How Insurance Agents Can Grow Their Practice with CRM Software

Among the top insurance industry issues that PWC put on top of their profound insurance domain analysis are:

Digitizing small commercial Improving customer experience with data analysis Driving change with InsurTech Getting value from the digital journey

When half of the issues raised in this comprehensive 42-page review are about the digital transformation of the industry, it speaks about the topicality of the technological software solutions in the sphere.

A massive 2.9% of the USA national GDP [$630 billion] is contributed by insurance carriers. With almost 6 thousand companies operating on the market [2.5K in P/C, 841 in life/annuity and 931 in health insurance].

Now, that digital transformation is sweeping through the industry, early adoption of the risk management software became crucial for industry leaders to remain competitive. After a decade of experimentation, InsurTech has fallen with peak 212 companies founded in 2016 compared to 14 in 2018.

We have studied the offer on the market of insurance software solutions so that industry players can make an informed decision. Read more on how to use a CRM for insurance agents and a review of industry-specific client management software.


Categorization Of Insurance Industry-specific Software By Type:

With the boom of InsurTech, there emerged several solutions for almost every process or role in the insurance realm. There is a technology that deals with claim processing and then there is software, that helps to automate policy underwriting, commission management, insurance rating, etc. 

Let’s review major insurance software categories available on the market now:

Naturally, there is SaaS technology that is universal by design yet is widely used in the industry, for example, insurance CRM software, like Nimble CRM, which we will review later.

Insurance Rating Software: Features & Examples

This software is designed to optimize processes related to rate management and policy underwriting.

Main features include:

Comparative insurance rating Broker / Agent Portal Carrier Upload Commercial Lines Multi-State features Multiple Line rating There exist insurance rating software solutions for casualty, health and life insurance

Examples of Insurance Rating Software:

Insurance Agency Software: Features & Examples

Insurance Agency Software is a fusion of Client Relationship Management software and a marketing automation tool with insurance-specific capabilities.

Main features include:

Claims management Commission management Insurance rating Quote management Insurance policy management

Examples of Insurance Agency Software

Insurance Policy Software: Features & Examples

Insurance Policy software provides an overview for users of the policies at every stage from generation to renewal.

Main features include:

Policy Generation/Issuance/Processing Cancellation Tracking Rating engine Reinstatement Tracking Reinsurance administration Underwriting management Quotes/Estimates module

Examples of Insurance Policy software:

Claims Processing Software: Features & Examples

Claims processing software is designed to optimize claims management.

Main features include:

Claim resolution tracking Case management Adjustor management Payor management Policy administration Co-Pay & deductible tracking Electronic claims

Examples of Claims Processing Software:

Commercial Insurance Software: Features & Examples

Commercial Insurance Software is engineered to systematize the processes pertaining to the realm of commercial insurance policies.

Main features include:

Policy management Claims Management Commission management Insurance rating Quote management Risk assessment Underwiring management Billing & Invoicing

Examples of Commercial Insurance Software:

Now that we have reviewed major features & examples of the best insurance software, it is time to review how a universal CRM for insurance agencies fits into this tight tech stack.


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