Arthur C. Clarke in his book “Profiles of the Future: An Inquiry into the Limits of the Possible”, wrote “Any sufficiently advanced technology is indistinguishable from magic”, proving it to be true to date.
Human life has evolved with advances in technology. Be it a small pin or a big jetliner, all are the products of technology.
Technology has become an integral part of every industry and Insurtech seems to be the latest one to adopt it.
Insurtech is evolving rapidly, making it necessary for the industry to manage customer needs and growing policy numbers, and offer customer satisfaction. By incorporating technology into its work process, an insurance firm can digitize interactions smoothly and at the same time, keep its team members aware of any new changes in regulations.
Every Insurance firm deals with immensely complicated tasks daily, such as processing claims, renewing customer’s policies, and managing teams and vendors, among other things. Such repetitive tasks consume a lot of time and effort, thus creating the need to incorporate technology into its working process.
What is insurance software?
Insurance software refers to the tools that help in managing day-to-day insurance operations, thus saving time and enhancing work efficiency. These tools not only benefit insurance agents, brokers and carriers but also provide support to clients and the administrative department.
Client support enhances the customer experience and helps build up the trust of the client in the company. While administrative operations like issuing and renewing policies, managing teams, underwriting, and updating policy information, are completed within minutes with the help of insurance software tools.
Types of insurance software:
There are numerous insurance software tools available in the market, each one catering to specific insurance needs.
Let’s learn more about these different type of insurance software:
1. Insurance workflow automation software
The working process of insurance companies is usually hectic and complex, thus creating the need of using workflow automation to arrange, control, and monitor different activities.
Insurance workflow automation software helps in deploying automation in the company’s sales and customer support, resulting in enhanced work efficiency and team productivity.
Furthermore, it eliminates the role of humans and monitors the whole process, i.e., from lead generation and online application to verification and issuing of the policy while ensuring error-free workflow.
2. Document management software
This software tool is used to organize, secure, and access confidential customer data, such as policy applications, customer’s ID proofs, contact details, and bank details. It works in collaboration with scanners to convert paper files into digital, hence saving time and cost.
3. Policy management software
Managing insurance policies is a hectic task but by using policy management software, an insurance firm can create, administer, and manage policies at the same time. This reduces risks and also handles the reinsurance process efficiently.
4. Customer relationship management software
It is one of the most important software for an insurance company. It connects teams, distribution channels, agents, call centers, and field sales to a unified portal, thus increasing connectivity and ensuring faster transfer of data over the network.
Furthermore, the company increases operational efficiency while digitalizing the insurance process.
5. Underwriting software
Underwriting evaluates a company’s risk in insuring a home, car, or an individual’s health or life.
Underwriting software manages the underwriting process for insurance companies. It allows users to write rules and policies to execute automatically during the underwriting process, saving manual efforts and reducing human errors.
6. Call center software
Customer satisfaction is the most important factor responsible for a company’s growth. With call center software, an insurance company’s executives can communicate with existing and potential customers over voice, web, chat, or emails.
Integrating their CRM software with cloud calling, VoIP, or telephony systems, allows customers to contact the customer services, without manually dialing the numbers, thus enhancing customer experience.
Benefits of insurance software:
Below are the top benefits of investing in insurance software:
- Enhanced customer experience
- Improved efficiency and work productivity
- Saving of time and money
- Improved agent- employee communication
- Improved data security
- Error-free data management
- Improved risk management
Using technology is no longer an option as the success of every business depends on it.
Incorporating insurance software into the working process results in growth and helps the company to fulfill both its client’s and employees’ needs.
Reputed companies like Jellyfish Technologies provide world-class insurtech services. The JFT team understands the insurtech, insurance domain, user expectations, and has the experience of delivering insurance software solutions to top insurtech companies across the globe.