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Insurance Agency Management Systems: What Are They?

Insurance Agency Management Systems: What Are They?

The magic of the second close.

It’s every agent’s dream (or at least, it should be) to bind more policies with clients you already have. And fortunately, because your existing customers already have a relationship with you, it should be easier to multi-line them.

The best way to make these easy sales is to focus on the processes that encourage your existing customers to buy more of your products.

And the tool to help you get there is an insurance agency management system.

What is an insurance agency management system?

An agency management system (AMS) is a software or SaaS platform used by insurance agents to help them organize their book of business and run agency operations more effectively. A good agency management system will manage an agency’s book of business similar to a lead management system (LMS), offering automated tools for follow-ups and renewal campaigns. An AMS can even employ data science to help producers prioritize outreach efforts and focus on prospects that have shown common indicators .

What’s the difference between an agency management system (AMS) vs. a lead management system (LMS) vs. a CRM?

An agency management system focuses on helping you effectively manage your book of business and operations.

A lead management system manages the front-end of the sales process. An LMS should be able to connect to lead sources and vendors and do mass imports, so agents can effectively manage their team’s productivity. Unlike an agency management system focused on current clients, an LMS focuses on leads and prospects.

A CRM is a “customer relationship management” platform, allowing agents to record details about customers and leads (potential customers) and record outreach efforts. CRM is often used interchangeably with the above terms. Both LMS and AMS are CRMs that serve two different purposes. (Learn more about how to choose a CRM in our article, Insurance Agent CRM Solutions: What's The Best Option?)

5 Key Features Of A Good Agency Management System

  1. Integration with other software and products. Any good SaaS product, especially an AMS, should be able to integrate with other products your agency uses. Ideally, you won’t have to deal with many integrations because your AMS is so robust that it won’t require duplication or overlapping products.
  2. Flexibility. Will your AMS platform allow for your agency’s growth? Will it scale as your company scales? How often does it update as you introduce other software and tools? These are all important features to consider when investing in an AMS.
  3. Customer service. This is obviously a huge component of any purchase but is especially paramount for a tool that will play a major role in your agency. The AMS you choose should have excellent onboarding, training, and support services; if possible, speak with current users of the software before committing and get their take on customer experiences.
  4. Automated workflows. One of the key features of an AMS is that it helps you strengthen client relationships via automated messaging. Automated follow-up campaigns, renewals, and other communication are crucial. A good AMS should help you automatically bundle your products, so you have a better chance of retaining clients for longer than if they don’t bundle your products.
  5. Simplicity. Less is more. If you have to connect 17 different tools to create one workflow, there will eventually be a breakdown. Look for an all-in-one AMS. The simpler you can make it for your team, the better the user experience.

How To Select The Best Agency Management System

The best-case scenario:

If you don’t yet have an agency management system, do your research to find a system that offers both an LMS and an AMS in one platform. (Pro tip: Ricochet 360 does!)

If you already have an AMS:

If you already have an AMS, make sure it connects via API or webhook with your LMS. Bilateral communication is crucial because your agency needs instant connection between both sides of your organization. If your AMS can’t connect, we suggest reevaluating and looking for a tool that can. Try to avoid manually connecting them if at all possible—it’s not a good use of your producers’ time, and these piece-mealed systems are prone to breakage.

A Closer Look At Ricochet360's AMS In Action

Here’s a look at exactly what you can do when you choose Ricochet360:

Engage Prospects With Automated Emails And Text Messages

Generate more responses with less effort. You can send relevant messages at the right time to generate return calls, SMS responses, and emails while you sleep using Ricochet360’s built-in engagement cadence.

Increase Contact Rates With Automated Call Cadence

The average lead only receives 1.5 call attempts on average. Ricochet360’s progressive dialer agents automatically engage the right leads at the right time utilizing intelligent call cadence, resulting in more contacts and more calls.

Capture And Track Leads

Capture leads in real time from any lead form or partner via a user-friendly API. Keep your agents super-productive and successful using our fast, accurate, and easy-to-configure lead management tools.

Automate Lead Assignment

Ricochet can distribute leads to your sales teams based on skills, availability, or pooling. Provide fast, high-quality responses that fully engage your leads and maximize conversions.

Develop Call Campaigns

Make sure you’re calling leads quickly and regularly. You can automate 95% of your sales workflow so agents don’t even have to dial the phone—Ricochet does everything but speak!

Learn More

To learn more about how an agency management system works and find out if it might be a good fit for your agency, contact Ricochet360 today. And make sure to join Ricochet and sister company Team Hired for a free live webinar – “Hiring and On-Boarding Rock-Star Producers: How You Can Get New Hires Contributing 60+ Apps/Month Within Just 60 Days!” on Thursday, July 8, 2021 @ 2:00 PM Eastern (1:00 PM Central / 11:00 AM Pacific) [Register Here]


If you’re ready to strengthen your leads pipeline with America’s largest online insurance marketplace, schedule a call with EverQuote today.

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Topics: Insurance Sales, Insurance Industry Trends, Featured, Insurance Agency Growth, Small Business, Curated Content

About the Author Brett Schickler, Director of Sales, Agency Shield

Picture of Brett Schickler, Director of Sales, Agency Shield

National Director of Sales for Ricochet360, Brett has 2 decades of sales and sales training experience. Combining his experience with state of the art technology, Brett and his team provide out of the box automation solutions that have a positive impact on any business's bottom line. As an expert on business systems and technology, he offers insight into the present and future world of CRM & Lead Management Software, helping businesses further their technology and sales funnel implementation.

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