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What Are The Different Types of Insurance Agency Software?

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In recent years, a seemingly endless number of software solutions have emerged, promising to make business easier for companies in all industries.

As such, agencies and brokerages have a prime opportunity to increase their effectiveness and streamline their operations by making a few smart investments in insurance agency software.

But with so many different platforms on the market, it can be difficult to figure out where, specifically, investments should be made. 

With that in mind, let’s take a look at four different kinds of insurance agency software solutions that can help your business operate more efficiently—increasing profitability along the way.

1. Customer Relationship Management (CRM) System

In an age when customers expect personalized experiences in every interaction, the customer relationship management (CRM) platform is perhaps a salesperson’s best friend.

Simply put, a CRM system provides a central repository for all prospect- and client-specific information. For example, you might have a client’s name, birthday, family information, medical history, location, job, hobbies, preferred medium of communication, and more in their file. 

Not only does this make it easier to personalize each interaction, but the technology also enables agents to increase their efficiency considerably.

For example, leading CRM tools enable you to take advantage of email automation. Instead of manually keeping track of when a client’s birthday is and sending them an email on that day, you can let the CRM system take care of that for you. 

As a result, you don’t have to worry about missing any milestones—and you have more time on your hands to focus on other areas of operations.

2. Real-Time Quoting and Enrolling Engine

These days, customers expect instant gratification. In the world of insurance sales, this means that if inspiration strikes and they want to buy insurance at 8 p.m. on a Saturday night, they expect to be able to do precisely that (thank you, Amazon!).

Of course, your agency can’t keep its doors open 24/7. But with a real-time quoting and enrollment engine in place, you can meet your clients’ and prospects’ need for instant gratification and grow your business while you sleep.

With a quoting engine that’s available around the clock, you can always generate leads throughout the day and week. As an added bonus, real-time quoting tools will help your agency stand out from your competitors, because a good chunk of them will still be relying on outdated technologies.

3. Customer Service Software

When customers go to your website, it’s only a matter of time before one of them will run into an issue. To maximize enrollments and help your business reach its full potential, you need to be able to respond to these issues as quickly and efficiently as possible. You have to imagine that several other visitors have experienced the same issue—even if only one of them is reporting it.

A help desk solution such as Zendesk can accelerate your company’s incident response times considerably, providing the high-touch service your clients and prospects have grown to expect in recent years. 

What’s more, Zendesk has a live chat tool that can help you connect with website visitors in real time, answering their questions and helping them find the information they’re looking for.

4. Communication Tools

In the past, insurance agencies could communicate in person, over the phone, through the mail, or through email. Technology has come a long way over the last several years, and now a number of new solutions can improve an agency’s communicative capabilities significantly.

For example, a collaboration platform such as Slack, Microsoft Teams, or Mattermost can help keep your team on the same page through chat-based messaging. A videoconferencing tool like Zoom, Skype, or GoToMeeting enables you to have “face-to-face” conversations with clients, prospects, and colleagues—no matter where you happen to be. And if you regularly work on projects with colleagues, especially if they don’t work in the same building as you, a project management tool such as Trello or Asana can help everyone see where things stand at any point.

Your agency might not need all three kinds of communication tools, but chances are that one of them, at the very least, could prove to be a game changer.

Are You Happy with Your Agency’s Tech Stack?

If it has been a long time since you added a new tool to your agency or brokerage’s tech stack, it’s all but guaranteed that you are unable to move as efficiently and effectively as your forward-thinking competitors.

The good news is that making a few simple investments can go a long way toward transforming your company into a tech-driven agency that operates with agility—delighting customers more every day.

If you’re in the market for new insurance broker software, check out our white paper, Essential Guide to Insurance Broker Software, to learn how the right solution can take your business to the next level.

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