Most Commonly Used Features of Insurance Software Solutions
In the current rapidly changing and fast-paced environment of the insurance sector, insurers are perpetually on the lookout for innovation. They wish to leverage the latest and best insurance software solutions that can cater to their specific business requirements, delight customers, improve operations, and offer them a competitive edge. However, to enjoy such advantages they need to select the right set of tools and technologies that can accommodate almost all requests. To dig deeper, they need to select solutions that come with the right feature set to tick all boxes. On that note, we explore some of the key features of insurance software solutions that can give insurance companies that extra “it” factor:
Single View Dashboard
While there may be several teams, departments, and individuals working behind the scene, an insurance company can operate seamlessly only when it is viewed as a cohesive unit - especially by upper-level management. At the same time, such a high-level view to oversee core operations should also offer some degree of granularity such that leaders and key executives can zoom in on bottlenecks, friction points, etc. As such, a cloud-based insurance software that offers a single-view dashboard can be instrumental in offering such monitoring capabilities. Such a feature involves a centralized platform that acts as a window in real-time to track customer interactions, internal processes, data handling and management, and more so that one can make smarter decisions.
Multi-Line, Multi-Product Management
Insurance companies no longer limit themselves to a single line of insurance. Such a trend becomes even more prominent with the digitalization of insurance, which acknowledges and facilitates the intersectionality of insurance and insurance products. As a result, insurance companies are venturing across different product lines, from General to Life and Health to Pension. Such dynamic nature of the sector compels the software for insurance companies to stay proactive in product creation and management to keep up with the changing tides and policyholder preferences. All the while, it should also be user-friendly to the extent that building and launching insurance products should take minimum time so that companies can harness the turning of the tides.
Omnichannel Customer Engagement
Speaking of digitalization, insurance companies must also pay due regard to how it has changed customer interaction and engagement. Modern-day policyholders wish to interact with insurers across a plethora of channels, from traditional channels like emails and telephones to off-beat options like social media and brand apps. As such, insurers should seek out insurance software solutions that offer them reach and presence across a variety of channels so that customers can effortlessly connect with them on their preferred turf. Such omnichannel engagement will enrich the customer experience by transferring control to the fingertips of the policyholder as they perform a range of actions, from accessing policy-related data to paying premiums to requesting assistance, and more - at any time and any place.
Compliance and Reporting
Being a heavily regulated industry, software for insurance companies should by default contain features that focus on maintaining legal and regulatory compliance. It would be easier to maintain such compliance if the insurance software solution can follow universally accepted standards. For instance, IFRS 17 dictates the latest standards of insurance contracts. Solutions that offer IFRS 17 reporting would naturally appear superior to their counterparts lacking these features as they indicate adherence to the latest guidelines. At the same time, such a feature would also minimize manual intervention and management, which would automatically improve the accuracy and quality of data while minimizing the risk of errors. The induced transparency can also boost the reputation of the insurance business.
Data-Driven Compliance and Security
The insurance sector deals with a wealth of personal and confidential data. As such, compliance and security should be a must-have feature and a prime consideration in any software for insurance companies. In fact, such solutions must be developed with security as the primary requirement than factoring it in hindsight. Given the number of regulatory bodies and watchdogs closely tracking any incident, doing so will protect the insurance company from any reputational damage and financial liabilities in the form of fines and fees. Data-driven compliance and security foster a culture of trust that lends peace of mind to businesses and customers alike. So, acquire a security and compliance-first mindset while shortlisting the desired features.
Closing Thoughts
The insurance industry finds itself at an interesting crossroads where business and technology intersect. Companies that will leverage such a favorable trend will be successful in streamlining operations, winning over customers, and staying competitive and sustainable in the long run. To do so, they must pick the right tech toolbox for modern insurers that covers features like single-view dashboard, multi-line, multi-product management, omnichannel customer engagement, compliance and reporting, and data-driven compliance and security. These features will add a thrust to the digital initiatives of insurance companies and equip them with the insights and resources to navigate the complexities of the industry with reinforced agility and confidence. The continuous evolution of such features and the digital insurance infrastructure will birth a symbiotic ecosystem where one nourishes the other to create a flourishing environment for the future of insurance in the years to come!