What does your insurance agency’s current policy management system look like? If you’re still handling policies, documentation, and paperwork manually, it may be time to consider the switch to a cloud-based insurance agency software solution. Compared to “traditional” means of managing policies and even on-premises software solutions, there are many benefits to be gained from cloud-based insurance solutions.
What is a Cloud-Based Policy Administration System?
Specifically, insurance agency cloud technology is a type of software that can be accessed on nearly any device using third-party servers for data storage. Rather than needing to install physical copies of policy administration software on each of your employees’ computers, anybody with the proper login credentials can access a cloud-based system from any compatible device.
Using a cloud-based insurance solution allows your agency to save, access, and retrieve all your policyholders’ documents and data in a single, convenient space. Depending on the scope of your chosen cloud-based insurance software, your employees and policyholders may be able to access additional features that include document editing, digital signature collection and form submission, real-time communications and claim processing, and much more.
Benefits of Cloud-Based Solutions For Insurance Companies
It’s easy to see how using cloud-based insurance agency software is superior to handling your customers’ policies and paperwork manually. However, there are some additional benefits to consider when you compare cloud-based solutions to “traditional” agency software that must be installed on each company computer.
Reduced Costs Overall
First and foremost, insurance agencies of all sizes can actually reduce costs by making the switch to insurance agency cloud technology. Rather than paying for software to be installed directly on employees’ computers, most cloud-based solutions are offered with different tiers of membership to be charged annually, monthly, or at another interval that works best for the agency.
Meanwhile, cloud-based software helps insurance agencies better store and organize their most important data and documentation. This often means fewer instances of documents getting misplaced or lost, which can cost insurance companies a lot of money. Likewise, cloud-based insurance platforms make it easier to search for and locate documents quickly and seamlessly. This time saved results in money savings and great productivity/efficiency overall.
Streamline Processes
Many insurance agencies that make the switch to a cloud-based platform find that their claims process and other procedures are streamlined and optimized as a result. From a claims standpoint, a cloud-based solution makes it easy for policyholders to upload documentation related to a claim on their user dashboard. From there, insurance agency employees can gather necessary signatures, share files, upload documents, and handle many other steps in the claims process efficiently.
When the claims process is streamlined, this results in an improved customer experience while saving the insurance agency time.
Easier Access For Remote Workers
These days, more employees (including insurance agents and claims specialists) are working remotely part-time or all the time. With a cloud-based insurance solution, remote workers can easily access the information they need to do their jobs no matter where they’re located or what device they’re using.
This means that remote employees can do their jobs just as efficiently as they could in the office, enjoying the same secure access to documentation and data they need to get their work done properly. This remote access can also come in handy for insurance agents and claims specialists in the field, saving them the hassle of having to return to the office to print off a document.
Improved Security and Compliance
These days, cloud-based software is more secure than ever before. Over the past several years, there have been many advancements in cloud-based security technology to give users greater protection and peace of mind. Meanwhile, cloud-based software companies have stayed on top of the latest regulatory changes in the insurance field, making sure that their software is in line with the latest compliance requirements and other security legislation.
The most reputable cloud-based insurance software solutions offer such features as Transport Layer Security (TLS) and Secure Real-Time Transport Protocol (SRTP) encryption to keep data safe and secure. Meanwhile, additional features like data backups, access control, and multi-factor authentication provide insurance agencies and policyholders with greater peace of mind.
Combine all these benefits with the improved customer experience that your policyholders will appreciate in a cloud-based system and it’s easy to see why so many agencies of all sizes are ditching their cumbersome policy management systems and upgrading to cloud-based solutions.
Choosing the Right Cloud-Based Solution For Your Agency
As you can see, there are many benefits to using a cloud-based solution for managing policies within your insurance agency. Still, knowing how to select the right solution for your needs isn’t always easy. A quick search for cloud-based software will yield dozens or even hundreds of results; how can you know which cloud-based platform is right for your agency?
There are a few things to look for in a cloud-based insurance solution. Start by making sure the platform offers all the features you need. This may include the ability to search for documents based on keywords, the ability to gather electronic signatures, or even available policyholder portals that allow your customers to start and manage their claims online.
From there, explore the security features offered by the software solution. Ideally, you’ll want to select an option with multi-factor authentication, access control, and other safeguards to give you some extra protection and peace of mind.
Finally, ensure that the platform you choose will be able to grow and scale with your insurance agency. Ideally, there will be multiple tiers of membership available so that you can choose the option that best suits your needs and budget at any given time.
The Final Word on Cloud-Based Insurance Platforms
Making the switch to a cloud-based insurance solution can streamline your agency’s processes while saving you money and improving your customer experience.
If your insurance agency is still relying on traditional methods of storing and retrieving files, processing claims, and allowing policyholders to access their accounts, then it may be time to make the switch to a cloud-based solution. By controlling everything through an all-in-one platform, your policyholders and employees alike can be on the same page at all times. Meanwhile, you’ll be building stronger relationships with your clients that can improve your overall customer experience and retention.