There is no universal definition of insurance solution but, according to a general idea, it is software or a set of technological solutions given for economical management of insurance business. It contains some independent parts like fund management or offers presentations. Mainly, insurance solutions aim to resolve issues like product defining, settlements, or underwriting. The prime issue insurers face are problems with policy operations and claim processing, along with reporting. A reliable insurance solution must be of help with the above-mentioned problems.
Insurance solutions must also provide support for the various options including insightful products for mobile without a doubt.
Depending on the software’s target audience, there might be a vast difference in features. However, when talking about insurance solutions, the following features are a must-have.
1. Built-in Metrics
Insurance solution software includes profitability indicators like loss ratio, burning costs, risk cost per policy, net basis, and reinsurance. The built-in KPIs provide analysis capabilities and advanced reporting out of the box.
2. Claims Activity Monitoring
Software’s can capture entire claim information that includes claim payments, outstanding claim reserves, payment components, deductibles, perils and event codes, and relevant claim activity dates. It provides the claim manager in-depth information needed to manage and monitor claim activity resourcefully.
3. Lapse and Renewal Calculation
The premiums and policies that are up for renewal are grouped according to their renewal date. The system provides information on the analysis of lapses, renewal lists, and renewal rates comparison. The functionalities draw attention to the characteristics of insurance products, the behavior of the distribution channel, and active marketing and sales support.
4. Insurance Exposure/ Views Of the Sum Insured
Insurance is not just about claims of cash flow and premiums. Companies must monitor the risk whether it is in sum insured base or the unit base. Insurance solution software provides insurers with methods of pre-built calculations and measurements to monitor and analyse the exposure to underwriting risk on a gross, retained basis, and reinsurance ceded.
5. Supports Changing Organization Structure
The insurance solution must support multiple chains of hierarchy and asymmetric organizational structures. It should provide various scenarios when the organizational structure changes. It ensures correct reporting of profitability performance and distribution of sales channels.
6. Time Bases
It must manage insurance time dependencies with the calculation method and data model. The insurance software must enable you to analyze insurance information from a various time perspective, reporting, and providing the framework of analysis to underwriters, marketing executives, reinsurance managers, claims managers, and accountants. The system should provide financial accounting analysis, operational reporting, snapshot reports, and policy inception. The time base perspective alters the way measurements are calculated, and the inter-dependencies on them are supported by the system.
In Conclusion
Like any other industry, insurance solution software development requires professionalism and excellent expertise. When hiring the best software solution, the insurance company must have a solid understanding of the industry’s best practices and regulations.
To get the best possible result of your initiative, choose Cogitate that has a proven track record of successful projects. Having worked with the industry leaders, Cogitate has the experience and skills to help build a user-friendly and modern mobile and web applications for your insurance business. Cogitate’s Artificial Intelligence and Machine Learning driven solutions for claims integrate seamlessly with your existing Claims Management Systems.
The best software solution for insurance must be a modern and intuitive platform to handle various functions of the insurance value chain. So, connect with Cogitate today on https://www.cogitate.us/ to enhance your existing claim management system capabilities and features and provide your clients first-class and hassle-free services