Strategies to Best Leverage Insurance Software

By CIOReview | Monday, February 19, 2018
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The insurance software market has utilized IT systems and insurance software, founded upon practicality, and their ability to process claims and store data. But in order to keep up, insurance brokers require technology that is all encompassing.

Adapting to the Needs of the Market

People don’t buy insurance based on the salesperson’s product knowledge anymore. The internet drove customers online, and mobile technology has enabled us to search and purchase policies from anywhere, directly from our smartphones. Therefore, for a broker to remain competitive in such a fierce market, one needs to be able to demonstrate a seamless and simple process at the point of sale, with products that meet the criteria demanded from your client base.  So, what should one be looking for in modern insurance software?

Future-Proof Software

The advent of cloud technology has changed the way software is both developed and delivered. Spawned from cloud technology, the concept of software as a service (SaaS) has been witnessing unprecedented growth. An innovation that lets you download software that you require directly from a cloud server and install on your existing system, without having to purchase a license. This means that not only can you tailor the software to meet your requirements, but also that it is always updated to the latest version. Delivering services through the cloud ensures that everyone has instant and constant access to the most up-to-date technology available.

Seamless Automation

Creating a seamless flow of processes throughout the lifecycle of a policy with the help of automated systems, not only increases the productivity and efficiency of the broker’s operation but enhances the customer experience, ensuring their requirements are met end to end—from processing payments through to automated renewal notices.

Connecting with Customers

Although businesses and modes of communication may have moved online, positive relationship building remains a key selling point for brokers. Customer relationship management (CRM) tools are a vital component of any online insurance service. In a way, this can act as the location for all the business-critical information and details about your clients. This may be in the form of automated e-mails, sending relevant information and documentation throughout the lifecycle of the policy.