Introduction to Agency Management System


A web-based Insurance Agency Management System or AMS is a Software as a Service (SaaS) tool that can optimize the existing agency business processes and run, and help the operations effectively. It tracks details of the policy, improves agent productivity, and provides instant access to client data. It also helps in managing claims for purchasers and handling commissions for the agents. It automates multiple processes, making the agency operations quick and efficient. The agency management system allows storing a huge amount of information under a single umbrella. As a result, the agents don’t need to use multiple applications to retrieve even a little amount of data.

It becomes extremely difficult to manage agents, commissions, clients, and more importantly, make sense of client information. Agency management software can help increase agencies’ potential by utilizing the information and automating processes. It improves an agency’s ability to retain customers while acquiring new business.

Benefits of Insurance Agency Management System

According to a spokeswoman, because of the pandemic, Northwestern Mutual, the United Nation’s largest seller of insurance, saw a 15% jump in the number of insurance policies it sold between April and September in 2020, versus an equivalent time in 2019. Similarly, many insurers have reported a rise in their policy sales.

There is no denying the actual fact that agencies are the max popular insurance distribution channels. With the increased business coming in each day, insurance agencies find it difficult to manage their processes manually. The Insurance Agency Management System helps organize policy, agent, and client management within the workplace. The system not only deals with all back-office operations but also manages the consumer journey.

  • a) Operations Management:
    The AMS software streamlines various operations within the company without human interventions. It helps us to speed up processes like policy issuance and claims management. It not only makes the exercise quick but also accurate. It assists in improving agency management by letting the machine do redundant, time-consuming tasks.
  • b) Improves Sales:
    The AMS grows the sales by identifying cross-sell opportunities and helps grow the agencies’ books of business. It also assists in policy management by mapping clients, agents, insurers, and everything involved. A well-ordered sales are important for an agency’s growth, and with the assistance of agency software, insurance agencies can sell more policies and manage agents efficiently.
  • c) Marketing Automation:
    A hidden perk of the software is reducing the communication gap between the agent and his customer. Agencies can keep in touch with the leads, prospects, and clients and send the right kind of communication at the right time, By using the email marketing feature of AMS. Many AMS also support omnichannel communication. It further grows the capabilities of agents to communicate with prospects via their preferred channels. Automated communication factors like renewal dates, cross-sell, and upsell signals help avail more sales opportunities.
  • d) On-field Sales:
    On-field sales might have reduced because of the impact of COVID, but it is still prevalent within the insurance agency business. The agency management tool makes the sales team more productive through online document collection and simple customer onboarding. Also, agencies can calculate commission or incentive for agents on the go.
  • e) Analytics:
    Built-in analytics in the AMS allows the agencies to leverage the information and forecast sales. Data-driven insights also help agencies take measures to enhance the business. It assists visualize key customer metrics using Charts, KPIs, and more so that vital information is never missed. It also keeps a tab on every individual agent and gathers data like policies issued, renewals done, and claims settled.

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