New markets and products, shifting regulations, areas of increased risk and the rise of fintech are influencing the insurance industry in 2018. With so many different pieces in motion, it might be difficult to find a common element that’s driving the industry. A close look reveals that the biggest change is speed. Customers expect fast service, speedy claims management and easy-to-access, personalized options. Whether your organizations is dealing primarily with workers’ compensation coverage or looking to expand into new lines, the one element to consider is how fast your organization can meet customer demands. Here are a few ways insurance software can adapt to your needs and to the need for speed.
New insurance possibilities are entering the industry in the form of personalized coverage options. Consumers participating in the gig economy are seeking low-cost liability coverage, while Millennials are interested in pay-per-mile auto insurance options. In the past, such granular coverage was inconceivable. With the rise of big data and captive insurance software systems capable of analysis and application, even small insurance organizations are able to manage tailor-made policies.
Advancements in integrated captive insurance software enable small insurers to manage multiple carriers which provides their clients with a greater number of choices and add-ons. When put in place, captives are able to branch into innovative insurance lines and reach new markets and policyholders.
Consumers are more likely to purchase policies when the application process is smooth and when policies and coverage are easy to understand. Small organizations looking to accelerate their growth can overcome obstacles such as tedious application processes and complex coverage agreements by leveraging digital solutions and insurance software.
Direct-to-consumer platforms are on the rise in 2018 because they speed the application process. The platforms rely on data analysis and metrics to swiftly determine risk. This digitized underwriting is accurate and fast. Consumers access your organization’s secure site, answer a questionnaire and receive a quote. Onboarding can take only a few minutes.
System-wide digitization improves overall workflow, keeping down operating costs. When the consumer accesses the same platform as the insurer information flow is swift and secure, making for a positive customer experience and increased business growth. A well-positioned software management system can build growth by attracting leads and lowering business costs.