New Software for Insurance Brokers to Grow In 2023

Tools and software help insurance brokers streamline services and better serve their customers. With the speed of technological advancements, the software you used five years ago won't be the most efficient software you can use today.

This is even more true in the insurance industry, a sector that has been slow to adopt modern technology. However, many new insurance agent tools and software offerings can eliminate tedious manual tasks and improve how you run your agency.

Whether it's time for a software update or you're new to insurance software and the capabilities it can bring to your insurance agency, this guide can help you find the best new tools and software to grow in 2023 and beyond.

What Is Insurance Software?

Insurance agency software improves an agency's internal and customer-facing processes.

Insurance software is typically equipped with multiple capabilities to help run various aspects of your business. Some of the most common types of software used by insurance brokers include insurance agency management software, customer relationship management (CRM) software, and data collection and quoting software.

Benefits of Insurance Software

Processes are typically document-heavy, precise, and require specific regulations. As a result, insurance processes are often time-consuming and prone to human error.

Various types of insurance software work differently to improve agency processes and help insurance brokers work more efficiently. Integrating multiple software types within your agency can streamline internal processes, communications, and customer interactions.

For example, an agency management system can manage financials, internal communications, and daily tasks. When integrated with your agency workflows, the system can handle routine operations like payroll and billing and increase employee productivity.

A CRM helps improve customer service when onboarding customers, completing routine activities and filing claims. Data collection and quoting software automates collecting essential information to provide clients with accurate quotes quickly.

When insurance software systems streamline agency processes, insurance agents can experience these benefits:

• Improved efficiency and productivity
• Reduced overall costs
• Improved customer service
• Decreased human error
• Compliance management
• Improved internal communication with agents and carriers

How Insurance Brokers Use Software to Grow

Insurance agencies constantly experience growth and change. As the needs of consumers and insurance requirements change, customer flow increases, and insurance agents take on more tasks. Yet, it would be impossible to keep your insurance agency afloat without modern insurance marketing techniques and lead generation.

Insurance software uses data and analytics to help agents improve marketing techniques. Certain types of software can also prioritize leads and automate communications.

Consider these ways different software types help insurance brokers grow their book of business:

• Data collection and quoting software automates the information-gathering process to provide potential clients with accurate quotes more quickly. For instance, InsurGrid allows agents to collect dec pages from a potential customer using a single link. The faster process increases customer conversions and gives agents more time to interact with customers.
• CRM software connects teams, distribution channels, call centers, and agents to a unified portal. Agents improve customer service by streamlining processes and automating many customer communications. This improved customer service can result in reviews and recommendations that help agents grow their practice.
• Claims processing software automates tasks to help insurers manage and evaluate claims. The software speeds up the claims process and improves communication with the customer throughout the process. It also allows agents to avoid mistakes. As a result, customer satisfaction is improved, and agents have more time to serve additional clients.

Key Factors to Consider When Choosing Software for Your Insurance Brokers

Investing in new technology can be intimidating, whether updating your current software or seeking out insurance agent tools you've never used. To choose the best software, it's essential to consider these key factors when narrowing down your insurance software choices.

Features

When choosing software for your insurance agency, you'll need to consider features that address the specific problems you're trying to solve. For instance, CRM software buyers typically seek improved client communication, interaction tracking, and schedule and reminder creation.

When seeking insurance broker software as opposed to general-purpose software, it's a good idea to look for these features:

• Policy information management
• Inclusion of a mobile app
• Ensured compliance with rules and regulations
• Marketing automation
• Claims management
• Automation capabilities
• Integration with industry-specific apps and resources like quote engines

Price

An investment in cheap software can mean it doesn't have the features you need or is lacking in other ways (like security). When considering the price of new software, you'll need to strike a balance to stay within your budget and get a substantial ROI.

It's also important to remember that many software offerings promote agency growth, making it important to consider how pricing scales as you grow. You may be surprised that some SaaS offerings begin with a free trial and comparatively low price and scale considerably as you grow.

Installation and Continued Support

For insurance software to provide the maximum benefit level, it will likely need to be integrated with your existing processes and infrastructure to create a seamless system. Professional installation can help the integration go smoothly.

It's a good idea to understand how long the installation process will take and whether it will impact your business processes. Beyond the installation phase, it's important to consider the support you'll have in case problems arise. Some types of software also require additional infrastructure and include set-up costs that can significantly impact your investment.

Best Software for P&C Insurance Brokers

Property and casualty (P&C) insurance protects you from financial losses due to risks such as accidents, fires, theft, and weather damage. In many cases, coverage like auto insurance and home insurance includes liability with provisions for medical expenses. ‍

P&C insurance software helps with the broad demands of the many categories within P&C insurance.

ZyWave

A next-gen cloud-based agency management system, ZyWave helps insurance agencies drive growth by streamlining and automating agency processes. Features include policy and billing management, producer management, agency financials, and marketing. The system uses real-time analytics that allows you to measure agency performance and improve profitability.

Pros

• Scalable and configurable to adapt to the needs of any size agency
• A wide range of features for streamlining processes
• Highly efficient AMS that helps agencies save time and money

Cons

• The user interface can be challenging for some users
• Might require professional consulting for setup

Pricing

No free trial is available. Paid plans are customized to agency needs and require a consultation to determine pricing.

Tips

• Utilize e-sign capabilities in the digital enrollment feature to expedite onboarding
• Use included digital marketing tools to automate personalized marketing methods

InsurGrid

InsurGrid gives agents a personalized platform to collect client information, such as birth date, driver's license information, and policy declaration pages. Instead of sitting on long calls or playing email tag, agents can have the information they need automatically delivered in seconds. The software works alongside other company solutions and can be used by agencies of all sizes.

Pros

• Dec page collection by simply sending a link to clients
• The process can be completed in seconds
• Improve customer experience
• Increase close rates

Cons

• There is no free version after the initial trial
• Only supports P&C products

Pricing

Start with a free trial. Paid plans begin at $99 per month... They also offer an annual deal which saves insurance agents 20% month over month.

Tips

• Choose between email, text, or QR code to allow customers to work with the platform of their choice
• Utilize templates that help you engage with customers
• Send automated reminders to clients and track them on the user-friendly dashboard

Guidewire

A CRM solution that spans key functional areas in insurance, including underwriting and policy administration, claims management, and billing, Guidewire's focus includes various incorporated features and has over 90 marketplace partners. It combines digital, core analytics, and AI to deliver cloud service solutions to P&C insurance brokers in mid-market and enterprise agencies.

Pros

• Free for life option has a variety of useful features
• Integrated mobile app
• User-friendly dashboard for increased adoption among brokers

Cons

• Limited functions on the free plan
• No third-party integration with the free plan

Pricing

A free-for-life plan is available. The more advanced premium plans start a $29 per user per month, billed annually after a 21-day free trial.

Tips

• Consider trying the Freshdesk free plan to utilize features and determine whether you need a more robust premium plan
• Utilize this CRM if you're seeking an option that focuses heavily on sales
• Organize groups to help agents focus on specific products or services and avoid distractions that aren't relevant to them

Best Free Software for Insurance Brokers

Modern insurance software is cloud-based Software as a Service (SaaS). Many types of insurance software have a free trial to allow you to try out the features. While free versions typically lack some features and benefits compared to paid versions, they can provide the necessary capabilities to improve agency processes when you're on a shoestring budget. Each software option provides agencies with a free version that extends beyond the typical trial period.

Freshworks

Freshworks provides one of the most comprehensive free options for a CRM solution that offers an extensive set of features without upgrading to the paid model. The powerful software offers lead scoring, a visual sales pipeline, automatic sales reports, event tracking, and a customer support portal. With a user interface that's easy to learn and use, this software provides an attractive and functional starting point for insurance agencies with a small budget.

Pros

• Includes more features than most free options
• Easy to use
• Offers AI-based lead prioritization

Cons

• No third-party integration with free version
• Limited tech support

Pricing

A fully free plan is available. Paid plans start at $19 per user per month, billed annually.

Tips

• Utilize the profile enrichment feature to capture data from prospects' social profiles and other public information
• Set up a team inbox to improve internal communication

TigerLab

A cloud-based AMS, Tigerlab offers a robust, modular, and unique agency management solution that helps agency professionals manage agency operations more effectively. Top features include configuring modules to meet agency-specific business processes and full business process automation capabilities.

Pros

• Real-time visibility in agency data
• Customization options to fit your agency's needs
• High-level reporting and analytics to measure agency performance

Cons

• Not ideal for small businesses
• Pricey compared to other AMS

Pricing

A free trial is available, and paid plans require a consultation to determine custom pricing.

Tips

• Utilize the free trial to determine if TigerLab is right for your agency before requesting a paid plan
• Take advantage of the mobile app for field agents