Categories   >   Policy Administration System
Last Reviewed: November 14th, 2024

Best Policy Administration System Of 2024

What are Policy Administration System?

Policy Administration Systems (PAS) are digital platforms that manage the entire lifecycle of various insurance policies. By handling processes from issuance to claims settlement, PAS irons out complications of outdated manual operations and siloed data. The gist of their importance lies in facilitating productivity, consistency, and excellent customer service. The systems typically offer functionalities such as policy issuance, renewals, endorsements, cancellations, and claims processing. Intriguingly, the evolvement of AI-enabled automation and advanced analytics are worthwhile watch-outs in the PAS spectrum. Top beneficiaries include insurance carriers, insurance brokers, and basically any entity interacting with insurance policies. However, the transition to PAS can be pricey and complex, and may necessitate substantial employee training. Summarized, PAS's contribution stands as modernizing the insurance industry, reaping benefits with improved efficiency, data accuracy and enriching the overall customer experience.

What Are The Key Benefits of Policy Administration System?

  • Streamlines policy management
  • Improves operational efficiency
  • Enhances customer service
  • Supports automated processing
  • Promotes data consistency
  • Facilitates policy renewals
  • Manages claim settlements
  • Boosts accuracy in endorsements
  • Enables comprehensive reporting
  • Simplifies policy cancellations
Read more

Overall

Based on the latest available data collected by SelectHub for 72 solutions, we determined the following solutions are the best Policy Administration System overall:

EZLynx
EZLynx
Start Price
$350
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked EZLynx

EZLynx provides both independent agents and agencies with a single platform to manage all insurance requirements, including comparative rating, eSignatures, accounting, quoting, online marketing and more. The system is reasonably priced, integrates with many third-party apps and connects to a vast number of carriers. Performance is good with regular updates, making it a go-to option in this category.

However, vendor support is notoriously poor, with complaints of long response times and indifferent personnel. Implementation is long, and the system is difficult to learn. But if you are under a strict budget and willing to overcome these obstacles, EZLynx is a strong contender in terms of cost and performance.

Pros & Cons

  • Functionality: The platform has superb functionalities, especially for carrier connectivity, according to 96% of users mentioning this aspect.
  • Ease of Use: According to 68% of users who reviewed this element, the software has a simple UI and is easy to navigate.
  • Integrations: 67% of users who mentioned this aspect said the platform has good integration options.
  • Performance: 79% of users who reviewed performance said the system runs smoothly with frequent updates.
  • Cost: According to 80% of users who reviewed cost, the software has competitive pricing.
  • Training: The system has a steep learning curve and lacks enough training material, according to 83% of reviewers mentioning this element.
  • Service and Support: According to 91% of users who reviewed this aspect, the vendor has terrible customer service.
  • Implementation: 100% of users who mentioned this element said the implementation process is considerably long.

Key Features

  • Rating Engine: Provide clients with real-time multi-carrier quotes for home or auto policies. Quote rates, issue policies and store ACORD forms with the intuitive dashboard. Pull vehicle and driver records to pre-fill carrier-specific forms. Capture and share carrier defaults and pre-set coverage scenarios via built-in templates. Automatically calculate premiums, validate addresses and check for missing data and discrepancies. 
    • Graph View: Use color-coded graph views to compare home and auto policy results. Automatically combine the same carrier results into a single bar. 
    • Applicant / Co-Applicant Switch: Easily swap applicant and co-applicant positions to submit a new quote. 
  • Management System: Streamline agency and workflow management with a centralized repository for customer’s quotes, documents and policies. Streamline the renewal process with automated client information updates and policy synchronization. Directly convert the agency’s data to the new platform to accelerate time to market. 
    • Performance Metrics: Collate information from the rating engine and management system modules to receive intelligent insights via email reports. 
    • Policy Comparison: Compare expired and renewed policies side-by-side. Explain the latest premiums and coverages for both commercial and personal lines. 
    • Accounting: Manage all financial transactions with direct billing support. Process commissions faster with graduated commission structure, commission downloads, split-commission tracking, percentage rules and more. 
    • Certificates and Forms: Store ACORD forms, policy downloads and e-signatures in client-specific electronic files. Use client information to create new certificates or renew existing ones. 
    • Document Storage: Centrally store client-related documents such as emails, certificates, forms, policies and more. Search for specific documents using custom data fields and upload files using the drag-and-drop function. Connect policies to associated clients. 
    • Document Signing: Streamline policy processing with secure electronic signatures. 
  • Agency Websites: Optimize an existing website or create a new one that includes the latest search engine algorithms. Increase the agency’s local reach and brand awareness with integrated editing, hosting, development and content services. Seamlessly integrate consumer quoting and client center modules into the website while keeping it mobile-friendly. Access website statistics during quarterly reviews. 
  • Consumer Quoting: Allow potential clients to get rate quotes directly from the website. Implement optimized, industry-specific web forms to provide multiple quotes instantaneously. Use vehicle and license data to autofill available information for faster quoting. 
    • Automated Contact: Automatically follow up on potential clients with incomplete quoting processes. Provide a secure link to access all relevant information and finish the process. 
    • Agent Options: Use online customer data to contact them directly with quotes. Get email reminders to follow up on quotation requests. 
    • Capture Leads: Capture leads through the agency website and reach them with purpose-built email marketing campaigns. 
    • Tracking Analytics: Record key analytics and analyze consumer quote traffic to improve the agency’s marketing and lead campaigns. 
  • Communication Center: Simplify client communication and outreach with targeted drip marketing campaigns, email campaigns, attachments and postal mail. 
  • Client Center: Provide clients with 24/7 access to the agency via the self-service portal. Safeguard client personal information with secure and unique login credentials. Agents can directly share policy documents and update client data at regular intervals. 
  • Integrations: Supports integration with a wide range of third-party applications, including QuickBooks, Microsoft 365, Netstar, CoreLogic, EverQuote and more. The API-based architecture provides in-house tools such as Data Bridge, Live Rating and Policy Management. 
  • Mobile App: Provides global access to client data and policy information with the mobile application. 
SIRCON
SIRCON
Start Price
$126
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked SIRCON

Is SIRCON the siren song of insurance compliance software, luring users with its promises of efficiency? User reviews from the past year suggest that SIRCON, Vertafore's software solution for managing insurance licenses and compliance, is generally well-received for its user-friendly interface and comprehensive features. Users, particularly those handling multi-state licensing, find the platform's ability to streamline application and renewal processes a major advantage, with the software remembering user details for future interactions. This is crucial for insurance professionals who often juggle multiple licenses and renewals, saving them time and reducing administrative headaches.

However, while SIRCON excels in its core functionalities, some users express concerns about its pricing, which starts at $2.50. This cost, while seemingly minor, can be a factor for some users, especially when compared to free alternatives or those offered as part of larger software packages. Despite this, SIRCON's strengths lie in its user-friendliness and efficiency, making it particularly suitable for insurance agents and brokers who require a centralized platform to manage their licensing and compliance needs. The software's intuitive design and automation capabilities simplify complex processes, allowing users to focus on their core business activities rather than getting bogged down by administrative tasks.

Pros & Cons

  • User-Friendly Interface: Sircon is designed with an intuitive interface that makes it easy for insurance professionals of all technical abilities to navigate and utilize its features effectively.
  • Comprehensive Licensing Management: The platform streamlines the process of applying for, renewing, and managing insurance licenses across all 50 states, eliminating the need for separate applications and tracking.
  • Centralized Compliance Hub: Sircon provides a centralized location for insurance professionals to access regulatory requirements, updates, and compliance resources, ensuring they stay up-to-date with industry standards.
  • Automated Updates: Sircon automatically updates users on licensing renewals, continuing education requirements, and regulatory changes, reducing the risk of missing deadlines or compliance issues.
  • Limited State Coverage: Sircon doesn't cover all 50 states, requiring users to navigate alternative platforms for certain states' licensing and appointment processes. This can be inconvenient for businesses operating nationally.
  • Payment Functionality Issues: Paying state appointment invoices through Sircon is limited to a small number of states. This can complicate financial transactions and require users to use other payment methods for many states.
  • Cumbersome Profile Updates: Updating user profiles involves navigating between multiple sections, making the process time-consuming. A more streamlined approach to profile management would enhance user experience.
  • Appointment and Licensing Delays: Sircon may not always have the latest licensing and qualification options for all states, leading to errors and delays in appointments. Obtaining the correct options can also be a lengthy process.

Key Features

  • License Management: Streamlines the process of managing insurance licenses across multiple states, ensuring compliance with regulatory requirements.
  • Automated Renewals: Automatically handles the renewal of licenses, reducing administrative burden and minimizing the risk of lapses.
  • Continuing Education Tracking: Monitors and tracks continuing education credits, helping agents stay compliant with state-specific requirements.
  • Appointment Processing: Facilitates the appointment and termination of agents with carriers, ensuring timely updates and compliance.
  • Regulatory Reporting: Generates and submits required regulatory reports to state departments, simplifying the compliance process.
  • Document Management: Centralizes storage and retrieval of important documents, making it easier to access and manage records.
  • Real-Time Data Integration: Integrates with state regulatory databases to provide real-time updates on license status and other critical information.
  • Customizable Dashboards: Offers customizable dashboards that provide a comprehensive view of licensing and compliance activities.
  • Role-Based Access Control: Ensures that users have access to only the information and functions relevant to their roles, enhancing security and compliance.
  • Audit Trails: Maintains detailed audit trails of all actions taken within the system, supporting transparency and accountability.
  • Mobile Access: Provides mobile access to key features, allowing users to manage licenses and compliance on the go.
  • Integration with HR Systems: Seamlessly integrates with HR systems to synchronize employee data and streamline onboarding processes.
  • Alerts and Notifications: Sends automated alerts and notifications for upcoming renewals, continuing education deadlines, and other critical events.
  • Data Analytics: Offers robust data analytics tools to generate insights and reports on licensing and compliance activities.
  • Support for Multiple Jurisdictions: Supports compliance management across multiple jurisdictions, accommodating the needs of national and regional insurance firms.
AMS360
AMS360
Start Price
$99
Per User, Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked AMS360

How do users rate AMS360, is it the agency management system that takes the cake? AMS360, Vertafore's agency management software, generally garners positive feedback for its thorough features. Users particularly value its robust reporting capabilities, which provide exactly the data they need without any guesswork, and its seamless integration with other Vertafore products, creating a unified ecosystem. This integration is critical for agencies already invested in the Vertafore suite, as it streamlines workflows and data sharing. However, some users point out a steep learning curve, occasional system slowdowns, and a desire for more intuitive user interfaces, indicating that while powerful, AMS360 might not be the most user-friendly for new or non-technical users. A notable strength is its comprehensive documentation and policy tracking, which is essential for managing client information effectively. Conversely, a weakness is the system reverting to default account information even after policy-specific updates, leading to inconsistencies in documents like certificates. This highlights a potential area for improvement in future updates. Overall, AMS360 emerges as a robust solution best suited for insurance agencies, particularly those familiar with Vertafore products, who prioritize functionality, comprehensive reporting, and reliable support over ease of use and cutting-edge user interface design.

Pros & Cons

  • Robust Reporting: AMS360 is praised for its strong reporting features, allowing agencies to analyze business data effectively.
  • Vertafore Integration: Users appreciate the seamless integration with other Vertafore products, creating a unified system.
  • Streamlined Operations: AMS360 helps agencies improve efficiency by automating workflows and centralizing key processes.
  • Steep Learning Curve: AMS360 can be difficult to learn, especially for new users who are not familiar with agency management systems.
  • System Slowdowns: Some users report experiencing occasional slowdowns with AMS360, which can be frustrating and impact productivity.
  • Unintuitive User Interface: The user interface is not considered intuitive by some users, making it difficult to find the information they need quickly and easily. For example, extracting accurate reports can be a challenge.
  • Inconsistent Data Updates: Some users report inconsistencies with data updates, such as changes to insured names reverting back to previous entries, especially with policy renewals. This can cause problems with certificates and other forms that require accurate information.

Key Features

  • Workflow Management: Implement standard, customizable workflows for onboarding, governance, navigation, task assignment, document automation, Corporate Social Responsibility (CSR) and client outreach. Use purpose-built form and policy templates to process and review applications faster. Automatically generate commercial property and casualty (P&C) proposals and consolidate all carrier information under a single interface. 
  • Agency Management: Seamless import and export schedules into the agency’s calendar with automated addition, deletion and existing data synchronization. Compare past and current policies side by side. Mass distribute certificates in accordance with individual client preferences. 
    • Agency Home: Get a real-time feed of information, obligations and tasks directly in the dashboard. 
    • Declaration Page View: The declaration page view integrates coverages, endorsements and client history information into a single page for improved visibility. 
  • Client Management: Organize renewal requests according to date ranges and assign tasks to available producers, managers and agents. Track submissions, and issue updates and alerts for unpaid bills, premium changes, expired policies and more. Filter potential and existing clients based on area, age, line of business and coverage. Link related customers to map out customer relationships. 
    • Campaigns: Prepare target lists featuring prospects and cross-sell opportunities. Set up marketing strategies based on touchpoints such as emails, meetings, phone calls and letters. 
    • Document Distribution: Set up document distribution schedules for specific scenarios like renewals and policy expirations. 
    • Communication: Access all client communication from a single interface to better understand the person behind the interaction. 
  • Mobile App: Get instantaneous on-the-go access to carrier data, policy information and rate quotes with the mobile application. 
  • Document Management: Securely store all documents in a central repository. Search for specific documents using data fields. 
  • Reporting: Run reports on business health, productivity, financial state and more. Use reporting templates with built-in filtering and viewing options or customize existing ones. Schedule upcoming reports and deliver results to related administrators for agile business decisions. Estimate the agency’s growth and revenue based on acquisitions. 
  • Integrations: Access over 200 APIs through the developer portal. Log in to multiple products with the Vertafore Single Sign-On (VSSO) tool. Partner with Vertafore’s in-house solutions for increased scalability. 
  • Risk Management: Implement automated workflows to eliminate the risk of errors and omissions (E&O). Restrict access to sensitive information with internal controls. Protect personally identifiable information and audit logs with multi-factor authentication, role-based permissions and user groups. 
  • Operations and Accounting: Keep the agency’s finances updated with real-time insurance accounting. Convert spreadsheets in Excel binary file formats to Acord AL3. Directly download carrier statements and auto-populate consistent data in direct bill entry statements (DBES). 
Pega
Pega
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Pega

Pega's workflow automation and AI decision-making capabilities have garnered praise, particularly for their ability to streamline complex business processes. Users highlight Pega's scalability and reusability, enabling efficient management of multiple teams and rapid development through reusable code. The platform's quick deployment capabilities allow for swift implementation of changes, while its collaborative approach, involving business teams in development phases, ensures alignment with business needs. Pega's real-time optimization, powered by AI, enables data-driven decision-making and adaptation.

However, Pega's complexity is a double-edged sword. While it empowers robust solutions, it demands significant technical expertise for setup and management. Some users have reported discrepancies between the platform's theoretical descriptions and practical implementation, especially regarding its RPA features, leading to documentation issues. Additionally, the user experience, particularly the search function and front-end interface, has been criticized as less intuitive compared to some competing solutions. For instance, users have found the menu structure and decisioning portal to be cumbersome.

Pega's strength lies in its ability to handle intricate workflows and leverage AI for real-time optimization, making it a suitable choice for large enterprises with complex operational needs and ample technical resources. However, its complexity and resource requirements might pose challenges for smaller businesses seeking simpler solutions.

Pros & Cons

  • Fast Rollout: Pega allows companies to implement process changes quickly, reducing the time it takes to go from idea to execution.
  • Built-in Collaboration: Pega bridges the gap between IT and business teams by providing a shared platform to design solutions that directly address business needs.
  • Handles Large Volumes: Pega is built to manage large-scale operations, making it suitable for enterprises dealing with high volumes of data and transactions.
  • Smart Decisions with AI: Pega integrates AI to automate decision-making within workflows, leading to more efficient operations and better outcomes. For example, AI can be used to automatically route service requests to the appropriate team.
  • Steep Learning Curve: Pega's complexity makes it difficult to learn, especially for those without extensive coding experience, leading to longer onboarding periods.
  • Technical Support Challenges: Users frequently report difficulties reaching Pega's support team and receiving timely assistance, potentially causing delays in resolving critical issues.
  • Subpar User Experience: The platform's user interface is often criticized for being unintuitive and difficult to navigate, impacting user productivity and satisfaction.

Key Features

  • BPM and Case Management: Optimize the agency’s business process management (BPM) and case management systems with customizable workflows, robotic automation, AI and work orchestration strategies. Monitor work status across multiple business units in real time. 
    • Compliance: Automatically maintain records and prepare an audit trail of all activities. Comply with global regulations such as GDPR. 
  • Chatbots and Virtual Assistants (VAs): Leverage intelligent VAs and conversational UI to offer best-in-class self-service aid. Understand conversational intent and human speech regardless of the channel or practice area. Access multiple means of communication, including Facebook Messenger, Amazon Alexa, email, SMS/text messages and more. Scan emails for important information and prepare personalized responses. 
    • VA Optimization: Utilize existing data to prevent duplicate tech silos. Collaborate with bots and automated processes to interpret contextual data from client service, sales, automation and marketing. 
    • Test Deployment: Run simulations to test the virtual assistant’s performance on different channels. Configure, manage and update the VA without code or downtime. 
  • DevOps and Testing: Vastly decrease time to market with one-click DevOps, CI/CD pipeline and complete automation. Third-party integrations include Agile Workbench, Agile Studio, App Studio and DevOps tools such as Artifactory and Jenkins. 
  • Real-time Intelligence: Search for patterns, hidden opportunities and insights within streaming cross-channel data and client interactions with the real-time AI engine and digital automation tools. 
    • Responsible AI: Built-in Value Finder and Ethical Bias Check modules safeguard the agency against unintentional discrimination and help form empathetic connections with customers. 
  • Robotic Process Automation (RPA): Implement RPA to speed up business processes, remove redundancies and eliminate errors and omissions (E&O). Work in tandem with bots to optimize resources, balance investments, self-heal automation and measure business impact. 
    • Email Bot: Automatically respond to emails with natural language processing (NLP). Use AI to decide on triage and rerouting measures. 
  • UX Design: Choose the best application design from a range of preconfigured best practice templates. Seamlessly synchronize with multiple API endpoints. 
  • Workforce Intelligence: Run reports on essential processes, agent productivity and more. Use data visualization tools to understand the impact of automation and see the true intent behind customer interactions. 
agencybloc
agencybloc
Start Price
$70
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Agency Management: Maintain complete visibility over user groups, company information, policy data, claims and more. Keep tabs on enrollments, renewals and leads with automated communication and task assignment. Centralize all agent information and paperwork to calculate commissions accurately. 
  • Policy Management: Stay up-to-date with the agency’s policy-to-product ratio. Connect policies with associated individuals and resources. Set up automated reminders for upcoming tasks. 
  • Carriers: Centralize all carrier information to track policy ownership and best-selling products. 
  • Commissions: Manually enter commissions or import data from third-party sources. Automatically calculate total premiums, total commissions and net commissions based on existing policies, agents and payout rates. 
  • Workflow Automation: Implement industry-specific fields or custom datasets to automate regular processes and daily communications. Integrate with Microsoft Outlook to automatically assign tasks from emails. Automatically notify clients about important dates, events and license expirations. Get an overview of automated processes; pause automation whenever required. 
    • Automated Prospecting: Automatically assign leads to suitable agents for follow-up activities. Assimilate information from Lead Forms to trigger emails and tasks. 
  • Lead Distribution: Categorize leads according to servicing agent, lead source, activities due, lead date, status and more. Automatically assign the right leads to the suitable agents. Monitor interactions, communications, activities and opportunities with the sales pipeline module. Utilize the firm’s leads and sales data to uncover trends and patterns using data visualization. 
    • Lead Forms: Create custom lead forms and embed them on the firm’s website to capture leads effortlessly. Instantly notify available agents on completion of a form. 
    • Lead Follow-up: Set up automated email campaigns. Contact potential clients with rate quotes and agency-specific information after form submission. Track the source, status, priority and notes related to active leads in real time. 
  • Client Management: Set up email marketing campaigns and newsletters with purpose-built customizable templates. Stay in touch with clients via consistent communications for events such as birthdays, enrollment reminders, upcoming renewals, carrier updates, policy changes and more. 
  • Advanced Search: Search the agency database for specific documents with custom data fields. Save search queries and results for future reference. Search for particular agents based on clients, expiration dates, upcoming renewals and more. 
  • Reporting: Run reports on lead sources, renewal dates, policies, agent license, carrier products, agents and more. Choose from a list of built-in reports or create custom ones. Calculate projected revenue based on products sold. Analyze commission data to compare actual commission amounts with projected totals. Get insights into the firm’s productivity metrics via charts and graphs. Track policies and payment history in real time to identify missed carrier commissions. 
Guidewire
Guidewire
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Guidewire

Imagine a bustling marketplace where insurance companies shop for the perfect software to manage their intricate operations. Among the vibrant stalls, Guidewire stands out, attracting attention with its comprehensive suite of tools. However, like any seasoned shopper, insurance companies carefully examine the reviews before making a decision. Let's delve into the feedback from the past year to uncover the strengths, weaknesses, and unique qualities of Guidewire, ultimately determining who can benefit most from its offerings.

One recurring theme in user reviews is the robust functionality of Guidewire, particularly in handling complex insurance processes. Its ability to manage underwriting, policy administration, claims, and billing within a single platform is a significant advantage for large insurance companies with diverse product lines. Users appreciate the flexibility to configure workflows and rules to match their specific requirements, ensuring efficient and accurate operations. For instance, a multinational insurer highlighted Guidewire's capability to handle multiple currencies and languages, streamlining their global operations.

However, some users noted that Guidewire's extensive features come at the cost of complexity. The initial setup and configuration can be time-consuming and require specialized expertise. Smaller insurance companies with limited IT resources may find the learning curve steep and the implementation process challenging. Additionally, while Guidewire offers a wide range of integrations with third-party systems, some users expressed a desire for more seamless and out-of-the-box integrations to further enhance connectivity and data exchange.

Considering these factors, Guidewire appears most suitable for large insurance companies with complex operations and the resources to invest in implementation and ongoing maintenance. Its comprehensive functionality, scalability, and configurability make it an ideal choice for organizations seeking a robust and future-proof solution to manage their insurance processes efficiently. For smaller companies or those with simpler needs, alternative solutions with a more intuitive interface and quicker implementation might be a better fit.

Pros & Cons

  • Comprehensive Suite: Guidewire offers a full range of products covering claims management, policy administration, and billing, providing a one-stop shop for insurance carriers' core needs. This integrated approach streamlines operations and reduces the need for multiple vendors.
  • Industry-Specific Focus: Guidewire's solutions are tailored specifically for the insurance industry, addressing the unique challenges and regulatory requirements of the sector. This focus ensures that the software aligns with industry best practices and evolving needs.
  • Scalability and Flexibility: Guidewire's platform is designed to accommodate the growth and changing needs of insurance companies. Whether it's expanding into new markets or launching new products, the software can adapt to support evolving business requirements.
  • Cloud-Based Options: Guidewire offers cloud-based deployments, providing flexibility and scalability for insurance carriers. Cloud solutions eliminate the need for on-premises infrastructure management, reducing IT overhead and enabling faster implementation times.
  • Complexity: Guidewire's comprehensive nature can be overwhelming for new users due to its extensive features and functionalities. The learning curve can be steep, requiring significant time and resources for training and implementation.
  • Cost: As an enterprise-level solution, Guidewire often comes with a hefty price tag, including licensing, implementation, and ongoing maintenance fees. This can be a barrier for smaller insurance companies or those with limited budgets.
  • Customization Challenges: While Guidewire offers customization options, tailoring the software to specific needs can be complex and time-consuming. It may require specialized skills or external consultants, adding to the overall cost and implementation time.
  • Integration Complexity: Integrating Guidewire with existing systems, such as legacy databases or third-party applications, can pose challenges. This can lead to data migration issues, compatibility problems, and additional development efforts.

Key Features

  • Policy Management: Facilitates direct, digital, omnichannel communication with policyholders and partners. Streamline policy approval and verification with strategic automation and predictive analytics. 
  • Application Development: Leverage APIs, integrations and microservices to create new lines of product faster. Run reports to benchmark performance and get actionable insights. 
  • Billing Management: Offer multiple payment options, invoice flexibility and personalized plans to improve customer loyalty. Process flat rate and traditional agent commissions from the same module. Maintain complete visibility over financial transactions with tailored billing strategies. 
  • Claims Management: Create and define activities, exposures and reserves. Implement automated workflows to deal with straightforward claims. Integrate with over 60 purpose-built applications to streamline claims processing. 
  • Customer Service: Implement digital self-service channels for clients. Prioritize first notice of loss reports to improve customer retention and loyalty. 
  • Predictive Analytics: Augment business processes with artificial intelligence and predictive analytics. Optimize core processes such as claims processing and underwriter commissions. 
    • Claims Optimization: Evaluate the most productive adjuster for pending claims. Leverage intelligent insights and smart remediation strategies to reduce loss-adjustment expenses, leakage and risk litigation. 
    • Underwriter Profitability: Figure out the pricing range required to maximize policyholder retention. Develop a sophisticated scoring system for underwriters to optimize the submission and renewal processes. 
    • Smart Recommendations: Easily integrate predictive models created externally. Run reports on productivity and modify workflows based on results. 
  • Risk Insights: Analyze exposure data in real time, including risk factors and accumulation events, to gain valuable insights. Study market trends to make intelligent pricing and risk selection decisions. Self-diagnose cyber-risk events. 
  • Business Intelligence: Always keep an eye on financial and operational metrics and underwriting, sales, claims and service management. Securely access anonymous and current benchmarks to measure the agency’s performance scores against existing frameworks. 
CoverWallet
CoverWallet
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Centralized Business Insurance Policies
  • Dedicated Insurance Advisor
  • Free Quotes
  • Multiple Insurance Carrier Partnerships
  • Peer Comparison
Duck Creek
Duck Creek
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Duck Creek

Navigating the insurance technology landscape can feel like being lost at sea, with countless options promising smooth sailing. Duck Creek emerges as a sturdy vessel, but is it the right fit for your voyage? User feedback from the past year paints a picture of a platform with a robust hull and powerful engines, but perhaps lacking some of the finer amenities of its competitors.

Duck Creek's strengths lie in its configurability and scalability. Like a seasoned shipwright, users can customize the platform to their specific needs, building out complex workflows and integrations. This flexibility makes Duck Creek a popular choice for larger enterprises with intricate operations. However, this strength can also be a weakness. The level of customization requires significant technical expertise, often necessitating the help of experienced consultants or a dedicated in-house team. This can lead to higher implementation costs and longer timelines compared to more out-of-the-box solutions like Guidewire or Majesco.

Duck Creek differentiates itself with its cloud-native architecture, allowing for seamless updates and scalability. This is crucial in today's rapidly evolving insurance landscape, where agility is key. Users appreciate the platform's ability to adapt to changing market demands and regulatory requirements. However, some find the user interface to be less intuitive than competitors, requiring additional training and support.

In conclusion, Duck Creek is best suited for large insurance carriers and MGAs with complex operations and the resources to invest in implementation and ongoing maintenance. Its configurability and scalability make it a powerful tool for those who can harness its potential. However, smaller organizations or those seeking a more user-friendly experience may find better options elsewhere in the vast ocean of insurance technology.

Pros & Cons

  • Configuration Tools: Duck Creek's configuration tools empower users to tailor the platform to their specific needs without extensive coding. This flexibility allows insurers to adapt to changing market demands and create unique product offerings.
  • Product Development: The platform streamlines product development, enabling insurers to launch new insurance products quickly and efficiently. This agility is crucial in today's competitive market where speed to market is a key differentiator.
  • Cloud-Based: As a cloud-based solution, Duck Creek eliminates the need for on-premises infrastructure, reducing IT costs and complexity. This scalability allows insurers to easily adjust their resources as their business grows.
  • API Integrations: Duck Creek's open API architecture facilitates seamless integration with third-party systems and data sources. This interconnectivity empowers insurers to leverage a broader ecosystem of tools and services.
  • Complex Configuration: Implementing and customizing Duck Creek often demands a high level of technical expertise, making it challenging for users without a strong IT background to navigate the system effectively. This complexity can lead to longer implementation times and increased reliance on external consultants, potentially raising costs and causing frustration for users who prefer a more intuitive and user-friendly experience.
  • Performance Issues: Some users report experiencing performance slowdowns and system lags, particularly when handling large volumes of data or complex workflows. These performance issues can disrupt daily operations, hinder productivity, and lead to user dissatisfaction, especially for businesses with high-transaction volumes or time-sensitive processes.
  • Cost Considerations: Duck Creek's pricing structure, which often involves licensing fees, implementation costs, and ongoing maintenance expenses, can be a significant investment for insurance companies. Smaller businesses or those with tighter budgets may find the cost prohibitive, leading them to explore alternative solutions that offer a more affordable entry point and predictable cost structure.

Key Features

  • Quote: Accelerates quote workflows and offers omnichannel, responsive customer service. Create automated quote proposals and letters. Use predefined rules to streamline data capture at every stage. 
  • Underwrite: Access automated underwriting services based on risk complexity. Analyze policyholder accounts and collaborate across multiple domains to determine risk. Monitor status of active applications via an underwriter dashboard. 
  • Endorsements: Automatically process out-of-sequence and cross-term endorsements. Get a comprehensive view of all endorsement activities across different policy stages. Intelligent underwriting and third-party information ordering improve data and transaction accuracy. 
  • Audit: Supports monthly reporting, self-audits and interim and final audits. Track policy transactions and audit transactions separately. Create a post-audit declaration page and void audits according to requirements. 
  • Renewals: Automatically issue renewal policies via trigger-based workflows. Use predefined rules and date-driven ranges to rate, underwrite and document renewals. Mark specific policies for non-renewals. 
  • Cancellations: Supports automatic and manual cancellation notices. 
  • Reissue: Reinstate, reissue and rewrite policies manually or via predefined rules. Automatically issue notices and reactivate offset transactions. 
AgencyZoom
AgencyZoom
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$79
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Key Features

  • Claims Management
  • Commission Management
  • Contact Management
  • Document Management
  • Insurance Policy Management
  • Insurance Rating
  • Life & Health
  • Property & Casualty
  • Quotes/Estimates

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SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Policy Administration System, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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EZLynx
$350
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Yes
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SIRCON
$126
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No
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AMS360
$99
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No
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AMS360
Pega
Undisclosed
Yes
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agencybloc
$70
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Guidewire
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OneLink
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CoverWallet
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Duck Creek
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AgencyZoom
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EZLynx

by EZLynx
EZLynx
EZLynx is an innovative platform to improve operational efficiency and streamline agency workflows. Its integrated comparative rater and agency management library manages the entire customer lifecycle. Its real-time comparative quoting module provides automated home and auto rate quotes, consumer follow-ups, generation of shortened forms with incomplete or pre-filled data, enhanced quoting and Facebook quoting. It stores all enterprise data centrally in one cloud-based environment to provide security and encourage global data sharing. Its intuitive dashboard improves stakeholder engagement and data visualization through automated reporting.Users can map organizational hierarchies, improve customer experiences and generate intuitive rates with automated commission processing. It stores policy statements and other documentation to monitor agency performance and develop remediation measures.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$100 - $500
Company Size
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SIRCON

by Vertafore
SIRCON
SIRCON, a software solution from Vertafore, streamlines and automates various insurance-related tasks, making it particularly beneficial for insurance agencies, carriers, and regulators. This robust platform excels in managing licensing, compliance, and credentialing processes, ensuring that users remain compliant with industry regulations. SIRCON is especially suited for the insurance industry due to its comprehensive features that cater to the specific needs of insurance professionals. One of the standout benefits of SIRCON is its ability to reduce administrative burdens by automating repetitive tasks, thereby increasing operational efficiency. Users appreciate its user-friendly interface and the seamless integration with other systems, which enhances productivity. Additionally, SIRCON offers real-time updates and notifications, ensuring that users are always informed about critical compliance deadlines and changes. Compared to similar products, SIRCON is often praised for its reliability and the depth of its features. While specific pricing details are not readily available, potential users are encouraged to contact SelectHub for a customized pricing quote based on their unique requirements. This ensures that they receive a solution tailored to their specific needs and budget.
Cost Breakdown
$100 - $500
Company Size
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AMS360

by Vertafore, Inc.
AMS360
AMS360 provides organizations with a single solution to manage customers, finances and complex commercial lines from submission to certification. Its reporting and analytics modules automate daily processes like data entry, documentation and incident notification. It streamlines workflow management, drives operational efficiency and improves customer experience, renewals and retentions. Integrated accounting modules monitor financial data in real-time for anomalies. Users can incorporate agency and carrier workflows to increase data accuracy and reduce time spent on finances. Its extensive library of APIs allows users to integrate third-party applications or create new ones easily. It increases consumer engagement with active and meaningful communication, managing emails, campaigns and agency reputation. Artificial intelligence generates predictive models to convey the correct information at the right time.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$10 - $100
Company Size
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Pega

by Pegasystems Inc.
Pega
Pega is a cloud-based platform that helps organizations manage the customer lifecycle and improve their operational efficiency. Its centralization of stored data improves security. Its artificial intelligence studies billions of customer inputs in real time to generate intelligent chatbots, agile decisions, contextual self-service and unified messaging. It can observe industry trends to generate service rates for agencies. Users can automate daily processes and data documentation with actionable insights.Its low-code approach and integrated APIs ensure easy development and scalability in the face of future changes. Secure data sharing between carriers, agencies and customers eliminates information silos and reduces accounting errors. Predictive models automate customer outreach to increase customer satisfaction and improve retention rates.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
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agencybloc

by agencybloc
agencybloc
AgencyBloc provides independent agents, marketing organizations and insurance agencies with a cloud-based, industry-specific customer lifecycle management platform. Its reporting and analytics modules improve operational efficiency by streamlining communications, following up on leads and tracking client activity. It centrally stores all documentation and paperwork to track agent recruitments and contracts, carrier contacts, policy changes, enrollments, renewals and top-selling offerings. Its multi-device environment allows users to approach customers with the correct information at the right time. Users can automate communication with clients and prospects, assign tasks and carefully choose from leads custom-generated according to individual client preferences. It generates actionable insights to help organizations streamline operations, improve financial performance and process agent commissions more efficiently. Its commission module helps agencies uncover missed carrier commissions and predict future revenue with real-time payment history and commission data visualization. Users can automate client outreach activities such as birthday greetings, expiration alerts and other important reminders. Its dashboard monitors all automated activity with the option to pause or stop tasks at any time.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
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Guidewire

by Guidewire Software
Guidewire
Guidewire is a complete, integrated, cloud-based suite to manage enrollment, renewal, policy, billing and claims throughout a client’s life cycle. Its low-code approach reduces integration complexity and encourages agile business decisions by unifying data and analytics. Its digital-first, omnichannel experience helps agencies increase policyholder engagement and retention rates. Users can strategically automate client outreach, product rollouts, rate quotations and alerts. It generates actionable insights to anticipate client requirements, market trends, assign tasks and match clients with appropriate agents. Prevents security breaches through centralization of all data.Its highly configurable architecture with an intuitive dashboard, microservices and API support ensures scalability and easy integration of third-party applications. Predictive analytics allow users to optimize claims management, improve quoting processes and streamline workflow adaptability. Agencies can monitor business health and leverage performance against industry benchmarks to make profitable decisions. Augmented AI and machine learning match auto-curated industry-specific solutions with the policyholders who require it.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$1,000 or more
Company Size
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Deployment
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Platform
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OneLink

by Intruity
OneLink
OneLink is a distinguished platform that ranks 6 among all Insurance Software according to our research analysts and 5 crowd-sourced reviews from 1 source. OneLink is most suitable for all company sizes. OneLink can be deployed in the cloud. Similar alternatives to OneLink include Wellnex, VCA Software and SIBRO.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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CoverWallet

by CoverWallet
CoverWallet
CoverWallet is a distinguished platform that ranks 7 among all Insurance Software according to our research analysts. CoverWallet is most fitting for businesses large and small. CoverWallet can be deployed in the cloud and is accessible from a limited number of platforms including Windows devices. Similar alternatives to CoverWallet include NetClaim, Ventiv Claims and ProNavigator.
Cost Breakdown
$10 or less
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Duck Creek

by Duck Creek Technologies, Inc.
Duck Creek
Yodil by Duck Creek offers best-in-class data management for financial institutions. It consolidates internal and external data to support operational and analytical needs, such as reporting, predictive modeling and other high-level analytics to better compete in the marketplace. It comprises a comprehensive insurance data model surrounded by a suite of enterprise data management modules designed for scalable growth. Agencies can leverage centralized document management for faster policyholder identification, billing and processing. Its payment portal offers multiple options with automated logging of receipts for consistent and error-free accounting. Its reporting modules provide standard and statistical data, including metrics concerning financial health. An intuitive, low-code architecture helps users integrate, create and modify extensions using pre-existing definitions. Predictive analytics provides feedback on how to streamline workflows, increase productivity and get the most value out of time spent. It uses machine learning to create individual-specific user experiences for policyholders to increase client loyalty and retention throughout their life cycle. Provides product definitions, templates and requirements for agents and consumers. Insurers can automate task approval, workflow assignments, claims processing and rate quotations.
Cost Breakdown
$1,000 or more
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AgencyZoom

by AgencyZoom
AgencyZoom
AgencyZoom is a popular software solution that ranks 9 among all Insurance Software according to our research analysts and 12 crowd-sourced reviews from 1 source. Starting from $79, AgencyZoom is priced fairly, has offered a free trial in the past and is most applicable for companies large and small. AgencyZoom can be deployed in the cloud. Similar alternatives to AgencyZoom include Wellnex, VCA Software and SIBRO.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
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Majesco

by Majesco
Majesco
Majesco is an industry-specific, cloud-native, integrated platform that provides client enrollment, renewal, claims and policy management for agencies. Its core processing unifies analytics, reporting and data to predict client requirements, consumer trends and product demands. Provides agencies with access to a curated, purpose-built ecosystem of traditional and insurtech options designed to streamline workflow and increase innovation. Users can access the marketplace to browse, build, integrate or test extensions and integrate them through APIs to its microservices-based architecture. Machine learning can automate renewals, alerts, lead generation and customer outreach. Users can configure its intuitive UI to deliver rich, personalized customer experiences. Provides a built-in end-to-end experience, page layouts, UI widgets and more. Its reporting modules trigger critical touchpoints in customer relations by tracking agency performance, bottom line, customer engagement and retention.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Agency Matrix

by Zywave
Agency Matrix
Agency Matrix, a comprehensive software solution from Zywave, excels in managing various tasks essential to insurance agency operations. It is particularly well-suited for small to mid-sized insurance agencies seeking to streamline their workflows, enhance customer service, and improve overall efficiency. The software offers a range of benefits, including robust client management, policy tracking, and automated marketing tools, which help agencies maintain organized records and foster client relationships. Popular features of Agency Matrix include an intuitive dashboard, real-time reporting, and integrated communication tools, which collectively enhance the user experience. Users appreciate its user-friendly interface and the ability to customize workflows to fit specific business needs. Compared to similar products, Agency Matrix is often praised for its affordability and ease of use, making it a preferred choice for agencies looking to optimize their operations without a steep learning curve. Pricing for Agency Matrix varies based on the size and specific needs of the agency, with options typically available on a subscription basis. For precise pricing details, it is recommended to contact SelectHub for a tailored quote.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$10 - $100
Company Size
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Deployment
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QQCatalyst

by Vertafore
QQCatalyst
QQCatalyst is a comprehensive software solution designed to streamline insurance agency management. It excels in automating tasks such as client management, policy tracking, and document storage, making it an ideal choice for small to mid-sized insurance agencies seeking efficiency and organization. The software's intuitive interface and robust features, including customer relationship management (CRM), reporting, and workflow automation, significantly enhance operational productivity. Users appreciate QQCatalyst for its ease of use and the ability to customize workflows to fit specific agency needs. The software's cloud-based nature ensures accessibility from any location, which is particularly beneficial for agencies with remote or mobile staff. Additionally, QQCatalyst offers integration capabilities with various third-party applications, further extending its functionality. While specific pricing details are not readily available, potential users are encouraged to contact SelectHub for a tailored pricing quote. This approach ensures that agencies receive a solution that aligns with their unique requirements and budget constraints.
User Sentiment User satisfaction level icon: fair
Cost Breakdown
$100 - $500
Company Size
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Deployment
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HawkSoft

by HawkSoft
HawkSoft
Hawksoft provides agencies with customer relations and agency management solutions. It automates communication tasks and activities for improving customer experiences and relationships. Its reporting and analysis modules reduce errors and omissions and generate alerts, tasks and reminders for important events. Users get periodic reports on business health, KPIs, cross-sales and possible growth opportunities. It centralizes system procedures and documentation to streamline data sharing across multiple levels and update policies with carrier guidelines. Provides a 360-degree view of policyholders for informed business decision-making. Its integrated rating system sets up clients with choices best suited to their individual needs. It supports TCPA compliant text messaging, e-Signatures and self-service certificates for policyholders.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
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Deployment
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Insurity

by Insurity
Insurity
Insurity is a cloud-based, integrated, highly secure agency management solution. Its built-in reporting and analytics modules provide insights on core policy, billing and claims processing to improve workflow. It has an API-based architecture with a low- to no-code environment that makes it easy to build or integrate third-party extensions. It aims to streamline the digital consumer experience and centralize all client data to provide a comprehensive view of the policyholder behind the transactions. Increases flexibility, scalability and cost-efficiency by combining data from every module. Users can automate task assignments, alerts and reminders for critical customer touchpoints. AI and machine learning help identify, organize and simplify data assets. Data visualization helps increase stakeholder and policyholder engagement while assessing the bigger picture in real time. Its purpose-built predictive models help predict client requirements, market trends and business opportunities. Supports ISO, AAIS and NCCI compliant policy processing, claims processing and billing.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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WaterStreet

by WaterStreet Company
WaterStreet
WaterStreet is a popular software system that ranks 15 among all Insurance Software according to our research analysts. Starting from $0, WaterStreet is priced at no cost when starting and is most applicable for companies large and small. WaterStreet can be deployed online and is accessible from a limited amount of platforms including Windows devices. Similar alternatives to WaterStreet include NetClaim, Ventiv Claims and ProNavigator.
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Applied Epic

by Applied Systems, Inc.
Applied Epic
Applied Epic is a cloud-based agency management solution that allows users to monitor all business processes within a single interface. It helps agencies manage enrollment, renewal, claims and billing. Reporting modules generate actionable insights to improve profitability, sales and client retention rates. Predictive analytics provides comprehensive insights into policyholder requirements, new business opportunities and market trends. Users can automate policy exchange with carriers, renewals, sales and commissions processing, claims verifications and documentation. Its integrated and open architecture makes it easy to manage accounts, business processes, customer relationships, policies, financial markets and sales. Machine learning improves operational efficiency by identifying frequent workflows and automatically reassigning obligations. It centrally secures all data and documentation in multiple folder levels for a streamlined viewing, sharing and tracking experience. Its communication module includes text messages and omnichannel customer service to improve customer experience.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Gen4

by Gen4 Systems
Gen4
Gen4 provides agencies with a single cloud-based solution to manage workflow automation, business processes, customer relations, carriers, agents, prospects and digitization. It provides multiple portals to differentiate policyholders by stage, expiration date and renewal date. Advanced reporting and analytics modules ensure clients get matched with the right information at the right time. Purpose-built intuitive dashboards, policy lists, task management and claims processing, streamline the new-user integration experience.Its communication modules issue alerts, log calls and schedule consumer follow-ups. Users can automate daily processes, workflow assignments, renewals and claims processing. Its multi-device support makes data and documentation available globally to agents, carriers and policyholders. Provides access to a comprehensive library of life insurance scenarios like 401Ks, safe harbor plans and more. Agencies can choose their website design from highly customizable templates.
User Sentiment User satisfaction level icon: fair
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Apex EDI

by Therapy Brands
Apex EDI
Apex EDI is a popular solution that ranks 19 among all Insurance Software according to our research analysts and 1 crowd-sourced review from 1 source. Starting from $89, Apex EDI is priced fairly. Similar alternatives to Apex EDI include Wellnex, VCA Software and SIBRO.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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FINEOS

by FINEOS
FINEOS
FINEOS is a comprehensive digital platform for insurance agents. Users can optimize administration processes, automate workflows and oversee customer activity in one hub. Manage traffic, track sales and expedite policy processing.Users can organize information and securely store data in a central repository. Use open architecture to integrate with external applications.
User Sentiment User satisfaction level icon: fair
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
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Buyer's Guide

Policy Administration Systems Are All About Managing the Policy Life Cycle

By Ganesh Thampi, Technical Content Writer at SelectHub

Policy Administration System BG Intro

Issuing policies and processing claims are the backbone of any insurance agency. However, manual processes are more prone to errors. As digital transformation revolutionizes how insurance agencies work, the right insurance software can make or break your business.

Handling vast amounts of paperwork is a necessary evil. Paper-heavy tasks occupy your workforce — from claims handling to approvals and underwriting. A policy administration system helps your agency manage policy documents, from creation and storage to indexing and distribution.

But document management is just part of what policy administration systems do. From issuance to termination, they offer streamlined workflows and improved productivity across an agency by automating processes throughout the policy lifecycle.

By implementing the right solution, you’ll issue more policies and process more claims, ensuring higher profits without sacrificing client satisfaction. This guide covers everything from features and benefits to the most popular software so you can decide what’s best for your needs!

Executive Summary

  • A policy administration system enables insurers to manage the complete policy life cycle.
  • Insurance agencies can redistribute workloads more efficiently by automating document, claims and billing management tasks.
  • You can unlock access to granular insights using reporting tools and centrally stored policy data.
  • The main benefits of policy administration systems include time saved, improved client satisfaction and efficiency across your agency.
  • It's crucial to create a requirements checklist before selecting software.
What This Guide Covers:

What Is a Policy Administration System?

A policy administration system is a purpose-built solution that helps insurers manage their business operations with end-to-end life cycle management of insurance policies. It offers various functionalities, from policy issuance and quotes to renewals and claims management.

By storing all insurance policy and client-related information in a single location, you facilitate seamless data management throughout your agency. Business process management tools automate daily repetitive policy tasks, while real-time policy data insights help you decide what areas to focus on with the time you save.

Combining functionalities to provide a holistic view of your agency allows you to improve efficiency and productivity across all coverage areas. At the same time, a central dashboard ensures you’re always on top of anything that requires your immediate attention, from scheduling to operational issues.

Related Categories

Primary Benefits

Implementing a policy administration system has multiple advantages, not limited to the insurance policy ecosystem. Let’s take a look.

Policy Administration System Benefits

Saved Time and Resources

The primary goal of implementing a policy administration system is to improve efficiency by automating administrative tasks that otherwise require individual time and attention. You can leverage built-in workflows to streamline the policy lifecycle by eliminating data entry and manual verification tasks.

The cost of creating and managing documents runs pretty high, from storage facilities to additional employees. Switching to an insurance policy administration system cuts down on these expenses.

Easy to Access Information

If you store policy documents across workstations, office drawers and Google Drive, your employees will have difficulty finding information when needed. Cluttered information systems result in a lack of accountability and increase the risk of misplaced documents and privacy breaches.

A policy administration system provides a central location for all documents to prevent policies from slipping through the cracks. Advanced search and index capabilities allow you to find policies by type, client or payment status and take necessary action.

Better Customer Experience

With a centralized system, clients can access policy details anytime, anywhere. A self-service portal makes life easy for agents by handling basic customer queries with automated chatbots.

Easy navigation allows potential clients to explore products by themselves to make an informed decision before buying a policy. With customer insights, you can continue developing and implementing improved client-facing processes.

Quick Transactions

Your customers expect a quick resolution to their policy purchase journey. Policy administration systems digitize the payment ecosystem from buying and renewing a policy to claims and processing for lower billing overhead.

Generate bills and get paid faster with easy online transactions that your clients can clear from home and at any time.

Greater Accuracy

Not only does a policy administration system enable faster claims processing, but it also improves accuracy by eliminating data entry errors and duplicate entries. Moreover, claims processing tools with machine learning capabilities can identify and rectify data anomalies.

Key Features & Functionality

Policy Administration System Key Features

Document Management

Leverage a centralized document database to simplify policy management throughout your organization. With functional access according to user type, keep data flow across teams tidy and efficient.

Deliver timely information to agents and clients by streamlining policy data.
Dedicated Client Portal

Make your clients feel at home with a client portal containing all the information they need. With a customized portal, they can compare products, purchase policies and file claims without third-party help.

Relieve customer worry by giving them a real-time view of where claims are in the process. Your agents can also use client portals to send claims status updates for seamless communication.
Policy Templates

Policy creation is a time-consuming task. With pre-built templates, you have a framework to design new policies with ease.

Preconfigured rules drive efficiency when introducing and managing new products while maintaining uniformity across departments in issued policies.
Data Protection

Your office’s steel security doors aren’t enough to ensure policy document security. Keep your policy information safe from unwanted threats with password protection and document access control

With tools like document tracking, real-time collaboration and access notifications, your data remains easily accessible to the appropriate parties.
Billing Management

This feature provides a better client experience with personalized payment plans while reducing revenue leakage with easy-to-access information on due premiums.

A built-in invoicing module also helps provide policyholders with a more flexible billing experience. Offer your clients various options to pay their premiums — via credit cards, digital wallets or eChecks.
Data Analytics

Policy administration involves several data-intensive tasks like underwriting, rating and risk evaluation. While it’s easy to collect this data, the challenge is to put it to good use.

You gain better business insights by combining a data-driven approach with AI analytics tools. Leverage claims handling data to reduce fraud and improve loss ratios.
Schedule Management

Maintain records of active policies and upcoming renewals with automated scheduling tools to engage policyholders.

Minimize missed opportunities and maximize retention by streamlining and prioritizing policy communication according to issue, renewal and expiry dates.
Performance Management

Make sure your policy administration teams perform at the highest efficiency with continuous performance management. Run reports on KPIs, from referrals to policies issued, to make life easy during appraisal.

Compare scores across coverage areas and teams to identify areas of improvement across your agency.

Software Comparison Strategy

As the insurance industry radically adopts digital technologies, there are plenty of vendors to choose from. However, not all solutions are created equal. The key to finding the right vendor is first to understand your requirements.

With a requirements checklist, you’ll be able to compare available options and identify the right fit. This section covers some of the crucial factors you should consider during your software selection journey:

Scalability

As your business grows, so will the number of documents your employees need to process. A scalable system ensures software limitations don’t hinder your growth. Keep in mind that cloud-based solutions offer easier scalability compared to on-premise systems.

Customizations

Most policy administration systems offer a few basic features, like document management, policy processing and billing. You can streamline these features using customization to match your existing operational workflows.

Integrations

If you already have software in place, your new platform may need access to policy master data stored on existing system(s). Choose software that easily integrates with legacy IT systems. Additional integrations to consider include payment gateways, eSignature and internal communication tools.

Accessibility

Your agents won’t work from the office all the time. With remote access, agents can log into the system to retrieve client information and files on the go. A mobile-friendly solution is a must in today’s insurance climate.

Ease of Use

Adopting a new platform will be challenging for employees. Policy administration systems aim to make life easy for employees, but if it’s too complicated to use, you only risk damaging employee morale. It’s crucial to keep your team’s technical acumen in mind when evaluating solutions. You should also provide training during onboarding to ensure a smooth transition.

Security

Professional credibility is built on trust. Data breaches damage your reputation and force customers to look for alternatives. Your system should meet industry encryption standards and implement data access controls to mitigate data threats.

Cost & Pricing Considerations

In this section, we’ll discuss a few factors influencing cost and pricing considerations for life insurance policy administration systems.

Upgrade vs. Overhaul

The cost of implementing software depends on whether you’re adding to existing systems or starting over from scratch. Examine whether your current infrastructure can support your requirements with more minor upgrades. In that case, you can implement a standalone policy administration system to meet operational needs.

If your existing systems need a complete overhaul, consider a solution that’s part of a software suite. You can address missing gaps and scale your system quickly when required.

Cloud-based vs. On-premise

Depending on your needs, you can migrate to a cloud-based insurance policy administration system or deploy an on-premise solution. An on-premise solution involves upfront hardware costs, additional support and maintenance fees.

In comparison, cloud-based software offers flexible pay-as-you-go options depending on your usage. Whichever mode of deployment you go with, a modern system is an investment that pays dividends in the long run.

The Most Popular Policy Administration Systems

Now that we’ve looked at requirements and budgets, here are some of the market's most popular general insurance solutions to kickstart your search.

BriteCore

BriteCore’s policy administration system manages end-to-end policy processing using flexible workflows and process automation to support teamwork and productivity. Automated verifications, renewals and cancellations help reduce agent workload, while its detailed audit log enables you to review every action taken on a policy.

The system supports policies across personal, commercial and specialty lines of business for you to manage changing policyholder needs.

BriteCore

BriteCore’s policy dashboard allows you to sort by type, status and date.

Oracle Financial Services for Insurance

Oracle Financial Services is a flexible, rules-driven solution that builds you a digital ecosystem for an improved customer experience. Its pre-built dashboards allow you to manage all coverage life cycles in a single hub for long-term efficiency.

Leverage the data analytics capabilities of its built-in calculation engine to help you configure value-based payments and implement more agile business practices across your agency.

Oracle Financial Services for Insurance

Oracle’s dedicated data repository is a one-stop shop for all your policy data.

Guidewire

Guidewire’s cloud-based system provides a digital-first, omnichannel experience that manages enrollment, renewal, policy, billing and claims throughout a client’s life cycle.

Use strategic automation to reduce your underwriting team’s workload and increase efficiency. Predictive analytics and AI tools generate insights about policyholder needs so you can ideate and introduce targeted products to the market.

Guidewire

Easily keep a tab on policy terms and transactions with Guidewire’s Policy Center.

 

 

Questions To Ask

Here are some questions to ask your team to guide your search.

  • What are our immediate requirements for the agency?
  • Which parts of the policy lifecycle do we need to automate?
  • What integrations do we need?
  • Do we need a scalable solution?
  • What’s our budget?

Policy Administration System Key Questions

Pose these questions to vendors to identify how well the software meets your agency’s requirements.

  • How easy to use is the interface?
  • Do you provide training to support onboarding?
  • Is it mobile-friendly?
  • Is the system part of a software suite? What other solutions do you offer?
  • What security measures are in place to protect user data?

Next Steps

Policy administration systems can benefit agencies of all sizes. While it offers fewer functionalities than an agency management system, it can be a cost-effective choice for firms that already have an enterprise solution in place for non-insurance business processes.

Your journey to implementation starts with finding the right product for your needs. You can more easily determine which systems suit your agency with reviews, ratings and pricing. To help you, we put together a free comparison report that lets you evaluate vendors.

Implementing a policy administration system may seem complicated, but sticking with legacy software and outdated workflows can limit your growth potential. We hope this guide will help you choose the right solution to grow your business and make life easier for employees and clients.

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About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Shauvik
By Shauvik Roy
Technical Content Writer
Shauvik Roy is a Market Analyst at Selecthub. He writes content for the insurance, risk management and legal domains. Hailing from the city of Kolkata, he has a Master's Degree in English from the University of Hyderabad. When he's not busy pitting one software against another, you will find him playing video games, reading sci-fi books or tinkering with his PC.
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Rohit Dutta
Technical Research By Rohit Dutta Mazumder
Senior Analyst
Hailing from the serene landscapes of Assam, India, Rohit is a seasoned professional with diverse expertise in several software categories. Armed with a Bachelor of Technology in Mechanical Engineering and an MBA in Operations Management, he brings a unique blend of technical acumen and strategic thinking to the table. His proficiency extends across dynamic fields such as Product Lifecycle Management, Hotel Management, Ecommerce, Accounting and Finance.
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Shashank
Technical Review By Shashank K K
Principal Analyst
After graduating with a Masters in Finance from Trinity College Dublin, K K Shashank's research and detail-oriented skills led them to SelectHub. He has diverse knowledge across various software categories like Accounting, Financial Planning and Analysis, Ecommerce, Risk Management, PLM, Insurance and more since 2020.
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Pooja
Edited By Pooja Verma
Content Editor
Pooja Verma is a Content Editor and Senior Market Analyst at SelectHub, who writes and edits content for endpoint security, legal, CRM, fundraising software, eCommerce, and mental health software. She earned a literature degree from Miranda House, DU and also holds Master’s in Journalism from Symbiosis Institute of Media and Communication in India. In her free time, you can spot her reading a book or binge-watching the latest web series and movies.
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