Thursday, December 26, 2013

According to insurance industry experts, customer expectations in the industry are in a stage of transition. However, most CEOs of the industry are still upbeat about improving their revenues in the coming decade. A recent comprehensive global survey of the insurance industry revealed how CEOs of top insurance companies hope to achieve this. They were revamping their strategies for customer retention, loyalty and growth. To be ahead of the game, they have identified building customer-centric operation models and improving the capacity for constant innovation as the major goals.

Role of Online Insurance Management Software for Growth

Insurers need to manage customer policies, claims and correspondence according to the changed customer expectations of the present decade. The time consuming, paper centric methods of managing insurance brokerage operations must give way to the simplicity and convenience of online operations. This is an inevitable transition for all insurers, and the sooner they make the switch the better for improving growth prospects.

By enabling their customer to access insurance policy online with the help of cutting-edge online insurance management software, the insurers get more than one benefit. The sophisticated technical architecture of some online insurance management solutions enables:

• Immediate policy document access with minimal space requirement

• Instant access to policy documents and related information to multiple users with user validation

• Protection from natural disasters such as earthquake, fire, flood, etc.

• Savings from reduced cost of paper, stationary, supplies and providing for their storage

• Secured storage of documents with SSL encryption and Amazon File Storage

For more information visit the websites.

Thursday, December 19, 2013

Insurance companies as well as policyholders benefit from online document management. A robust, web-based insurance solution helps the insurers to streamline their operations while the policyholders can access their documents by simply logging on to the insurer’s portal. Moreover, not only does it help the insurers achieve their business goal of efficient service, but also enables them to generate more revenue.

Benefits for Insurance Companies


• Online policy administration system on which users are assigned with different hierarchy levels.

• Insurers are able to address issues in their product distribution channels with ease.

• Useful for managing policies of an individual, small businesses or enterprise undertakings.

• Ease in keeping track of brokers’ activities, their commissions, policy status updates, etc.

• Ease in policy renewal and policy cancellation with a centralized system for insurance management.

• Ease in day-to-day management of insurance brokerage operations.

• Ensuring client satisfaction with anytime, anywhere access to policy documents and instant communication.

Benefits for the Policyholders


• Online access of insurance policy documents available all the time.

• Instant communication with their brokers by an integrated messenger on the insurance portal.

• Secure online transaction and storage with SSL encryption and Amazon File Storage System.

• Customization of client portal interface to suit brand promotion strategies (for business policies).

Wednesday, December 4, 2013

According to experts of the insurance industry, insurers need to wake up to the widespread use of smart phones and other handheld communication devices. It is essential for them to have online outreach capability to not only provide service to the current policyholders, but also for brand promotion and education of prospects. Moreover, using the online medium for communication is preferred by insurance agents and advisers as it makes their task convenient to perform.

Improving the customer experience: Need of the hour

The evolution of e commerce followed by mobile revolution has caused a radical shift in customer expectations in the last decade or so. Today’s customers expect simplicity and convenience of online communication and transaction to interaction with an intermediary. However, the insurers still need to ensure that providing digital convenience does not take anything away from relationship built through personal contact and communication.

To solve this problem, some software service providers have come out with cutting-edge online policy manager software. An online policy management tool enables personal communication between customers and insurance brokers through i Phones and tablets, and provides the convenience of online policy access at the same time.

Use of internet carries a significant advantage for insurers

The use of internet is not limited to providing service to tech savvy clients. Apart from extending service to customers and insurance brokers, insurers can make good use of not only their policyholders’ data, but also make the most of the information about they have about their distributors and prospects. The data bank of these entities helps in creating suitable brand promotion campaigns for selected target groups.

Thursday, November 21, 2013

As per a study reported by a reputed global network of firms, insurance companies need to take note of some pertinent demographic shifts as they plan to grow in the coming decade. Some important facts they should take into consideration are:

• Percentage of white non-Hispanics – It is 69 percent currently, down from 83% four decades ago. Thus, it is important for insurers to drive sales in some multicultural markets as this is critical to their success.

• Timing of adulthood – Compared to 2008, people have become reluctant to take responsibilities of adulthood early. Thus, life events that drive taking them to take life insurance (such as marriage and having a baby) are delayed.

• Demographics of marriage – Only 60% of the population in the age group 30-44 years is married, compared to 84% forty years ago.  Related to this are the changes in family composition that are much different currently. For example, single parent households are 29.5%, that is 10% more than what they were in the early 1970s.

• Decision making – Females of a family are making more financial decisions nowadays compared to 3 or 4 decades ago.

Going by this study of demographic changes, it is essential for insurers to assess the coverage and customer service needs of a particular household. In order to gain a decisive competitive advantage, insurers need to focus on improving technology-enabled simplicity and convenience for their clients, and building strong relationships at the same time.

For tapping into the market segment comprising of tech-savvy customers, online policy management is indispensable. Using mobile technology is an effective way to conveniently reach multicultural markets too. Insurers providing an insurance document management application accessible through web enjoy more than one advantage in improving their growth prospects.

Sunday, November 17, 2013

Investing money in insurance policies to get risk cover for property, liabilities and employee funds is necessary for your business. However, it can be difficult to find a reliable insurance broker and buy a suitable policy as per your requirements. To keep your finances secure and remain prepared for the uncertainties of the ever-fluctuating market, you need a good business insurance policy.

When looking for a reliable insurance company, you need to consider its price, overall coverage, and customer service features. Here are a few factors that can help you select a good insurer.

Cost of Risk Coverage – The cost at which different insurers provide the same coverage vary. While selecting a business insurance policy, make sure to ask quotes from various reputed insurance companies. This will help you select the best price and risk coverage.

Stability– The best way to check the stability of an insurance company is by reading customer testimonials and user reviews. You can browse through the company website to check whether they have a testimonial column. Apart from that, user reviews are easily available on the major search engines.

Customer service – Insurance companies with a reputation of providing exceptional customer service use an online document management application for their clients. This enables the clients to get anytime, anywhere access of their propriety documents. Such software applications use SSL encryption and Amazon Simple Storage System to make sure that all your insurance documents are protected.

Make a list of the property, employee funds, income types, and other potential business liabilities for which you seek insurance risk cover. Policy descriptions provided by different insurers would then make a lot more sense to you. All you need to do now is to compare the policies and insurers based on the considerations mentioned above.

Thursday, November 7, 2013

The insurance industry is in a transitional stage due to the recent changes in customer expectations. The Annual Global CEO Survey, conducted by a reputed network of firms, spread over 158 countries, has recently highlighted this fact. In this survey, 58% of the interviewed insurance company’s CEOs were found to be concerned about the shift in consumer spending and behavior. However, it is quite surprising to note that despite being wary of shifting customer expectations, 90% of these CEOs were confident of improving their revenue growth in the coming decade. Thus, it would be safe to say that insurers need to take all possible measures that may have a positive impact on their overall efficiency and client satisfaction.

In the present scenario, any insurance firm that us focused to come out on top needs to adopt innovative solutions for managing insurance policy documents. Furthermore, insurers also need a reliable, affordable and user-friendly platform for providing efficient service and support to the current day customers. For this, insurance companies have the option to invest in a standalone solution or use web-enabled cloud solutions. The latter is obviously a more cost-efficient option and can also help insurers to improve their brand value. A web-based business insurance policy management solution is offered via a client portal, and has many benefits for both insurers and policyholders.

Unlike standalone solutions that require substantial initial and maintenance investment, online solutions for management of insurance policy documents can be subscribed on a pay-as-you-go basis, which obviously is a much more cost-effective option compared to similar legacy solutions. Moreover, modified versions of these solutions are available for managing an individual or business insurance policy for the customers.

Tuesday, October 29, 2013

Web-based policy manager software enables brokers to store, organize and share policies and other documents with their clients who can access and maintain them in a confidential library. Such an online application does not require installation of additional infrastructure or even a standalone software solution to function. Apart from helping insurance brokerage firms improve efficiency, this online tool also helps in improving brand loyalty.

Following are the key features of web-enabled insurance policy management software:

• Client portal – It is an electronic gateway to provide access to policy documents archived in a secure library. The employer or a senior employee of the brokerage firm is the admin of this portal. Admin users hold the authority to designate broker users and client users.

• Upload of policy documents – Designated broker users have the authority to upload, edit, store and organize insurance documents, while the clients can view and download them. Besides secure storage of policy documents in a password protected library, clients get the benefit of getting insurance schedules and premiums in an excel format.

• Accessibility – The client portal is accessible from the brokerage firm’s website. It can be accessed via personal computers as well as handheld devices after user validation. The mobility feature enables brokers to respond to client queries instantly.

• Security – SSL encryption and Amazon Simple Storage System ensure complete safety of the policy documents stored in the portal’s confidential library.

• Instant messenger – An instant messenger is integrated into the portal to facilitate communication between brokers and their clients. The brokers can respond to client queries instantly as the messenger is accessible via mobile devices as well.

In short, web-enabled insurance policy management software with the features given above takes broker-client relationship to an all new level, promising a win-win situation for both the parties.