Choosing the right insurance licensing software platform doesn’t have to be a daunting task. If you’re using spreadsheets or are considering changing your licensing software provider, this blog post is for you.
We’ve crunched the data on several years of customer engagements and are pleased to share our findings with you. Use it to inform your search and perhaps help others in your agency appreciate the importance of exploring your options. Combining this “why” intel with our “how” intel can help you make the right choice for your agency.
Unsurprisingly, one of the primary reasons why insurance agencies switch insurance licensing software providers is cost. We hear three main drivers related to cost:
In your evaluations, remember that, as with insurance products themselves, the lowest price is not necessarily the best value.
Another significant reason why insurance agencies switch insurance licensing software providers is poor customer service or support. Two drivers consistently surface:
Since it is difficult to judge service and support during the evaluation process, we recommend speaking to existing customers or checking reviews.
The licensing landscape is constantly evolving. Having the latest and best features, functionality, and workflow in your insurance licensing software is an oft-cited reason for exploring options. Key drivers include:
Unlike support and service, which cannot be seen, signing up for a demo is a great way to evaluate the dashboards, features, and workflows of insurance licensing software.
The National Insurance Producer Registry (NIPR) is the main, central repository for information related to insurance licenses across the United States. Licensing software providers use an Application Programming Interface (API) to update records with the most current data from NIPR. Agencies often cite the following issues related to NIPR updates as reasons for exploring alternatives:
As a part of your evaluations, ask about – and verify – the frequency of NIPR updates. Some platforms, like Creative Compliance Hub, perform NIPR updates daily.
Finally, growing insurance agencies sometimes switch licensing software providers because they need expertise and services their current software provider doesn’t offer, such as:
A licensing software provider with expertise in insurance regulatory law and corporate services can be a tremendous asset to agencies of all sizes.
Understanding what’s driving your peers to begin searching for a new licensing software platform has two main benefits: it can inform your research and help get your colleagues on board with the value of exploring options.
Ready to make the switch? At 3HCS, we created our own insurance licensing software - the Creative Compliance Hub - after experiencing many of the same pain points that our agency partners do. From our intuitive dashboard to NIPR integration, our insurance licensing software has everything your agency needs to be successful - and it's backed by our team of legal compliance experts at an affordable price. Schedule a demo to see it in action.