Unlike the “one-size-fits-all” enterprise-level software giants, there’s new breed of insurance management software providers that offers industry-specific software packages. These multi-line packages are customized for small- to mid-size insurance organizations so that these organizations are able to purchase only the software systems and services they need. However, when it comes to insurance management software, not all insurance operations know what they need. To find that out, insurance organizations need to perform a technology audit that assesses IT infrastructure, organizational policies, and insurance operations.
Determine Infrastructure Inefficiencies
As more organizations adopt cloud-based software and data storage, older infrastructure like in-house servers, paper files, and cluttered desktops are becoming obsolete. Audits help organizations determine infrastructure inefficiencies. Once determined, organizations can strategically migrate data to the cloud and choose software-as-a-service options as needed.
Small to mid-size insurance operations need as much data protection as larger firms, if not more. Smaller organizations may be more vulnerable than others because of their smaller IT budgets and perceived lack of security protocols. An audit examines an organization’s security policies, data management, and protections. Once vulnerabilities are identified, organizations can choose security options and policies that correct these weaknesses.
Organizations with fewer than 1000 employees may find that generic software packages rarely meet industry-specific needs. With industry-specific software, it receives regular updates to reflect changing industry regulations, making it easier for smaller insurers to meet shifting customer demands while maintaining compliance.
Effectivity Manage and Scale Operations
Finally, an audit brings inefficient operations to light. Though each insurance operation has slightly different processes, they almost all engage in some form of data collection, policy admin, billing, claims and customer service. Insurance organizations looking to add services and features such as underwriting, CRM, customer web-portals and analytics will find an audit beneficial. Audits determine if an organization’s insurance management software is capable of handling current and future workloads, and can identify opportunities to improve staff workflows.