Mayday! Mayday! Your insurance agency needs to get a new insurance software vendor ASAP! 

Although you may be in a rush to pick a new insurance software vendor, the best thing you can do is go through the proper steps and channels when making a decision as important as choosing new software for your agency. 

Because we here at 5 Best Things understand how large of an impact insurance software companies have on the success and longevity of an insurance agency, we are giving you step by step instructions on what you need to do to pick the best software vendor for your agency.

Go ahead and get your pad and pencil because we are giving you details about step one right now!

Step 1 – Go Over What Your Agency Needs from Insurance Software Companies

Prior to picking out software for insurance, it is vital that you go over everything your agency needs from an insurance industry software. Examples of some insurance agency needs include the ability to deal with sales and marketing information, producer information, customer relationships, and payment processing.

Many insurance agencies utilize insurance software solutions in the form of an agency management system, a document management system, and a commercial or benefits system to cater to these needs. Many current insurance agencies also run by systems applications and product (SAP) software to ensure that their needs are met.  

Step 2 – Go Over Agency Budget 

Not only should you go over your agency’s needs prior to picking an insurance industry software, but you should also go over your agency’s budget. By going over your agency’s budget prior to choosing your software vendor, you will avoid the stress that comes with paying more than you can handle for software.

Step 3 – Research

Once you establish your agency’s needs and budget, it is time to research all the available insurance software companies. When researching, try to find insurance policy software that caters to your agency’s needs. For example, if your agency needs an insurance software vendor that is fast, cost-efficient, reliable, has an effective policy management system, and a better end user experience, Instec could be a good option for you.  

Step 4 – Make a List

Once you have found numerous available insurance software companies, it is time to make a list of which of these companies you could see your agency working with.

Step 5 – Perform Background Checks

Once you’ve narrowed down all the available insurance software companies to the ones on your list, you can perform background checks on all the companies to see if they are credible, certified, and have positive reviews. 

Step 6 – Compare and Contrast

Compare and contrast all the insurance software companies on your list with one another to see which ones are the best fit for your agency’s needs and budgets. You should also compare and contrast these companies to see which ones will be able to continue to serve you as you scale up and grow.

When comparing and contrasting these insurance software companies, you should further narrow down your list of prospective software vendors.

Step 7 – Comb Through Vendor Contracts

Thoroughly read through any contracts or information you can get on each software vendor. When doing so, make sure there are no hidden fees or unfair stipulations with the vendor for when you two go your separate ways, such as the vendor being able to hold your data hostage. Having the constant ability to protect your data is important regardless of what software vendor you have.

Step 8 – Ask Questions 

Ask prospective vendors any lingering questions you have. Also, ask for a free trial prior to committing with the vendor. Once you complete all the steps in this article and receive the answers to your questions, you will finally be ready to choose your software vendor.

Final Thoughts

Taking the proper steps to go through all the available insurance software companies and choose the one that best suits your insurance agency while also offering insurance software solutions, could be the difference between your agency thriving or your agency dying. Because at the end of the day, nothing is better for your agency long-term than the best. If you are interested in writing about only the best things, go to the 5 Best Things write for us page. If you want to advertise with 5 Best Things, go to our website’s advertising page.


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