Developing Software for Insurance Agents and Need Your Input

bmilner

New Member
Hi everyone,

Please forgive the cross post but I believe I posted this in the wrong place initially. Trying to make up for that by putting it here.

Full disclosure: I am starting a software development company and I am looking to understand the most pressing issues today's agents face in order to see if I can help with those issues. I am not selling anything, just listening.

I've been speaking with agents recently to understand what pain points might be occurring in the industry today. I've been asking questions such as:
What is the most important activity in your business?
Is there any pain associate with that activity?
What do you spend most of your time doing?

Through those discussions, I've heard a few things come up that I wanted to get this groups opinion on.

1. "Referrals are my most important means of lead generation."

Do you agree with this? What processes do you use to help you with referrals? Do you do any sort of a referral program to provide incentive for referrals to your customers? If so, what do you do? If not, would that sort of program be of interest to you?

2. "Retention percentage is very important to me."

Do you agree with this statement? Again, do you use any process to try and improve your retention rates? What have you found to work / not work? If there were software to help improve your retention rates, would you use it?

3. "I generate my own leads between myself and my team. I would be interested in a system to train my team in how we come up with leads."

Would you agree with this statement? Do you buy leads or do you shun that practice? Do you have a system to generate your own leads rather than buying them? If so, what works for you and what doesn't?

My hope is that I can focus my attention on something that would really be a help to this community. Again, not selling anything, just looking to listen and learn.

I would really appreciate your thoughts on the issues I've heard from agents and if they are off base, I'd like to hear that and know your answers to those top questions about what is important to your business.

Looking forward to head from you!

Brian Milner
 
My suggestion would be to develop software agents could share with their current and prospective clients. Software, which would provide insurance consumers, families and/or businessowners, with a safe convenient electronic place to store and administer all their insurance policy information.

Most consumers don’t know what they have and all these insurance agents are trying to sell them something else. Insurance agents (and insurance consumers) can only be effective if they know what a consumer is currently buying, from whom, what they are spending, what is or is not currently covered, what are the priorities, etc.

How can any competent agent offer insurance to a potential buyer without knowing anything about that person’s existing program? Auto insurance is related to home insurance, health insurance is related to auto insurance, and is more life insurance more important than disability insurance?

No one, not one insurance company or agent I know of, offers insurance consumers this essential tool. A relatively simple private on-line spreadsheet able to store basic policy information. Information available from any computer or cell phone any time.

This software could be used to order policy changes, request quotes, file claims, obtain certificates, revolutionize the way insurance is sold and administered. That to me is what insurance agents need! But I haven’t found anyone interested in pursuing what consumers need, they seem to be more interested in selling them what they want them to have
 
take Frank's YIO and get it in the cloud. Big changes coming in my neck of the woods, YIO will be very helpful in getting out letters to members in certain counties affected.
 
Thanks for the replies! If there were something that did both - gave you a suite of tools to manage your business + a front end that let clients see what policies they had and place orders for more - would that be something that would be of interest?

Thanks!
 
Thanks for the replies! If there were something that did both - gave you a suite of tools to manage your business + a front end that let clients see what policies they had and place orders for more - would that be something that would be of interest?

Thanks!

Back end is more important to me.

By place orders do you mean actually quote and buy, or request a quote?
 
There are tons of "back-end" software programs but none of it is of any value to insurance buyers, the very people whose patronage pays the agent's bills, and the very people agents are trying maintain a relationship with and the very people agents are trying to sell more insurance to.

Making software available to your clients allowing them to view all their insurance policy information in a spreadsheet format from any computer or iPhone at any time, a spreadsheet that allows your client to administer all their policies when the need arises, a spreadsheet that allows your clients to pay premiums from debit or credit accounts, file claims or order certificates can do nothing but enhance an existing relationship.

Enhanced relationships lead to more retained business, more new sales and provides a tool to attract more new clients. Just what every agent I know is trying to do!

So as a software developer, do I try to create a product to compete with something most agents already have or do I commit resources to software that no agent has but every agent could use to generate more revenue.

Seems to me that would be a strategy to build a business plan around.
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Here is what would help me.

I enter prospects and clients into my database (Act). Then I type them into my route planner (Microsoft Streets and Trips) then often I'll type them a 3rd time into Send out Cards to automate the follow up.

Software that would tie all these things together would be great.
 
Create a CRM that has an activity tracker. This tracker should be point based like One Card System. So many points per different type of activity i.e. cold call, cold walk, submitting an app, getting paid on an app, review, renewal, referral gotten, referral attempts, etc. that encompasses the total sales cycle: Prospecting, Presenting, Closing, Service & Referrals
The only difference with this system is that it can sync with google calendar and tasks, and it provides text messages to remind of points needed if its low on tracking one's goal.
Activity and Measuring it is the most important ingredient in sales.
 
Wow! Really great comments. What I'm hearing is that one need is for software to help service the client through an electronic front end they could use to access their information and interact with your office. Another need is for a software product to manage your interactions with both prospects and clients - creating birthday lists, creating mailers from various segments of your clients / prospects, and route planning for trips to the field. On top of this, it would be helpful to have a scoring system of some kind that lets you know how well you are doing at keeping in touch with the customers.

Here's a follow up I would ask then: What is the most important, key feature to you for new insurance software that either you can't find now or don't think is being done very well at the moment?

Also, benwrigh, I meant requesting a quote. Misspoke there, sorry! :-)

Please keep 'em coming. This has been very helpful. I've spoken with a dozen or more agents on the phone and the responses in this forum have been much more valuable than those calls!

Sincerely,

Brian Milner
 
Brian, in your latest post you referred to software allowing clients to "communicate with your office". To a limited extent, that kind of software is available. The problem with current software from the consumer's side is, they usually don't have all their coverage with one broker/agent. Insurance consumers need a place to store ALL their coverage information not just those policies with a certain agent/broker. Many of my business owner clients own 25-50 separate business and personal policies.

Trusted agents would be able to help clients prepare and maintain their spreadsheets and at the same time upgrade their coverage, fill in gaps or replace policies currently with other less concerned brokers and be able to do a better all around job.What better way to generate more business and/or grow a business?

Spreadsheets could be "sponsored" by banks, financial firms, lawyers. accountants, etc.generating income to the software developer or license holders.

Just a concept but one I haven't heard much about. And its' one I suggest holds a lot of merit.
 
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