The BFSI industry, particularly insurance, is highly competitive. For insurance agencies, it can be difficult to differentiate themselves from the competition. All insurance businesses, no matter their size, must be able to streamline their operations to achieve growth and success. When equipped with the right tools, they can achieve success with ease. Hence, a number of successful insurance businesses make use of insurance policy management software for enhancing their capabilities and profitability. However, when selecting a new insurance policy software, a number of agencies overlook certain features.
Flexibility
Flexibility is one of the most essential yet easily overlooked features of policy management software. A flexible and agile system offers an array of perks in terms of lower maintenance and handling costs, flawless user experience, and higher scalability. Flexibility defines the lifetime value of the solution, and the right insurance policy software should be made with agility and adaptability in mind. For example, it enables new and emerging insurance businesses in gearing up for forthcoming growth and expansion while offering a lean solution that fulfills their present needs and requirements without any added complications.
Customizability
A majority of policy management systems provide a fair degree of customization. Nevertheless, the best policy administration systems extend the customization capabilities beyond the regular dashboard or template options. They enable insurers to customize the intrinsic features and functionalities of the software. Such a level of customization includes the option for integrating the solution with the existing enterprise systems like CRM and agency management software. Proper customization abilities allow agencies to tailor the software to meet the individual needs of their business.
Mobility
The employees of today carry out their duties across a range of devices. For instance, on-field insurance brokers dedicate a majority of their working hours to paying visits to clients. Hence, their instant connection to the insurance business is through their mobile devices. Therefore, the policy management software should be compatible with different devices, including mobile phones and tablets.
By offering cross-device compatibility, insurance businesses can automate the assignment and routing of tasks for employees and offer notifications and reminders concerning upcoming events, deadlines, etc. This helps in boosting workplace productivity, fosters a spirit of teamwork, and boosts organizational cooperation.
Security
Business systems store troves of crucial customer and business data. Agencies cannot afford to lose this information. Storing data in a traditional manner can have massive repercussions. Opting to utilize insurance policy management software to store and manage business and client information is an effective way to ascertain data security. Typically, the modern-day software should be provisioned with the latest security features and encryption capabilities to protect the data from cyber-attacks.
Apart from offering protection from external threats, the software must also be able to protect the data on an internal level. The right policy administration software is the one that offers tiered access to information, features, and modules depending on the user’s role and authorization given to them. As a result, managers can exert granular control over the access of information, even for internal operations.
Vendor Support
While insurance businesses assess the features and functionality of the policy management software, they tend to overlook the support offered by the vendor. While this is a rather subjective feature, it is very essential, especially for businesses that are new to policy management systems. When picking the software, businesses must ask the vendor about the level and type of support offered by them. They can speak to other software users and ask them how much time the vendor requires to resolve tickets and how responsive they are while doing so.
Integration
Disparate business applications create chaos in the organization. This, in turn, leads to missed opportunities, data siloes, miscommunication, and inefficiency. Hence, integration is one of the most important features to look for in a policy management software. The software must be able to offer a centralized overview of all important policy-related operations. The data should be easily accessible and shareable across different teams and departments. Therefore, employees will be able to make quick decisions based on real-time insights.
Moreover, the best business software is one that not only integrates data but also offers business users end-to-end insights through data analytics and reporting. The data-driven reports help employees in creating strategic action plans for capitalizing on new opportunities.
Final Words
No insurance policy management software is one-size-fits-all. As such, even the most powerful software system may be lacking in some essential features. When looking for the right software, make sure to find a solution that is well-aligned with your business needs. Moreover, do not fail to overlook features such as agility, security, customizability, integration, etc while making the decision. These features will not only improve the lifetime value of the software but will also help you meet your goals with ease.