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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
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 ...Read more
SimpleINSPIRE is an integrated multi-line insurance platform suitable for P&C insurance companies of any size. It combines policy management, billing and insurance accounting, claims management, business intelligence, efficiency t...Read more
Jenesis is a cloud-based solution that helps insurance agents manage personal and commercial lines and obtain new potential customers. Key features include claims management, rating engine, policy processing and reinstatement trac...Read more
PhoneBurner is an outbound call center solution that allows users to log in from their computer and make calls from the connected phone, using imported or admin-provided lead lists. The system offers functionalities that include p...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
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
A1 Tracker Contract Management Software is a cloud-based contract management & lifecycle platform. A1 Tracker's features include contract approval workflow, documents, vendors, audits, reminder notifications, templates, certi...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
Commission Tracker is an on-premise and cloud-based solution that enables insurance agencies to manage policies and calculate agents' commissions. Administrators can sort existing policies based on agents, carriers or clients and ...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: