Insurance companies need to always be on the ball. They need to track new clients and policies, review premiums, and determine if a claim is valid or fraudulent. If these are not monitored on a regular basis, then the $1.2 trillion previously earned in annual written premiums could be in jeopardy across the industry.
This is why insurance software has become a standard, if not mandatory, for most firms. To get a better understanding, here is how insurance software helps insurance companies.
It allows access to everything
Previously, brokers needed to retrieve required information from numerous applications. And when they didn’t have the needed information, the agent would have to call the office or go back to retrieve it. The lack of preparation could result in the loss of a potential client.
This isn’t the case with today’s insurance software. Most of it falls under the category of enterprise resource planning (ERP) applications. These programs fulfill two capacities.
First, they bundle everything together. Thus, users can pull up premiums, policies, pertinent user data, and anything else related to their work. Second, it allows them to view real-time material on any platform. Thus, they can use it on a desktop and, when they visit a client, pull it up on a laptop or smart device.
It helps maintain active communications
There are over 425,000 insurance agencies in the U.S. Many are connected to national firms. In this situation, what insurance software does is help affiliate owners and their employees collect real-time data from the corporate offices.
With this information in hand they provide updated data during sales calls. In turn, the agents can sway clients toward a policy if other companies don’t have this capability. Furthermore, it allows agents to receive immediate approvals from underwriters on new or updated policies.
It keeps track of the entire sales workflow
In the past, agents might keep records of new clients on one spreadsheet, existing clients on the other, and status updates in written notes. Now, the entire process can be tracked through workflows built into the insurance software.
Once client information is added the application may send out follow-up emails if integrated with such a package. Or, it will remind agents to call. Once a relationship is established the workflow permits the agent to check off each completed task. In addition, if the software also has a client-facing side, the agent can be alerted if the customer calls in with a question or concern.
The insurance world can be complicated at times. Therefore, insurance software is critical to maintain sales and build client lists. Furthermore, with the use of tools like workflows, this software can also increase the efficiency and productivity of all employees.