Living in a digital world implies using advanced IT technologies for your benefit and simplified operation. IT projects and apps help simplify workflows in many domains and provide employees with wider functionalities for their convenient and smooth cooperation with customers.
Insurance comes as one of the key spheres, in which the implementation of enhanced technology allows the achievement of stable communication. Custom insurance software is a tool that allows employees of insurance companies and free agents to carry out their activities, namely, maintain a client base, calculate costs, issue, and pay for insurance policies.
Insurance Software: What is It & How Does it Work?
Insurance agency software offers unified CRM and marketing automation capabilities to help insurance agencies stay in control of their operations. It offers features that allow agents to manage relationships with existing clients as well as improve the number of potential audiences.
This type of software also helps improve marketing efforts. An insurance software company gets an effective tool to automate back-office operations such as processing commissions, communicating with customers, and verifying claims. Key features include meeting scheduling, electronic signature, general accounting, and business reporting.
Reasons to Implement IT Software in Your Insurance Agency
Insurance agency software is beneficial due to the following advantages:
- Data organization. Insurance is a data-driven sector, with agents processing hundreds of policies and client documents. Custom digital solutions help agencies manage client data and documents digitally. Agents can store, search, edit, and review documents online. This software also keeps data organized and searchable so that it is easily accessible.
- Automated tasks. Small and mid-size insurance agencies may have limited resources to manage day-to-day operations, including sales, marketing, administration, and communications, while optimal use of resources is essential. Insurance agency software allows for automating repetitive manual tasks such as documentation and auditing. Automated processes save agents’ effort and time, allowing them to focus on other important tasks, such as developing and managing customer relationships.
- Data security. Agencies must ensure the security of client data at all times, while paper records can be stolen or duplicated, putting client confidential and personal information at risk. Custom software digitizes the documentation process and offers security features such as military-grade encryption and user authentication.
Digitizing a significant share of paperwork helps improve user security, simplify the workflow, and improve efficiency. Thus, agencies tend to address software-developing companies to develop modern solutions for their businesses.
Typical Features of Insurance Agency Software
Custom software for insurance companies features wide functionalities. It allows for coping with multiple tasks effectively. The following functions are commonly found in insurance software:
- complaints management (processing customer complaints and tracking their status);
- policy management (creation and administration of insurance policies for various clients and lines);
- commission management (tracking incentives and commissions, which agents receive for selling policies);
- contact management (storing customer contact information, including name, address, and phone number, in a searchable database);
- billing (auto billing customers for insurance services, sending invoices, and processing payments);
- document management (controlling and managing all claims and policy documents from a centralized platform).
When analyzing common trends in the insurance industry with the advent of IT technologies, the following tendencies are observed:
- By 2025, three-quarters of all customer interactions will be driven by AI-enabled chatbots. For the insurance industry, chatbots can automate the initial interaction with customers inquiring about policies and coverage. Thus, human contact will only be required for more complex tasks.
- Further automation of manual processes. The amount of paperwork and physical media will be reduced. An overwhelming share of info will be transmitted in a digital form.
- Simplified online submission and insurance. Clients will be able to interact with agents online without the need to meet offline.
Modern insurance software provides users with the opportunity to solve a wide range of tasks within one platform.
Considerations when Ordering Insurance Agency Software
IT companies are skilled enough to develop the right workflow to provide clients with the needed results. They have a sequence of steps to go through to analyze the agency’s needs, develop a suitable utility or app, etc. Yet, keep in mind the next points when addressing software-developing companies:
- List your requirements. When you start your search for software developers, you need to define exactly what you want to achieve by implementing insurance agency software. This could be automating administrative workflows, improving data management, or monitoring agent commissions, and brokerage transactions. So, defining the needs and demands is the first issue that a software developer asks when setting cooperation. That is why you should think it over beforehand.
- Mobile accessibility. Insurance agents are often on the move for meetings with clients and need to stay connected to the backend team to access information. With mobile access, agents don’t have to repeatedly call the office for information. They can simply log into the agency’s database and immediately access the information they need on their smartphone. So, pay particular attention to mobile compatibility when ordering insurance software. Here, several solutions are possible: you can benefit from the opportunity to develop dedicated mobile apps or at least support mobile accessibility through web browsers.
- Express your thoughts clearly to avoid misunderstanding. Communication with the client is the primary stage of interaction with the developer. A business analyst asks key questions to understand what you need. Try to sound as clear as possible. In this case, the software will reflect all your demands.
- Check the result. Although custom software undergoes several rows of testing, the client is one to decide whether the result is satisfying or not. Thus, feel free to look through it and express shortcomings if you don’t like something.
Insurance comes as a popular field of business running due to the high demand among people to protect their property and lives. IT technologies allow the development of modern digital solutions designed to help agents do their duties and simplify the process. The introduction of insurance software into your business will result in workflow acceleration and simplification.