Automating Your Agency Management - ePayPolicy
The article, the final installment in a six-part InsurTech series, explains that insurance agency management systems (AMS) automate essential agency functions such as policy and claims management, payment processing, accounting, commissions, and invoicing to increase operational efficiency, highlighting leading AMS providers like Applied Systems, Vertafore, Hawksoft, Veruna, and NowCerts as tools that free staff for higher-value client interactions.
Article 6 in a 6-part series
Agency Management is the last InsurTech category in our six-part series. We hope you have enjoyed learning about the strategies for investing in InsurTech and are getting ready to enter the 2020 InsurTech Award.
What is Agency Management?
An insurance agency management system (AMS) organizes all aspects of your agency’s book of business and increases operational efficiency. AMS automates the back office, carrier-facing and client-facing functions that agencies need to succeed.
Why It’s Important to Use These Tools
As independent insurance agencies embrace InsurTech solutions, it makes sense to start with the most primary functions first. AMS typically perform insurance-specific functions that drive and support sales. These include:
- Policy management
- Claims management
- Payment processing
- Accounting
- Commissions
- Invoicing
Once you get comfortable with your AMS, you can integrate function-specific apps and portals to manage allied functions such as team collaboration, customer support, payment processing, and more.
As one AMS provider explains it, “Your AMS is the best employee you’ll ever hire.” This star “employee” gets work done faster and more accurately, freeing your agents and staff for more high-ROI activities, such as interacting with clients.
Agency Management Tools
Following are some of the tasks you can automate. We’ve also included some solution vendors as examples. Our list is not intended to be exhaustive of all the options out there, nor does ePayPolicy endorse or prefer one vendor over another.
Automate Key Agency Functions
These multifaceted systems are designed to make agencies look good because they’re built for efficiency. AMS companies Applied Systems and Vertafore are perhaps the most widely known AMS solution providers. Both offer a variety of system options and features. Innovators like Hawksoft, Veruna, and NowCerts are carving out their own niches and earning accolades, as they build in more functionality and run on popular platforms like Salesforce.
Integrations
An AMS provides a central hub for specialized integration tools that increase sales and marketing, team collaboration, client support, and engagement with both clients and carriers. As you explore which capabilities you want to add to your technology stack (e.g., sales, chatbox, CRM, payment processing) start with your existing AMS provider or the provider(s) you’re evaluating. Different agency management systems integrate with particular vendors’ apps, and they’re usually featured on the AMS company’s website. That’s your assurance that:
- You’re seeing a pre-vetted list of preferred integrations partners
- The partner vendors listed will easily integrate with their AMS
Thinking Ahead
The right AMS for your agency is out there, whether you write P&C or life and health policies, are large or small, InsurTech-savvy or just starting your automation journey. Agency Management Systems are foundational, customizable, and easy to set up and use. With or without any add-on to automation tools, the AMS enables your whole team to work smarter, not harder.
Where Does Your Agency Stand?
Find out! ePayPolicy’s annual 2020 InsurTech Award is now open for entries. Top scorers will get cash and other awesome prizes. All entrants receive their InsurTech adoption score, along with valuable feedback. Enter today and find out how your agency stacks up against others (and how you’ve improved over time, if you’ve entered before). Judges even offer tips on specific ways to leverage automation for:
- 1.Sales
- 2.Marketing
- 3.Team Collaboration
- 4.Client Experience
- 5.Customer Support
- 6.Agency Management Systems
Our 6-part series covers all of these InsurTech solution categories. We invite you to explore them all.
Related
How To: Evaluate Insurance Premium Payment Options -
The guide emphasizes that insurance carriers, MGAs, and agencies should evaluate premium payment options beyond just the checkout experience by prioritizing insurance-specific solutions that integrate with management systems to streamline back-office workflows, maintain data integrity with policy-specific details, and offer fee flexibility to optimize margins, contrasting these with generic payment processors that often lack such tailored features and create operational inefficiencies.
Comparison: ePayPolicy vs. Applied Pay -
This comparison highlights that while both ePayPolicy and Applied Pay are leading insurance agency payment platforms designed to streamline premium collection and reconciliation, ePayPolicy offers a versatile, open solution compatible with any agency management system, whereas Applied Pay is a built-in, single-vendor tool exclusive to the Applied Systems environment, providing seamless integration and real-time ledger updates within that specific AMS.
Time is Money: The High Cost of Slow Payment Solution Implementation
The article examines the prolonged 6-12+ month implementation timelines of insurance payment systems, detailing how these delays incur significant financial costs, hinder ROI, and impact customer and agent satisfaction, while offering best practices such as leveraging robust APIs, automating workflows, and choosing efficient partners to accelerate integration, optimize operations, and build scalable, future-proof payment solutions that provide a competitive advantage.
Brown & Brown Makes a Customer-Centric Decision
Kelton Robinson, upon joining Brown & Brown in 2018, spearheaded the seamless implementation of ePayPolicy’s digital payment system integrated with Vertafore’s AMS360, which modernized the agency by enabling instant credit card and ACH payments, improving customer satisfaction and adoption—especially among personal lines clients—and significantly enhancing accounting efficiency through faster transaction management, real-time tracking, and payment notifications, all introduced just before the COVID-19 pandemic.
Selecting the Best Payment Processing Integration for Your Management System
The article emphasizes selecting a digital payment processor that seamlessly integrates with your agency management system—such as ePayPolicy, which specializes in insurance sector integrations with platforms like AMS360 and Applied CSR24—to simplify bill payments, reduce errors, improve cash flow, and enhance user experience through easy deployment and user-friendly interfaces tailored to independent agents.
Automation Nation - ePayPolicy
The article from ePayPolicy discusses the ongoing debate around automation, highlighting its benefits such as reducing human error and increasing efficiency, while addressing concerns about job displacement and AI's current limitations, and emphasizes the company's efforts to demystify AI and automation in the traditionally human-centric insurance industry by showcasing everyday examples like autocorrect.