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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
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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
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Sapiens P&C

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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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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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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Vertafore Agency Platform

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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Stream Suite

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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Applied TAM

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

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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Agency Suites

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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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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Partner XE

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
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Bridge is a property and casualty insurance solution that supports the insurance policy lifecycle and helps users adapt business processes and workflows. Users can make changes to the products, fill gaps in existing legacy systems,... Read More
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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
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1insurer Suite

1insurer Suite is a cloud-based and on-premise insurance solution that combines software modules such as policy management, billing, claims management, agent/customer/repairer portals and insurer analytics. Businesses can choose to... Read More
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InsuranceEnterprise by CodeObjects is an integrated insurance solution that can be deployed on-premise or in the cloud. The solution offers four modules, which include policy administration, claims management, ratings and billing.... Read More
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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
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Buyer's Guide

If there's one thing that everyone can agree on about insurance, it's that the industry is complicated. From the most basic, stripped-down health insurance policy to the most expensive corporate liability package, every policy has a multitude of details that need to be worked out by agencies, pored over by policy holders and regulated by the government.

Fortunately, just as insurance policies have grown more complicated over the years, the types of software created to help manage those policies have become more sophisticated. This makes keeping track of the various pieces of policies much easier for insurance agencies like yours, so that they can provide better service for their customers and policy holders.

This buyer's guide will explain how insurance policy software can help your insurance agency develop, administer and manage policies, so you can save time and simply focus on your agency's core processes.

This software exists either as stand-alone systems or as a part of a larger suite of insurance software.

Here's how we'll break down our discussion of this software:

What Is Insurance Policy Software?
Common Features of Insurance Policy Software
What Type of Buyer Are You?
Key Considerations

What Is Insurance Policy Software?

Insurance policy management software breaks down into two key processes—creating policies and administering/maintaining policies.

Although most insurance policy software will allow you to do both of these things, we've broken down our description of the software into these two key features, since they can look different in practice.

Policy Creation

Insurance policy software can provide you with the tools you need to develop new types and tiers of policies to present to buyers. The software will help you design different types of attractive insurance packages, calculate and weigh the costs and profit margins of those packages and keep careful records of all policies that get issues to clients. Some advanced systems even have databases of pre-existing policy templates that you can customize to create the right product for your agency.

Policy Administration

Keeping track of insurance policies can be as daunting a task as creating them, which is why the software will help you with this side of your business, too. Tools will help you to provide timely and accurate quotes, handle claims, track customer history and issue bills.

Additionally, this part of the software system can help ensure that your policies are in adherence with all applicable local, state and federal regulations.

Common Features of Insurance Policy Software

Policy creation Provides a centralized database that houses all of your agency's policy types, along with a library of templates that you can use to create new policy packages.
Policy issuance Enables you to issue policies to customers more efficiently, making it quicker and easier to provide quotes, calculate rates, create contracts and get them signed; field customer inquiries; and track all policies once they've been issued.
Compliance management Helps ensure that all of your issued policies are compliant with all legal and industry regulations on the local, state and national level.
Claims tracking The key feature of insurance policies is how well they handle policy holder claims, and tools within the software will make this process easier for both you and your customers. Automated filing and cross-referencing will make filing claims and issuing payment quicker and more efficient.
Customer portal Provides an online portal that your customers can access to manage their policies and accounts. This can save you a lot of time and money in customer service phone calls, while also increasing your customers' satisfaction rate.
Billing and accounting Automates the billing of your customers so you can save time and money, while improving accuracy. You can also automate features of your accounting in order to track both overall profits and the profit margin of individual policies.

Policy management software Vertafore Agency Platform's interactive builder page

Vertafore Agency Platform's interactive policy builder page

What Type of Buyer Are You?

Insurance agencies, because they require so much capital to be on hand, tend to be medium to large sized companies. As such, few insurance policy software packages are designed for small businesses, and many only cater to enterprise-level agencies.

Your insurance agency may fall into one of the following categories with specific software needs:

  • Health insurance provider. Health insurance can be among the most complex type of policies, so you will likely want to get the most robust, feature-rich software suite possible. Given the immense body of law surrounding health insurance, you will especially want features that enable you to maintain compliance.
  • Life insurance provider. Because of the financial complexities often tied up in life insurance (including, and especially the high payout for those policies), you will want to make sure that you have a system that has strong accounting features.
  • Auto insurance provider. The ability to provide a quick quote and easy claims process will be of key importance in this market, since it is so highly competitive amongst consumers.
  • Homeowners insurance provider. Similar to auto insurance, you will want to be able to quickly and competitively provide a realistic quote to applicants.

Key Considerations

Other factors to take into consideration when picking the best policy management software for your business may include:

  • Integration with other systems. Your insurance policy software may be part of a larger, integrated insurance suite, but if it is a stand-alone package you need to be sure that the software you purchase can integrate with other systems you'll be using. You'll need to be able to check policies against your accounting or your customer relationship management (CRM) software, for example, and the two programs must be compatible in order to work together. Make sure you talk to vendors about how well their software will integrate with these other systems.
  • Cloud-based versus on-premise software. In the past, most software was hosted by businesses on their own premises. This meant that a business would purchase dedicated hardware along with their software so that they could run the software's programs. Such a process required businesses to have the space to host extra servers, as well as the IT resources and knowledge base to set up and maintain the system. Today, it is far more common (though not universal) to find vendors providing their software via the cloud. This means that businesses have no need to host the software themselves, and instead access it via the internet. This costs less up front and limits the amount of time and money that must be dedicated to IT upkeep. Be sure to check with vendors as to how their software will be hosted.