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Video: Building your insurance technology foundation

June 6, 2022

Our Agency Forward research findings highlighted clients growing interests in a digital insurance experience, nearly three-quarters (73%) of consumers, 78% of small business owners and 91% of middle-market business owners shared that they want an agent who can meet their insurance needs virtually and digitally, regardless of their location.

To enable this experience, agents can’t afford to ignore the importance of implementing the technology to make these digital capabilities possible. While the technology needs of each insurance agency vary, there are two categories of solutions that should be considered as foundational for your agency. Learn about capabilities and benefits of agency management systems (AMS) and customer relationship management (CRM) software.

Agency Management System (AMS) explained

Agency management systems can enhance the day-to-day business processes and help operations run effectively. This software stores an agency’s policy and claims data. By adding carrier and third-party sources to your system, you can provide clients with up-to-date policy and claims data, and your AMS can become your single place to view and manage your book of business and deliver the quick service that clients expect. Think of an AMS as your customer tracking mechanism and system of record. The capabilities of agency management systems differ, though, so it’s important to understand what your AMS can do and how it can best meet your agency’s needs.

How Customer Relationship Management (CRM) software benefits agents

Customer relationship management systems help your agency’s producers and sales teams manage leads and keep track of opportunities with current and potential client. Essentially, the CRM is used for pipeline and revenue management as well as a forecasting tool. By maintaining good data from client conversations and using your CRM effectively, you can find opportunities to personalize and cross-sell new products. You can also use your CRM to automate your marketing to reach customers with the right message at the right time, while saving your staff time and effort.

As the industry continues to evolve to keep up with digital expectations, it’s critical for insurance agencies to fully embrace technology and understand the advantages of doing.