In 2018, insurance industry leaders are advising both large and small firms to embrace complexity. It seems insurance providers have little choice but to adapt. As data volume increases and security concerns mount, regulatory inconsistencies become an even greater concern. Here are a few ways data management software can help you make sense of complexity and even embrace it.
The Benefits of Integrated Software
Integrated workflow management software bridges the gaps between sales, marketing, customer service, billing and claims. Such a system collects data in a centralized location and data is drawn from this single source, making uniform data available to anyone who needs it. Customer service agents can assist customers who are eligible for a specific marketing promotion without having to access separate systems. Agents are able to provide accurate quotes to a policyholder who has relocated to a different state. Billing services ensure that payment information is up to date. Renewals are managed automatically. And for small firms, where personnel wear many hats, this means only one password needs to be remembered.
Risk Solvency Assessments
In addition to an optimized workflow, end-to-end data management tools record data movement and history across departments. This ensures that regulatory compliance is adhered to system-wide and makes it possible for insurance management software to act as the framework for an organization’s risk management program.
When organizational data is in the same place and the organization’s processes flow through the same platform, risk assessment accuracy increases and annual filings are accomplished in less time.
Regulatory guidelines such as the identifying critical risk areas and reviewing levels of management oversight ensure the quality of your organization’s processes. They also help management hone in on and resolve problems that are negatively impacting your bottom line or causing issues for policyholders.
Integrated systems make full use of the flexibility cloud computing offers while ensuring your network’s flexibility does not become a vulnerability. Cloud-based, single-platform software keeps data secure, whether the data is in transit or at rest. Users, both agents and clients, access policy information via a secure dashboard. This dashboard opens to user-specific portals that ensure controlled access to your organization’s data pipeline.
In short, integrated insurance management software is a tool that helps small to mid-size insurance companies embrace complexity, remain in compliance, increase revenue and build client confidence.