Choosing the right software is an important decision for MGAs and wholesalers. Whether you’re proceeding slowly with a phased, incremental approach or all-in on a fully automated solution, working through a step-by-step process makes the adoption process more manageable. It increases the likelihood of choosing the right solution for your business.
Assess your business’s automation needs
When transitioning to insurance automation software, it’s essential first to identify your company’s specific needs. Next, you need to select an InsurTech solutions provider that can develop an individual strategy that’s right for you.
Start by carefully assessing your business’s needs. The market is full of InsurTech solutions for MGAs and wholesalers, so it’s important to understand what your business needs from a product. Buying before evaluating can be a costly mistake.
Consider where your business needs InsurTech support:
- Agency management that’s purpose-built for MGAs
- Enhanced speed-to-market capabilities
- Policy submission and servicing processes
- Collaboration between agents and underwriters
- Automation support for the complete policy lifecycle
- Underwriting support that enables seamless policy rating and quoting
Once you have finished the analysis, it’s time to find, onboard, and adopt the right InsurTech solution.
Choose the right InsurTech vendor
Finding the right solution starts with InsurTech vendors. Compare their solutions, then request product demonstrations. Ask about how their solutions will integrate with your current systems and how they will support building these integrations. Developing a true partnership with a vendor assures long-term success and satisfaction with your new technology.
Develop a successful integration strategy
Once you’ve landed on the vendor and solution, discuss the plan/timeline for migrating data from your current system to the new platform. Your new partner will be able to walk you through the entire integration process and help you every step of the way.
A seamless integration sets the stage for realizing the best adoption scenario. A smooth transition will empower your team to quickly leverage the new technology and take advantage of the solution’s capabilities.
Learn about customizing and configuring your new solution
Every InsurTech solution comes with customization and specialized features, and it’s important to understand how to maximize the software to fit your specific business needs. Your vendor partner will help you and your staff set up workflow processes, policy issuance, renewals, quotes, and other key functions. Finally, establish user roles and permissions to ensure data security.
Learning the customization options and working closely with your vendor will pay dividends in the long run. A well-tailored solution will streamline your operations, improve efficiency, and allow your team to focus on more strategic initiatives. This personalized approach ensures you get the maximum return on your InsurTech investment.
Pilot test your new solution
If you have a larger staff, start training with a small group of enthusiastic employees to identify training gaps and other user issues. It’s important to start small to find the gaps and problems that might overwhelm a larger training effort. Gather feedback from the pilot group to adjust before bringing more people into the training.
Ensure effective full-staff training
Full-staff training is often the most difficult part of new tech implementation, so proceeding with a clear plan and strategy is important. Approach the training with feedback from the pilot team and anticipate all levels of ability. Minimize disruptions with open communication and a well-developed implementation timeline. Finally, anticipate hiccups, delays, and frustration. Getting everyone on board takes time, but the goal is a well-trained staff using best-in-class tools.
Optimize ongoing performance testing
Monitor employee and software performance regularly once everyone effectively uses the new solution. It’s important to catch and solve issues early. Talk to users about their experience with the software and assess whether your business is truly maximizing the solution’s capacity.
As your business evolves and new technologies emerge, evaluating your InsurTech solution and identifying opportunities for improvement becomes even more important. Regularly communicate with your vendor about new features, best practices, and potential upgrades to maximize your investment and stay ahead of the curve.
Maintain a strong InsurTech-vendor partnership
Your vendor partner is there to help you get the most out of your InsurTech solution. Staying in contact keeps you in the loop with product updates and releases. Having a regular schedule to review your products helps vendors ensure you get the maximum value from your tech solutions.
Transitioning to an automated insurance platform can be a game changer for insurance wholesalers, MGAs, and carriers. By following the checklist outlined above, you can help ensure a smoother, more efficient transition that maximizes the benefits of automation for successful implementation and operation.
Learn more about Vertafore’s focused InsurTech solutions that deliver the most comprehensive support for MGAs.