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Investing in Success: How an AMS Pays for Itself

Posted on September 28, 2015 by Chris Ries

As an independent insurance agency you have to justify every dollar you spend, particularly when it comes to your IT budget. You need tools that allow you to stay productive and competitive in today’s market, but you can’t afford to spend money on systems that don’t meet your basic needs.

A full-featured, integrated insurance agency management system (AMS) is becoming a necessity for the twenty- first-century agency.

Although a new insurance agency management system is a substantial investment for any agency, the gains in efficiency, productivity, and profitability your agency will see mean a solid return on your investment.

Advantages of an AMS

An insurance agency management system provides you with an integrated suite of tools that allow you to boost your profitability, increase revenue, and keep pace with the demands of a changing marketplace.

Here are just five ways an AMS helps your bottom line:

  • Increase efficiency through automation, faster processing, and enabling remote work.
  • Acquire new customers through data-driven marketing campaigns.
  • Retain existing customers through better service, cross-selling, and a client portal.
  • Reduce risk and keep sensitive information safe by moving data to the cloud.
  • Save money with cloud-based data hosting instead of expensive onsite hardware.

The hazards of underinvesting

When you underinvest in an insurance agency management system, it can end up costing your agency more money in the long run. The downside to saving money on a bare-bones system often becomes obvious only after your employees begin using the inadequate new tools—after your money and time have been spent.

Stephanie Barnes, vice president of All American Insurance, cautions against a pennywise approach to IT spending, which often results in insurance agency management systems that hinder rather than enhance productivity. “Some agencies are more concerned about cost than anything, and that limits their choices,” says Barnes. “They find out later that the system they saved money on doesn’t have marketing ability, or accounting and reporting functions.”

Scaling up

Depending on your circumstances, you may not have to buy an entire insurance agency management system outright—work with your IT personnel to determine whether phasing in system functionality over time is a viable option. By spending incrementally and slowly scaling up your capabilities, you may be able to meet your business needs while staying within budget.

Learn more about how an insurance agency management system can help grow your business in the Agency Management System Buyer’s Guide, available free here.

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  • 10/24/2015 4:06 PM

  • 11/10/2015 8:13 AM

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