The New Must-Have Feature for Insurance Software: Evergreen
Whether you’re getting a new roof on your home or upgrading your policy administration system at work, progress can be painful. The price of continual improvement is short-term inconvenience – or at least that used to be true.
Now, smart insurers have found a better way. By selecting insurance software that is “evergreen,” they can enjoy endless long-term gains, without all the short-term pains.
The Lifespan of Technology
Five years is a long time when technology is concerned. According to ZDNet, an Office Depot study found that Americans update their smartphones every three years and their laptops every 4.8 years.
It’s not just hardware, either. Software can also get outdated quickly, and this includes insurance policy administration software.
Replacing your phone or laptop is a minor annoyance. Replacing your policy administration system can be a huge hassle. The process will take months – or longer – and even when everything goes smoothly, it’s a time-consuming and expensive endeavor. It’s not something that you want to do more than is necessary.
At the same time, NOT replacing a legacy policy administration system can be worse. It means you’ll miss out on opportunities while your competition races ahead.
What you really need is a policy administration system that can keep up with progress. You need evergreen software.
The Benefit of Evergreen Software
An evergreen tree stays green season after season, year after year. Evergreen software is similar, only it stays relevant season after season.
Insurers demand a lot from modern administration systems, from direct-to-consumer sales features to electronic signatures, not mention all the underwriting, binding, claims and reporting features needed. This checklist shows 115 capabilities that insurers should look for.
But that’s for today. What about tomorrow?
To avoid becoming irrelevant overnight, a policy administration system needs to be evergreen. This means the design should:
- Facilitate automated updates that can be delivered seamlessly and quickly – every time you turn on the system – similar to what you’ve come to expect from your everyday desktop software
- Result in reduced maintenance time and costs for client
- Enable the easy sharing of improvements and best practices across all clients’ systems
- Create an environment of many small, easy to absorb changes and faster fixes – rather than waiting for big invasive updates on a quarterly or even monthly basis.
It’s Not Too Good to Be True
If you think that this sort of evergreen software is unavailable in the policy administration realm, you must not have heard about Silvervine’s new policy administration platform.
It’s called Evergreen for a reason. Its multitenant design is efficient, powerful and customizable. It also delivers routine updates to make sure that customers get the system enhancements they need to keep up with a constantly evolving environment.
Download the Evergreen brochure to learn more.