Agency management systems are imperative in the insurance industry for any agency with volume or specialized needs. Agency management systems have advanced in recent years creating a brand new avenue of possibilities for agents and how they conduct business. It has significantly helped propel Property & Casualty (P&C) Insurance profit margins and developed a seamless way to manage cases and clients.
Agency management systems such as Verity can provide the perfect performance-based product to help agents manage their policies from anywhere in the world. Likewise, there are six components to agency management systems that help reduce effort while providing better service.
The first thing agents look for in agency management software is how accessible and easy the product is to use. Agencies want software that not only contains all the features they need, but it also straightforward to operate. Having an agency management system that automates processes and allows users to navigate with efficiency can mean the difference between getting the business or not.
MGAs, insurance carriers, and insureds want to sell insurance efficiently and cleanly. Therefore, agency management systems and products like Portal Pro offer more straightforward selling methods. Agencies can customize the software to their needs, enabling them to sell their products efficiently. Moreover, it helps streamline the process for online quoting, built-in underwriting rules, referrals, electronic payments, and reporting.
Another main component that an agency management system provides is a boost to the underwriting process. Initially, retail agents once only used the phone and email to communicate with potential clients. Things are different now, as this technology allows them to uproot the underwriting process and use mobile messaging and social media posts to streamline the submission process. Additionally, it strengthens the process and builds an automated strategy based on client response.
Many providers rely on insurance payments to maintain their business’s cash flow. A rejected claim or coverage issue could harm the company’s profitability. Utilizing an insurance system addresses this problem by providing these businesses with a simple way to confirm that all charges to an insurance company are valid. It protects the company’s funds and accelerates access to payment.
Agency management systems can free up time and resources across the board. The automation services that agency management systems provide could also free up an MGA or carrier to complete other tasks. Furthermore, enabling automated tasks can lighten the load and propel resources toward other avenues.
Without an automated system, businesses and clients often have to verify coverage manually by calling an insurer, waiting on hold, or reviewing a database. These tasks are time-consuming. Using an agency management system frees up resources and gives employees more time to focus on higher-priority tasks.
Data is an important asset in every industry, but it’s essential when selling P&C coverage. Subsequently, it helps agents track vital information that could give them an edge over someone not using an agency management system. Reports may include information about claim statuses, approval times, and other important metrics that play a role in daily operations. Lastly, this technology allows insurance carriers to generate a document within seconds and flip it over to anyone within the same timeframe.
Say goodbye to outdated systems and begin looking at a solution that will provide what you need to increase productivity, decrease costs in the long run, deliver frictionless transactions, and remain competitive in today’s environment. For more information about VRC’s Verity software and to book a demo, click here or contact us at 541-209-0700.
