Insurance software integrates and streamlines disparate business systems and creates a unified view of policies, processes, and customers. A number of insurance agencies across the globe are already enjoying the benefits of insurance management software. However, despite its growing popularity, myths concerning insurance software solutions and their implementation still exist. Below are five common insurance software misconceptions:
Insurance Software solutions are expensive
Even though implementing a new insurance software may require a significant budget, the ROI of the investment will far exceed the initial setup costs. Moreover, now that software as a service (SaaS), and cloud-hosted platforms are becoming more and more popular, agencies no longer have to purchase the complete software setup. They can opt for subscription-based tiered models.
Moreover, owing to the rising competition in the insurance management software market, the prices of the software have seen a drastic drop. There are a number of insurance software solutions that offer free trials and affordable pricing structures. It allows new and small insurance businesses to implement the solution without significant financial investment.
Insurance Management Software is suitable for larger agencies
When insurance software first came into the market, owing to the heavy investment costs, only big players were able to afford them. However, due to the rapid advancement of technology and stiff competition, the scenario has changed. A number of vendors now offer plans catered to the needs of SMEs.
An insurance software can act as a map for small and growing businesses. It can help them get an overview of their processes, customers, and revenue. The insights offered by these solutions can help small insurance agencies and start-ups to know which direction to take and the obstacles they need to overcome.
Insurance Software isn’t secure
This myth is popular in the insurance industry, especially for agencies moving from on-premise to cloud-based insurance management software. A number of insurers are worried about unauthorized data access, cyber attacks, and security breaches that can compromise valuable customer and business information. However, modern-day insurance software solutions offer a lot of security and privacy. These advanced agency management systems offer layered security and encryption. The database connections get made using embedded data object models. This makes room for secure data access.
Insurance Software is complicated
While traditionally, insurance agency management systems used to be complex, times have changed. Insurance software solutions of today are quite user-centric and easy to use. They are focused on streamlining the processes and steps for the end-users through easy-to-navigate interfaces. The users no longer have to be proficient in technology and software systems in order to use it.
However, employees will need to undergo proper training to get used to the software. Even though insurance management systems are pretty intuitive these days, training is necessary for a successful implementation. Without training, the employees will not understand the value and capabilities of the software. This will result in the misuse or underutilization of the software.
Insurance systems can’t be customized
A number of insurers feel that insurance software solutions cannot be customized. Several insurance agencies, particularly small-scale ones, end up opting for one-size-fits-all software to avoid the complications concerning software implementation.
Presently, there are a number of insurance software solutions that offer customization. Some vendors also offer customization services. Rather than opting for a run-of-the-mill software, businesses must pick a product that matches their flexibility and scalability needs.
Wrapping it up
The insurance software market is riddled with a number of misconceptions. We hope that by debunking some of the common misconceptions, we can help you make better and informed decisions that are based on factual information.
