Tips for Selecting the Right Policy Administration System for Your Insurance Agency

Tips for Selecting the Right Policy Administration System for Your Insurance Agency

Written by Deepak Bhagat, In software, Published On
September 29, 2022

It’s no secret that running an insurance agency can be complex, with many nuances to manage daily. For many growing insurance agencies, transitioning from a paper-based system to a digital policy administration system is a sensible choice. Not only does an administration system help streamline operations, but this type of platform can also improve the customer experience.

Of course, as you begin your search for a policy administration or agency management system, the options can be overwhelming. How can you be sure that you’re choosing the right platform for your agency? Fortunately, there are a few tips and tricks you can keep in mind as you shop around for the best policy administration system for your growing business.

Tips for Selecting the Right Policy Administration System for Your Insurance Agency

Policy Administration System

  • Data and System Security

First and foremost, security must be a priority when selecting a platform for your insurance agency. After all, your agency handles potentially sensitive customer and policy data regularly; you and your customers need to know that all data is in the right hands. You’ll need to choose a platform that has gone above and beyond regarding its security protocols and features.

Some specific security features you may want to look for include access control, which will allow you (or another designated administrator) to control which users have access to which information. This, along with additional features like multi-factor authentication and data backups, will help prevent data from potentially ending up in the wrong hands.

  • Standard Features and Services

One practice you may find helpful as you shop for a policy administration system is sitting down with some of your staff and making a list of the features you need. For example, you may want to offer online account portals for your policyholders to view and manage their policies online. Or, you may want to integrate digital document signing to save your employees and policyholders valuable time.

Regardless of what you’re looking for, making a list of your must-haves in a policy administration system may help you narrow down your options. From there, you can shop around and explore platforms covering your bases. Keep in mind, too, that many policy administration systems come with different packages or tiers of membership, so you may be able to find additional features to help you get the most out of your service.

  • Optional Add-On Features

In addition to creating a list of must-have features for your policy administration system, it’s a good idea to make a list of “add-ons” that may be worth the upgrade for your agency. These features may not be included with a standard or basic package but can be with other tiers or service levels.

Some features that may be add-ons with a policy administration system include PDF editing and conversion, cloud document storage, and the like. Be sure to carefully price out the costs of these services, as they can range significantly from one platform to the next.

Understanding different pricing models will help you decide which features are worth the additional expense.

  • Customer Service and Technical Support

There’s no overstating the importance of great customer service and technical support when choosing a policy administration system for your growing insurance agency. Specifically, having access to excellent customer service will help you get prompt answers to any questions about the platform. Meanwhile, a knowledgeable technical support team can assist you if you have problems or issues with your account.

Ideally, you’ll want to select a policy administration system with round-the-clock customer service and technical support. This way, you’ll be able to get the assistance you need — even on weekends, holidays, or in the middle of the night. Make sure that you also have a direct line to a customer/technical support team to get a timely response to your inquiry.

  • Paperless Workflow

One of the main reasons many growing insurance agencies switch to a policy administration system is to streamline and digitize their document storage. Specifically, these platforms can be very effective in digitizing important documents, storing them securely, and making them easily searchable on a device. This, in turn, can make finding and editing documents much easier and less time-consuming for employees.

When exploring your options for a policy administration system, be sure that the platform you’re considering has features that will improve document organization and speed up the flow of information within your agency. This may include quick scanning, drag-and-drop, and expedited document uploads/downloads. Having your agency’s paperwork digitized (and backed up in multiple locations for added security) can free up a lot of physical clutter at your office.

  • Easy Integrations

If your insurance agency is already using a software platform, you’ll want to ensure that the chosen policy administration system will seamlessly integrate with that existing platform. For example, if you already use a digital document signing service, your policy administration system should support it. This will make it easier for you and your team to get started with your new software while saving you the hassle of finding new integrations.

  • Intuitive/User-Friendly Design

Last but not least, look for a policy administration system that has been clearly designed with the end user in mind. You’ll be implementing this system for all of your employees (and possibly even your policyholders) to use — so of course, you want to ensure it will be as simple and intuitive for them as possible.

By choosing a platform with a user-friendly design, you’ll be able to minimize the amount of training required to show your employees how to use the new software with confidence. This, in turn, will save your agency some money while ensuring that your company gets the most out of the platform itself. Of course, this doesn’t mean you won’t have to set aside any time or money for training on the new system, so keep this in mind.

  • Ready to Choose a Policy Administration System?

As you can see, there’s a lot to look for in a policy administration system for your insurance agency. Ultimately, it’s all about choosing the platform that will best serve your agency, not just now but in the years to come.

Still, looking for the right solution? Choose an insurance platform that delivers the functionality, security, and scalability that your agency needs to streamline its operations while building stronger relationships with customers. And with features like self-service for policyholders, robust reporting/management tools, document tracking, and more, all your bases are covered.

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