5 Signs It’s Time to Change Your BMS
For brokerages of any size, streamlining operations and maintaining efficiency and organization is always a priority. This is why successful brokerages utilize technology and automation with tools like broker management systems (BMS). A BMS helps brokerages automate workflows and tasks, centralize data, generate reports and analytics, and connect with insurance carriers.
Using the right broker management system can help you optimize the performance of your brokerage in many ways by improving customer service, enhancing security, enabling scalability, and more.
When to Consider Changing Your Current BMS
The BMS industry is always evolving, and new tools are continually being introduced to the market to cater to the changing needs of brokerages. If you’re not seeing tangible results from your current BMS or you’re unsure whether it’s time to make a change, we have some helpful tips to look out for to help you decide when to move on to a better system.
Outdated technology
If you’re still using the same software you started out with a few years ago, with little to no updates or new features, it may be time to consider updating your software. Adapting to market changes is an essential trait of any BMS. If your current BMS is not able to handle the changing needs of your customers and your brokerage, chances are you will find a more suitable solution elsewhere.
Obtaining newer software will open the door for your brokerage to explore new channels, identify new opportunities, and keep up with the latest trends and tools in marketing, business management, and more.
Poor user experience
Broker management systems should make life easier for brokers and enable them to perform in a quicker, more efficient manner. If your current BMS does not offer an optimal user experience, a new BMS could significantly improve your brokerage’s overall performance and efficiency by using a user-friendly software with intuitive and easy-to-navigate user interface.
Customer service is also a big part of the user experience. If your BMS provider does not provide accessible and professional customer support that allows you to resolve bugs and issues in a timely manner (as well as comprehensive on-boarding support, training, and documentation) this may slow down your brokerage’s performance.
Inadequate reporting and analytics
In today’s insurance market, data is the most valuable asset. Obtaining and analyzing data in a way that enables smarter decision-making is essential to the success of any brokerage. A good BMS will enable you to easily access and share data in real time across your organization; it should also offer customizable reporting and analytics tools that facilitate accurate performance tracking, which will improve sales and customer service and retention. Lacking proper data insights will reflect directly on your brokerage’s performance, so choose a BMS that offers detailed and accurate data dashboards and analytic capabilities.
Lack of integration and scalability capabilities
Your brokerage needs a BMS that can keep up with its growth and development. Consider your business’s projected growth and whether your current BMS will enable you to operate with consistent efficiency when your operations expand. You should also look for a BMS that boasts advanced integration capabilities that will allow you to seamlessly connect with other software tools or insurance carriers through API or other methods.
Inadequate security and privacy features
A BMS handles confidential customer data and sensitive financial information, so any oversight regarding privacy and security should be avoided. If your current BMS does not prioritize security and privacy, your brokerage is left vulnerable to cybercrime incidents. Using a BMS that prioritizes important security and privacy features, like access control and end-to-end encryption, protects your brokerage and customers from potential risks that could otherwise severely harm your credibility and position in the market.
More Factors to Consider When Choosing a New BMS
During the process of considering different BMS options, it can be helpful to keep the following tips in mind:
- Through employee feedback and discussion, keep a specific list of features or tools your employees consider indispensable in any BMS.
- To avoid going over budget or paying for an over-priced product, make sure to compare products and features thoroughly, as well as payment plans and what they cover.
- Request product demos or trial periods from potential BMS providers. Test-driving a new BMS will help you gain better insight into how it will affect your business and thus make a more informed decision on which BMS to use and what features to request.
Finding the right BMS for your brokerage may require time and effort, but it’s a worthwhile investment. Ideally, you should reevaluate the performance of your BMS periodically to ensure you’re getting the most out of it.
With your brokerage operations streamlined through one tool that fits your specific needs and methods of operation, you can ensure optimal coordination and collaboration between different teams and employees, improved efficiency and cost-saving, accurate reports and analytics, as well as improved resource management.
Have any questions about software tools and how you can use them to make your business operate efficiently and quickly? Don’t hesitate to contact us.