAs) and managing general underwriters (MGUs). Key features include... Read more
DRC's insurance system is a cloud-based insurance solution that enables property and casualty insurance businesses to manage their policy quotes, ratings, billing and claims. The solution offers features for brokers, carriers and policyholders. DRC... Read more
NetClaim by Navex Global is an online claims management and incident reporting solution for insurance carriers and third-party administrators (TPAs). It allows clients to handle various types of claims, such as workers' compensation,... Read more
WaterStreet is a cloud-based insurance solution designed primarily for sectors such as property and casualty insurance. WaterStreet provides tools to manage quote-to-claim policy lifecycle support, a configurable rule-based structure,... 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 market. The... 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. HawkSoft’s... Read more
Applied Rater is a cloud-based insurance rating and quoting solution that helps businesses to present insurance rates to their clients. It integrates into agency websites and management systems, providing users with a single point... 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 packages... Read more
EZLynx is an insurance agency management software that streamlines all agency workflows. It provides back-office management features, CRM, and marketing automation tools that help agents strengthen relationships with customers and... Read more
Insly is a cloud-based accounting solution that is designed for brokers, agents and accounting professionals. Key features include accounting and billing management, debt management and reporting. Insly helps in managing sales pipeline... Read more
Surefyre is a cloud-based customer relationship management (CRM) solution designed for the needs of insurance agents. It is suitable for multiple types of carriers, including property, casualty, life and health care insurance providers. Key... Read more
ISI Enterprise is a cloud-based insurance solution that assists businesses in policy administration, billing, claims and other related services. Key features include reinsurance management, a policy rating engine, document management... Read more
Applied CSR24 is a cloud-based self-service customer portal for insurance companies. It offers clients online and mobile access to an organization's policies' information. Key features include document management, claims management,... Read more
Adaptik Suite is cloud-based and on-premise insurance software designed for property and casualty (P&C) insurers. Businesses can use the integrated suite for managing claims, administering policies, billing customers and much more.... Read more
InsuranceSuite is an insurance management solution that helps agencies streamline operations and manage claims, bills and receivables, as well as underwriting and policy administration. The solution can be deployed in the cloud and... Read more
Nexsure Agency Management is cloud and mobile-based agent management solution, which helps manage, improve and accelerate the growth of insurance-related operations. Designed primarily for brokers, agents, wholesalers and program administrators,... Read more
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
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:
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: