What is life Insurance Software: Handling a life insurance account is not an easy task, Neither is handling a pension plan account. They both require a great deal of effort as well as various actions and calculations, such as claims processing, and product illustration.
In order to simplify the process of handling life insurance and pension accounts, more and more insurance agencies come to understand that there is a need in their business for a comprehensive software solution that will handle the entire range of policy management for their clients, and make the whole policy management procedure easier, safer, cheaper and less prone to mistakes.
The need for better policy management
With the introduction of life insurance and pension solutions, many insurance and pension companies sought to improve their ROI and lower their costs through better, more optimized policy administration software services.
Today’s managers and CEO’s of insurance and pension companies have to deal on a daily basis with fierce competition from other insurance companies, and with increasing consumer demands for lower insurance costs. These and other factors leads insurance firms to try and lower their insurance and pension policies costs, through software solutions that would greatly increase the automation of various insurance procedures.
The cost benefit of life insurance and pension software
Life insurance and pension solutions can optimize the working processes in various ways. These optimizations, in turn, later translate into higher profits and lower costs for the insurance company, as well as better customer care.
Among the main processes of life insurance and pension software are:
Integrated customer management
This is done by the use of one centralized system that controls and handles the claims processes. This service vastly decreases the chances of claims errors that are a main concern of insurance companies. Integrated management also helps improve the workflow automated processes, thus making it easier to manage and make changes in an account.
Adaptiveness to different legacy systems and to different software features
Increasing the flexibility of the insurance and pension software is important in order to optimize core insurance processes as well as allow for fast and dynamic changes to be made in various features of the insurance software.
Rapid product development and maintenance capacity
This is insured by the fast release of new insurance products to the market. Having the ability to offer new products faster is highly important for the business and ensures that it can stay competitive in today’s market.
Superior, internet-based, customer-centric service
This allows for accessible client information over the internet, as well as Online and Real time reports. Being able to access policy information through online transactions is a unique service that has only recently been added to the insurance and pension industry. As this technology evolves it is expected that it will receive even more developments, as was seen recently with the addition of WRAP technology.
The integration of life insurance and pension software in the business
The process of choosing a different policy management software and implementing it in an insurance business is gradual and, more often than not, takes quite a long time. It is a route that usually involves the use of external advisors, research companies as well as surveys. Even though most of the analysis of the life insurance software is done by an external provider, it is crucial for the staff of the insurance company, especially for management, to understand the importance of the final choice of the service provider, and to be involved in the final decision making process.
Core insurance software providers VS. General insurance software providers
One of the key differentials between insurance software providers is whether the company offers solutions specific to the insurance business, or whether it is a generic solution that is implemented so as to fit the insurance needs. When faced with choosing a software provider for their business, CEO’s of insurance companies need to decide between companies that offer generic solutions for businesses, whose software is also used for other businesses, and core insurance software providers, who offer life insurance and pension solutions that are dedicated to the specific needs of the insurance and pension industry.
The life insurance and pension services. A recommended and important feature of any life insurance and pension software has to do with whether or not it provides a single platform solution for the entire range of policies and claim processes.
This range of policies and services include:
- Integrated workflow management
- Quatation and illustration
- New business
- Billing & collection
- Policy serving
- Claims processing
- Individual risks
- Group risk
- Individual pensions
- Group pensions
- Agency management
- Document management
- Term & Endowment
- Unit link with profits
- Covers (riders: PHI, WOP..)
- Benefits (indexation)
- Contribution types
- Internal & external funds
Life Insurance: Top life Insurance Software 2018:
Pegas life insurance software streamlines claims management and features tools insurers need to improve their policy administration systems.
INSIS fully supports individual and group life products, unit-linked products, commercial and personal non-life lines of business, health products.
Accenture Life and Annuity Software delivers modern solutions to help clients meet evolving market demands and advance their digital agenda.
Comarch Life Insurance software handles all areas of individual and group life insurance. Thanks to its modular structure and unique flexibility, the system can be tailored to an individual customer’s needs and requirements, including the individual life cycle of business processes and the specific nature of a particular insurance company.
MSG Life has been setting standards in the market since 1980 with its software and consulting solutions for insurance companies.
Keylane offers you a total solution for all your core processes, from online sales and distribution to policy administration and payments of life insurance.
TAI | Life Reinsurance Systems and Software Solutions. North American market leader in life reinsurance systems providing a reliable software solution to automate life and annuity reinsurance processing.