Small- to medium-sized insurance companies have several advantages over their larger counterparts. Their small size allows them greater flexibility in serving their clients and they can exercise more creativity when it comes to growing their business.
However, in years past, smaller insurers had a technological disadvantage as compared to larger insurance firms. The bigger fish had more capital with which to invest in cutting-edge technology. However, a new technological development is leveling the playing field. What is this new development? The Cloud.
It’s Efficient and Cost Effective
By partnering with a company that utilizes cloud technology in its insurance management software, smaller insurance companies can use their limited staff to the greatest possible advantage. Additionally, with a customized cloud-based software package that handles all aspects of an insurance company’s operations—such as CRM, workflows, policy and underwriting administration—there is no need to purchase additional separate software packages.
In fact, when considering the purchase of management software, it is a good idea to choose a company that offers various components that allow insurers to choose the applications they need. For instance, in the example of CRM software, not all companies may need this type of application. However, for those who do need insurance CRM software, they can incorporate cloud technology to allow staff members to better monitor and analyze customer relationships and associated trends.
Secure and Convenient
Also, when software is cloud-based, insurance representatives no longer need to wait for an email or a fax. The information is already conveniently and safely available at their fingertips. Customer confidentiality is protected, as well as valuable business information, by keeping sensitive information stored offsite in the cloud with access restricted as necessary.
Another advantage of cloud-based technology is the fact that the small insurance operation does not have to worry about the cost of obsolescence of software or servers. Companies such as CHSI Technologies that license these software plans continually keep the systems updated. Software updates do not have to be manually loaded onto server systems by the insurance company’s staff because the software company provides the cloud-based servers and keeps the entire system updated through the cloud.
So, is a cloud-based insurance management system right for your operation? According to Novarica, more than 70% of all insurers are in some stage of adoption of cloud-based systems. These systems are seamless, efficient, easy to get onboard and highly affordable. So yeah, it’s more than likely a system like this is right for your company.