An Agency Management System vs. a Generic CRM: What's the Difference?
When comparing an agency management system (AMS) with a CRM, there are three significant differences: who specifically it's built for, what features it includes, and how productive it makes you and your team.
Generic CRMs are built in a way that businesses of all sizes and industries can often utilize them. There are generic CRMs that are more geared for sizes of businesses, like small business, mid market, and large enterprises.
However, for insurance agencies to use CRMs effectively, they often need to build extensive customizations that can cost a significant amount of time and money. Many agencies have to seek out a developer or third party to assist in these customizations. Alternatively, an AMS includes important CRM capabilities, but is built for the specific needs of insurance agencies and includes specific field types (coverage types, policy details, etc.), policy management, contact type distinction (individuals vs. groups), and more.
Key Features of an Insurance Agency Management System
Manage policies in the same place as your prospects and clients to streamline business processes and provide more value to your clients.
Access your book of business from anywhere with a cloud-based AMS.
Grow your book of business from within by quickly identifying and acting upon cross-sell opportunities.
Tour an Industry-Specific AMS
Questions to Ask Agency Management System Vendors
One of the first steps to take when selecting an AMS is to define your needs, wants, and goals. A need is what you must have to function at your current level. A want is something that you would like to have to improve upon current operations.
The next step is knowing what to ask AMS vendors—which can be challenging. Here are three areas to focus on:
What does data migration to an AMS entail?
Data migration is the act of bringing all of your data points (contacts, attachments, notes, commissions, to-dos, etc.) over from your current system to your new AMS. The migration itself can vary widely from vendor to vendor, so be sure to ask these questions.
How secure is the AMS?
No matter which AMS you choose, knowing the level of security around the system is crucial. They’ll be storing all of your and your client’s sensitive data, so make sure to ask these critical questions.
Who is the AMS vendor?
Your AMS should be more than just software. It should be your partner. A tool that you can use to help you reach your goals. Look beyond the product to ensure the vendor aligns with your goals and your brand.
5 Steps to Choosing the Right AMS
You want to ensure you're making the right decision for your agency when choosing a new agency management system (AMS). Take your time and follow these 5 steps to help you find the right technology partner:
- Identify Your Pain Points & Goals
- Identify Your Needs & Wants
- Research Your Vendors
- Make a Decision
- Manage the Change
Learn more in our infographic: Select the Right Agency Management System for Your Agency in 5 Steps.