Showing 1-15 of 15 products
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
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
SchemeServe is a cloud-based insurance solution designed for insurance organizations, managing general agents (MGAs) and brokers. Features include cancellation tracking, claims tracking, policy generation, a rating engine, reinsurance... Read more
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
SEI CRM is an accounting and insurance system for agents and brokers to manage sales and customer relations. It allows agents to manage their customer base, add and edit client data and maintain client history. The application keeps... 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 product... Read more
Velocity is a cloud-based agency management system for property and casualty insurance carriers. It helps users handle the needs of general agents, program administrators, wholesalers, carriers, reinsurers and retailers. The core features... 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
Life insurance companies offer a service that poses many challenges. Such businesses must ensure quick responses to customer claims, process sales orders faster and expand their existing product offerings.
To make matters more complicated, there's no shortage of insurance software available to small and midsize businesses (SMBs). You should carefully explore the landscape of life insurance tools based on their capabilities, pricing, deployment models and other parameters.
Start by reading this Buyer's Guide to understand what life insurance software does and how it can benefit your business.
Here's what we'll cover:
Life insurance software helps agents and brokers automate different operations such as issuing policies, collecting premiums and processing claims. Such solutions also allow customers to view details of their policies, raise claims using web forms and pay their premiums via a self-service online portal.
Example of life insurance agent management in Vetraforce
Additionally, life insurance solutions can integrate with customer relationship management (CRM) solutions and accounting software to allow the transfer of customer details and financial data to and from these systems.
When researching life insurance software, make sure the tools you're looking into offer the following standard features:
|Claims management||Initiate, verify, approve and track customers claims. You can update claim details, upload documentation, create settlements and close claims on a single platform.|
|Policy management||Implement policies and create new ones. This typically includes rating tables and automated underwriting workflows for faster policy creation.|
|Commission management||View and edit details of agents, understand their broker rates, assign them new products and approve commissions on a single platform.|
|Billing and payments||Collect customer payments from different channels and devices. Payments are recorded and automated invoices are sent to customers.|
The benefits of life insurance tools are wide-ranging—from helping businesses deliver policies and resolve customer claims faster to automating audit trails and underwriting. Listed below are some of the core benefits of such a system:
Make sure you compare life insurance tools around pricing, user reviews, deployment and more before your purchase.
Below are some of the most common factors to keep in mind when evaluating these tools:
Choose the right deployment method. Insurance software can be deployed on-premise or in the cloud. The more popular choice is a cloud-based solution, as it allows both your employees and customers access anywhere, anytime. However, the right solution for you depends on your usage and existing software deployments. Call us at (844) 687-6771 to discuss the best deployment option for your business.
Pay the right price. Do you want a pay-as-you go solution (with a monthly fee) or a tool with a one-time license fee? The one-time license is suitable for growing and large organizations that can host and manage the tool within their own data centers. Small businesses usually opt for monthly subscriptions as the vendor takes care of data storage, maintenance and updates. However, there are long term costs associated with a pay-as-you go solution. For instance, vendors typically price life insurance software on a "per agent" basis. This means that as your business grows and you hire more agents, the price of the solution will increase.
Get the necessary integrations. If you're using a CRM solution, then it's critical that your life insurance tool integrates with it. This ensures that you can streamline the data transfer between the two tools and offer the right policies your clients. Similarly, you should check for integrations with accounting solutions and other software tools that are critical to your business processes.
Read user reviews. One of the common mistakes small businesses make is purchasing a tool, only to find out afterward that it doesn't quite meet their business needs. Maybe it doesn't have the right functionalities—or maybe your employees find the tool too difficult to use without training. Regardless of the reason for a failed or failing implementation, it results in a huge waste of company time and resources. Instead, a quick way to understand a tool's suitability is to read user reviews that rate it on functionality, ease-of-use, deployment and other parameters.
In the 2017 Software Advice report, "How Insurance Technology Trends Impact Customer Expectations," we surveyed customers and asked them what they expected out of insurance providers. Below is a summary of the key findings, which life insurance providers will find relevant and useful to understand their market: