Insuranceciooutlook
Patra: Leading Customers on a Journey into the Future of Insurance

Top 10 Broker Management Solution Companies - 2020

As digital technologies are reshaping the insurance landscape, more companies in the industry are striving to outdo each other by increasingly integrating a multitude of digital channels. The insurance companies have to be quick and responsive to address customer’s concerns and monetize those experiences. With the urgent need to align with the resonating theme of ‘connected experiences,’ the stakes are higher for insurance companies to build stronger bonds with carriers and customers. To that end, digital-savvy insurance companies today deliver personalized experiences to each customer, thanks to the innovative insurance broker management systems (BMS).

From automating claims registration, customer management to business transactions, the modern BMS is catering to the holistic needs in the insurance lifecycle. BMS provides centralized, customer-focused features both on web and mobile platforms with an omnichannel approach. Further, the multi-currency and multilingual support with automated report-generation mechanisms and scalability of the modern BMS enable brokers to cater to the escalating customer base.

The emergence of artificial intelligence and machine learning, additionally, helps insurance companies to concentrate on core business rather than spending time on repetitive tasks. The extremely configurable and flexible suite of functionalities of the BMS enables them to innovate confidently while working with the existing IT investments like ERP and CRM technologies and integrating new technologies. This gives the brokers, carriers, agencies, managing general underwriters (MGUs), and managing general agents (MGAs) the ability to improve insurance product quality, check errors, enhance efficiency, increase sales and enhance customer satisfaction. What’s more? Insurance broker management solutions are leveraging advanced provisions such as telematics, big data, social networking, and service-oriented architecture (SOA) that can deliver enhanced revenue growth and competitive advantage on multiple distribution channels.

At this juncture, there is a wide variety of solution providers entering the industry with a set of advanced and integrated broker management solution offerings. To help companies navigate through the best-of-breed broker management solution providers, Insurance CIO Outlook has compiled a list of the top 10 broker management solution providers. The enlisted organizations are transforming insurance operations and processes at the intersection of various disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.

We present to you Insurance CIO Outlook’s “Top 10 Broker Management Solution Providers – 2020.”

Top Broker Management Solution Companies

Nexben is like a guide for brokers. The broker-centric platform is designed to help brokers seamlessly navigate the labyrinth of a million different types and combinations of insurance products, providing better visibility into the health insurance space. The market platform collects and consolidates the vast number of plan options in a fraction of time, saving the brokers as well as their clients countless hours. Through these functionalities, the Nexben platform is able to offer an end-to-end insurance purchasing experience for products ranging from health insurance to ancillary to financial solutions like HSAs and HRAs, all in one marketplace

www.nexben.com

Through rich experience and proven expertise, Patra powers insurance processing by leveraging people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers. Patra’s preeminent position in the broker sector accounts for 62 percent of the top 100 insurance brokers, 60 percent of the Top 10 largest P&C Wholesalers, and 70 percent of the Top 50 Commercial Line agencies. Besides the broker space, Patra continues to grow in the MGA, wholesaler, and carrier markets. Besides the COVID-19 scenario, Patra strives against technological stagnation and works to increase insurance workflow efficiency by digitalizing the certificates and policy checking in an otherwise a paper-intensive sector

www.patracorp.com

AgentCubed

AgentCubed

AgentCubed offers a sales management solution for the insurance industry that provides complete line of sight to the sales cycle from marketing to member acquisition across all distribution channels. The AgentCubed solution is ideal for all insurance verticals, including Medicare, Health & Life (both on and off the exchange) and Property & Casualty. AgentedCubed was founded on the principle of simplifying the overwhelming – breaking through all of the noise and creating a robust yet easy-to-use solution that encompasses managing leads, policies and customers – all on one platform

CRMNEXT

CRMNEXT

CRMNEXT is a specialist Customer Relationship Management solutions company. It has 1 Million+ users who manage more than 1 Billion customers across 30+ countries in Asia, Europe, North America, Middle East, and Africa. Its customers include several of the largest and fastest-growing brands in the world who rely on its banking CRM, Insurance CRM and Financial Services CRM solutions for all their sales, onboarding, servicing and cross-sell needs. It is helping customers to set the standard for removing obstacles and friction across channels; creating award-winning customer engagement and efficient business growth

Ebix

Ebix

A leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance, e-learning and healthcare industries, Ebix, Inc. provides end-to-end on-Demand solutions ranging from infrastructure exchanges, front end & back end enterprise systems, outsourced administrative & custom software development solutions, and risk compliance solutions for various entities involved in these industries. Ebix is a leading international supplier of on-demand infrastructure exchanges to the insurance, financial, and healthcare industries

INSTANDA

INSTANDA

INSTANDA operates exclusively through Software-as-a-Service (SaaS) and is a radically different approach to insurance product innovation. INSTANDA’s no-code product design platform is built on a powerful set of insurance specific calculations, processing and workflow capabilities. INSTANDA integrates seamlessly with your existing systems to give you a powerful product launch platform. INSTANDA works with the world’s largest and most progressive carriers, MGAs and brokers in UK, Europe, US, Canada, LATAM and Australia converting the lethargic back office to an agile front office, freeing the industry from high cost legacy systems

Quotit

Quotit

Quotit Corporation is a leading Internet application service provider for the health insurance and employee benefits industry. Quotit Corporations'​ Internet software enables insurance organizations to increase productivity and reduce costs by directly connecting insurance companies, brokers and retail consumers with insurance rates and benefits on-line, in real time. Provide instant access for your prospects to shop, compare, and enroll in insurance plans from multiple carriers using our consumer-facing quoting add-on for any website

SSP Limited

SSP Limited

As the leading global supplier of technology systems and software for the insurance industry, the company role is to help insurers and brokers operate more efficient businesses. With a highly motivated, experienced and talented workforce, we’ve been shaping the face of insurance technology for well over 35 years. As a business, the company continually strive to be the best we can be and we are committed to helping our customers achieve the same

TFA Benefits

TFA Benefits

Since 1987 it has been TFA Benefits'​ passion to provide brokers and consultants the products, services and information needed to successfully assist their clients and grow their business. As the number of brokers joining TFA Benefits has increased, so has the size of our staff and the services offered. With the changes brought about as a result of the Affordable Care Act (ACA) the company felt it imperative to create new tools and solutions to help our brokers efficiently grow their business under these new rules and regulations

Vlocity

Vlocity

Salesforce Industries, formerly Vlocity, is a leading provider of industry-specific cloud and mobile software for the world’s top communications, media and entertainment, energy, utilities, insurance, health, and public sector organizations. Salesforce Industries possesses deep expertise in vertical industries, enabling organizations to digitally transform, simply and seamlessly. Leveraging industry-specific processes and data models across any channel, Salesforce Industries helps customers increase sales and digital adoption, improve service, marketing agility, and operational efficiencies