New insurance software can yield big performance gains

For the customer the insurance industry has become faster and more accessible than ever before. Thanks to the Internet they can search for any kind of policy online, make fast and easy comparisons and then sign up via their computer, all without ever speaking to a single sales representative or customer service agent. It’s one of those products that lends itself perfectly to the online shopping experience. From a freelancer signing up for professional indemnity insurance to a driver covering their new car, it’s a process and business that’s unrecognisable from just ten years ago.

Behind the scenes every player in the industry is reviewing and upgrading the way their business operates. Not just blue chip giants, but smaller operators like brokers too. In this brave new world the right kind of insurance IT systems matter. They help to make insurance businesses more efficient and more agile. It’s a fast paced and competitive world out there. Businesses don’t just want to keep up, they want to steal a march on their rivals and enjoy a competitive advantage. Insurance software isn’t a silver bullet solution in itself. It depends on the application and the situation. But the right partner with the the right product can be powerful ally.

Software that’s universal in its application might be easy to use and support, but will it really give an insurance business the edge? Something custom and industry specific will be tuned to optimise business performance in this particular field. The returns on investment are potentially enormous, but only with the right solution, roll out and partner.

This is an industry that continues to develop and evolve. The pace is furious. Having the right software systems in place is vitally important. An overhaul of systems and process can yield big cost savings and huge performance gains.