Six insurtech solutions that all insurance brokers need


The insurance industry is no exception.

Every day, customers expect more and more from their insurance agents and brokers. Since you may not have been able to meet clients in person recently, the digital tools in your tech stack are more essential than ever. Zywave is the leader in insurtech solutions that will help you, as a broker or agent, increase your productivity, improve your communications and better serve your customers, wherever you are. Here is how you can take advantage of these tools for your success.

Evaluate your current insurtech solutions

Take a moment and think about how your business solutions work together. Is there an overlap? Are you still using different programs or workflows that no longer make sense? Is there a gap in your insurtech that you haven’t filled?

During my career, I have had the opportunity to work with hundreds of agencies. And through those conversations, I’ve identified six core insurance solutions that the most successful agencies and brokerages are using in today’s insurance market.

These areas are essential in shaping your business’s long-term strategy and success, and it’s essential that they all work together to support your team.

AMS: account management system

Every business has a system for registering customers and tracking their activities, billing, billing, the products they sign up to, and any support your employees manage. By bringing all of this data together in one centralized location, an Account Management System (AMS) enables better organization and operational efficiency, freeing up time for your staff to focus on more strategic or revenue-generating activities.

CRM: customer relationship management system

AMS is where your account managers and office staff live all day. On the other hand, your salespeople and producers live in a customer relationship management (CRM) system. It’s all about the activities at the top of the funnel and the accounts you’re trying to earn. CRMs are essential to the success of your business because it is the centralized location for vital sales activities. Some names that you can recognize in this area are Salesforce and Microsoft Dynamics.

CPQ: Configure, price, quote process

The next thing every agency needs to consider is what we call Configure, Price, Quote (CPQ), which includes a digital quote and benchmarking. Software and technology vendors have long embraced the idea of ​​an end-to-end automated CPQ process, but this acronym is new to most insurance professionals. All agencies need to prepare a quote for a client at the right time, which includes accurate pricing, product information, etc. The best performing agencies have implemented a specific and automated process for their CPQ workflow to achieve sales and renewal. the process runs transparently. Consider your process of developing a proposal today. What inefficiencies exist and what could make it easier?

Marketing automation system

Next on the list of critical business solutions is an automated marketing system. Gone are the days of pushing one-off emails to clients and clients; the margin of error and the time spent on customization is too great. Email marketing automation systems help you send communications to prospects and customers quickly and also help you track results. There are many great email marketing systems available today for brokers that can help you personalize your messages and get them to the right audience at the right time.

CMS: content management system

Another thing all organizations need to think about is content. Content is the backbone of any business – it represents your brand and gives you a voice. From your customer service teams and the way they manage their business books, new revenue prospecting, your website and social media, all of these media need high quality content that represents your agency, your brand, your service and your professionalism. Beyond content, however, is the idea of ​​content management. Just as important as the content itself is how you organize, access, and maintain all of the content you create, purchase, and distribute.

Customer-oriented software

Finally, client software, which can include a variety of different offerings. Many companies have software that they provide to their customers. This can include any type of tool or software that your customers use, with their own usernames and passwords, that they log into to help them complete a task. Some examples are an online registration system, a resource portal, or online training courses. Typically, these are software solutions you provide that make life easier for your customers and satisfy the self-service options they are looking for.

Start with what works for you

When you think about these six essential insurtech solutions, in order for them to be the most efficient and effective, they must be integrated, which means they must work with each other. In an ideal world, your automated marketing system connects directly to your CMS, which would connect to your AMS. You would be able to easily and efficiently locate content relevant to a specific contact or contact group, all in one simple workflow.

But not all agencies need to implement all of these solutions immediately or at the same time. What’s most important is understanding what essential insurtech solutions are needed for you to run a competitive business in today’s marketplace and the success you can achieve as a result.

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