Wednesday, December 18, 2013

Features to Look out for When Choosing Insurance Software and What it Can do for your Company and Clients

The insurance industry is moving faster than ever, and in order to stay on top of your game it’s important to utilise the latest insurance technology solutions on offer. Both insurers and brokers require reliable insurance software that they can depend on and there a wide range of options out there, but what specific features should you be looking out for?

Here’s a guide to some of the best, which can provide valuable functionality to the day to day running of your insurance firm or brokerage.

Easy configuration without expert help

Some insurance software solutions are so complicated and impenetrable that they require the help of outside specialists such as SSP Worldwide, or specially trained in-house IT staff just to set them up or apply changes as needed. By finding one which is user-friendly enough to configure yourself you can save time, money and any associated headaches.

But if you do need to call in the experts then don’t be afraid to if you think that software installation is beyond your skills set. Better to be safe than sorry…

Wide range of functionality

Ideally you want one software package which can do it all. It can be expensive and unnecessarily confusing to use different pieces of software for each aspect of the insurance process, and there’s also the risk that they won’t be compatible with your operating system – or each other! So find one insurance software package that is fully featured and can tie together every aspect of your business, from underwriting and certificate issuance to claims management and billing. As well as making the process generally more neat and tidy, this will reduce the amount of time spent training new staff.

Telematics for motor insurance

Modern technology has given insurers the ability to provide motorists with personally tailored insurance based on how they drive. By picking insurance software that supports telematics you can add a new dimension to the service you provide, and reward careful drivers with cheaper policies.

Because telematic systems provide an accurate picture of how the policy holder drives, they enable a better calculation of risks to be made. Data used includes average speeds, roads used, speed of deceleration and time of driving. Some telematics solutions use a specially installed box to collect the data, while others can be utilised by downloading a smart phone app onto an existing device.

Cloud-based operation

The ‘Cloud’ is all the rage at the moment and it’s easy to see why. If you’re not familiar with the term, cloud computing refers to the act of accessing software and data on a remote computer via the internet rather than from your own hard drive.

By choosing a cloud-based insurance software solution you don’t have to worry so much about the capabilities of your own hardware, as the software will effectively be running remotely on external server. In addition to this, if a problem occurs then it will be somebody else’s responsibility to fix it. This in turn can reduce IT costs for your company and prevent costly downtime.

About the author – Paul S. Sutton is a freelance writer with a background in insurance. He regularly blogs on insurance industry issues for a variety of websites and often uses for research.

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