November 29, 2023

The Enlightened Agency Pyramid: Level 2 - Standardizing Core Systems

Level two is about standardizing core systems, particularly agency management systems (AMSs), and how that offers a path to help agents improve efficiency and streamline their data processes through consistency.

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In today's tech-focused and ever-evolving world, insurance agencies need to ensure they're staying competitive. One of the best ways to achieve this is for agencies to understand their data maturity and begin their journey to digitization.

To simplify this process, here at Broker Buddha, we’ve created our Enlightened Agency Pyramid. And our previous blog covered level one on how organizing around customer segments can enhance customer satisfaction and loyalty. 

Level two is about standardizing core systems, particularly agency management systems (AMSs), and how that offers a path to help agents improve efficiency and streamline their data processes through consistency. This is especially important for agencies that have recently merged or been acquired, where different offices can be working off several different AMSs. 

Standardization, within the core systems of insurance agencies, involves rationalizing software to support a variety of operational needs. This enables a holistic view of the client base, enhances data visibility, and reduces the need for manual data transfers between systems.

So, why should you care about standardizing core systems? Let's explore the benefits.

Easily identify opportunities

In order to run a good business, you need to have a comprehensive understanding of your customers. Once you've segmented your clients—like in level one—standardizing AMSs allows agencies to better understand patterns and identify opportunities. The best AMS have the ability to segment customers in multiple ways (e.g. vertical and geographical). 

By unifying data into one AMS, it’s easier to generate reports and analytics giving agencies insights into overall performance, helping them identify growth opportunities, and making it easier to make data-driven decisions. Clearer visibility through a shared AMS system allows agents from different teams to collaborate on cross-selling and upselling, identifying coverage gaps and suggesting additional policies to boost agency revenue.

Collaboration and efficiency 

Large organizations often have a variety of offices in different locations, and it's likely that they’ll have different employees completing the same workflows. In these large organizations, it may be required for someone in one office to complete a workflow for a client in a different office.  If the other office is on a different system, then employees will need to be trained on two systems to complete the same job, damaging efficiency, resources, and time. Or worse, they won’t be able to do the work at all.  

Shared and standardized AMSs also enable seamless communication and data sharing between offices. Agents can access customer information and collaborate on policies or claims, improving customer service and operational efficiency.

Not only does being on the same management system allow you to understand your customers, but it also allows you to standardize your workflows because each system has different ways of accomplishing the same task. In a nutshell, if you've got two different core systems, it's harder to implement standardized practices across an organization.  

In conclusion

A central and standardized AMS allows for the efficient management of customer data, policies, and claims—the essence of data maturity. And the benefits continue, as a unified AMS can also detect untapped opportunities and reduces the risk of data duplication, errors, and inconsistencies when different offices use separate systems.

Plus, when an insurance agency's core systems are consistent, standardizing workflows is a breeze—but more on that in Level 3 - Standardizing Workflows

Are you interested in delivering an unrivaled digital client experience, streamlining insurance applications and renewals, and increasing client loyalty? Discover more about Broker Buddha's solutions and services today. 


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