When investing in an insurance tech platform, it is essential that you take the time to find your perfect match. Most quality insurance tech platforms will provide a self-service environment in which to deal with administration of both legacy & new business from multiple delivery channels.
However, if you’re looking out for the best insurance tech platform for you, you may be looking out for a bit more than the standard services. Here’s how to distinguish an excellent insurance tech platform from the rest. Take a look at the top things you should look out for in an insurance software system.
1. Digital customer contact
The insurance industry is notorious for having a rather detached relationship with its customers. A digital platform that offers insurance companies a place in which to nurture client relationships isn’t always something that is offered as a standard, so looking out for that service can benefit you and your customers.
In an industry that has very low customer satisfaction across the board, connecting with your customers more effectively could be a key to success. Working with an insurance tech platform that puts the customer at the centre of the service is sure to boost your success with both old and new customers.
2. Cyber safety measures
Insurance is one of the most data-driven industries, so it makes sense that customer data needs to be at the forefront of your cyber security priority list. It pays to work with an insurance tech provider who understands that cybersecurity is highly important and takes a proactive approach to stopping attacks.
Look for a provider who offers up to date technology and a disaster recovery plan too. The best security providers will usually have an UK support and training team on hand to deal with any security issues and ensure that your people are fully informed to minimise risk.
3. A customised product
Many insurance tech platforms will be ready-made, off the shelf solutions that don’t really tend to your businesses individual needs. In order to combat this, look for an insurance tech platform that offers a bespoke solution, tailored to your objectives and goals.
Often outsourcing this to an insurance software provider can be a better option than trying to create your own solution. An external supplier will be able to see assess your current tech with a fresh pair of eyes and customise a new product to meet your old tech. In this sense, the process should be seamless.
Developers should be able to use existing technological solutions like APIs and tools in order to shape a new solution that really boosts your business.
4. Big data analysis
Big data analysis should be at the heart of your insurance tech platform in order to bring insight that can help you improve your customer experience. Look for data that provides insight into everything from trends and predictions, to the customer buying journey and risk assessment.
A quality data analysis platform will help you upload your insurance data or connect to an existing system for instant analysis. Look for a service that allows you to input business assumptions such as rate changes or new exclusions to produce forecasts and demonstrate the strength of the product you are writing.
For more information take a look at our InsurXchange Analyse platform. You can also read up on the importance of effective customer management over on our blog.
