Agency management systems (AMS) are central to an agency: they help agents sell insurance, serve clients, and manage their operations. Several vendors offer software to help meet agent needs. Some offer broad suite capabilities; others are pure-play AMS solutions. Larger distribution software vendors are actively acquiring systems, diversifying feature sets, and enriching the system capabilities agent can access.
AMS capabilities can vary greatly between different vendor, but there are three main categories that any AMS will help support:
Selling Insurance
AMS solutions assist agents by managing prospects and leads, generating quotes, and streamlining customer communications. Insurers that can integrate with an agency’s AMS are at an advantage. It is not uncommon for agents without integrated AMS to toggle between several systems during the quote process. This workaround is cumbersome and error-prone. Integration increases accuracy and decreases the time to receive a quote.
Some platforms support omni-channel communication. Agents often communicate with their client bases over several digital channels like text and social media. The ability to orchestrate marketing campaigns by industry can lead to more conversations and drive conversions.
Servicing Customers
When serving customers, agents often use their AMS as a repository to keep track of policyholder information and claims status. An AMS should integrate with the insurer partners’ systems to provide download and upload capabilities.
38% of young agents indicated that their AMS solutions do not have upload capabilities to insurer systems. This gap can lead to out-of-date policyholder information and a disjointed customer experience. The capture of real-time transactions increases transparency and keeps the insurer, insured, and agents abreast of any changes.
Managing Operations
AMS solutions establish workflows, send alerts for compliance and license deadlines, and provide managerial dashboards that show the agency’s performance. Workflow automation is helpful for agencies. These alerts can ensure responsiveness to client requests, improving the customer experience. More advanced systems can provide personalized workflows dependent on specific client characteristics.
Agent interest is growing in applying analytics to their books of business. These analyses can help managers route inquires to the most appropriate parties and visualize productivity better.
Insurers looking to improve agent experiences should understand AMS data needs and the capabilities that drive efficiencies and improve policyholder experience. For an in-depth look at AMS active in the property and casualty space, see Novarica’s report, Agency Management Systems and Software Suites.
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