Marketing/Revenue Metrics for Insurtech Companies: Industry Analysis
To identify software companies that can provide an insurtech startup with economic modeling that is specific to the insurtech industry but do not offer an insurtech specific model. These softwares may be able to create models for everything from marketing, policies, media, to investment, and partner companies.
- Vertafore is a cloud-based provider of management solutions for insurance companies. Their services include "accounting, client, document, policy, and reporting".
- It has a business process navigation integrated in it. This is to support documentation and process forms for users.
- It also has an "integrated reference library which can be referred by users in different phases of insurance filing and business processes."
"It allows integration of the workflow of the agency and carrier with TransactNOW and free up time for customer focus.
- Its automatic alerts option help to stay up to renewals and increase rates which helps to increase retention rate.
- It aids integration of applications with agency management systems without any problems with a robust API library.
- This software is equipped with National Comparative Rating tool that provides user quotes to handle a range of insurance claims such as automotive, home and natural disasters."
- The pricing for this software is only available on request.
- NextAgency is an agency management system that enables "large and small companies to automate tasks, track commitments and organize their data". It also provides CRM and commission management tools and has the ability to share benefit data with their clients.
- Even though NextAgency is created for life and health agencies, it is very flexible, and can be customized to fit other business types. It can also track P&C and other policies.
- "With NextAgency's commission management system, there's no need to send commission information elsewhere. Agencies can easily map digital commission statements to the system once. The system preserves the mapping to make future uploads fast and simple. NextAgency makes it simple to enter commissions manually as well with tools that populate many of the fields."
- NextAgency offers a free trial after which license fees start at "$90 per month for first users and $30 per month for each additional user after available promotions. With NextAgency’s monthly license, there’s no long-term commitment required."
- Sibro is an easy-to-use software specifically designed to manage end to end insurance business. It helps keep track of all policies, claims, and installments and provides a reminder for follow-ups and renewal dues.
- It automates double work so once certain details have been previously filled, the software will automatically prefill them in future actions. It also allows sending of emails to insurance companies and customers directly from the software.
- It's features include; "Prospecting & RFQ Management
, Policy & Renewal Management
, Claims & TPA management
, Accounts & Reports Management
, Follow up & Renewals Reminders
, Built-in Mailing & Whatsapp Integration
, Client Portal Login
, and User Privilege Access".
- Pricing for Start-ups is Rs. 1,440/month 0r $19/month. This supports up to 3 Users, and 4,500 Clients.
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