Centralize: What features you should look into before investing in an agency management system (AMS) for your insurance agency in 2022?

If you’re in the insurance industry, you’re aware of the tremendous amount of paperwork and processes involved. For a long time, insurance agencies have been overwhelmed with paperwork and playing catch-up with modernization trends – manually managing business without the necessary software.

Insurance Agency Management systems are a powerful way to support and digitalize the day-to-day operations of insurance agencies. Built with CRM software and marketing automation capabilities, these systems can be implemented to help agencies of all sizes track and maintain client relationships, improve marketing and sales efforts, and monitor sales performance.

When shopping for a suitable agency management system, it’s important to find a solution that will place your insurance agency at the forefront of the industry. Below are some unique features to look out for:

Automated application processes

On a daily basis, BGAs, MGAs, and National Accounts must be able to process new business from advisors. An advanced case management workflow is beneficial because it speeds up the underwriting process.

Equisoft/centralize is a system that allows distributors to enter policy applications manually or via a feed from the carriers. Distributors can send those policies to the carrier and have them authorised and in place, allowing agencies to control the process from start to finish.

Easier commission Payments

It can be frustrating and time consuming for distributors to calculate advisors’ commission payments. Agency Management Systems include a functionality that allows distributors to process commissions, gather all the necessary information, and make the payment automatically.

Equisoft/centralize allows insurance distributors to pay out commissions more rapidly and efficiently through the in-app commission grid feature. The commission feature is vigorous and can accommodate an unlimited number of hierarchies.

Automatic rate updates

In comparison to competitors, the Equisoft/centralize system is unique in that it constantly updates the rates. And products received from insurance companies. Other agency management solutions need distributors to enter an initial rate after setup. Then track and adjust rates manually as they change.

This makes the process completely hands-off for distributors  and results in huge productivity improvements while reducing errors.

Automated follow-up activity

A key feature of agency management systems is the automation of processes and ability to speed up procedures. That would otherwise take a long time to complete. The Equisoft/centralize system is engineered with built-in algorithms that automate follow-up activity. The underwriting process is significantly streamlined and automated with an integration that connects with parameds and carriers. This allows the distributor to automate routine tasks like application follow-ups, and increases their productivity tremendously.

Overall, Agency Management Systems are intended to help distributors streamline day-to-day operations. A good agency management system will enable your organization to gain control over data and processes. while spending less time on boring, automatable tasks. Equisoft/centralize is unmatched when it comes to case management workflow and automations. With Equisoft/centralize, distributors can reliably process cases and offer outstanding service to their clients, the advisors.

Task Management

Insurance firms can use automation to streamline corporate processes and free up staff members to concentrate on consumers. There are numerous time-consuming and repetitive tasks involved in the insurance industry. Businesses must choose an insurance agency management system that has task management and automation functions. It assists managers in managing and allocating tasks based on personnel availability, schedules, and skill sets. Using the software itself, they are able to define and assign projects with deadlines.

The personnel will be better able to concentrate on generating more revenue or luring clients thanks to this adjustment. Which could also raise efficiency.

Analytics Tools

Data’s worth is based on how well it can be transformed into something useful. Insurance companies have access to a lot of data. But they might not have the necessary tools to turn that data into insightful information. Businesses may have access to data-based reports and analyses thanks to insurance agency management systems with business analytics capabilities.

Insurance companies may gain a better grasp of current trends, forecast customer behaviour, and identify the personal habits of employees to better design development programmes and personalise product offerings. These technologies provide personalised insights into typical company procedures. The reports assist in telling a whole story out of operational data. Allowing insurers to make smarter choices that will increase growth and ROI.

Even though every insurance agency is different, they all want growth.

By Christopher

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