Hombolt develops advanced custom software for the insurance industry to solve agency issues in recruiting, training, leads, management, sales, and retention. The major issue Insurance agencies face is building their digital presence and competing in search engine result pages SERP rankings against the titans of the industry. Hombolt specializes in custom website development and design, custom ERP database development, artificial intelligence, bot automation, RPA development, mobile application development, multi vendor marketplace development, affiliate marketing development, custom software development, and social media development. All of these services apply to developing innovative custom software technology for your agency or the Insurance industry as a whole.
To scale your operation and save exponentially in expenses, Insurance agencies need to utilize custom ERP database software to build a custom database to fit the exact requirements, needs, and culture of your business. Developing custom ERP software will eliminate your per-user monthly expenses and give you the ability to scale with unlimited users. Hombolt before Covid had an Insurance Brokerage division that was labeled as an Independent Marketing Organization IMO. We had multiple locations and are extremely versed in what components of ERP your business requires.
The Insurance agency industry habitually has licensed customer relationship management CRM software and is paying on average $150 per user to access a database that is pre-built and designed to meet the needs of many unrelated industries. As an agency, when you have 800 sales agents or users, you are spending on average $120,000 a month for a database that many of your agents won't use due to it not being easy to navigate and conduct business.
Developing a custom ERP software solution can provide custom login pages, registration pages for prospective clients, and dashboards for the needed entities needing access to conduct business. In the Insurance agency industry, those login groups are prospective and current clients, sales representatives, various management, various IMO or FMO or company logins for home office correspondence, executives, and all departments of the home office.
Develop A Custom User-Friendly Insurance Database To Scale Your Operation And Exponentially Lower Expenses
The main benefit of adopting Insurance enterprise resource planning ERP software is customizing the entire platform to fit your business. ERP development consists of 6 major components: Customer Relationship Management CRM, Human Resource Management, Financial Management, Business Intelligence, Inventory Management, and Supply Chain Management.
Advanced Business Intelligence Implemented Into Your Custom ERP Software
Depending on the need, volume, and size of your organization, utilizing advanced business intelligence by adopting either an extract, load, and transform ELT or extract, transform, and load ETL system implementation can maximize the efficiency of your entire operation by providing advanced business intelligence to key employees of your organization that can alert of possible issues potentially years before they become a problem.
1. ELT - processes gather information from an unlimited number of sources. It will then load the data into a processing location (Data Warehouse). The Data Warehouse will sort and normalize the data. It will transform the data into actionable and relative business intelligence.
2. ETL - processes pull information from remote sources. It will then transform the data into defined formats and styles. Then it loads it into the Data Warehouse.
The major benefit for Insurance agencies in implementing ELT or ETL processes is to give the key employees that make major business decisions relevant business intelligence that could take a team of analysts potentially years to analyze the amount of big data.
Video conferencing needs to be implemented into your custom ERP software. It is essential that video conferencing can be scheduled with SMS and/or email reminders between customers and sales representatives. It is also important for video conference training and meetings can be conducted between the home office and agents. Most importantly, video conferencing must be set up to follow the hierarchy of your Insurance agency to conduct specialized interactive group training classes.
There are already affordable leaders in the Insurance industry that provide quoting and agent contracting software. The two major companies are CSG Actuarial for medicare supplements, MAPD, whole life insurance, and various hospital indemnity / specialty insurance quoting. SuranceBay for agent licensing and contracting with carriers. Hombolt gives you the option to have payroll and accounting software developed. Many customers integrate the payroll software that they currently use.
The modern world is becoming more reliant on utilizing a native mobile application that can be downloaded to their phone. Developing a native mobile app that interfaces with your custom ERP software will create stickiness with your clients and reduce the number of agency chargebacks, and it will increase the ratio of retaining your independent contractor sales agents. In custom ERP software and custom mobile application development, there are endless possibilities for customization.
Customer Relationship Management (CRM)
Supply Chain Management
Human Resource Management (HRM)
Custom software development is either solving inadequacies of the Insurance industry with innovative technology or developing a revolutionary idea that can change the entire way the Insurance industry conducts business. In the Insurance agency industry, the main issues to solve relate around recruiting, training, leads, management, sales, and retention.
The Hombolt Partnership Program helps entrepreneurs by lowering the risk with the services we offer. We make sure that the custom software can be successful. (People come to us wanting us to replicate Facebook with a twist to make users pay money to create an account…) We create econometric models that forecast projected future net present values to evaluate if the custom software will potentially be profitable. We conduct extensive conflicting patent research for both pending and active patents. We assist in making sure your corporate structuring is completed. We make sure that we add value by adding innovative ideas that will add to the value of the custom software. During the beta testing phase, we aim to start due diligence if applicable with a Venture Capital firm to maximize the valuation of the custom software innovation to make sure it is launched to market with the necessary funding to be successful.
Many entrepreneurs have utilized tools for the industry and have found inefficiencies that they want to solve to make the industry better. More often than not, this is developing software to be a competitor of another software.
The Insurance industry has relatively been bad at advancing social media development for the industry. There are a lot of opportunities to develop a plethora of social media innovations that the Insurance world could adopt.
The Insurance industry needs to develop the industry standard ERP software that can be streamlined to be utilized by many Insurance agencies. The platform would make profits by charging a per-user fee, or charge based on agency usage.
The Insurance industry needs to develop custom software for the influencer market that would utilize affiliate links development to help insurance agencies enter new or untapped markets or would create a new source of lead generation.