The Ultimate Guide to Insurance Distribution Management Software (2023)

The insurance landscape is digitalizing and fast. From sales and acquisitions to underwriting and claims, insurers today are adopting tech that can automate business workflows, while reducing costs.

Insurance distribution management software is one such digital solution enabling insurers to monitor, optimize, and control various aspects of their insurance sales and distribution.

Whether you are an insurer, broker, or insurance agent, you need to know how insurance distribution management software can help manage your distribution channels.

In this guide we take you through the key features, benefits, and the future of digital insurance distribution management. We will also go over 3 things to keep in mind when choosing an insurance distribution management solution.

What is Insurance Distribution Management Software?

Gone are the days when the only way to sell insurance was by going door to door and convincing customers to buy insurance. Thanks for modern technology insurance providers can now control their whole insurance sales and distribution digitally via special software, known as Insurance Distribution Management Systems.

An insurance distribution management system is a specialized software, that optimized the process of selling insurance to end customers.

Key features of Insurance Distribution Management Software

A claims management software enables both the customer and the insurance provider to manage their claims journey from a unified platform.

Product Management
Agent and Broker Management
Distribution Channel Management
Lead Management
Compliance and Regulatory Management
Analytics and Reporting

Lets us have a deeper look at each of these features.

Product Management

Insurance distribution management software offers tools to design, optimize, and manage various aspects of insurance products such as premiums, underwriting, and benefits. These aspects can vary depending on the nature of the insurance policy and the policyholder’s needs.

Lead Management

Lead management is among the most prominent features of insurance distribution management software as it provides tools to help insurers identify, capture, and allocate leads to agents to reduce delays and maximize conversions.

Agent and Broker Management

Insurance distribution management software enables insurers to monitor, manage, and evaluate agent and broker performance. The software offers tools to help with agency management from onboarding, training, and commission allocation.

Compliance and Regulatory Management

Financial institutions such as banks and insurers are among the most scrutinized industries, and with new laws coming in every other week, compliance becomes a challenge for insurance providers. Insurance distribution management software enables compliance and regulatory management through automated reminders and prompts wherever necessary.

Distribution Channel Management

Insurance products are sold through multiple channels such as digital platforms, direct sales, bancassurance, MGAs, BGAs, and many more. Insurance distribution management software helps insurers get a bird’s eye view of all channels under one roof.

Analytics and Reporting

For insurers data is one of the most important tools in their arsenal. Insurance distribution management software offers data analytics and reporting capabilities that help insurers make informed decisions to improve business performance.

How Insurance Distribution Management Software Can Help Insurers?

Efficient Onboarding Process
Sales Automation
Insurance Lifecyle Management
Customer Relationship Management
Enhanced Analytics and Reporting
Integration with Existing Systems

Efficient Onboarding Process

Insurance distribution management software ensures a smooth onboarding experience for customers by aligning various processes, from underwriting to sales and everything in between as per the customer.

Customer Relationship Management

Insurance distribution management systems help improve customer relationship management through tools such as marketing automation, customer service, task management, employee tracking, and customer data storage.

Sales Automation

Insurance distribution management software helps insurance providers automate their insurance sales workflows via AI driven lead management and bringing all customer data into one single dashboard for easier processing.

Enhanced Analytics and Reporting

Insurance distribution management software enhances data analytics and reporting for insurers by collating and organizing all data to a single database and providing data modeling and visualization tools. This helps insurers in making data-driven decisions faster and without error.

Insurance Lifecyle Management

Insurance distribution management software helps insurers by offering an end-to-end view of a policy’s lifecycle. Insurers can monitor everything from the first customer touchpoint till they become a customer as well as their future claims journeys within a single platform.

Integration with Existing Systems

Insurance distributions management software helps insurers with integrations that help with seamless flow of data between multiple enterprise solutions, for optimized business operations across the value chain.

3 Things to Consider When Choosing an Insurance Distribution Management Software

Choosing insurance distribution management software is an important business decision, as it can have a significant long-term impact on the bottom of an insurance provider.

Here are 3 key things to consider when choosing an insurance distribution management software:

Needs of the Business

Business needs are among the first and most important considerations when choosing insurance distribution management software. The insurance distribution management system should have features and capabilities that can fulfill current and future requirements of the insurance provider. Having a clear picture of what business needs can help smooth out the process of choosing an insurance distribution management software.

Cloud Native Deployment

Most enterprise insurance distributions management software come in two different formats, either a traditional on-premises software that needs to be installed on a computer, or a cloud-native, SaaS (Software as a service) based deployment method, that can be accessed through a web browser.

While a traditional deployment method allows for more data security and autonomy over business solutions, whereas a SaaS-based enterprise software deployment method offers more freedom to personalize the solutions as per the changing needs of the business.

Integration Simplicity

Insurance products are sold through multiple channels such as digital platforms, direct sales, bancassurance, MGAs, BGAs, and many more. Insurance distribution management software helps insurers get a bird’s eye view of all channels under one roof.

The Future of Insurance Distribution Management

Technology is changing the face of how the insurance industry works. From optimizing workflows, to fully automating it, technology is paving the way for faster insurance processing from underwriting to claims.

Insurers should look towards partnering with software development providers that understand the needs of the insurance industry, to help them build enterprise grade distribution management solutions.

Neutrinos is helping insurers reimagine insurance sales distribution digitalization via composable building blocks that support the rapid and flexible creation of next-gen enterprise-grade digital solutions. Our AI-driven insurance distribution management software offers complete autonomy to users, with our API-first infrastructure that allows seamless integration with other legacy systems.