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How Technology Is Changing the Small Business Insurance Market 

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How Technology Is Changing the Small Business Insurance Market 

The insurance playing field has been an ever-evolving entity over the past few decades, but it seems that the momentum for competition and growth is speeding up even faster. Companies that wish to thrive in this fast-paced environment must find the means to stay at least a step ahead of the competition.

 

The days of archaic tracking methods are quickly going the way of the companies who use them. In other words, they are disappearing very quickly. Instead, smart and innovative insurers such as small commercial Workers Comp carriers, municipal risk pools, captives and self-insured groups are partnering with companies providing insurance management software that uses 21st-century technology to help them better serve their clients.

 

For instance, a system that includes a cloud-based application may provide greater portability for smaller insurance companies that need to be able to access the necessary data from various locations and devices. It is often possible to purchase these systems as a “software as a service” (SaaS) product, thus eliminating the cost of obsolescence since the system is always up to date.

 

Smaller insurers are also enjoying the benefits of technology systems that manage workflows, such as keeping products priced correctly and staying abreast of important dates. Having this information available to all members of the team also helps to streamline customer service while keeping staffing needs at a minimum.

 

Underwriters are also benefiting from technological advances made possible by insurance underwriting software. Using a standard rules-based module, the collection of information from the proposed insured may be easier, more accurate, and a substantial saver of time, money and frustration.

 

However, despite all the advances set forth above, perhaps none are greater than those that assist with premium billing and accounts receivable collection. Insurance management software that includes this capability is proving to be invaluable as a resource for tying expenses directly to revenue as well as calculating and preparing earnings and commissions reports.

 

As insurance continues to evolve and become more data driven and complex, insurers must evolve as well. It is no longer just a matter of remaining competitive. It is the key to surpassing competitors and moving toward excellence in service and in growth.

Jim Leftwich

<p>Jim Leftwich has more than 30 years of leadership experience in risk management and insurance. In 2010, he founded CHSI Technologies, which offers SaaS enterprise management software for small insurance operations and government risk pools.</p>