Insurance agency and broker software

The agent's desk, from which business insurance is sold

Picture a bakery chain in Ohio with twelve shops. It needs insurance for its buildings, its delivery vans, its staff and the damage a customer might claim. The owner does not phone insurers one by one. The owner calls an insurance agent in town, who knows the bakery well.

Most insurance, especially insurance for businesses, is not sold by the insurer itself. It is sold by an agent or a broker, who does three things:

shops the risk around several insurers, to find the best cover and price
places the policy with the insurer chosen
looks after the client for years afterwards

In America alone, there are tens of thousands of independent insurance agencies. The software they run on is called an agency management system, and it is an industry of its own. This Market Segment covers it. Its buyers are agencies and brokers. It has four companies, and two of them build much of their product in India.

Every company named here has posted software engineering jobs in India. Famous companies that don't actively hire software engineers in India are left out.

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What this section holds

What this section holds

Back to the bakery's agent from the start of this Market Segment. Everything about the bakery lives in the agency management system: its policies, its renewal dates, and the commission the agent earns on each policy.

The bakery deals only with its insurance agent, who shops the risk around several insurers, places the policy with one of them and earns a commission on it. Everything sits in the agent's agency management system, such as Vertafore AMS360 or Applied Epic, with tools around it like Sircon for agent licences, rating tools for quotes and Zywave for commercial clients.

Vertafore

with engineers in Hyderabad, has the most job postings in this Market Segment. It sells AMS360 and its other agency management systems to American agencies. They hold the record of every client, policy and commission. Vertafore also sells the website that clients use, and Sircon, which tracks the licences that agents must hold in each state.

Applied Systems

with engineers in Bengaluru, sells Applied Epic, the other leading agency management system. It includes rating tools that get quotes from several insurers at once.

Applied Systems India

is Applied Systems' own Indian company, also with engineers in Bengaluru.

Zywave

with engineers in Pune, sells brokers the quoting, the sales material and the analytics with which they win and keep business clients, which the industry calls commercial clients.

The submission that fills itself in.

A commercial broker spends the day turning each client's documents into a submission: the application for cover, sent to several insurers. Then the broker compares the quotes that come back. AI models now read the documents, fill in the submissions and compare the quotes. The agency management systems are adding them as assistants inside the broker's desk.

An AI model reads a client's documents and fills in the submission sent to several insurers, and a model then compares the quotes that come back. The agency management systems are adding these models as assistants inside the broker's desk.

So the bakery from the start of this Market Segment is insured through its agent, and the agent works inside an agency management system. It gets the quotes, places the policies, and tracks every renewal, much of it built in Hyderabad and Bengaluru.

Who they hire

Who these companies hire, and for what, is on What insurtech hires for.

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