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How to choose the right insurance software for your agency?

As technology continues to advance rapidly, more and more insurance agencies have identified the search for new insurance software as an important way to keep up with the pace. Whether it is to replace an outdated insurance system or to look for a new one to optimize ineffective and inefficient processes. However, finding the right insurance software is not always that easy. In this article, we outline 5 steps that you should follow to find the right insurance software for your agency and make a confident decision.

Consult key stakeholders

Getting new insurance software is not meant to be only serving your best interest. Depending on what your goals are, you will need different stakeholders to be involved in the software purchasing process. Ultimately, it should simplify the work of people who use it. 

Imagine you want to have a customer service portal to offer your customers a comprehensive digital experience. At this point, you will need input from the customer service team, engineering team & customers to ensure the software serves the best interest of your insurance agency. 

Therefore, it’s important to know who needs to be involved, their position, their input, and that they are aware of the recent progress. It’s inappropriate to think it’s nobody’s business and you make the decision by yourself.

Identify your needs

Identify your needs and align them with your business objectives. It should give you the clarity to know what you want in terms of the software features, functionality, and workflow that will ultimately benefit your organization. 

For example, if you want your employees to work together faster at work to generate more sales. You can then start to make a list of items that you need and don’t need in the new software to achieve the objective. It is also good to list the “nice to have features” so that if you have two equally good software providers, you can easily pick one by looking at this nice to have a list.

After the identification, you will have a new insurance software overview list and it should be the reference point of your research. That way, you can have an easier time searching for the right insurance software.

New insurance software overview
Must-have requirements Nice to have
Customized workflows that fit our business Advanced search bar
360 degree view of leads Dedicated account manager
Categorized leads based on the customer journey 24 hour customer support
Add new members or partner easily Modern UI
Mobily friendly Hubspot integration
Sales reporting

Research software solutions

Once you are clear with your software requirements, you can start to do the research and shortlist the insurance software solutions that fit. Ideally, you want to have dozens of contenders. These can then be narrowed down to just a few which you or your stakeholders think are worth trying out. 

A good place to start is with Google and software comparison sites like Capterra, Getapp, Software Advice, Sourceforge & G2. When a software stands out, make a record by creating a list of the features and unique value propositions of each software provider. Double-check whether it matches the list that you came out with earlier. 

As you are researching over time, it is vital not to forget about your initial requirements, or get distracted by the software that offers cool new features which are not necessary. At the same time, don’t exclude a software completely if it doesn’t have one must-have requirement. 

Request for demo

It is farcical to see that some people still avoid demos and make impulse purchases. With a software demo, you can gather more information about the software from people who know the software inside out. 

You can start by contacting the insurance software providers you have shortlisted for a demo. Then invite your key stakeholders and be prepared to ask multiple questions during the demo to get as much information as possible in order to get a more accurate picture. 

Then, collect the feedback and experiences from the stakeholders from the demo. 

At this stage, you should have some ideas on the selection of vendors, the strength of the software, and how the software will improve the insurance agency.

Evaluate software providers

You should have narrowed down to 3 – 5 preferred providers from dozens by now. In the next step, you should request a test or sandbox access to play around with the software, to get some time to evaluate the software by yourself, and to prove if the software shown in the demo is actually working. The rule of thumb is not to test all the software you shortlisted at once to prevent confusion.

Also, prepare your stakeholders for a  trial. Inform them about what you would like to achieve with the software and also how. Give them tasks to complete and ask for feedback throughout the trials. 

Depending on the insurance agency, you might need to present your decision to the top management team and key stakeholders at this time. Be clear with the rationale behind the decision in terms of the features, price, strength, weaknesses, etc. Once they’re on board, you’ll be ready to decide.

Some final thoughts …

Choosing the right insurance software is imperative for the long-term development of your insurance agency. It’s clear that choosing the wrong software can negatively impact your business. At the very least, it will cost you excessive money and stress. By taking the steps we mentioned above, you can avoid extra hassles dealing with ineffective and inefficient insurance software solutions.

If you are looking for a powerful end to end insurance software, visit our page to learn about what we can offer.