A Short Guide to Insurance Agency Management Systems

A Short Guide to Insurance Agency Management Systems



Are you looking for a high return on the insurance agency management systems you use? These systems are easy to use and maximize your potential. Many come with webinars that teach you exactly how to use the system so it’s something you can pick up right away and be successful at.

Improving Your Insurance Agency’s Organization

Using an insurance management system includes the use of tools that help keep you organized. These include commissions processing, workflow automation, and improved customer service. All of these tools work to keep your agency organized for maximum productivity.

Types of Insurance Agency Management Systems

There are two types of systems: contact-based and policy-based. The big difference between the two is how they’re organized. Generally speaking, a policy-based system is organized around policies while a contact-based system centers on contacts.

Contact Based: This type of system uses contacts from which all other information stems. Through contacts, all data is tracked, including policies, agents, groups, carriers, commissions, and more. Your search for the individual client’s name, which in some cases is a business, and from here you can see all the information linked to them. For example, if you look up Mark Brown, you can see all of his policies, know which carriers they are with, and all the other pertinent information about him. The benefit of using a contact-based system is simplicity. There are fewer accounts to manage as they are all linked to a person’s name rather than having to sift through numerous policy-based accounts.

Policy-Based: This type of system searches using a policy, which is linked to a carrier. From here, you can see who owns it and how much commission has been paid out on the policy. Using Mark Brown as another example, if he had four policies, there would be four different accounts for him. A policy-based system can be messy. Furthermore, it can create roadblocks and prevent cross-selling.

Choosing an Insurance Management System

The first step to choosing an insurance management system is to decide if you want a policy-based or customer based system. The pros and cons of each of them should be weighed accordingly. Investing in an insurance agency management system will keep all of your contacts and policies organized, easy to locate, easy to track, and available in real-time anytime. If you haven’t been using this type of software available to insurance agents, you should consider purchasing an insurance agency management system today.

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