By integrating an insurance policy management system with other corporate tools, an insurance agency can further improve policy management processes. This article highlights the six most valuable integrations for insurance policy management software a company should consider setting up.
ERP
Insurance agencies use enterprise resource planning (ERP) systems to connect and centralize disparate business processes such as personnel, contract, finance, and customer relationship management, to name a few.
ERP can consolidate and store vast amounts of data, including claim and payment histories. Integrating with an insurance policy management solution means agents can quickly access the required data stored within ERP without switching systems, enhancing productivity.
For instance, an agent can quickly check on customer payment history and on related financial data to ensure the customer's financial credibility before issuing an insurance policy or when processing insurance claims.
See also: 7 Must-Haves for Insurance Software Platforms
CRM
Customer relationship management (CRM) streamlines customer-facing processes such as marketing, sales, and customer support. What is more, CRM solutions consolidate customer data across diverse data sources and form comprehensive customer profiles.
Integrating policy management software with CRM allows agents to use the information in the profiles about demographics and preferences to personalize insurance policies, boosting customer satisfaction significantly. Conversely, marketing specialists can use the integration to view data about clients' active and past policies (typically stored in insurance policy management systems) to create more targeted and efficient engagement campaigns.
Claims management
Integrating claims management software tools into the policy management system means agents can easily review the conditions and details of a policy when a customer files a claim.
Underwriting
Integrating underwriting tools means information stored in insurance policy management software becomes available in the underwriting system. Underwriters can make informed underwriting decisions easily, improving accuracy.
Billing and invoicing
Companies can also integrate insurance policy management solutions with billing and invoicing software, allowing for automation of the calculation of premiums and speeding that process significantly. In addition, integration allows for the increased traceability of invoices, which facilitates the overall financial visibility within organizations.
See also: Underwriters Will Thrive With APIs
Data analytics
It is also important to set up an integration between insurance policy management and data analytics tools and enable smooth information exchange. Such an integration can help an insurer study all-rounded policy and policyholder data and generate insights.
For example, a company can assess business profitability and efficiency by analyzing key performance indicators (KPIs) such as policy renewal rates, customer retention rates, or claim rates. A company can predict future customer demand for its services based on policy data, thus improving financial planning. Insurers can also analyze policyholder demographics and craft more targeted and efficient marketing campaigns.
Final thoughts
Insurance policy management software enables agencies to administer policy issuance, renewal, and cancellation, enhancing work process efficiency. By making this software an integral part of their entire tech ecosystem, insurers can maintain smooth data exchange and accomplish much more.
Whether an insurer owns an out-of-the-box insurance policy management software or a bespoke solution, an experienced technological partner can help integrate it with other tools. Third-party consultants can assist an insurer with selecting a suitable integration approach, executing and testing integrations, and providing a continuous optimization plan to make integrations more cost-effective and secure.
