How to Find the Right Software for Your Insurance Agency

August 23, 2017 by

This post is part of a series sponsored by ITC (Insurance Technologies Corporation).

Love it or hate it, technology has become a fundamental part of our lives and businesses. Some technology like comparative rating systems have been around for more than 30 years. Some like social media and chatbots are newer.

Old or new, technology improves our productivity, helps us be more efficient, and saves us time to do other things.

Maybe your current insurance agency software isn’t doing what you need it to. Or, maybe you’ve identified a challenge or inefficiency that new or different technology could improve.

If either of these situations apply to you, it’s time to find a new insurance agency software vendor. But, it’s not always easy to find the right vendor for your agency. Follow this simple process to find the right software for you.

Don’t just start searching without knowing what you’re looking for. Take the time to identify what you want in your new insurance agency software. Put the features and capabilities you need into three lists:

Take some time to think about how much you want and expect to spend. Consider starting or setup costs in addition to ongoing maintenance or support costs.

If you’re replacing current technology, what is the cost of switching to a new vendor? Is there a cost to get your data out of the old system?

Start researching insurance agency software vendors. Before you assess what these vendors offer, just build a list of all the systems that are available. There are several sources you can use to find vendors.

Use Google and forums to search for systems. Check out who is advertising in publications like Insurance Journal. Check with other agents about who they use. Ask marketing reps or your state or local association for referrals.

Once you’ve built your list, start evaluating it. Compare the list to your necessities, conditionals and nice to have lists. Also, look at how these systems measure up to your budget expectations.

As you’re comparing and evaluating, start eliminating vendors until you have your finalists.

When you have your finalists, ask questions. Use the answers to help you decide which vendor is most suitable for your insurance agency.

There are a couple other things you might consider.

First, do you want just a vendor, or are you looking for a partner? Do you want a company that will care about you and your agency? Do you want a company that has demonstrated thought leadership and stays on the forefront of trends so your agency benefits from their expertise?

Second, how does your staff feel about the potential solutions? Will you spend the first few months learning and using the new software? Or, will you be convincing your staff to use it only to cancel after they refuse to use it?

Technology is critical to your agency. It can affect your operations, marketing and sales. It can also influence your staff and office morale.

Choosing the insurance agency software that is right for your agency is important. Use these tips to find the technology that is right for you.