Whether you are a big or small insurance company there is a lot to manage. The biggest piece is managing all the insured. Everything from those first signing up to insurance claims to canceling can be a tall task to manage. Finding the right insurance company software is key to properly managing your insurance company.
If you do a search you will find a list of software options out there for insurance companies. Some of these allow you to manage policies, paperwork, accounting, reports, email, underwriters, and marketing. It’s kind of a one-stop shop. One of the biggest advancements in the use of chatbots for customer service. It’s helped solve customer problems faster, enhance relationships, and decrease costs.
Although there are definitely some good options when it comes to ready-made insurance company software, it’s not perfect. There are a lot of variables in insurance. You need a software that can take that into account and allow you to convert it into something specific to meet your company needs.
On the other hand, most of these insurance company software options have all of these features and functions that can be overwhelming. You may want something that’s simpler and pinpoints just the items you need help with. More often than not that is more complicated to find versus one with all the bells and whistles.
Let’s look at this a little closer:
All the features: if you are looking for something with a lot of functions that can practically run your business you’ll find a software that does A to X but can’t do Y and Z for you because its something that is more unique to your insurance business.
A few features: Maybe you just need something that does A, B, and C but all the software options out there do A to X. You end up paying for things you don’t even want. There are options out there that allow you to a little customization to choose what you want and what you don’t want, however, it’s still not that precise. Many still end up paying for features they don’t use.
After a while paying those monthly fees can get annoying especially if it’s not exactly what you want or it has more than you need. So, what kind of insurance company software can you use that fits your business and budget perfectly?
What is the solution
Your own custom insurance company software is the answer. Yes, that’s right, your own personal software that has the exact features and functions you need, no more, no less. Instead of it working only a certain way you can choose exactly how you would like it to work. You may be thinking that sounds great but how do I go about it and what would be the cost of that.
You first want to create a list of the functions and features that you know you need. Then contact a software development company like SDI who can build it for you. It’s pretty much as simple as that. If your goal is to manage your new clients and documents that can be created for you. The sky is the limit. You can get rid of that monthly fee.
It’s a system that works for you the way you want it. Keeping track of everything is usually the biggest hurdle. Making sure all the right paperwork is filed for each insured person. Being able to organize everything and get notifications when something needs to be sent out. Even having the ability to have things sent automatically can be a huge time saver.
You may be wondering how much can I really save building my own software. Well, lets break it down.
For a ready-made software you may start at $250 a month. Then, if you start adding things you need for your business that price goes up. You could end up somewhere around $400 a month on average. That being said it could be less or a lot more. Some businesses pay thousands per month. Of course, there is always that set up fee and data migration fee at the beginning which can be a few hundred dollars. Per year your paying about $4,800.
A customized insurance company software that you create specifically for business could cost anywhere from $3,000 to $15,000 depending on how many features you want and the complexities involved. That may seem like a lot but remember you don’t have that monthly fee so it ends up paying for itself within a year or 2.
What’s also great about creating your own software is that you can actually sell it to other insurance companies and agents to use as well. There are others out there in the same boat as you. They will end up paying you a monthly fee to use your software rather than the other way around. That right there will not only pay you back for the amount you spent creating it but also earn you additional income. Custom SaaS is truly the way to go.
Insurance is a stressful business, the software you use doesn’t have to be. If you want to learn more about how this works and what is involved you can call or email Sakshi Sharma at 408.621.8481 or firstname.lastname@example.org. She will learn about your needs and help you find the best course of action to make running your insurance company a heck of a lot easier.