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Insurance Software

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Insly logo
 
Insly is a cloud-based insurance management solution for small and midsize insurance brokers. Modules and key features include a topic clustering, policy administration, sales management, process automation, invoicing and reporting. A... Read More
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Insly is a cloud-based insurance management solution for small and midsize insurance brokers. Modules and key features include a topic clustering, policy administration, sales management, process automation, invoicing and reporting. A... Read More
 
Vertafore Agency Platform logo
 
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
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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
 
Agency Suites logo
 
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
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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
 
AgencyPro logo
 
AgencyPro is agency software designed for insurance companies, intermediaries and underwriting agencies. It is suitable for organizations with multiple insurance products, including auto, home, health, accident, causality and life... Read More
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AgencyPro is agency software designed for insurance companies, intermediaries and underwriting agencies. It is suitable for organizations with multiple insurance products, including auto, home, health, accident, causality and life... Read More
 
Applied TAM logo
 
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 within... Read More
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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 within... Read More

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Digital Insurance as a Service logo
 
Digital Insurance as a Service (DIaaS) is a cloud-based insurance management solution by DXC designed for companies of all sizes. It caters to property and casualty, general insurance, life insurance, annuity and pension market segments. DIaaS... Read More
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Digital Insurance as a Service (DIaaS) is a cloud-based insurance management solution by DXC designed for companies of all sizes. It caters to property and casualty, general insurance, life insurance, annuity and pension market segments. DIaaS... Read More
 
HawkSoft logo
 
Hawksoft provides insurance agents with communication tools to build relationships with customers. It builds customer histories and removes errors and omissions by tracking interactions between customers and insurance agents. In Hawksoft,... Read More
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Hawksoft provides insurance agents with communication tools to build relationships with customers. It builds customer histories and removes errors and omissions by tracking interactions between customers and insurance agents. In Hawksoft,... Read More
 
InsuranceSuite logo
 
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
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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
 
Sapiens P&C logo
 
Sapiens P&C general insurance software is a cloud-based, General Data Protection Regulation (GBDR)-compliant insurance management solution designed for medium and large organizations. It caters to non-life property and casualty and... Read More
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Sapiens P&C general insurance software is a cloud-based, General Data Protection Regulation (GBDR)-compliant insurance management solution designed for medium and large organizations. It caters to non-life property and casualty and... Read More
 
Stream Suite logo
 
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 product... Read More
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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 product... Read More

 

Buyer's Guide

by Brian Westfall,
Market Research Associate
Last Updated: September 13, 2017


Despite a slew of challenges in recent years—government regulations being constantly in flux, homeownership rates declining, direct insurers threatening to >eliminate their existence altogether—insurance agencies and brokerages 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 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 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

What Is Insurance Software?

Insurance software is designed to help insurance agencies and 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

Claims management in Insly

Benefits of Insurance Software

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:

  • Improved operational efficiency. Being able to house all of your information in one easily searchable database and automate tedious processes related to billing or reporting can save your business a ton of time.
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  • Increased data security. Sensitive customer or carrier information shouldn't be held in easily crackable spreadsheets. Encryption and user authentication capabilities found in insurance software can keep your data safe.
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  • Better regulatory compliance. Staying on top of ever-shifting regulations through manual methods can be an incredible time suck and result in costly errors. Insurance software can automatically highlight any areas that need your attention.
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  • Fewer breakdowns in communication. Features such as task management, automatic notifications and communication tracking can ensure that nothing falls through the cracks working with customers, carriers or otherwise.
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  • The ability to provide superior customer service. Insurance buyers rely on you to provide quick, accurate assessments of their situations, and the ability to perform self-service requests on their own time. Insurance software can allow for this.

Common Insurance Software Functionality

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.

How Much Does Insurance Software Cost?

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.

Key Considerations When Purchasing Insurance Software

Here are some final key factors you should consider when deciding on the right insurance software system for your agency or brokerage:

  • Cloud-based or on-premise? Insurance software deployments are either on-premise (where the software is maintained on company servers) or cloud-based (where the software is maintained on vendor servers and accessed by companies via the internet). There are benefits to each option—on-premise software is more customizable to your needs, while cloud-based software requires fewer IT resources—so weigh your options carefully.
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  • Do you need to integrate? It's likely that your business already has other vital software systems in place, be it CRM software, accounting software or otherwise. Let vendors know which systems you're currently using to ensure a seamless integration between different business processes (e.g., migrating invoice information into the company ledger).
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  • Do you need segment-specific software? Most insurance software vendors can tailor their system to work with multiple insurance segments, be it health, life and annuities (L&A), property and casualty (P&C) or otherwise. That's great news if you want to evaluate a wide variety of options, or if you're a multiline insurance business. If you desire a vendor that specializes in your segment though, they definitely exist. Silvervine, for example, only serves P&C insurance businesses.
 

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