A Complete Guide: How to Choose and Implement the Best Insurance Broker Management System?

Insurance broker management system is a powerful digital-first tool for individual insurance brokers and intermediaries to improve productivity and efficiency in their daily operation while lowering costs and improving customer experience. An ideal broker operation management software comprises a number of features and modules to streamline broker operations, impart cohesiveness across stakeholders, increase efficiency, and improve policyholder experience. In other words, insurance brokerage software solutions are an asset to the cross-functional insurance value chain. Moreover, it makes the business framework resilient and future-proof to sustain long-term profitability and seamless collaboration.

However, to gain such tangible benefits, insurers must identify the right broker management system for the task. Further, they must follow the right implementation practices to maximize time to value. On that note, here is a detailed guide on how to select and implement insurance brokerage management software for maximum value. The first half of this guide talks about choosing the insurance broking software systems while the latter deals with the implementation part of it.

Guide to Choosing Insurance Broker Management Software

There are several insurance broker management systems available in the market – each trying to outdo the other. If making a choice between them sounds overwhelming, then here’s how you can choose the right insurance brokerage management software:

• Identify Key Requirements

  Understanding key business requirements and goals can be an excellent starting point in this journey of selecting the right insurance broker management system. Take into account factors like the size of the brokerage firm, number of users, level of authorization, regulatory compliance requirements, and additional features like commission tracking, integration with third-party solutions, reporting and analytics, etc. Sort these into must-have and nice-to-have lists to assign priorities. Most importantly, set aside a practical budget that you can dedicate to such a solution.

• Conduct Market Research

  Now that you have a basic skeleton of the kind of insurance broker management software that you need, you can commence a detailed market research. Look for well-established broker management systems from well-established and reputable firms. Read up about them on forums, branded blogs, user reviews, etc. to get second-hand exposure to the customer experience. You can even tap into your professional networks and seek recommendations from peers.

• Compare System Features

  By this point, you might have a list of compulsory and desirable features of your ideal broker management software. At the same time, you will have a list of the features and specifications of the shortlisted options available in the market. Compare the two to identify the best fit to narrow down the list even more. You can even compare unmeasurable qualities like customization capabilities, scalability, ease of use, etc.

• Check the Scope for Integrations

  The insurance broker management system will have to run in tandem with other InsurTech tools, solutions, and platforms like an insurance customer relationship management (CRM) system, claims processing platform, accounting software, and more. As such, you will have to test the API-led integration capabilities of the available options so that the brokerage software that you choose works harmoniously with the entire digital ecosystem.

• Consider Data Security and Privacy

  Since insurance brokerage software solutions handle confidential and identifiable customer data as well as sensitive financial information, they should be backed with robust data security and privacy framework. Features like access control, periodic data backup, end-to-end encryption, etc. are a testament to the insurance brokerage management system’s ability to withstand malicious attacks or security lapses. It also ensures that the setup is compliant with the legal and regulatory norms as per the prescribed industry standards.

• Request Product Demos and Trials

  Product demos and trials offer a real-world feel of what you can expect when you commit to the insurance broker management system. It also validates your decision and offers a first-hand account of the usability of the solution for your specific needs. You can also use it as a window to experience customer support as well as technical assistance during product usage.

• Negotiate Terms

  By this point, your list of options may have whittled down to a select few options. Take this opportunity to negotiate terms with the vendor. Whether it is a one-time payment model or subscription-based, vendors can always throw in additional features or SLAs that can offer you more value for your money.

Once all is said and done, you can finally choose the perfect broker management system of your choice depending on your budget, requirements, and organizational goals.

Steps to Seamless Implementation of An Insurance Broker Management Software

Now that we’ve gone over the selection part, let’s get down to the implementation of the insurance broking software solution of choice. Here’s how you can go about it:

1. Set Aside a Dedicated Implementation Team

Moving to a broker management system involves a procedural overhaul that can affect the entire organization. As a result, building a dedicated team to handle the implementation process can be a great way to centralize such operations. Make sure to put together a cross-functional team that includes representatives from all key stakeholders – sales, marketing, operations, compliance, and IT to cover all fronts at once. Appoint a project manager to lead this team. You can also outsource the technology implementation project to leading technology service providers to save cost, time and risk.

2. Audit the Existing Business Process Flows

While the insurance broker management system will trigger a wave of change, it is impossible to carry it out in one swift motion. As such, the implementation would have to be introduced incrementally depending on business goals and organizational priorities. To facilitate this, you will have to take stock of your existing processes, workflows, and data structures to identify issues and the gravity of these problems. Doing so allows you to proceed with implementation in a structured and organized format.

3. Create an Implementation Roadmap

Now that you have an idea of the expected changes, you can record these on an implementation roadmap. This document will contain the various activities, steps, timelines, milestones, and stakeholders as the implementation plan progresses.

4. Develop a Change Management Plan

While the implementation roadmap is a great way to plan and envision successful implementation, things can go awry at any stage. The timelines may lag or you may observe cost overheads. For this reason, it needs to be complemented with a practical and scalable change management plan. Think of it as your plan B that manages planned and unplanned changes to the implementation strategies.

5. Configure and Setup the System

By this point, you would have laid the foundation for the successful implementation of your insurance broker management system. Now is when you work closely with your vendor to configure, customize, and set up the system. You might also have to test the system for integration, different scenarios, and features to ensure that it aligns with your business objectives before rollout.

6. Train and Onboard Employees

Once you are familiar with the functioning of the insurance broking software, it is time to impart the same knowledge to the actual end-users and your employees. Conduct thorough training sessions and workshops to increase the adoption rate amongst your staff. You can also set up evergreen knowledge bases that offer sustained support.

7. Track, Measure, and Pivot

While implementation is a one-time exercise, it is always a good practice to track and measure the impact and usability of the insurance broking software systems to identify any bottlenecks or areas of improvement. Re-engineer workflows for greater efficiency or discard redundant processes. Either way, it will set you on the path to continuous improvement.

Closing Thoughts

Choosing and implementing a broker management system can be extensive. However, the payoff is very much worth the effort. With the right insurance broking software system and an equally competent implementation program, insurers can optimize insurance processes, automate critical workflows, and gain meaningful insights. In short, it can be a powerful driver of growth and success in the hyper-competitive world of insurance brokerage.