Insurance Software — Characteristics and Functions
By: Surya Choudhary
Tags: Software Development, Management, Insurance, Insurance Software

As customer requirements and expectations keep modifying in all industries, insurance is no exception. Customers want specialized services, based on the latest digital advancement. Insurers are coping with this difficulty and adapting methods to meet their consumers’ needs. However, coping with these challenges may not be possible without leveraging insurance software in the business.

To begin let’s start discussing what’s Insurance Management Software. It is a SaaS technology that insurance companies use to organize their workflow and more productively run their operations. It is usually designed for specific markets within the insurance industry and to facilitate the operations involved in each niche.

Insurance software automates the business, customer service, and office management activities for insurance agencies. Hence, the insurance agency software is capable of satisfying all the requirements of an insurance company. Right from managing the routine functions like policy management, managing agency dashboard, claims process, sales, lead management. and marketing, it handles all the functions efficiently.

Functions of Insurance Management Software

Comprehensive insurance software manages all the primary and complex functions of the industry. These include:

● Policy Management — The insurance system has the capabilities to create, monitor, and manage policies for different clients and lines of business.

● Claims Management — It helps to check and govern claims information. It allows the claims handler to track the status of claims under process.

● Lead Management — The software helps the sales team manage leads and identify the hot-leads that are likely to convert into customers.

● Billing — Using insurance management software, the users can generate bills, send invoices, and process payments. They manage and keep records of customer billing details effectively.

● Underwriting — It customizes the underwriting process based on the clients’ information and helps discover risk. With fed pre-set rules in the database regarding coverage, it allows the insurers to calculate premium amount.

● Analytics — It enables analytics, provides market insights, prevents risk and frauds, and help figure out profitable opportunities.

● Reporting — The insurance agency software is capable to generate standardized reports for each segment.

● Rating — It provides a real-time platform, where agents can enter customer information and request quotes from the partnered insurance companies.

3 Prime Characteristics of Insurance Software

There are three prime characteristics of insurance software namely, specificness, integrality, and productivity.

● Specificness: An IMS should be built for a particular organization’s requirements. A specified software is a benefit as it is already developed to answer your industry-related needs. It requires lesser customization to enable the work process. It also helps to reduce implementation time, so the agencies can unleash full potential at the earliest. With customized insurance agency management software, agents don’t have to create many manual processes as the majority needed are already there.

● Integrality: An IMS is an integrated all in one system. It should help perform a host of functions such as track agents, task management, manage groups, email marketing, workflow automation, business performance analysis, track policies, reporting, etc. And much more, that is fundamental to help you maintain a leading position. It should have all the capabilities in one software along with integrations already built and ready to use. Centralizing everything at one location, an insurance agency management software would make the process time-efficient, smarter, and easier.

● Productivity: IMS supports smart work rather than hard work to achieve the most every day. A dedicated IMS helps to boost productivity, efficiency, and effectiveness. With workflow automation, companies can quickly automate many hand-operated tasks, whenever it is required. Also, it helps to create clean, organized data for insurance providers to work upon.