There is no shortage of challenge in the financial services markets following the recent meltdown and recession. However, remaining compliant with an ever increasing set of regulations and remaining competitive doesn’t mean having to reinvent the wheel in terms of insurance management software solutions.
There are a number of Insurance software solutions that are scalable and affordable for any sized business. This means that access to automated and integrated policy management insurance software solutions can deliver compliance and cost saving opportunities for any provider.
Compliance is probably the biggest single area of concern for most insurance companies. With the regulatory environment changing it is important to ensure that all processes and procedures are in line with the current requirements. Online insurance software solutions do this automatically for every user as part of the licensing arrangements. Those purchasing standalone software should always ensure that they get the necessary upgrade and support package to remain compliant.
The beauty of on line systems is that they can be accessed from any location meaning that mobile sales or management staff can access customer information or quotation systems from anywhere there is a Wi-Fi signal or internet access.
And integrity is not compromised! Online insurance software solutions have full audit trail capability meaning that there are no gaps in what is given to the customer by a sales person and what the business actually holds as a customer quote or policy detail. This is a powerful add on in an age where the industry has been tainted by miss-selling in recent years. Now all sales activity can be logged and audited to ensure the correct procedures have been followed, documentation issued and cooling off periods managed.
Documentation management is at the heart of most process automation systems. Reducing physical copies and online file storage mean that documents cannot go missing and copies readily recalled. In addition, most have client management systems that allow for the capture of quality information and a regular diarizing of follow ups and other events to improve conversion and retention rates.
And the same can be said for data integrity and business continuity. Always available from anywhere ensures optimal business continuity and flexibility.
Most online systems are modular in design meaning that only those applications that are needed need be acquired. Most will integrate into industry standard accounting or reporting packages meaning that there are options if the standard package is not required.
The above information is offered by Unitrust Insurance Company in Dubai.