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Insurance Software

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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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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
 
 
BindHQ by Owsy is a cloud-based insurance solution designed for specialty insurance distribution. The solution is built to serve wholesalers, managing general agents (MGAs) and managing general underwriters (MGUs). Key features include... Read More
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BindHQ by Owsy is a cloud-based insurance solution designed for specialty insurance distribution. The solution is built to serve wholesalers, managing general agents (MGAs) and managing general underwriters (MGUs). Key features include... Read More
 
 

DRC

DRC's insurance system is a cloud-based insurance solution that enables property and casualty insurance businesses to manage their policy quotes, ratings, billing and claims. The solution offers features for brokers, carriers and policyholders. DRC... Read More
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DRC's insurance system is a cloud-based insurance solution that enables property and casualty insurance businesses to manage their policy quotes, ratings, billing and claims. The solution offers features for brokers, carriers and policyholders. DRC... Read More
 
 
NetClaim by Navex Global is an online claims management and incident reporting solution for insurance carriers and third-party administrators (TPAs). It allows clients to handle various types of claims, such as workers' compensation,... Read More
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NetClaim by Navex Global is an online claims management and incident reporting solution for insurance carriers and third-party administrators (TPAs). It allows clients to handle various types of claims, such as workers' compensation,... 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
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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

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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
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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
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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
 
 
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
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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, license... 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
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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
 
 
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
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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

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ISI Enterprise is a cloud-based insurance solution that assists businesses in policy administration, billing, claims and other related services. Key features include reinsurance management, a policy rating engine, document management... Read More
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ISI Enterprise is a cloud-based insurance solution that assists businesses in policy administration, billing, claims and other related services. Key features include reinsurance management, a policy rating engine, document management... 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
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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
 
 
Applied CSR24 is a cloud-based self-service customer portal for insurance companies. It offers clients online and mobile access to an organization's policies' information. Key features include document management, claims management,... Read More
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Applied CSR24 is a cloud-based self-service customer portal for insurance companies. It offers clients online and mobile access to an organization's policies' information. Key features include document management, claims management,... Read More
 
 
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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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
 
 
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

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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
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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
 
 
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
 
 
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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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
 
 
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 Analytics is a cloud-based data analytics solution for businesses in the insurance industry. It offers configurable reporting tools, allows users to produce charts and graphs and lets users monitor client retention, sales performance... Read More
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Applied Analytics is a cloud-based data analytics solution for businesses in the insurance industry. It offers configurable reporting tools, allows users to produce charts and graphs and lets users monitor client retention, sales performance... Read More
 

Buyer's Guide

by Brian Westfall,
Market Research Associate
Last Updated: October 16, 2018


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

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

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 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.
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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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