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Tips to Choose the Right Agency Management Software

Running an insurance agency demands you to be on your toes constantly. Your clients are the ones who keep you going so it’s your duty to take care of their happiness. Meeting their expectations and offering seamless services seem an endless battle that often takes a toll on your teams. You mostly commit to unrealistic deadlines that gradually pile up the frustration and chaos among your team. This added burden of keeping both clients and team members happy pulls you in two different directions. Your traditional and outdated tools are hardly helpful in keeping pace with this workload and business growth.

We have good news for you: Agency Management Software is the perfect solution to manage all these daunting tasks, enhance communication, and ensure effective collaboration for teams and clients. It provides the right information at the right time for smooth operations. In simple terms, AMS is a SaaS technology commonly used by insurance agencies to organize their work processes and streamline operations. It aims at improving the relationship between employees, prospects, customers, stakeholders, and others involved while bringing everyone on the same page. It makes every aspect of managing an agency easy and scalable and expands business through the integration of cutting-edge technology.

However, there is one stumbling block- how to choose the best agency management system that fits your needs. As you connect with an enterprise software development company to shift to a more optimized platform, it is important to understand what to look for while picking a management system for your agency.

In this article, we have covered all the necessary factors to look for to choose the best and cost-effective AMS. Have a look at these features:

Map Your Requirements

Although every insurance agency is different, the foundation that contributes to its growth is the same, i.e., clients, people, and finances. Understand these aspects of your agency and analyze how you intend to make them better with management software. If you are implementing an AMS, there must be a reason for it, such as:

  • Your existing software doesn’t support the growth
  • It lacks the features to handle day-to-day operations
  • It can’t keep pace with the trends and competition
  • It doesn’t allow tracking for contacts and policies
  • It’s not ideal for the insurance industry or your agency
  • There is no way to track groups or individual business
  • It lacks other features like commission management

Any of these reasons can hamper your progress to reach your goals. Hence, it’s time for you to make the change and as you evaluate other options, ask yourself a few questions:

  • What do you aim to accomplish in the coming years with AMS?
  • Why do you want to implement AMS in your agency?
  • How much can AMS add to your goal and help you reach your target?

Many employee benefits brokers use a SMART sheet that stands for Specific, Measurable, Attainable, Relevant, and Time-Based. You can use this goal-setting method to identify your objectives.

Insightful Dashboard Is a Must

A dashboard is your one-stop destination to see through all the windows and keep a close watch on key performance indicators (KPIs). Therefore, your AMS should not only be able to prioritize tasks for every team member but also provide insight into all the projects through a single dashboard. It will also allow you to add filters to know the open projects and the ones that are closed. As a result, you won’t miss a deadline accidentally because this dashboard will send you alerts and notifications.

AMS also comes with an interface that includes graphs, flowcharts, diagrams, and other data without any hassle. Needless to say that such robust software will help you offer effective online payroll services and insurance solutions to companies by tracking agents’ work hours, progress, and performance. You can also check their productivity, monthly sales, pipeline work, and commissions. Besides, identify any discrepancies to reduce errors and improve the company’s efficiency level.

Should Ensure Seamless Communication

More than 45% of clients believe that the agencies they are working with hardly understand their business and needs. When it comes to an insurance agency, client relationship is the key. To achieve this you need to ensure seamless communication not only with your clients but within teams as well. However, getting the communication system right is the biggest challenge. You have multiple team members and consultants working on the same project or task. With the right agency management software in place, you can bring transparency between people, customers, stakeholders, and other involved parties. Also, it allows members to exchange files, messages, ideas, and more within the interface of the task.

Everybody can share ideas, feedback, and discuss a project easily and have a centralized communication platform. Of course, everyone should be on the same interface where all the requirements are defined and it also sends email notifications to keep them informed. No more digging through to find email threads with AMS and it keeps everyone in the loop for a bigger and better picture.

Go Beyond Traditional CRM

Agency Management System is a CRM in addition to various other things. However, CRM is a generic term used for systems that adapt to the needs of varied industries. It offers a plethora of capabilities and features but to fit those functionalities to your needs and customize the CRM, you need to put in a lot of effort, time, and tears. And yes, you cannot ignore the hefty amount you need to invest in this. Hence, your AMS has to be much more than just a CRM so that it makes the entire process effortless along with your customer services. It must collect and use data and organize it to determine the market trends and predict customer needs.

An industry-specific and comprehensive AMS includes all the features and functionalities of CRM that are built directly into the system. You can access the information within no time via a centralized database. Also, if there is any change in requests or issues, then AMS tools speed up the process to deliver highly-responsive and dedicated customer services, thereby leading to a higher retention rate.

Real-Time Reporting

To deliver top-notch services to your clients and work on every project effectively, you must be aware of the potential problems and issues that might arise in the future and need quick resolve. Therefore, your AMS must have a real-time reporting feature to enable you to get a thorough overview of the project and its progress. With detailed insights into the clients’ requirements and market analysis, you can instantly address a challenge and provide value to your customers in moments of doubt. The feature allows you to create custom reports using the already input data, helping you evaluate team members’ performance, overall expenses, completes tasks, and budget.

Using the reports, you can identify trends that might work in your favor and also the ones that might create adverse situations in the coming years. Hence, keeping you prepared with required resources and solutions. It also tracks expenses and delivers a consolidated report on the budget’s performance.

Time to Make the Change

Insurance Agency Management Software is certainly a crucial part of your agency, taking care of your customer relationship management and marketing automation. Yes, selecting the right system may come with its hurdles but the above-mentioned points will make your journey smoother and more convenient. Once you decide on the perfect software that aligns with your needs, goals, and requirements, don’t wait for another minute to implement it. Rest assured that you will soon witness improved communication and workflow in your agency.