The Best Agency Management Systems for Your Business

When you’re running an agency, there are many aspects you need to look over, especially concerning client policies and commissions. A CRM could be useful in handling this information. On the other hand, an AMS will have the exact features you need. Let’s take a more detailed look at the benefits you get from an AMS as an agency owner:

Track Policies

As an agency, keeping track of your policies is crucial. Agency management systems can track both individual and group policies. As a result, the information in these policies ends up being extremely useful for the success of your business. An AMS will be able to track your policies and also be able to integrate them from various platforms or types of software.

This feature makes things easier for agents. Besides that, an AMS can easily provide you with details such as the application status, renewal dates, and client information mentioned in a policy.

Process Commissions Faster

Commissions are the bread and butter of an agency. Keeping track of all sources of commissions can be a challenging task. You might think of utilizing a CRM, but it isn’t the best option. With an AMS, your agency will be able to keep track of your commissions and help your business grow.

You can get detailed records of various policies and are able to track commissions effortlessly. AMS software will provide you with information such as commissions from carriers, how much the agency gets, and how it splits fees with agents. In other words, with such records you will see where your agency stands financially and what you can do to enhance your future.

Serve Clients Better

Good customer service is what the insurance industry is all about. It’s in the best interest of an agency that wants to be successful to cater to their customers’ needs. When you serve them well and provide the services they require, you make them happy, and they are likely to remain loyal. Best case scenario: They might even refer you to their friends and family.

So how can an agency management system help keep customers satisfied? For one thing, it’s very client-centric in terms of the information it manages. Initially, you need to get your clients’ relevant details, such as birthdays, anniversaries, policy renewal notifications, and any applicable alerts. The AMS can give you periodic reminders to create a good communication channel with your customers.

Such reminders are helpful because your interaction with the client will make them feel special and involved. They will appreciate the effort you put in by reaching out to them and giving them a greeting or a policy notification.

Reporting for Leads

Leads are vital for any agency and an important source of income. But collecting the information related to leads and managing it can be quite a repetitive and time-consuming task.

Taking these data into account and generating real-time reports to understand how the business is doing is a big plus for any agency. It’s not entirely feasible to create a real-time report through human effort alone. An AMS can assist in creating a reporting structure that can help dictate potential future income generation steams and boost sales efforts.

Agency management systems can help achieve this by:

Keeping track and displaying all the policies sold and renewed, as well as claims settled by the agency 
Monitoring the agency’s overall performance, noting inefficiency, and streamlining efficiency
Keeping a detailed record of leads based on their inquiry, location, and other parameters

Sales Automation

Selling insurance to different people can seem very repetitive. As an agent, it can be pretty dull and time-consuming to go through the same process over and over again. With an agency management system, the software can handle much of the tedium without any human involvement. By utilizing a sales automation procedure with an AMS, you can efficiently handle the mundane and recurring tasks of the insurance sale process.

With automation, you can fulfill the following tasks in your insurance agency:

Sending automated emails to prospects based on the information received
Relaying agents with potential leads based on their inquiry and region
Alerting agents with important events as defined by the agency
Ranking quality leads based on their activity
Analyzing sales performance based on reports and other relevant data

Upselling And Cross-Selling

Once you have a loyal base of customers, you’ll want to keep them in mind for sales of new insurance products. These clients may require additional policies or services based on their situation. If you don’t explore this option and reach out to them, you’re ignoring a lot of potential business.

While finding relevant details about existing customers that could help you upsell or cross-sell is important, it’s also a daunting task. So, this is where an AMS comes in. An agency management system can assist with this process by:

Grouping potential customers for up-selling and cross-selling by policy type, client details, policy dates, and relevant data.
Setting up renewal alerts to help agents keep up with customers and their activities.
Automating marketing campaigns and efforts based on client’s information.