Like it or not, self-insured groups, municipal risk pools, Workers’ Comp carriers and other small to mid-size insurance organizations all compete with billion-dollar insurance carriers while working within a much smaller budget. Insurance management software can save on in-house costs by streamlining workflow and increasing efficiency. A competitive edge is maintained without incurring higher costs. Here are a few ways that works:
Minimize IT Costs
Cloud-based insurance management software saves space and costs. With digital storage in the cloud, organizations do not need to invest in, or upgrade, servers and other hardware. With less to plug-in, there’s less electricity to burn. In addition, insurance industry-specific risk management software meets compliance requirements and updates regularly without interfering with employee workloads.
Workflow is more than just checking items off a list. Workflow is about strategy, deadlines, communication and information. Calendaring tools, task management systems and secure sharing are essential elements of a strong management software package. These tools and systems help keep employees on task, even when their job includes multiple titles.
Break Down Silos
Insurance management software is industry specific, meaning it integrates all of the processes needed to ensure effective delivery. Too often, smaller insurance organizations rely on multiple platforms and tools, from spreadsheets, to risk management software, to mobile apps. When accounting tools, client records, risk management, customer relationship software and communication are all housed in the same software package, staff can communicate through secure channels and exchange information. Insurance management software is integrated throughout the entire system, ensuring data security across all aspects of your digital universe.
Policy and underwriting administration doesn’t have to mean spreadsheets, tables and tedium. Insurance management software provides small agencies with the ability to automate quote creation, audits, renewals and endorsements. Legacy data is integrated with new software modules so you won’t lose needed information. What you gain is time. By providing clients with fast and accurate service, agents are able to build trust and still have time to pursue leads.
From underwriting, to claims costs, to system efficiency, the in-house savings add up.