Currently, all companies purchase equipment to connect their local infrastructure to Internet. IT solution speed up various tasks for most companies, and those that work in insurance sector are no exclusion. There is always demand for insurance, so insurance companies are more stable than most in the ever-changing economics. Modern IT outsourcing solutions continue to be developed, improved and implemented, while companies accept modernization necessity.
Factors for perspective development in insurance market
Companies that are interested in further development should also adhere to current market and industry trends. These trends are formed not just by desires to maintain or gain prestige and status, but also by daily needs and problems that hinder company’s performance in every aspect. Firstly, it applies to outdated local infrastructure that uses obsolete hardware; its potential no longer satisfies current needs. Changing local IT infrastructure for more flexibility allows fully automating business processes, reducing manual work and lowering document-processing time.
A proper IT solution for an insurance company should meet these requirements:
- Data protection combined with flexibility;
- Capability to exchange data with external systems;
- Affordable installation and maintenance cost;
- Accessibility from anywhere;
- Robust setup for new business processes etc.
It’s worth mentioning that fully automating business processes does not just support business growth, but often stimulates it.
Usefulness of the new IT solution
An insurance company has to quickly react on new market demands and changes. Thus, an IT solution for an insurance company needs to adapt to another insurance product or a set of business processes. Implementation of a new effective IT solution should not block alternate sales channels and help deliver quality service to the company’s clients. Moreover, improving risk management is a priority task for this solution.
Maintaining competitiveness and effectively expanding the company is difficult without implementing modern IT solutions, which have the following advantages:
- Ability to test an insurance product before implementing;
- Developing price policy with risk assessment;
- Product profitability monitoring;
- Integration with external services and components;
- Automatic direct sales management;
- Business continuity etc.
It is hard to reach high sales revenue without motivating the company’s employees. A modern IT solution should also include capabilities to track employees’ achievements and issue them bonus money awards. This should first apply to life insurance department. A quality approach should include strategic indicators, such as sales history, number of clients insured, etc.
Sales effectiveness is improved due to simplifying pre-sale processes and signing the insurance treaty. The implemented IT solution directly affects information collecting and processing ability and client management quality.