If you are responsible for making decisions around technology for an insurer, here are a few key aspects you must consider when choosing an insurance software solution.
Insurance is a behemoth industry that continues to grow in size and complexity. Insurers today face unparalleled challenges. Customer needs are evolving rapidly as customer expectations continue to rise and retention surfaces as a key mandate. Product offerings have transformed rapidly, and sales channels are redefined as this article is being written. The omnipresent changes in regulation and risk environments continue to be gamechangers that no insurer can afford to drop the ball on.
In such a challenging time, how can an organization make sure that it is choosing the right Insurance Software Solution that fits their needs – today’s and of future?
One basic decision to make is whether you will develop the technological expertise in-house or collaborate with a technology provider who already has the chops to deliver your tech needs. As a leading innovative insurance technology partner, we at Cogitate Technology Solutions believe partnering with experts is the quickest and most effective way to arrive at an insurance software solution that will go the distance in helping your organization meet its tech needs.
Whether meeting your needs in-house or partnering with a technology solutions company like Cogitate, here is our list of must-haves:
Time: In today’s competitive climate, expenditures on technology have to be justified by a rapid ROI. The quicker your insurance software solution is up and running, the more value you will derive from it. Any solution you choose must deliver faster time-to-market for your products while also offering improved response time for your customers.
Agility: Is the technological solution you choose going to lock you into a rigid or sluggish position that cannot keep pace with the rapidly evolving business ecosystem? With the insurance environment shifting constantly and swiftly, the chosen software’s ability to cope with rapid change will remain a key criterion to the success of your endeavor.
This agility must also extend to processes, preferably putting business users in-charge of process changes. Increasingly, this will result in lesser reliance on the IT team and a far quicker response time for your customers.
Seamless Integration: One of the primary considerations when choosing an insurance software solution must be the how well it integrates with your current system and how much coverage it provides. Does it support all the sales channels that your organization currently uses? If you are an insurer with multiple lines of businesses, you will need a solution powerful enough to cover all of them. How easy is it to integrate with your current systems, including any other third-party solutions that your organization uses currently? In case of multiple segments, will the insurance software solution help integrate your systems with those of your business partners’?
Proven track record: If you choose to partner, your tech expert should be simply that – an expert. There is simply no time to ‘learn and grow together’ as delays will cost you in business lost to competitors who get there first or disrupt the industry while you are playing catch-up. Make sure your partner has consistently delivered measurable results in the insurance domain before you sign on the dotted line.
Cogitate has been on the frontline of rapidly deploying complex, innovative insurance software solutions to insurers. We combine 50 years of insurance knowledge with superior technology talent that help insurers stay competitive and remain relevant as they gear their businesses for the future. We serve various segments of the insurance distribution value chain and cover end-to-end digital servicing, advising and marketing for your business. To learn more about our full-slate, cost-effective products and easiest-to-use technology.