Software Development

The entire economy has adopted or is gradually moving toward the integration of advanced technology in all fields of trade. This is especially seen in the commercial sector with several industries which include finance, retail, education, transportation, and tourism. In addition, advancements in technology such as software applications have been welcomed by the insurance industry.  With expansion in business and increasing amounts of data, insurance agencies find difficulties in accurately organizing all data, communicating, collaborating, following up their leads, answering emails, and making timely phone calls.  The best solution to this is custom software development for an entire insurance company or unique software developed for its different departments.

Types of Insurance Software

  • Document management software
  • Customer relationship management software (CRM)
  • Insurance workflow automation software
  • Policy management software
  • Underwriting software
  • Claims management software
  • Enterprise Resource Planning software (ERP)
  • Mobile Apps for Field Reps and/or Customers
  • Web Portal
  • e-KYC solutions such as real-time verification, capturing geolocation and picture verification (matching customer photograph with ID photograph).

 

Advantages of Implementing Software Applications with Insurance

Instant Decision Making- Manual processes in Insurance pose challenges to management and the end customers. For example, Insurers depend on actuarial analysis for implementing decisions that are related to pricing, risk and capital management. Data for this has to be sourced from multiple systems and paper records. Such processes can be time-consuming and prone to errors of different levels.  Analytical software can be developed for improvements in analysis. Besides, customers can also make faster applications for insurance policies.

Reduction in Overall Costs- Several if not all departments of an insurance agency can get this benefit. A web portal or mobile app can ensure access to a wide community of customers along with maintaining loyalty of existing clients.  This will reduce expenses on marketing and traditional forms of advertising by large. Insurance database management software can be developed to keep record of all products and clients. Hence, dependence of multiple paper records and stationery can be avoided. There are many cost-saving advantages like these.

High Scalability- Software applications can be upgraded or enhanced to suit the growing requirements in the insurance industry. Various regulations and measures of compliance can also be implemented easily within the app. This can be very useful to meet the rising number of customers along with changing economic conditions. Technology support reduces the impact of rising costs, thus, enabling swift and easy competition from other insurers.

Data Security- Insurance firms, as well as applications, can be ensured that their data is always 100% secure. There can be no tampering or modification of data, cases of which may occur in physical storage of data such as paper files. Moreover, there will be no erosion or loss of data when it is stored digitally or on the cloud. This is a big advantage of software application development services for insurance firms as secure data can ensure highest levels of accuracy and swift processing.

Conclusion

These are just some of the multiple advantages that the development of software applications can give the Insurance industry. Software can also be combined with the latest trends in big data analysis, artificial intelligence and machine learning to deliver the best. SGS Technologie is a leading software development company in Jacksonville, Florida with branches in Tallahassee, FL and Frisco, TX. We have immense experience in providing technological solutions to firms of multiple industries, including finance and insurance. Reach out to us through phone/mail or direct visits for more information.
 

Why Software Development for the Insurance Industry?

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The entire economy has adopted or is gradually moving toward the integration of advanced technology in all fields of trade. This is especially seen in the commercial sector with several industries which include finance, retail, education, transportation, and tourism. In addition, advancements in technology such as software applications have been welcomed by the insurance industry.  With expansion in business and increasing amounts of data, insurance agencies find difficulties in accurately organizing all data, communicating, collaborating, following up their leads, answering emails, and making timely phone calls.  The best solution to this is custom software development for an entire insurance company or unique software developed for its different departments.

Types of Insurance Software

  • Document management software
  • Customer relationship management software (CRM)
  • Insurance workflow automation software
  • Policy management software
  • Underwriting software
  • Claims management software
  • Enterprise Resource Planning software (ERP)
  • Mobile Apps for Field Reps and/or Customers
  • Web Portal
  • e-KYC solutions such as real-time verification, capturing geolocation and picture verification (matching customer photograph with ID photograph).

 

Advantages of Implementing Software Applications with Insurance

Instant Decision Making- Manual processes in Insurance pose challenges to management and the end customers. For example, Insurers depend on actuarial analysis for implementing decisions that are related to pricing, risk and capital management. Data for this has to be sourced from multiple systems and paper records. Such processes can be time-consuming and prone to errors of different levels.  Analytical software can be developed for improvements in analysis. Besides, customers can also make faster applications for insurance policies.

Reduction in Overall Costs- Several if not all departments of an insurance agency can get this benefit. A web portal or mobile app can ensure access to a wide community of customers along with maintaining loyalty of existing clients.  This will reduce expenses on marketing and traditional forms of advertising by large. Insurance database management software can be developed to keep record of all products and clients. Hence, dependence of multiple paper records and stationery can be avoided. There are many cost-saving advantages like these.

High Scalability- Software applications can be upgraded or enhanced to suit the growing requirements in the insurance industry. Various regulations and measures of compliance can also be implemented easily within the app. This can be very useful to meet the rising number of customers along with changing economic conditions. Technology support reduces the impact of rising costs, thus, enabling swift and easy competition from other insurers.

Data Security- Insurance firms, as well as applications, can be ensured that their data is always 100% secure. There can be no tampering or modification of data, cases of which may occur in physical storage of data such as paper files. Moreover, there will be no erosion or loss of data when it is stored digitally or on the cloud. This is a big advantage of software application development services for insurance firms as secure data can ensure highest levels of accuracy and swift processing.

Conclusion

These are just some of the multiple advantages that the development of software applications can give the Insurance industry. Software can also be combined with the latest trends in big data analysis, artificial intelligence and machine learning to deliver the best. SGS Technologie is a leading software development company in Jacksonville, Florida with branches in Tallahassee, FL and Frisco, TX. We have immense experience in providing technological solutions to firms of multiple industries, including finance and insurance. Reach out to us through phone/mail or direct visits for more information.
 

Category : Software Development

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