Investing in the right insurance software for your insurance business is a major decision. Before you make any hasty decisions consider all the important factors first. Your software could be with you for several years to come, so you need to ensure it is capable of performing in the manner required.
What’s the role?
When you are seeking insurance broker software, you need to consider whether it has a variety of factors in order to perform its role well, including:
- Insurance workflow automation – this will help you keep the workflow smooth and simple, throughout every step of the process. It should eliminate the need to keep re-inputting data
- Policy tracking – this will help you manage every policy that comes into your business. It should also have trigger points set that could be used for upselling
- Insurance reporting – your software should come loaded with standard insurance reports whilst allowing you to create custom reports when necessary
- Agent management and activity tracking – this enables you to track your team for performance and targets
- Referral marketing – referrals are the best form of advertising you can have, so if your software also comes fully loaded with options to send and track referral options, you can use this to your advantage
- Integration – your software should all seamlessly interact with all aspects of your business to enable good communication and simple operation between departments
- Support – does the company provide training and support when necessary?
You need to ensure your insurance software and technology delivers what it sets out to do.
Long term investment
When calculating the cost of the insurance software, don’t just consider the original outlay. Although at first glance it may seem like a big investment to make, you need to work out what long term savings your software can bring to you. Not only that, but is worth considering the extra revenue it could bring from up selling and automatic renewals.
Instead of thinking ‘can the business afford this insurance software?’ you need to put serious thought into whether your business can afford not to implement the insurance software.
Access all areas
When choosing your insurance software, spare a thought for who is going to use it and where. If you are looking for a system that needs to be accessed anywhere, then you should think about a cloud based system for extra convenience.
Consider also who needs to access it – is it for management use only, or do agents and admin also need access? How accessible is the system and is it fool proof for everyone? The interface should be straightforward and easy to use.
This leads on to ease of use. Changing over to new technology and systems can be confusing for all, so you need to ensure the company you are dealing with is there to offer ongoing support as required, including detailed demonstrations.
Insurance brokers handle a lot of data and sensitive information, and your software needs to be fully protected from data breaches. Check what security measures are in place before purchasing. Cloud based systems have traditionally been better protected, but ask what measurements are in place first.
With so many models to choose from, it can be difficult to pick the right option. Our Insly team are experienced in insurance software, and will be happy to talk through the options with you.