New Agency Generation: What to Look for in Agency Software

Getting to know Agencies vs Agents

An agent is a person that represents the insurance company (principal) however they must follow all the requirements stated within the agreement. Even though their roles are limited, agents have the authority to solicit insurance business, collect premiums, as well as issue a cover note on behalf of the insurers. To be an agent, you have to understand the pros and cons. There are two types of agents; captive agents which represent only one principal whereas independent agents can represent two principals.

In any insurance company, agency distribution will handle everything related to agency management which includes appointing an agent or eliminating the agent. This includes the right to control everything both internal and external process.

The Internal Issues

Agent vs Principal

Have you ever heard any problem arises among principal (Insurer) and agent? The conflict of interest occurs due to a moral hazard where agents happened to know more about the principal. This is because an agent is an intermediary, therefore, they build the relationship with the clients. Due to conflict, agents tend to acts on their own without referring to their principals.

Clients’ Claim Experience

“Clients wants to do a claim but some of them haven’t received the money” are the concerns that arise by the agents to the agency. If you’re an agent, you should have known better that you are supposed to assist your clients before, during, and after the claim process.

System Workflow

One thing that all administrative agency wants to prevent; too many fields to be fill. No agency wants a complicated system as their daily task. The reason AMS was built is for agencies to experience the easiest ways for the agency to handle their agents.

Agiliux as Agency System

Customer Relationship Management (CRM)

Having CRM as the basis of the agency system, Agiliux offers a solution to the insurance agency. Regardless of the business size, CRM supports sales, customer service, and operations which can give an advantage to the agency to keep on improving their operations. Agency Management System (AMS) is used in the agency to organize their book of business and monitor their agents’ performance. Having CRM enables the system to perform few activities to be run through within the system such as;

PRODUCTS
CONTROL

TOP
PERFORMERS

COMMISSION
FEATURE

Sales vs Automation

Indeed, having to handle both administrative and sales processes would be considered time-consuming, however, here at Agiliux, with the automation selling process, the agency can now focus more on selling points. Additionally, all insurance agency has their target sales regardless of the products. Now, it is the time to grab the chance to capture the customers’ extensive logging activities which will help you to stay compliant via digital channels such as;

EMAIL
NOTIFICATION

SOCIAL MEDIA

WEBSITE

Commissions Processing

Agiliux enables the agency able to experience a configurable commission feature without disruption. A summary view from the system shows the commission earned, received, and pending from the insurer. Depending on the company and the product, the commission rate was determined by the company’s regulation and their level.

Connect with us to find out more on Agiliux and Cloud Insurance

Agiliux is a Software-as-a-Service that provides insurance professionals with an end-to-end workflow and management platform.

Agiliux Cloud Insurance:

1. A digital connectivity platform for global and regional teams with multiple currencies, tax rates, languages and regulatory requirements

2. Seamlessly connect your legacy systems to offer cutting edge digital solutions, without disrupting the existing infrastructure and processes.

3. With SaaS, upgrades are applied continuously without waiting for your IT staff and give you full value from your software investment

4. Start small with what you need and add more advanced features as you grow and ready to scale. Never pay for what you don’t use

Authored By:


Nur Hanisah Izzul Fikri, Insurance Analyst, Agiliux	Sarabjeet Kaur, Chief Product Officer, Agiliux
hanisa@softsolvers.com.my	sarab@softsolvers.com sarabjeet-kaur-2011