5 Steps to Choosing an Agency Management System

Transcription

1 5 Steps to Choosing an Agency Management System brought to you by:

2 What is? AgencyBloc helps life and health insurance agencies grow their business by organizing and automating their operations using a combination of an industry-specific CRM, commissions processing, and integrated marketing automation. Start organizing, automating & growing your agency right now! 2

3 Table of Contents page 2 What is an agency management system (AMS)? page 3 Why should I use an AMS? page 4 Step 1: Identify your goals page 5 Step 2: Identify your needs page 6 Step 3: Consider your budget page 7 Step 4: Make a decision page 8 Step 5: Manage change in your agency page 9 Check out AgencyBloc 3

4 What is an agency management system? What is an agency management system? AN AGENCY MANAGEMENT SYSTEM (AMS) is a SaaS (software as a service) technology or client-based software that insurance agencies use to organize their book-of-business and more effectively run their operations. Though an AMS is often said to be synonymous with a CRM (customer relationship management system), insurance agencies should be careful to take that opinion. An AMS includes CRM capabilities, absolutely. But, a good AMS has many more capabilities that go beyond the customer/client relationship. Beyond tracking clients, a worthwhile AMS can also: Track agents Track policies Track carriers Process commissions Automate workflow Integrate marketing capabilities...and more. AgencyBloc s Campaigns feature 4

5 Why should I use an agency management system? Why should I use an agency management system? AN AMS CAN DEFINITELY HELP YOU organize and automate your agency, but any good AMS will also help your agency grow. If you want to maintain current clients and continue to add new clients, an AMS is a must. Agents Council for Technology says that an AMS leads to Improved profitability and professionalism. Efficient operations result in higher profit. Clients are provided more professional service when your staff is able to devote more time to service by not having to deal with unorganized pieces of paper. Not only does an AMS help you be more efficient with clients, but as an agency owner, it allows you to consistently monitor the health of your agency and make quick decisions when the need arises. Without a way to monitor all of the aspects of your agency, you re simply guessing in the dark and, unfortunately, possibly making important decisions for your agency based on those guesses. Let s take a look at the 5 steps to choosing an agency management system. 5

6 Step 1: Identify your goals Step 1: Identify your goals BEFORE YOU CAN EVEN BEGIN LOOKING at software solutions, you must identify the problem you d like to solve. If there wasn t a problem, you wouldn t be looking for a software solution, right? To solve your current problem or situation, you should identify some goals you re hoping the AMS will help you reach. These goals will be driven from the current issues your agency is facing (either with your current CRM/AMS or lack of one), and they should also be driven from your growth aspirations. When you started your agency or acquired it, what was your initial goal? To grow it and pass it on? To eventually sell it? To pass it down to a family member? All of these questions are important to answer because they ll help you identify areas where your book-of-business requires attention in order to meet these goals. If your end goal is to eventually sell your agency, remember that you re selling your data, not your agency. To get the most value out of your agency, both when you re operating it and when you go to sell, you must have accurate data. 6

7 Step 1: Identify your goals What is accurate data? Accurate data is: Organized. This is crucial. It s like when you are working on a group project, and someone has done some work but it isn t clear where they left off or what they even did in the first place. The data needs to be super organized to the point where someone can look at it and understand where to pick up quickly. Updated. This goes with organized, but it s important to mention because often times, agencies will get their data into an agency management system and then do nothing with it. An agency management system with a real-time dashboard (and dedicated employees) ensures updated data. AgencyBloc s Dashboard showing current Activities 7

8 Step 2: Identify your needs Step 2: Identify your needs EACH AGENCY HAS ITS OWN SPECIFIC NEEDS, and before you overwhelm yourself with the CRM/AMS choices, identify your needs. Don t worry about wants at this stage those will arise as you search to discover what s out there. Create two lists: a must-have list and a wish list. The must-have list should be comprised of core features your agency needs in an AMS/CRM for your agency to run effectively and to solve the issues or reach the goals you identified in step one. Your wish list should be comprised of things you find yourself wishing your agency could do, but that aren t necessary for running your agency. You may find that it would be helpful to consult the different departments of your agency to compile your wish list. Though their pressing issues should be addressed in your must-have list, this wish list will help you look ahead to the future. The wish list could end up being a tie-breaker between two AMS/CRMs. Your needs on each of these lists should be based on the goals you set for your agency in step one, but to help you 8

9 Step 2: Identify your needs get started, here are a few items to consider: Cloud-based vs. physical software. How important is it for you to access your book-of-business from anywhere on your mobile phone or tablet? Cloudbased solutions allow you to do that, physical software installed on your computer does not. Analytics. To what extent do you wish to monitor your business? Real-time graphs and charts are available in the best AMS/CRMs otherwise, you ll need to run reports and manually do your own analysis. What do you have time for? capabilities. Is one of your goals to improve your client and prospect communications? Does that include adding more touch points to your sales cycle or client retention plan? If so, you ll want capabilities within your AMS/CRM to automate most of this communication. Workflow automation. Every agent has wished that time could just pause for a second you re that busy. If you re looking to automate activities within your agency and collaborate with your coworkers, workflow automation capabilities might be important to you. These are just a few examples of needs your agency might have. Or, they might fall on your wish list. Each agency will vary on these some agencies might simply 9

10 Step 2: Identify your needs have the need to manage agents and all other features fall on a wish list. It just depends on how your agency currently runs and how you d like your agency to run. Here s an example of what an agency s must-have list and wish-list might look like: Must-have list Cloud-based Manage agents Wish list marketing capabilities Analytics (graphs & charts) Lead vendor integration Commissions processing Though this is a simple example and your agency will likely have much longer, more detailed lists, this gives you an idea of what you should be thinking about. And keep in mind that the features you place on your wish list may in the future be needs as technology advances. Always be aware of what competing agencies are doing so you don t fall behind. Now, let s take a look at your budget. 10

11 Step 3: Consider your budget Step 3: Consider your budget WHEN IT COMES TO PURCHASING AND SETTING UP an AMS/CRM, there are a few things you need to consider: the upfront cost, any hidden fees, and any required vendor contracts. Each AMS/CRM vendor is different, but there are a few steps you can take to be sure you re not blind-sided when you receive your first invoice/billing. What steps should I take? Make sure you do not over-purchase. Be sure you don t purchase a system that has a bunch of features you ll never use make sure the shoe fits! Ask about all pricing options and any volume discounts. You can t be concerned only with the purchase or subscription fees ask about supplemental fees. Is there a setup fee? How about fees for training or support? Yes, even ask about fees for support. Find out how long you will be tied into the contract. Find the escape route if in case you realize in time that it s not a good fit. Can you get out after a month, a year, or three years? Make sure with multiple year contracts you are getting exactly what you want. 11

12 Step 3: Consider your budget Although some AMS/CRM websites have pretty straightforward pricing pages, the actual pricing behind those isn t always so. It s super important in this step to ask as many questions of your vendor as it takes to completely understand what your pricing will look like. Some vendors will provide detailed quotes or pricing plans, especially when there is tiered or discount pricing involved. Make sure you ask for those. One-on-one demos can be extremely important during this step as well because they allow you to have a conversation about your specific needs and how their pricing plans might meet those needs. It s also important to understand where your budget was built from. Many people have an idea of how much a system should cost, but they haven t actually done any research. Take some time asking other agency owners or searching online to see how much systems you might consider cost. Though it isn t fun to realize you might be spending more than you thought, it s better to understand the numbers upfront before making any decisions. After you have identified your goals and needs and have set your budget, it s time to identify a few AMS/CRMs you think will fit your agency. 12

13 Step 4: Make a decision Step 4: Make a decision THE ACTUAL SELECTION PROCESS IS THE FOURTH FACTOR to consider, not the first. Before you begin to pick which AMS/CRM you think would be best, remember that you can eliminate many providers who are not in line with your goals or specific needs you outlined above. Include your team in this step in order to create buy-in. Sharon Drew Morgen shared on BusinessPerform.com: Buy-in is sought when an adjustment often for logical, necessary, or profitable reasons - is required within the status quo. It can be a mission statement change, or a new software solution, a new team member, or a new initiative, for example. Buy-in is so important because when people are invested in the decision and understand the reasoning for the change, they ll probably adjust to it easier. Involving key members of the team in the beginning stages of the decision and slowly involving other team members is vital to create buy-in. 13

14 Step 4: Make a decision When you ve narrowed your selections down with key team members, have a meeting and present this information to any other decision-makers you ve identified: Your goals & subsequent needs The budget you planned & why it changed or did not change The 2-3 AMS/CRM systems you ve narrowed it down to and why (list specific features and how you think they ll meet your needs) How you ve decided to make the decision (vote, debate, discussion, etc.) The last bullet point might give you some pause you might not have thought yet about how you re going to make the decision with other decision-makers involved. There are several ways to organize this decision amongst your team, and MindTools.com offers some great advice on the topic. Overall, the way you decide to make the decision will depend on time and resources available, the culture of your agency, the team members involved, etc. Next, we ll talk a little more about managing the change in your agency once the decision is made. 14

15 Step 5: Manage change in your agency Step 5: Manage change in your agency YOU VE MADE YOUR CHOICE, SO THE PROCESS IS OVER, RIGHT? Wrong. You must manage the change process until your team feels comfortable with the new technology. Give everyone adequate and ongoing training so they are able to include the agency management system into their daily work. Understand the human element involved in this change and lead your team to success by showing everyone how this can help calculate commissions, track policies, and generate effective reports. Work with supporting staff members to show how this system will ultimately make your work more efficient and effective. If you ve involved key users in the selection process, you ll have even more support when it comes time to make the big switch. Congratulations! You ve decided on a new agency management system. You ve done your research, identified new solutions, considered your team, reviewed wants and needs and guided your agency through the entire process. 15

16 We hope we ve helped... We hope we ve helped... Choosing an agency management system or CRM for your agency should be no quick decision, especially when you have other people involved who will be using the system. Like we ve pointed out, every department will have their own set of needs and wants, and it s important to take each into consideration. You re looking for your AMS/ CRM to change your agency for the better, so give each of these 5 steps their due diligence. We hope this ebook has helped you understand the time and effort that goes into choosing an AMS/CRM, but we hope you ll also see how taking the time within these 5 steps will benefit your agency tremendously as it moves forward with the new system. Find this ebook useful? Share it: 16

17 What is AgencyBloc? What is AgencyBloc? AgencyBloc helps life and health insurance agencies grow their business by organizing and automating their operations using a combination of an industry-specific CRM, commissions processing, and integrated marketing automation. Check out our overview video to learn more: 17

18 Ready to see if AgencyBloc is a good fit for you? Sign up for a live, one-on-one demo of AgencyBloc. You ll be able to discuss your agency s specific needs and see the application in action.