6 Smart Reasons to Use Insurance Software to Boost Productivity
Insurers are branching out beyond states and regions. They are also offering highly personalized services and policies. Managing regulations and client preferences is nearly impossible without the assistance of software programs. While some generic, off-the-shelf programs are able to adapt to insurance agency needs, there are some drawbacks which contribute to a lack of productivity. Here are a few ways insurance software boosts productivity and provides a high ROI when compared to generic software packages.
Complying with Regulatory Guidelines
Whether you own a small company and are responsible for providing health coverage to your employees or if you are an insurance provider with multiple locations and policies, you need to comply with regulatory guidelines. Some guidelines are national. Others are regional or state-level. With so many moving parts, and within a constantly shifting political landscape, it may be difficult to know which regulations need to be followed and which ones are on their way to extinction.
Insurance software packages typically include automated updates which ensure your policies and packages meet regulatory guidelines. No one wants an IRS penalty because of lax adherence. No one wants to waste valuable time ensuring that generic software programs meet regulatory compliance and industry updates. Automated insurance software packages increase productivity and provide a high ROI by alleviating the time needed to track compliance.
Breaking Silos Without Breaking Security
Data security is one regulation that requires strict adherence. Yet, every insurer dances between quick service and high security. It’s a risky dance. You want your clients to receive efficient service, but that requires communication between customer service agents, underwriters, field agents and even third-parties. Breaking down these silos is essential to quick communication. But breaking silos can expose valuable information to unknown parties. Insecure data not only disrupts long-term productivity but it also decreases client confidence.
Choosing an insurance software program that features a single-log in and an access-control dashboard allows departments to share information and serve clients without losing a secure environment.
Communicating With Branches and Agents
Internal communications are secure when they occur within a local area network. When off-the-shelf software programs fail to meet the needs of employees, they turn to personal devices and insecure apps. This temporarily increases productivity but opens an office up to potential long-term issues. Effective, customized software programs meet employee needs and provide secure communication between all parties regardless of location. The end-user is confident that the information they send is secure and staff are able to interact and collaborate securely with staff and client.
Personalizing Quotes and Services
Demand is growing for personalized quotes and services. For years, smaller insurance companies were unable to compete with larger organizations which had the IT infrastructure needed to automate quotes and deliver rapid services. Today, insurance specific software programs are capable of finding and applying relevant data to underwriting algorithms. These algorithms generate personalized quotes that are delivered to the client.
Since agents are no longer distracted by tedious data analysis they are able to follow up on leads, offer specialized policies and packages and increase their overall productivity.
User Independence
The more clients are able to serve themselves then the more time insurance staff have to respond to crisis, interact with high needs clients, update their professional skills and follow up on leads.
In addition, clients prefer managing their own accounts and accessing real-time information when they need it. Customer-facing dashboards are available on desktop or mobile devices and are integrated with the entire insurance software system so that customer needs are swiftly answered by automation when necessary and by agents when needed.
Legacy and Data Migration
Of course, many organizations are hesitant to change software programs because of the potential for productivity decreases. Insurance software programs are developed specifically for the industry. Developers understand the mechanisms of older systems and how those systems can integrate with new systems. In some circumstances, organizations can use hybrid systems to close the gaps during data migration. This strategy increases productivity and ensures that all employees and staff are confident with the new system before a complete migration takes place.
When time-consuming tasks are automated, insurance personnel can use their new-found hours on increasing productivity and expanding services.
