Insurance Softwares: 3 Steps to Navigate Your Choices
There are a lot of policy administration systems out there – and the choice you make has long-reaching ramifications in terms of customer retention, data security, and operational efficiency. So how can you decode the options and know for sure that you’ve chosen the best fit for your needs? Let’s take a minute to talk about the process of sorting through the many different insurance softwares available: how to do it, and what to look for.
Step one: Define what you need
What problems are you aiming to solve? What lines do you need to support? Do you have documentation on how exactly you operate: your processes, policies and workflows?
The first step in choosing the right system from a veritable sea of insurance softwares is simply to know who you are and what you need. One of the biggest undertakings is to carefully document your current business rules, third party interfaces and procedures. This is big. But it’s effort well spent. Do all your homework now, and you’ll be able to navigate the questions to come much more smoothly.
Step two: Create your short list of potential insurance software providers
Once you know what capabilities you need, you’re ready to scan the many available insurance softwares on the market for those specific functions. At this point, it helps to have some must-haves and deal-breakers in your back pocket. For example, is real-time rating a top priority? What do you need for your agent interface? Is a mobile app a must? Is direct-to-consumer sales on your radar for the future?
It’s also helpful to know what’s working for other businesses like yours. Just because a policy administration system works well for a work comp carrier, doesn’t mean it will work well for an auto insurance MGA. Identify the insurance providers who specialize in your segment.
Step three: Compare system capabilities
As you demo the various insurance softwares, take good notes. For each capability you need, jot down where it falls in its level of priority. Note whether the application you’re demoing makes that feature available, optional or unavailable. If available, how does it perform in your opinion – adequately, or excellently? Remember to bear in mind your future needs as well as the needs of the present; your policy administration system should be able to grow with you.
Ready to get started? Here’s a resource to help you out.
Download our Ultimate Checklist , which includes 110 key capabilities that you may be scanning for. Use it to document your notes on each software application you demo, so you can compare apples to apples and make an objective, informed choice about the very best fit for your needs.