The insurance software: A technological necessity for the modern insurer

As an insurance company, an agent or a broker, your clients are now more connected with the rest of the world, and possess more communication methods. The internet has opened a large world of information to them, and they are using more devices than ever before. Choosing the right insurance company is now a fully digitalized process that mostly takes place online, which is why insurers can no longer rely on traditional methods to sell their products.

On a worldwide scale, consumer habits are changing; most services are now becoming automatic and insurance companies should not be an exception. Insurance software offers a perfect solution to insurance agents, insurance brokers, and insurance companies from around the world, making insurance management much easier than before.

Interested in how insurance companies work? Read more.

What do you mean by “insurance software”?

The insurance software has the capacity to improve the efficiency of any insurance company, by making it able to provide a more modern and a highly efficient service. The insurance software targets all sorts of insurance companies, insurance agents and insurance brokers who are trying to manage their projects through a web-based program.

This program includes a different range of insurance products that goes from health insurance to commercial, liability and auto insurance. The program manages insurance policies and quotes; it also offers a customer service and automatically generates policy documents. Overall, the aim of the insurance software is to help the insurer save time and make more money, all while making it easier for the customer to access the services provided by the company.

An easy to use and accessible platform for the client

The software makes the process easier not only for the insurer, but also for the future client. Buying an insurance has never been so simple. By providing an online service, all the customer has to do is contact the insurance company through their portal, and provide the necessary details in order to get a quote. The insurance software will register the data and store it on its system. Automatically, the system will look up all the auto-rated quotes from partner insurers. The insurance software will instantly put together price comparisons and deliver them to clients online.

The insurance policy is then automated through the software. The insurance software will automate the whole lifecycle of an insurance policy. Payments can be made in full using credit or debit cards, or via financed monthly payment. Following that, a message will be sent to the insurance broker in order to inform them that the payment has been made. The policy documents will then be automatically generated by the software’s system, and they will be sent to the client through whichever method they prefer: by email, through the postal service, or simply by checking the online portal generated by the insurance software.

After the payment, the policy will be amended. However, the insurance software is not a rigid system; the policy can still be subject to permanent and temporary adjustments (read here to find out what is premium adjustment), following the clients’ request and the insurers’ decisions. 

A flexible and time-saving solution for the insurer

The insurer has to deal with thousands of applications, and follow up with respective procedures, which takes up a lot of manual labor, time and money. Insurance software is a perfect solution to provide a more efficient service, since it automates an important part of the administrative work.

The program allows insurance brokers and agents to spend less time managing the clients that they already have, and more time working on the innovative aspects that the insurance company needs. For example, after issuing the insurance policy, the insurance software will remind clients of renewing their contract, this is also an automatic procedure that necessities absolutely no manual work from the insurance agent.

Moreover, the insurance software, like the one offered by SchemeServe, usually provides a graphic and an online overview of all the sales activities, insurance agents no longer need to make spreadsheets or regular reports, since this information will always be generated instantly and automatically.

A management solution adapted for the modern world

The insurance software is adapted for both small businesses and big companies. It usually offers premade templates to fill, so there is no need to for the company to create its own forms. It is convenient and easy to use for insurance agents, in order to allow rapid data collection and reduce paperwork. It also offers the possibility for companies to upload, share and edit their own PDF files.

Interested in history? Read about insurance through the ages:

https://heritage.aviva.com/did-you-know/insurance-through-ages/

The insurance software offers flexibility for the clients as well, their access to the portal gives them the ability to cancel their policy at any given time. However, in case they would like to go back to the same insurance company, the software will always keep an archive of the old clients’ data, therefore making it possible for policies to be reinstated without demanding manual labor. The program is also compatible with most automatic devices: Downloadable on phone and tablet, the program can be used for automated real time reports, which gives the insurance broker a high flexibility, being able to use the software whenever and wherever they are.

The software is a centralized system, which means that it can be used by itself to automatically keep track of all the daily services that the insurance company provides. It also has access to third party data that can be useful if looking for further information such as vehicle registration, or credit score checking for example. Finally, the insurance software is also eco-friendly in the sense that everything is digitalized and follows a zero-paper policy.