Showing 1-20 of 60 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: 9 recommendations
i2go is a cloud-based, plug-and-play insurance management solution designed for insurance companies, brokers, banks, MGAs, and underwriting agencies. The customizable platform offers a range of modules, including policy management,... Read more
Recent recommendations: 1 recommendations
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
Recent recommendations: 1 recommendations
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... Read more
Centralpoint by Oxcyon is a content management solution that can be installed on-premise or accessed on the cloud from any mobile device with an internet connection.The modular applications can be deployed in a configuration that suits... Read more
TerraClaim is a comprehensive claims management and benchmarking system. It can be used by risk managers, self-insureds, TPAs, and PEOs to manage the entire claims lifecycle. With automated controls and dynamic workflows, TerraClaim... 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 tools,... Read more
Indio is a cloud-based property and casualty insurance agency (P&C) solution, which helps manage and streamline insurance application and renewal processes. The platform comes with a form engine, which lets firms display conditional... Read more
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
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 tracking. Designed... 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
UZIO for brokers is a cloud-based platform that empowers benefits brokers to transition smoothly from pen-and-paper, manual processes to a digital environment. It helps them manage their businesses more efficiently and stay fiscally... 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
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
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
Eclipse is an insurance agency management system for independent insurance agents with both on-premise or cloud-based deployment. It provides features for single agencies as well as multi-agency locations of all sizes. The system... Read more
Virtual Claims Adjuster is a web-based claims management solution designed to help small to large businesses in the insurance industry create automated workflows to manage claims and identify different development trends. Features... Read more
Anagram, formerly Patch, is a cloud-based insurance management solution, which assists health centers and medical practitioners with claim submission and out-of-network benefits management. Key features include ROI tracking, treatment... 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
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?
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
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.
- 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.
- 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.
- 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.
- 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 carrier, 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.
- 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).
- 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.