Insurtech has taken the insurance industry by storm. These technological innovations are causing a revolution in the clients’ approach to insurance. But why is new insurance administration software so necessary and why is Legacy’s insurance underwriting software causing so many disruptions in the insurance industry?
User-friendly
Within an era of mobility, the fact that underwriting software is mobile-friendly and available in application format means that your portfolio is always accessible – wherever you are. This insurance software allows policy holders to better understand their cover by simplifying insurance terms and explaining jargon and also enables them to update cover, submit claims and access a host of other functionality when and where convenient to them.
Cost Effective
Because insurance administration software is digitally focused, it lowers operating costs. It is also no longer needed to fill out a variety of paperwork and ship it off to different departments, since everything is automated. This benefits policy holders by saving time and unnecessary costs.
Open Communication Channels
Insurance administration software creates an open channel between the policy holder, broker and underwriter. Whilst viewing your policy in real time, you can also connect and communicate regarding any adjustments or amendments. The fact that the software streamlines various aspects of the insurance policy process, also allows you to spend more time on the things that matter rather than administration and paperwork. Various channels are available to both brokers and policyholders, including: a smart phone application, e-mail, telephone and telefax as well as a ‘chat’ function on the web-site.
Putting the personal back into personal insurance
Technological innovation in the insurance administration space and insurance underwriting software allows underwriters and brokers to offer clients more individualised products based on their needs and requirement for value-added or add-on products. This personal approach is enhanced by data-driven insights gathered from various parts of the business.
Breaking away from bureaucracy
With insurance and legal guidelines built in to insurance underwriting software, there is less paperwork and hassles. High levels of automation ensures a faster, more efficient and more enjoyable process start to finish. This automation also makes claiming an effortless process and takes away the guesswork by keeping brokers and policy holders in the loop throughout the process.
Any insurance company will admit that its success or failure lies within its underwriting methodology and processes. The new wave of insurance administration software and insurance underwriting software offers you the ultimate in convenience, social engagement and streamlined processing. At Legacy Underwriting Managers we pride ourselves on the fact that we can offer our clients highly skilled and experienced staff along with the latest in insurance administration software and insurance underwriting software.
This enables us to give our clients self-maintenance and management features, wider channels of communication, automated underwriting systems and fast and effective processes with various value-added services. To find out how we are changing the insurance game, contact a Legacy representative here.
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