Tag Archives: policy management software

Guide for Insurance Brokers for Insurance Management

In the growing technology world, organizations are acquiring software solutions to automate their legacy systems and increase productivity. It’s the right time for an Insurance agency to look for insurance policy administration software to stay profitable and competitive.

It’s very important that you must know whether your agency actually need an insurance ERP or your existing system fulfill your requirements? There are plenty of ERP vendors out there who are offering their services but it’s very critical who you choose according to your specific agency requirements.

A comprehensive insurance ERP software should be cloud-based and must possess the following core features:

Claim Administrator for Insurance Broker:
Insurance software should have integrated configuration toolkit which improves and simplifies the speed to market changes. Claims administration market’s preferred solution accelerates workflow and improve administration.

Underwriting for Insurance Broker:
Insurance ERP feature should provide insurance underwriting software solution that streamline and optimize the customer on-boarding process, configurable printing solution integrated directly into the core product to benefit both the insurer and the customers.

Policy Administration for Insurance Broker:
It handles everything involved in running an insurance agency, including tracking commissions, updating policy data automatically and reconciling payment transactions.

HRMS and Payroll for Insurance Broker:
HR & Payroll brings the most absolute approach for HR manager and personnel to smartly manage, monitor and facilitate the organizations workforce. Effectively deal with your employee’s information and data through well composed and self-administered features.

One of the best advantage of cloud insurance ERP software is having everything in one centralized place. Upload documents and access file from anywhere. With one device, run your entire business and enjoy completely automated Insurance software to automate your operations.

Insurance Broker Software

Enhance Your Agency’s Accounting & Data Analytics Using Insurance ERP

Insurance agencies often find themselves helpless in complex industry dynamics. With increasing demands, stricter regulations, increased conformity requirements and heavier workloads, agencies are often under immense pressure when it comes to time management, human capital and resources.
Enterprise resource planning (ERP) is effective and efficient process and data management solution that offers several benefits to insurance agencies. ERP have been broadly implemented due to their ease of use, task automation, impressive data analysis and phenomenal integration functionality. ERP’s capabilities are optimal for insurance agencies now a days, especially in accounting processes, customer care and complete office automation.

Integration:
Through ERP integration your staff can view data, produce reports and complete tasks through common information portal. ERP integrates seamlessly into your agency’s base. It centralize the accounting process whole agency.

Finally, integration means you can use ERP to handle your insurance business’s accounting processes such as payouts, fees, distribution, monthly payment collection and even HR and payroll.

Automate Process:
ERP has the ability to automate the data-driven processes of your agency, from financial processing to customer services, including tasks particularly to insurance administration. It can automate Policy Administration, Claims Administration, Billing, Underwriting, Sale Management Software, Invoice and payment Management.

Its automation helps you attain greater accuracy and organizational efficiency while tremendously reducing the probability for human error.

Accounting Management:
By pairing financial management capabilities with comprehensive data collection and analysis, ERP ensures accurate reconciliation, payment collections, funds distribution and financial analysis. Other than policy funds management, ERP’s accounting capabilities can integrate payroll, expense management and policy pricing. This results in decreased staff workloads and agile processing.

Data Analytics:
Dynamic, accurate data analysis is single most essential component of an insurance agency’s success. ERP gather and analyzes your agency’s data, giving you the ability to see information and develop actionable, detailed reports. You can use data analysis to measure your agency’s productivity and determine your profit, loss and expense ratios.

Further, ERPs data analysis assist you track and evaluate expenses, accounting processes, customer data and overall agency efficiency.

Customer Service:
ERP offers impressive customer service management tools. From customer satisfaction to customer service analysis features such as, call center management, and online customer account capacity, ERP’s customer service module is impressive, customizable, and build with customer satisfaction in mind.
With remarkable capabilities and unmatched functionality, the InsureQlik’s Insurance Broker Software is an ideal solution for insurance brokers, insurance agents and agencies.