Today’s insurers operate in an increasingly complex digital world. They’re facing new challenges as they struggle to meet the evolving demands of policyholders, who expect to access information about their policies and file claims quickly, easily, and on their schedules.
The cost of not keeping up with these demands is high. Over 40% of policyholders would consider switching providers due to a lack of digital capabilities. To remain competitive, insurers must adopt a modern, customer-centric approach to policy administration.
Achieving this requires embracing innovative tools and technologies that make the entire process smoother, faster, and more efficient; this is where a configurable insurance software platform can help. From claims processing and policy management to communications and fraud detection, a configurable platform provides insurers with the flexibility they need to stay ahead of the competition.
The Power of a Configurable Insurance Platform
Let’s explore how implementing a configurable insurance software platform can give insurers an edge in today’s insurance landscape.
Real-time Self-service Capabilities
Policyholders expect real-time access to information about their policies. They want to be able to check their coverage, file claims, and communicate with their insurers on their preferred channels. With a configurable platform, insurers can deliver real-time self-service capabilities that satisfy their policyholders’ demands and provide them with convenient, hyper-personalized experiences.
Policy Configuration and Underwriting Capabilities
Configurable insurance software platforms offer advanced capabilities for policy configuration and underwriting. Insurers can create role-based security access, configure products in real time, model rates with a comparison tool, design and modify underwriting or workflow rules and notifications, create automated form-trigger rules, and modify the user experience. All of these capabilities help save time and ensure accuracy.
Fast Product Deployment and Reduced Expenses
One of the most significant benefits of a configurable insurance software platform is that it enables insurers to get products to market faster. With a configurable platform, insurers can quickly create, change, test, and deploy product changes or enhancements without waiting for code to be built and installed by an IT team. As a result, they can reduce IT expenses significantly and free up their team to focus on other priorities.
Open Architecture and Rapid Integration
Configurable platforms offer open architecture and rapid integration capabilities. They can easily integrate with other systems and applications, allowing insurers to take advantage of new technologies without major changes or disruptions. This can help reduce expenses and increase their return on investment.
Core Tech That Keeps You on the Cutting Edge
Today’s insurers face challenges that weren’t around a few decades ago as more policyholders expect personalized, digital-first experiences. Crafting a tailored policyholder experience is no longer optional – it’s essential. Configurable insurance software is quickly becoming the go-to choice for many insurers looking to meet this demand and stay ahead of the curve.
At Insuresoft, we understand insurers’ challenges in today’s rapidly changing industry. That’s why we’ve developed Diamond, our flagship platform, which is an all-in-one solution for the P&C insurance industry. Diamond combines core policy processing, digital engagement, and intelligent data to help insurers compete in an increasingly complex environment with speed and scale. In addition, Our Composer tool allows users to easily make product development and configuration changes without requiring extensive IT involvement.
Are you ready to transform your operations and meet policyholders’ demands in today’s digital age?