Insurtech is growing exponentially, but very few players today can deliver on the promise of digital insurance. The fact is that every insurer has to be digital for it to stay relevant, let alone compete. According to reports, the health segment led the market and accounted for more than 24.0 per cent of the global revenue in 2020.
Finding the right insurance software providers should be critical to your business. Here are some of the features to check and things to consider when you’re on the hunt for an insurance software provider:
Does the Software Support All the Routine Tasks?
With a contextual, digital business model, insurers streamline customer engagement and processes for a better quality of service. Unlike traditional back-end systems that only focus on claims or policies, top-notch providers have a robust platform with end-to-end capabilities that help insurers in all aspects of the business.
The platform should be a ‘one-stop-shop’, supporting digital workflows and services to automate routine tasks.
Does Your Provider Have a Strong Product Roadmap?
It would be helpful if you had a partner with a proven track record in insurance software development, committed to developing new software and adapting to industry changes.
Given fast-evolving customer needs and market demands, today’s insurers don’t have the time or budget to build their technologies in-house, nor does it make sense for them to do so. As an insurer, you should pick a provider with best practices in cloud development (for speed) and product-led processes (with agility).
Is It Easy to Change the Product Roadmap?
Maximising investments is critical, and optimising product features is crucial for insurers. An ideal provider has a strong vision of innovation that helps you get ahead of the competition with multiple capabilities—not just one or two features. The solution should help you drive new revenue, acquire customers, and increase customer engagement.
Is the Software Secure?
As you invest in new technology, security should be your top priority. Data breaches are real concerns today—and they can cost insurers dearly by damaging their reputations and losing customers’ trust. Make sure that you know how your provider addresses these challenges.
Do You Know the Experience and Makeup of Your Provider’s Team?
The people involved in your solution are just as important as the technology itself. Your insurer should have a dedicated team to support you throughout the implementation journey, from design to development to final rollout. It will help if industry experts understand the challenges insurers face and offer advice to overcome them.
Things to Consider Before You Hire Insurance Software Provider
Analyse Your Business Needs
Before hiring an insurance software provider, it is essential to have a clear idea of what you need at this point in your insurance business. It will help the provider know if they can provide a solution that fits your needs. If not, a custom-built solution may be required.
Consider Current Systems and Processes
Your current systems and processes should always be considered when looking for an insurance software provider. Implementing new technology will create changes in business operations, so you need to know if the current systems can support it.
Identify Your Business Goals
Having clear goals lets your insurance software partner know how to help you achieve them efficiently. It will give a clear idea of their expectations.
Examine the Pricing Structure
The pricing structure is another important consideration when hiring an insurance software provider. Although some insurance software providers offer fixed-bid contracts, it is best to go for those with prearranged pricing, particularly if your business and needs change throughout the project.
Make Sure You are Ready for Change
To be successful, you must always be ready to embrace change. Insurance software is an integral part of your insurance business, so you must know your partner will keep pace with industry changes and stay relevant in your business growth. As such, they should have a solid roadmap to help you achieve success.
Evaluate Your Insurance Software Provider
Before you hire an insurance software provider, it is essential to consider if they have:
- Trusted and experienced team members
- Dedicated project management for your account
- Strong client relationship management strategies
Additionally, check if your partner will offer continuous training and resources after implementing the product.
Evaluate Your Insurance Software Provider’s Technology
To evaluate your software provider’s technology, you should:
- Check if it has a cloud deployment strategy that can let you scale up or down depending on your needs
- Make sure the solution offers a solid security framework and should not have any possibility of data breaches
It is essential to ensure that you get the right insurance software provider before getting started.
It will help if you know the right questions to ask your potential providers so that you will have a clear idea of their capabilities, areas of expertise and technology offerings.
