This article looks at the reasons why investment in the right software is essential for insurance brokers looking for a long term future.
The insurance industry faces many challenges, not least how to retain customers who are struggling financially and need to cut back or reduce their costs or overheads. Finding the right products at the right price and providing an exemplary level of customer service are, therefore, essential if you are to thrive in a difficult economic environment.
A changing market place
The growth in the use of aggregators and online comparison sites has had a significant impact on traditional brokers. Members of the public and commercial organisations are turning to technology to provide quotations and service their policies at a time and from a place that is convenient for them. If businesses are to survive in this increasingly competitive market it is essential that their insurance broker software is effective, user friendly and enables them to stand out from the crowd.
The benefits of the right software
Investment in IT can suffer when cutbacks are occurring elsewhere in an organisation. The right insurance broker software, however, will benefit the business as a whole and have an impact on the bottom line. This can include:
- Improved administration from the use of automated processes and workflow capabilities
- Consistent business branding and messages
- Reduction in reliance on manual processes and documentation
- More effective use of manpower
- Increased speed of communication both internally and externally
- Ability to quickly trade with business partners
- Capability to work remotely or from flexible locations
Finding the right package
There are a number of software providers who offer solutions for brokers and many different options available. Before you get bogged down in the detail it is a good idea to consider the following:
Think about your business needs before having demonstrations of any software to ensure that they meet your needs and you don’t simply get swayed by the capabilities of the technology. Do you need a claims module? Is documentation management and workflow important? Does the system need to include an accountancy function?
Similarly, think about your IT requirements. Does the software need to be brought in house or can it be hosted externally? Can it talk to other systems? Is 24 hour servicing of the software essential? What is the recovery process if something goes wrong?
Make sure that the software can meet your future as well as current business needs. How frequently are upgrades carried out? Can the software be adapted as your business needs change?
In a harsh economic environment ensuring that you are using the right insurance software is essential if you want to succeed. Not only will it improve efficiency, enable you to use your resources as effectively as possible and trade in a real time environment with business partners and customers, it will keep you one step ahead of others who have not made the same investment.
Kayleigh Stone writes about insurance and broking for a range of websites and blogs. She is particularly interested in the variety of insurance broker software available in the market and how systems can best help businesses develop.