The 10 Most Desirable Features in Modern Insurance Software

By Genasys
18 April 2024
The 10 Most Desirable Features in Modern Insurance Software

The Top 10 Most Desirable Features in Modern Insurance Software

When you are working at an insurer or MGA, there is nothing more frustrating that finding yourself unable to do the things you want with the insurance software in front of you. You desperately want to be efficient and to spend your time underwriting rather than administrating, but sometimes it can feel as though you are fighting against your insurance technology rather than benefitting from it.

But for those really trying to maximise the impact of their insurance software, there are key features that they either dream of, or they could not live without and in this short blog we explore what they are and why they are so impactful.

Automated Renewals

Key to enhancing customer retention, automated renewals streamline the process, ensuring prompt and efficient policy renewals. By removing the need for manual follow-ups, insurance firms can ensure a hassle-free experience for their customers, boosting satisfaction and loyalty. Without this, the process of inviting huge volumes of business becomes unmanageable – an ideal world sees a rule-based approach to renewals, with underwriters spending more time focussed on the exceptions to those rules.

B2B Sales and Customer Self-Service Portals

Empowering agents, brokers, and customers alike, B2B sales and self-service portals offer a one-stop solution for managing policies, payments, and claims. This dual functionality not only improves operational efficiency but also enhances the user experience, providing 24/7 access to essential services. Whether you want to introduce self-servicing or not, giving customers and brokers access to your systems is just part of the wider transparency, visibility and empowerment they the next generation demand.

Robust, Well-documented APIs

The backbone of modern digital integration, well-documented APIs allow for seamless interaction between the insurance software and third-party systems. This interoperability is crucial for adapting to new opportunities and maintaining compliance with ever-changing regulations. Without these, we find ourselves unable to plug new technology into our stack and more importantly, unable to access our own data.

No-code Rules and Rating Engines

Flexibility in underwriting rules and rating algorithms is key in the fast-paced insurance market. No-code solutions offer the ability to adjust these parameters without deep technical knowledge, enabling quicker response to market changes and customer needs. There is nothing worse than having a minor change that you need to make to your product and having to wait weeks, or months, for your software house to make those changes. Worse still…the cost. Far better to have the ability to make these changes yourself and at pace.

Integrated Premium Financing

Offering premium financing options within the software helps insurance companies improve their value proposition. By facilitating flexible payment solutions, they can enhance customer satisfaction and manage cash flows more effectively. When you’re selling B2C, particularly with high premiums, very few policies will be paid by credit hard, so the ability to offer competitive premium financing becomes paramount to the buyer’s decision making process.

Customisable Automation Workflows

The efficiency of insurance processes are often hampered by repetitive manual tasks. Customisable automation workflows address this by automating routine operations, allowing staff to focus on more strategic activities that require a personal touch. With combined operating ratios under increasing pressure in a hardening market, operational efficiency becomes a greater focus than ever.

Visual Analytics Dashboards and Self-built Bespoke Reports

Data-driven decision-making is at the heart of successful insurance operations. Insurance software equipped with visual analytics and custom reporting tools enables insurers to glean actionable insights from their data, guiding strategic decisions and operational improvements.

Insurer Accounting

Specialised accounting features tailored for insurance operations simplify the management of financial transactions. From premium collection to claims disbursement and agent commissions, these tools ensure accuracy and compliance in financial reporting. If you have ever watched Dragon’s Den, you will know the importance of being on top of your numbers for your board and investors – by centralising your single point of truth, the flow of data becomes easier, more accurate and instantly accessible.

Claims Management Integration

A streamlined claims process significantly impacts customer satisfaction, especially during stressful times. Integrating claims management within the insurance software facilitates a smoother, more efficient claims experience, thereby enhancing customer trust and loyalty. Nothing costs insurers more than an inefficient claims process. In the same way that time kills deals, time also inflates claims. So if there’s anywhere to focus on, this is it!

Digital Document Management

Efficient document management is a necessity, not just in terms of fulfilling obligations around compliance, but also from a GDPR perspective. Insurance software that offers digital document management eliminates the need for physical filing, improves document retrieval times, and enhances security, all while supporting environmental sustainability efforts. This is one of the “must-haves” on the list, but moreover, it is one of the parts of a system that you perhaps don’t truly appreciate until you’ve experienced something that doesn’t work.

The features we have explored are not just enhancements, but essential components that transform how insurers operate, interact, and deliver services. From improving the efficiency of day-to-day operations to enhancing customer satisfaction and ensuring compliance, modern insurance software is the linchpin of a responsive, robust insurance practice. 

As the industry continues to evolve, these tools will be the difference-makers that empower insurers to not only adapt but to lead in a competitive landscape. Whether you are looking to upgrade your existing system or considering a new implementation, prioritising these features will ensure your technology is not just current but future-ready, positioning your insurance business at the forefront of innovation and service excellence.

If you’d like to learn more about the top 10 most desirable features in modern insurance software, speak to our team, or if you want to stay up-to-date with the latest insurtech news and happenings in and around Genasys, follow us on LinkedIn.

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