If you want to make any cash in the insurance industry, you need to constantly change and evolve; keeping up with the digital side of things is a must do. What do we mean by the ‘digital side of things’ We basically mean you need to understand and use the Internet to its highest level, allowing customers and employees to do the same.
Think about it – once upon a time the only way anyone sold anything was by cold calling, either on the telephone or by knocking on doors and stopping people in the street; this was not that successful because nobody really wants to be stopped when they are going about their daily business. Then came the Internet, and everything changed.
We basically do everything online – from finding our new love, shopping for a holiday, heading to the cyber grocery store, and looking for a job; everything is digital. Whether you access the Internet on your phone, your tablet, your laptop, or even your TV, this is a huge part of our daily lives.
The insurance industry has certainly caught onto this trend, and nowadays everything is done without evening having to see a customer’s face. IT systems and software packages have been around for decades, but it is only recently that they have revolutionized the industry to such a huge extent. Customers can now head online to a price comparison site, find your company, purchase a policy, and allow it to run its length, without even having to speak to anyone.
For all of the developments to take place at an advanced pace, IT and business leaders might have to collaborate and develop an API strategy that specifies short- and long-term objectives. Collaborating with Google Apigee and related others can help leading companies to design, secure, and scale APIs. If you are in the insurance industry you might want to implement this sooner or later.
Is this a good thing?
It has its upsides and its downsides.
Insurance brokers don’t always get the best deal out of price comparison sites, because it really does cut out the middle man. For this reason, having top insurance software, which allows your business to run smoothly and efficiently, is key.
The Main Points of Top Insurance Software
Cloud software is taking over
The Cloud – do you know what this is? This is basically storage that is up in the sky in more ways than one; you don’t need a large computer hard drive, you don’t need to purchase discs and install content, you simply search for the best package for you, download it from the cloud, and install onto your hard drive – it’s really that simple.
This has many advantages:
- Your software is always up to date
- You can find packages which are personalised to your particular company
- You can shop around much better
- You don’t need to buy licenses, making it much more cost effective
Having everything current and bang up to date means that you can provide your customers with a much better service, give faster and more accurate quotes, you can store much more information safer and easier, and your employees will also find the package easier to use.
Happy employees and happy customers is the perfect blend to aim for.
A seamless service for your customers
It’s important to give your customers an easy service, one which doesn’t take endless time and cause problems. As an individual, whenever you have purchased a service, were you put off several options beforehand because the process was too long and fraught with issues? Your customers will turn away and head to the competition if your purchasing process is too lengthy, and if your customer service process is too difficult.
For example, the insurance software applications developed at SchemeServe will allow you to make the process easy, giving quotes which are accurate and up to date, and also giving a fast underwriting process, which doesn’t delay the customer’s cover from being activated. For instance, the SchemeServe technology model works to provide a secure platform, where all information is collected and stored, giving an accurate quote for the customer based on their personal circumstances.
Customer service is highly important even nowadays
Despite the fact that everything is done digitally, there still needs to be a very high standard of customer service delivered to both your existing clients, and your prospective ones. To this aim, your insurance software needs to give you ways to contact and reach out to clients. Customer Relationship Management (CRM) is something you software should certainly incorporate, allowing you to safely store personal details, whilst also having facilities to send out automated emails and information to your clients throughout their policy life. This also allows for reports to be generated in a more accurate manner.
Insurance Software Allows for Top Quality Business
Your software needs to push your business forward through effective and efficient means. If your software is substandard, everything is going to fall apart over time.
You can be an insurance broker or an insurer yourself, but software is the deal breaker.
Everything is digital, absolutely everything is online, and that means that you need to keep up with the pace, or risk lagging behind and passing all your profits onto your competition. A smooth process for your customers and easy to use facilities for your employees is the perfect blend to deliver the best standard of service for everyone concerned. If your software is hard to use, always failing, and isn’t up to date, you are going to see your business fail.
It’s really that simple.
Being able to reach out to customers in a mobile means, e.g. through a smartphone or tablet, is also something which is becoming more and more important, and if you don’t incorporate this into your software, then you are missing out on a lot of potential revenue here also.
It’s this simple – in order to thrive, grow, and actually make any kind of profit in the insurance industry, your number one concern needs to be the quality and ease of use of your insurance software – without it, everything else is just numbers, numbers which your customers are never going to understand or invest in.