Imperatives for the right insurance software solution

Posted by Cogitate us on July 28th, 2019

If you are responsible for making decisions around technology for an insurer, here are a few key aspects you must consider when choosing an insurance software solution.

Insurance is a behemoth industry that continues to grow in size and complexity. Insurers today face unparalleled challenges. Customer needs are evolving rapidly as customer expectations continue to rise and retention surfaces as a key mandate. Product offerings have transformed rapidly, and sales channels are redefined as this article is being written. The omnipresent changes in regulation and risk environments continue to be game changers that no insurer can afford to drop the ball on.

In such a challenging time, how can an organization make sure that it is choosing the right insurance software solution that fits their needs - today’s and of future?
One basic decision to make is whether you will develop the technological expertise in-house or collaborate with a technology provider who already has the chops to deliver your tech needs. As a leading innovative insurance technology partner, we at Cogitate Technology Solutions believe partnering with experts is the quickest and most effective way to arrive at an insurance software solution that will go the distance in helping your organization meet its tech needs.

Whether meeting your needs in-house or partnering with a technology solutions company like Cogitate, here is our list of must-haves:

Time: In today’s competitive climate, expenditures on technology have to be justified by a rapid ROI. The quicker your insurance software solution is up and running, the more value you will derive from it. Any solution you choose must deliver faster time-to-market for your products while also offering improved response time for your customers.

Agility: Is the technological solution you choose going to lock you into a rigid or sluggish position that cannot keep pace with the rapidly evolving business ecosystem? With the insurance environment shifting constantly and swiftly, the chosen software’s ability to cope with rapid change will remain a key criterion to the success of your endeavor.

This agility must also extend to processes, preferably putting business users in-charge of process changes. Increasingly, this will result in lesser reliance on the IT team and a far quicker response time for your customers.

Seamless 360° Support: One of the primary considerations when choosing an insurance software solution must be the how fully and well it integrates with current system. Support for all the sales channels and multiple lines of businesses is essential. The solution must integrate with the multiple disparate systems in use, especially any other third-party solutions. In case of multiple segments, the insurance software solution must help integrate your systems with those of your business partners’. A simple point-to point integration that plugs in current systems into a new core will work a smaller infrastructure with two or three systems. For any enterprise architecture larger than that, a robust, stable and scalable integration architecture will be a pressing need.

Proven track record: If you choose to partner, your tech expert should be simply that – an expert. There is simply no time to ‘learn and grow together’ as delays will cost you in business lost to competitors who get there first or disrupt the industry while you are playing catch-up. Make sure your partner has consistently delivered measurable results in the insurance domain before you sign on the dotted line.

Cogitate has been on the frontline of rapidly deploying complex, innovative insurance software solutions to insurers. We combine 50 years of insurance knowledge with superior technology talent that help insurers stay competitive and remain relevant as they gear their businesses for the future. We serve various segments of the insurance distribution value chain and cover end-to-end digital servicing, advising and marketing for your business. To learn more about our full-slate, cost-effective products and easiest-to-use technology, visit www.cogitate.us.