Top life insurance software modules that drive growth

The non-stop wave of the technological revolution has opened up a number of challenges and opportunities for life insurers. However, despite the initial challenges, the opportunities and benefits offered by embracing technology are unparalleled. As such, future-looking life insurance companies must embrace modern solutions like life insurance software.

Benefits of Life Insurance Software

The key advantages offered by life insurance software systems are as follows:

● Higher customer engagement and loyalty

● More scope for growth and differentiation

● Lower operational costs and inefficiencies

● Improved detection and mitigation of fraud

● Increase employee productivity and retention

● Better data accessibility and security

Main Modules of Life Insurance Software

Insurance software, unlike compartmentalized systems like life insurance planning software, are comprehensive and offer the following modules:

Policy Administration

A number of life insurance businesses use traditional methods and spreadsheets for creating and updating documents. As a result, all the policy-related processes get spread across different computer systems and cannot be accessed from a single location. Apart from increasing the chances of redundancy and errors, it also impacts productivity. With a comprehensive life insurance software, agencies can streamline and automate policy administration. If they opt for an advanced system, then they do not even have to invest in a separate life insurance quoting software.

A cutting-edge insurance software will take care of everything, right from quotation and presentation to issuance and redemption or termination. Be it individual or group policies, these software solutions can effectively handle all operations.

By using a centralize platform for creating, uploading, and storing policies and related information, employees can save time searching for information. Any data can be easily located, retrieved, revised, or transferred. As such, insurers can also harness the power of automation for managing policy creation, review, and issuance processes. They can tailor the lifecycle for documents, and keep the relevant stakeholders updated through automatic reminders and alerts.

Underwriting

With a focus on life insurance, agency management systems extend underwriting capabilities. From capturing customer data to ensuring policies, life insurance software can handle it all. The underwriting module frees the underwriters from a number of manual tasks like risk assessment, data collection, and documentation. By automating and consolidating the underwriting process, insurers can reduce duplicates and manual data entries to improve evaluations. It also helps them respond to requests more efficiently and improve loyalty.

As underwriters no longer have to sift through files and folders to find the appropriate information and data, they are more productive. From a centralized system, they can get a view of all the applications. The software rates and sorts the applications to help underwriters prioritize the ones that need immediate attention.

Claims Management

When processing insurance claims, life insurance businesses often have to jump between various legacy systems to find appropriate data or documents. Even though they must be diligent and compassionate while doing so, such manual labor often results in delays or inconsistencies. The tedious traditional processes involve workarounds prone to errors and data redundancy.

As such, life insurance software enables claims adjusters to focus on the needs of the claimants. These systems streamline the claims processes across the agency. By automating complex claims processes, businesses can also cut down administrative costs.

The omnichannel experience facilitated through the claims module of life insurance planning software helps in improving the customer experience. The systems also help insurers comply with all the applicable industry regulations and guidelines, and differentiate between genuine and invalid or fraudulent claims.

CRM

The CRM or communication module of life insurance software helps businesses in improving their relationships with clients. The software acts as a repository of all customer data and enables agents, brokers, and representatives to tailor their interactions and offerings. This personalized approach to customer service and marketing helps in improving customer experiences.

As the insurance software solutions are equipped with automation capabilities, tasks can either be fully automated or executed manually with a few mouse clicks. All in all, the CRM module helps insurers automate repetitive workflows, standardize processes, simplify onboarding, improve time management, track bottlenecks, and enhance sales opportunities.

Conclusion

By integrating various functions and aspects of the business, life insurance software solutions help insurers manage everything from a single, accessible platform. Apart from the modules listed above, a number of agency software solutions also offer modules for document management, agent portal, and reinsurance.