5 core Policy Management software features

To gain and maintain an edge in the highly competitive environment, insurance agencies must make the most out of the available resources and make strategic decisions aimed at growth. In order to stay competitive, they must make their processes more productive, accurate, and flexible.

Policy management software solutions enable insurance agencies to grow and scale at an accelerated pace by improving processes between different departments and business systems. The comprehensive software acts as a command center of all policy-related workflows and documents. Powered by cutting-edge technologies, these solutions offer a number of benefits and come equipped with dozens of features.

Important Features to Look for in an Insurance Policy Management Software

Data Management

Insurance agencies need to focus on customers in order to thrive. However, it becomes difficult for insurers to ensure each customer gets a unique and consistent experience. Insurance policy management systems enable the creation of a 360-degree view of customers. By collecting and unifying all the data and documents related to the policyholder in one place, insurers can offer personalized experiences to customers.

Moreover, since all the information can be accessed from a single, digital location, employees do not have to waste their working hours sifting through files and folders to pull out specific documents. The quick access to updated information also improves decision-making.

Scalability

Scalability and agility are key features that every modern-day business software must have. Scalable insurance policy management software systems are not only easy to maintain but also offer more flexibility and can easily adapt to the changing market and customer requirements. When selecting a new policy management system, agencies must make sure that the solution can scale according to their needs and expectations. The policy administration should have the capability of growing with the agency.

Moreover, an agile insurance policy administration software solution offers perpetual room for improvement especially when it comes to features and usability. Hence, agencies can easily uncover additional abilities as and when required, without needing to make major modifications to the IT infrastructure.

User Authentication

Insurance agencies typically use a number of different software solutions. However, in order to remove data silos, they must integrate the various systems. Moreover, if the staff has to log in separately for all systems, then it will increase employee frustration and make them less keen on using the new insurance policy management system. With a single sign-in feature, agencies can allow employees to log into all enterprise software systems through a universal account.

Apart from elevating the employee experience, it also allows the employees to save time. Employees can access all the systems from a single portal. It reduces the load of remembering different credentials and improves organizational security.

Privacy and Security

A majority of policy management systems are packed with security features. The key security tools that every policy management system must have are:

Multifactor authentication: Multi-factor or two-factor authentication is an essential security feature. If the credentials get compromised in a breach or malware attack, then the system’s information can get exposed. Multi-factor authentication can mitigate the risk of data exposure.

Behavioral monitoring: Behavioral monitoring is crucial for reducing security breaches. It involves the analysis and monitoring of endpoints for suspicious patterns or activities. This security feature can protect the insurance policy management software from unidentified and zero-day threats.

Timely Backups: The insurance policy management system vendor must provide regular backups wherein the data is first encrypted and then transferred to secure storage. As an additional measure, the vendor can replicate the backups in several locations.

Integration

Disparate enterprise software systems end up creating confusion among the staff and lead to missed opportunities and data siloes. They also have a negative impact on teamwork, cooperation, and collaboration. Hence, integration is one of the essential features to look for in a policy management software. The policy management system you choose must be able to integrate smoothly with other solutions like agency management systems, CRM, document management systems, accounting software, and more. By integrating all the relevant enterprise solutions, you can facilitate a smooth flow of information amongst various departments and offer real-time data to your staff so that they can make strategic decisions.

Moreover, modern-day policy management solutions not just integrate the data but also offer valuable insights on various departments through smart data-driven reporting capabilities. Such comprehensive reports allow insurers to take strategic business decisions and explore ripe opportunities.

Final Words

 Even though there are a number of features and functionalities that businesses must consider while selecting and evaluating a policy management software, the features mentioned above are critical regardless of the line of insurance business or the geographical location of the agency. Policy administration systems are a major investment, hence businesses must select the right software that can take their organization to the next level.