Significant challenges face the insurance industry today, among them the following:
- Changing consumer demographics that demand immediate responses, customization and ease of insurance purchase and service. People want to dictate what their insurance needs are and to have insurers respond with immediate and perfect solutions at costs that are attractive.
- A hyper-competitive environment means that insurance enterprises must lower the costs of doing business to meet demands for affordability, must design and market new products and benefits, and must develop marketing strategies that are both cost-effective and capable of reaching all target markets.
- Changing regulations and compliance measures mean a continual and careful analysis of products, services, and pricing.
- Customer service demands dictate that all technological venues bring the insurance enterprise and the consumer together, through social media, dynamic web-based presence, and applications for devices for the “on-the-go” customer.
These challenges require insurance software and insurance software applications that provide agents, brokers, and companies with the ability to provide a premium level of service, stay ahead on product development, and provide consumers the customization and access they demand.
Customer loyalty is probably at its lowest with regard to insurance coverage. Mitigation of this phenomenon lies in customized products, seamless access as needed, and premier post-sale service. At the same time, insurance enterprises that survive and, indeed, thrive, must utilize the latest insurance software technology to analyze market trends and consumer characteristics in order to launch successful campaigns to attract a continued supply of new consumers who look to find more attractive products and who are new to the insurance market in general.
Consumers today prefer to interact with insurance agency software rather than sit down and discuss policy options with an agent or broker. The wise enterprise recognizes this trend and implements insurance company software that markets, closes sales, and produces policy documents for online download, within minutes. Indeed, insurance software that allows the customer to input coverage specifications and price parameters and receive immediate quotes is paramount; the additional ability to make payment through online means is also paramount. In addition, conversions to PDF, HTML, and XML documents as clients wish must occur.
Insurance company software must also be responsive to the needs of existing customers, especially in the claims process. Software for insurance agents must make this process seamless and stress-free. Processing claims quickly, along with rapid rendering of payment secures customer loyalty, and the right insurance agents software accomplishes this.
Insurance application software must also address fraud and regulatory compliance. Insurance software programs must be able to flag suspicious transactions as well as coverage and/or pricing issues related to regulations. Insurance documentation is also subject to regulations regarding security and length of storage, and insurance software must provide a full suite of document management functions, to include cold storage and micro fiche.
WorldSystems provides pre-designed software that may meet our insurance professionals’ needs; however, our engineers are able to use their lengthy insurance software design history to develop any customization a client may need. Contact us for a free consultation.