Managing a life insurance company can be challenging. With numerous clients that comes and goes every day, transaction there, transactions here, it is sometimes inevitable to get confused and lost. For this reason, experts developed life insurance software to help insurance brokers and agents to manage transactions flawlessly and operate smoothly.


10+ Life Insurance Software

1. Comarch

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Rating: 5/5

Price: $1000/Year

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2. AgencyBloc

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Rating: 5/5

Price: $65/Month

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3. EZLynx

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Rating: 4.7/5

Price: $0.01/Month

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4. Hyland

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Rating: 3.5/5

Price: Custom

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5. iPipeline

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Rating: 4.4/5

Price: $45/Month

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6. Applied Rater

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Rating: 4.4/5

Price: Custom

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7. Velocity

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Rating: 5/5

Price: $15/Month

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8. VBASoftware

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Rating: 5/5

Price: Custom

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9. Centralpoint

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Rating: 4.7/5

Price: Custom

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10. InsureCert

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Rating: 5/5

Price: Custom

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11. SchemeServe

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Rating: 5/5

Price: $750/Month

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What is Life Insurance Software?

Most people, if given the opportunity, would like to acquire life insurance. Life insurance offers numerous benefits to you. When sudden accidents or other circumstances requires money, you can reduce your financial stress since you have insurance as your backup. Life insurance brokers and agents are trying their best to meet your expectations. To contribute more quality assurance to their clients, using life insurance software is the best choice. Life insurance software provides various innovative features and functionalities to help you with billings, claims, commissions, and policy management. Manual processes are time-consuming and can give you hectic time. With life insurance software on hand, you can lessen manual procedures and perform convenient methods leading to more improved operations.

Benefits

Life insurance software, as you know, offers so many benefits and advantages. As mentioned previously, manually managing piles of documents, handling clients, explaining details, etc., are a lot of work. Life insurance software has innovative features and functionalities. You can manage, process, and explain every critical aspect of life insurance conveniently.

Features

Life insurance software companies offer different features and functionalities. They might have free versions with advanced premium features or no free versions but has a free trial over a certain period. As all software are, it has different price ranges, which can be affordable and expensive. Since some platforms give empty promises, it is better to research and assess them first before purchasing the software. You can read reviews or try their free trial or version to experience them firsthand. The following are examples of features most users recommend:

  • Broker / Agent Portal
  • Commercial Lines
  • Commission Management
  • Comparative Insurance Rating
  • Customer Portal
  • Alerts / Escalation
  • API
  • Approval Process Control
  • Archiving & Retention
  • Attestation
  • Access Certification
  • Access Controls/Permissions
  • Action Management
  • Business Dashboard

Top 10 Life Insurance Software

1. Comarch

Comarch includes billing and invoicing, contact database, license/contract management, electronic signature, quotes/estimates, routing, scheduling, and many more features. Comarch has annual revenue of $698.9 million 4,820 employees.

2. Hyland

Hyland includes alumni management, approval process control, batch processing, compliance management, risk management, and more features. Hyland has annual revenue of $519.8 million and 3,585 employees.

3. Applied Rater

Applied Rater developed by Applied Systems includes pricing management, multiple line rating, customer portal, comparative insurance rating, and more features. Applied Systems has annual revenue of $232.4 million and 1,603 employees.

4. iPipeline

iPipeline includes an audit trail, authentication, document analytics, mobile signature capture, reminders, and many more innovative features. iPipeline has annual revenue of $92.9 million and 641 employees.

5. Centralpoint

Centralpoint developed by Oxcyon includes access certification, audience targeting, audit management, AI/machine learning, activity/news feed, and more features. Oxcyon has annual revenue of $36 million and 121 employees.

6. EZLynx

EZLynx includes automated quoting, claims management, carrier upload, customizable branding, customer portal, client portal, and many more features. EZLynx has annual revenue of $35.7 million and 246 employees.

7. VBASoftware

VBASoftware developed by the Virtual Benefits Administrator includes health insurance administration, provider management, recurring invoicing, customer management, contingency billing, and more features. Virtual Benefits Administrator has annual revenue of $9 million and 62 employees.

8. AgencyBloc

AgencyBloc includes commission management, contact management, life & health, insurance policy management, and many more valuable features available. AgencyBloc has annual revenue of $6.4 million and 44 employees.

9. InsureCert

InsureCert, developed by InsureCert Systems, includes broker/agent portal, property and casualty, quotes/estimates, commission management, customer portal, and more features. IncureCert Sytems has annual revenue of $5 million and more than 25 employees.

10. Velocity

Velocity developed by VRC Insurance Systems includes cancellation tracking, policy generation, policy issuance, commercial lines, and more valuable features. VRC Insurance Systems has annual revenue of $3.3 million and 23 employees.

FAQs

Why do you need life insurance?

Life insurance plays a critical role in people’s lives. Life insurance is a reliable friend when you need money the most. There are different types of life insurance, such as term life insurance, whole life insurance, universal life insurance, variable life insurance, simplified issue life insurance, guaranteed issue life insurance, group life insurance. All are beneficial.

Is life insurance software beneficial?

As we all know, a manual process is effort and time-consuming, and on top of that, it is a slow process, leading your clients to wait more and lengthen the line. Fortunately, due to the technology era, you can use life insurance software. Life insurance software not only improves your project management. It also enhances your operational duration leading to a more quick transaction process and less waiting.

What exactly do people mean by CRM?

CRM or customer relationship management plays a critical in every business. Understanding your customer’s issues and demands leads to a more improved customer relationship. Building a relationship with your customers converts them into loyal customers. Loyal customers recommending your products and services to potential customers have a high probability. That is why customer relationship management needs to be of its top quality.

Undeniably, life insurance is indeed crucial to people. However, since most life insurance processes can take longers, it usually leads to disappointment to most clients and potential clients. That is why using life insurance software is the best choice for a life insurance company. Life insurance software can make your management higher on quality and quicker. With such software, you can guarantee quality assurance and satisfying customer service.


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