Ensuring Growth for Insurers: 6 Key Steps to Implement An Insurance Management Software
An Insurance Management System is a software-based solution that allows carriers, brokers, agents and agencies to manage their day-to-day business operations, save time and cost. It provides an efficient and productive way for insurers to manage their customer relationships, claims and policy management, workflows, payments and receipts on a single screen. Whether you are a property & casualty (P&C), life or health insurer, it can provide a single platform for all the various functions of your business including claims, underwriting, marketing & sales.
If you’re on your digital transformation journey and thinking about implementing a new insurance software system, it’s important to understand what you’re getting into. The process can be daunting, but with a little preparation and planning, it can be a driver of growth of your business. Here are some tips for selecting and implementing an insurance system:
Define Expected Results
It’s important that you define exactly what success looks like for your project by setting goals and milestones along the way. For example, you can set a goal of implementing an insurance software that will allow customers in your region to access their policy information online through their computer or mobile device (this could take 3 months). Once this goal has been met, set another one – implementing an online portal where new clients can apply for coverage using an application anytime anywhere on their phones as well as desktop computers; this could take 6 months. On the same note, you must clearly outline the expectations of stakeholders and accountabilities.
Find a Software that Fits Your Unique Needs
Insurance software can give your organization a technological edge, and it’s critical to go into this process with caution. Not all insurance software solutions are made alike. You need to weigh the advantages and disadvantages of each solution before making your decision. Here are some tips for choosing the right insurance system:
- Find out about costs and fees associated with each system so that you are aware of what it will cost you upfront (and whether those costs are worth it).
- Decide on whether to choose on-premise or cloud-based software solution based on user management and access control parameters
- Read reviews online from other people who have used similar systems in order to get an idea of how they work—you may discover that one solution works better than another specific to a business challenge!
- Ask your team members what they think about their current system so they can share their opinions on things like ease-of-use and functionality issues.
Understand the Project Scope and Plan Ahead
The first thing you need to do is understand the project scope and plan ahead. This will help you determine what information your new system will need, as well as its impact on other functions and processes across the business value chain.
To begin with, define the key stakeholders in this process. If you don’t know who they are yet, start by identifying them now. You can do so by asking yourself questions like:
- Who has input into this decision?
- Who is going to use the insurance software?
- What influence does each stakeholder have?
Once you’ve identified some key stakeholders, map out how they interact with one another (e.g., through meetings). This will help clarify how information flows throughout your organization in order for everyone involved—from executives down through end-users—to stay informed about what’s happening at every level of management within their respective departments or divisions.
Test Different Software Options
Test the software before you buy it. This is the most important step and one that’s often neglected. It is important to test different software systems before making the purchase because you want to make sure that the software will suit your business needs. This will save you money and time, as you won’t have to spend time finding out that the application does not meet your expectations.
As mentioned earlier, there are plenty of options out there for insurance software solutions. You should test each one thoroughly before deciding on a winner—and don’t forget to test with your team!
Test different software options with your team members and ask these questions:
- Do they like using the new software platform comparison to the legacy system?
- Are they able to set up workflows quickly and easily?
- Does it integrate well with other third party and existing sytems used by staff members?
Ensure the Software Works for your Business
Before you make a commitment to an insurance management software, make sure that the solution solves your business challenges. You may want to customize it to meet your specific business needs or use it as a starting point for further customization. Once you have determined whether or not the software will work well for your organization, there are several other factors that you should consider before deciding on a solution.
For one, check if the software is easy to use. User-friendliness means that users will be able to navigate through the UI, use their preferred commands and functions seamlessly, and achieve their goals with ease. Thereafter, check if data security is built into the solution. While this is often overlooked during initial implementations, thinking again about how vulnerable client or business data may become once exposed online shows why having strong cyber security measures built into any new system matters more than ever before!
Don’t Overlook Support, Enhancements and User Training
End-users are the key to unlocking the success of insurance management software implementation. Timely and adequate training is crucial if you wish to extract the most out of the software. It offers the information, practice as well as involvement required for the workforce to use the system to the best of their abilities. You can either opt for a vendor who offers training for the new software users, or you can train your employees in-house.
Moreover, make sure your insurance management system partner can support you, even after the implementation with their regular enhancements. With the right assistance, you will be able to properly leverage and capitalize on your new investment. Bearing this in mind, implement a solution that offers the kind of product support you need, be it help centre, ticketed support, or webchat.
By thinking through the process of selecting an insurance management software and implementing it, you’ll be able to ensure that your business is getting the best bang for its buck. You’ll also be better prepared to deal with any issues or glitches that come up along the way. And remember: no matter how comfortable you are with legacy systems and traditional processes, you should always keep an eye on the latest trends and innovations—especially when it comes to technology that can accelerate your digital transformation journey.