(1).jpg)
Whether you’re just starting out on your own or it’s time for a much-needed upgrade, choosing the right software for your insurance brokerage is essential – but it can also be an incredibly daunting task.
With hundreds of different providers in the market, brokers are swamped by an excess of choice and it’s all too easy to make a bad decision out of haste or to be swayed by effective marketing.
So, with such an important decision to be made, and a seemingly-endless amount of options, how do brokerages find the right software for their unique needs?
Step 1: Identify your needs – and budget
The search for a new CRM is by no means easy but it’s almost impossible if you don’t even know what you’re looking for. Take some time to think about what you want from your software and how much you’re willing to spend. Make sure you’re taking into account the costs for set-up and switching over as well as retrieving any data from your old system.
If you’re setting up for the first time, think about what will be crucial to the operation of your new business. Talk to other independent brokers about what they found most helpful when they first established themselves and consider how your needs may change over time – swapping vendors can be costly and time-consuming so you don’t want to have to do it again in the near future.
If you already have a CRM but are looking for something new, think about what pushed you to make that decision. Is there something your current system doesn’t offer or an element you’re desperately in need of? Again, think about where your business is likely to be in a few years’ time and choose software that will still meet your needs further down the line.
It’s also vital to talk to your workforce – is there anything they find particularly frustrating? How tech-savvy or open to change are they? Implementing an entirely new technology platform can be an important step to growing your business but it can also have a huge impact on morale – whether that’s positive or negative is down to you and possibly your new vendor.
Step 2: Start your research
Once you’ve figured out exactly what you need, as well as what you’d like in an ideal world, it’s time to start researching what’s available in the market.
Again, talk to other brokers about the software they’re using and if they’d recommend it – most will be quick to share their successes if they’ve found something that works for them while others certainly won’t by shy to gripe about an issue if it bothers them on a regular basis.
Make notes about any concerns that come up with certain software – if one of these providers ends up on your final list, you can talk to the vendor about what they’re doing to address these issues.
Software comparison sites can also be incredibly useful – while they mainly offer a cursory look into different platforms, they do make it possible for brokers to quickly eliminate the ones that definitely won’t suit their particular business or aren’t in their price range.
After a decent amount of research, you’ve probably compiled a list of possible providers – at this point, the research should become significantly more thorough.
Step 3: Delve deeper
When you have a list of potential software providers, it’s time to start thoroughly researching exactly what the platform provides and what it’s likely to provide in the future. Many vendors also offer free demos, so never invest in a CRM unless you’ve tested it first.
In addition to researching the software itself, it’s also worth investigating the company behind the technology. Questions to consider asking include:
It’s also time to pull out any questions that came up from your earlier research – if a fellow broker identified a glitch, what are they doing to solve the problem? No platform will be perfect but finding one that’s striving to continually improve is important.
