Modernize Your Insurance Agency With the Right AMS

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If you’re starting a new insurance agency, we know you’re no stranger to paperwork. The insurance industry is historically complex and extensive, and that’s just the policies themselves. This vast amount of administrative work looks daunting, but with today’s technology and a bit of guidance, your agency can modernize, streamline, and get back to work on what’s important: the actual insurance.

In this article, we’ll go through the basics of accounting software for insurance agencies and insurance AMS software. We’ll also detail what makes this software a necessity for your agency, and how NASA can help accelerate your entire organization into the cutting-edge future of insurance..

What is an AMS?

Insurance software is commonly referred to as an AMS. An AMS, or Agency Management System, is software designed to manage the administrative and logistical concerns of insurance agencies. AMS software provides a streamlined, single platform for customer details and financial information so that your company can keep track of records and communicate more easily with clients. 

AMS is a form of customer relationship management software (CRM), which has revolutionized the modern sales industry. In fact, the CRM industry is now so prominent that companies without any software are falling drastically behind. The right AMS can give you a huge advantage when starting a new insurance agency, and guarantee you’re on the right path from the very beginning.

Let’s take a look at the specific benefits of AMS software.  

The Benefits of Using an AMS

There are countless ways to use an AMS and reap the benefits, but let’s dive into the top five: 

  1. Perfect your customer journey. AMS software tracks each customer through the sales process from beginning to end. By analyzing different customers, your agents can see where clients fall away, where they make purchases, and when those purchases are new, renewal, or cross-sale. This information lets you refine your marketing techniques so that you can maintain as large a client database as possible.
  2. Increase agent productivity rates. Your agents weren’t hired to do administrative work. AMS software automates redundant activities like lead storing, setting alerts, qualifying leads, and reporting sales statistics. With these tasks out of the way, your agents have more time to focus on connecting with customers and building the business.
  3. Process accurate commissions. Nothing motivates a hard-working employee like being financially rewarded for their efforts. When you’re running payroll for a business that deals in commissions, mistakes can negatively impact morale. With AMS automation, commission pays are electronically tallied, quotas are accurately maintained, and payroll is simpler to process. 
  4. Automate cross-selling and up-selling. One of the most common ways to lose customers is to forget to remind them to renew. Some larger companies have automated renewal policies, but with smaller companies, you want to leave the door open for increasing an insurance plan or adding additional protection. AMS software can automatically alert you and your customers about upcoming renewals and potential upgrades so that no opportunity falls through the cracks.
  5. Analyze and manage leads. Statistics are necessary, but creating and managing them is tedious. With AMS software, not only can you generate sales analytics and client trends with the press of a button, you can also track those statistics in real-time. This gives your company an accurate look into your finances without taking the time to do a quarterly or annual analysis.

What Happens if You Don’t Use an AMS?

You can technically run your business without AMS software, but based on the research, it’s not a great idea. Going without an AMS (or picking the wrong one) can lead to lost hours, lost clients, disorganization within the company, and struggles to generate leads. 

While software might not be in your budget, we’ve found that an early investment ends up paying for itself in productivity and management down the line. Which AMS is best for you? We recommend Eclipse.

The Best AMS Software for Small Agencies

When we set out to create an AMS, we worked to keep small insurance agencies in mind. That means lower costs for higher value. That means Eclipse.

Eclipse is an insurance agency management system and claims management software that streamlines your pipeline management, organizes and reports your client and financial data, and increases client retention with automated communication. To save you time, it also comes with 14 comparative rating integration partners, so you can rest assured your software will fit right in. 

Eclipse is meant to fit into a small start-up capital budget. It’s free to demo, you can pay with affordable monthly payments, and the upfront is less than nearly all of our larger competitors. 

Speaking of competitors, NASA offers low-cost data conversion services. If you started with an AMS from another company that you don’t like, we can transfer your client information into Eclipse to save you time and frustration as you adjust your team to your new (better) software. 

Request a demo of Eclipse today to start modernizing your small insurance business with a top-ranked AMS from a company you can trust.

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Topics: Independent Insurance Agency | Insurance Industry