by Tyler Brookfield VP of Associates
Today the independent agent has many choices to make. The insurance industry has become more automated making it extremely important to have efficient workflows and automation systems that help you work smarter. The “next generation” agency management systems, if implemented correctly, can help an independent agency improve the bottom line by providing detailed reporting, built in comparative quoting capabilities and unilateral account visibility.
To determine which system is the best fit for your agency you want to consider many different factors. How large is your agency today and what are your growth goals. You want a system that can meet today’s needs as well as something that can facilitate growth. The type of business you are writing can also play a key role. Are you focusing on personal vs commercial lines? Does your agency have a health and life department? Lastly and sometimes the most important factor is cost. What type of investment can your agency afford? For some of the higher end management systems, there is significant setup costs.
There is a lot to consider as you navigate the independent agent waters. Good news is there is help. As you begin to look at management systems lean on the people who are selling you their products. Request webinars to review exactly what the system can do for you. Get references of companies similar in size that have recently implemented the new system. Aggregator or wholesaler partners are another way to get access to top tier agency management systems without the crippling up-front costs.
The decision can be daunting, but don’t worry. If you choose wisely a good system can help grow your agency and provide valuable data. If you do all your homework and choose the system that best fits your agency’s needs you will be well positioned to be a successful agency in the digital future.