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What are the Factors to Consider when Choosing an Insurance Policy Administration System?

Pamela Morgan, Insurance CIO Outlook | Thursday, April 01, 2021

Owners should not look at the real outlay when calculating the expense of insurance policy administration tools. Even if it can seem to be a significant investment at first, owners must realize the long-term financial benefits that their systems will offer.


Fremont, CA: It is a big decision to invest in the right insurance policy administration program for an insurance company. Before making any hasty decisions, one should think of all of the important factors. Since a policy administration system will be with the company for a long time, one should ensure that it is capable of performing tasks in the manner they prefer.

What are the Features?

If one is looking for an insurance policy administration framework, they should ask whether it has a variety of features that will help it do its job properly, such as:

Policy tracking: This will help owners handle all of the policies that come into their businesses. It should also have trigger points that can be used for upselling. It is a good idea to double-check that the insurance policy management system, as well as the technology behind it, delivers on its promises.

It Is a Long Term Investment

Owners should not look at the real outlay when calculating the expense of insurance policy administration tools. Even if it can seem to be a significant investment at first, owners must realize the long-term financial benefits that their systems will offer. Not only that, but it is also worth remembering the opportunity for increased revenue from upselling and auto-renewals.

Instead of pondering the question, "Can the company afford this insurance system?" Owners should seriously consider whether or not their companies can afford not to implement an insurance policy administration scheme.

Gaining Access to All Areas

When choosing insurance software for the company, owners should also consider thinking about who will be utilizing it and where. If owners want a system that can be accessed from anywhere, a cloud-based system is a way to go.

Owners should also consider who will have access to it - will it be strictly for management, or will agents and admin still need access? Is the device user-friendly, and is it foolproof for everyone? The user interface must be clear and dependable.

This leads to simplicity. Switching to new technologies and systems can be daunting for anyone, so make sure the organization owners are working with is prepared to provide ongoing support, including extensive presentations.

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