Comparing Insurance Softwares: What Are The Top 5 Must-Haves?
If you’ve been doing your homework, you know there are a lot of different insurance softwares on the market. What do you look for? How do you know how they’ll stack up against your current system? Below is our list of the top five must-haves according to Scott Cross, Silvervine’s Director of Product Development.
1. 100% rating accuracy. The biggest myth in the industry is that you can’t achieve 100% rating accuracy. In fact, many insurers really believe that 80% accuracy is an acceptable benchmark. That means that you’re OK with a 20% error rate! At Silvervine, everything is derived from the current state filings, which is the ultimate and accurate source. You can achieve 100% accuracy.
2. A real-time policy issuance process for agents. Agents should be able to collect client information, quote the policy, bind and print the policy and ID card and set up the payment terms — all in a matter of minutes. They should also be able to service the policy 24/7 from a desktop or mobile device without any duplicate entry.
3. Instant risk verification. You don’t want to find out after the fact that your client has a bad history of claims on his record. You need a system that instantly verifies multiple underwriting data points, such as the credit score, address, vehicle details, loss history and driving record through third-party integrations. This reduces service time and underwriting errors. Without this instant verification, you accept undesirable risks at inadequate rates, and you have to clean-up the errors later.
4. Mobile and direct sales agility. Other industries have set the standard, and now consumers expect complete mobile access. And it’s not just customers — agents need mobile access too. Mobile is a non-negotiable for millennial market share. And, while you’re at it, you should have direct-writing capability. It’s where the industry is headed.
5. Complete control of underwriting rules. When you have instant verification capabilities, and adaptable underwriting rules that you can control and adjust as needed, you can react quickly to changing market conditions, capitalize on opportunities and avoid adverse selection, without programming delays.
Of course, Silvervine Software insurance software perfectly facilitates all five must-haves. Ready to see for yourself? Request a demo today.