insurance management software Tag

While insurance companies are primarily tasked with risk management in order to grow their businesses and succeed, a focal area of concentration is increasingly that of the risk of fraud. The rise of technology has, unfortunately, provided enhanced opportunities for fraudulent practices both by company staff members as well as those who are insured.   In years past, fraud detection and management was assigned to claims representatives...

The business environment for insurance companies is changing, and smaller insurance companies are gaining ground in their efforts to compete with their larger counterparts. There is no question that technological advances in areas such as insurance management software have helped tremendously in this endeavor, but as these companies grow they must have a strategic plan in order to retain existing customers while gaining new ones.   Many...

Just as underwriting is crucial in acquiring and growing an insurance company's customer base, claims management is paramount to protecting company assets and smaller insurance companies are leaning on predictive analytics in greater numbers than ever before. Many are utilizing specialized software for insurance companies designed to deliver this type of analytical data faster and with increasingly greater accuracy to improve their companies' bottom line...

As the business environment continues to change for small and medium-sized insurers, the need to migrate towards better implementation of products and services is ever increasing. One platform that is gaining in use among these types of insurers is Software as a Service or SaaS.   At first glance, it is easy to assume that SaaS is strictly a technology solution, but actually, it reaches beyond the...

A new term is generating a stir in the realm of insurance technology and that is SaaS, also known as Software as a Service. To illustrate, below are 10 facts as to why SaaS is buzzworthy for insurance companies and their risk management systems.   SaaS is web-based Companies who choose SaaS can run their systems without purchasing expensive hardware and software. The only equipment needed is an...

While managing risk is a key component of the insurance business, unfortunately, many smaller insurance companies may not be giving sufficient weight to the risks of obsolete or inefficient technology. Using outdated legacy software can not only be burdensome to the company's bottom line, it can allow competitors to gain a significant advantage in application processing, underwriting, and many other business functions. It is for...

A proliferation of digital tools and customized software is spurring digital transformation across sectors, including within the insurance industry. While many enterprise-level insurance firms were among the first to launch cloud-based services and mobile options, smaller organizations are catching up as greater numbers of cost-effective insurance software providers emerge. Here are a few simple ways for your organization to take advantage of the many available...

Insurance technology is within the reach of small to mid-size insurance organizations and carriers, but do brokers and agents feel confident using innovative technology?   The short answer is yes. Innovative technologies are designed with the user in mind. Adopting new digital platforms no longer requires extensive training or new devices. Most technologies are cloud-based and capable of being accessed through familiar smartphones, tablets and desktops. Since...