Guide to Using Insurance Software

Find the right insurance software system to manage a successful and efficient agency

By Rachel Davy, Writer/Editor

Action Steps
The best contacts and resources to help you get it done

Manage and administer policies with insurance software programs and solutions

Using insurance policy management software can help you process and renew policies for your clients, handle policy cancellations, manage billing and more. There are many insurance software suppliers that offer policy administration software programs that will meet the needs of your insurance company.

I recommend: Learn about features such as underwriting and policy issuance offered by INSolve policy administration insurance software. Go to FIS Software to read about its policy administration software that helps you with group and individual risk assessment, along with underwriting and billing needs.

Manage your agents and create client and project databases with insurance software systems

The ability to keep track of your agents and calculate their commissions can be a time-consuming process. Thankfully, there insurance software suppliers that have programs to do those tasks as well help you create databases of current and prospective clients and handle accounting duties that are specific to running a successful insurance agency.

I recommend: Learn how to manage agents, commissions and your client database with the insurance management software from Your Insurance Office. Visit Strategic Insurance Software to learn about its insurance company software that manages insurance agents, keeps track of prospective clients and does accounting-related tasks that are unique to insurance companies.

Use software for the insurance industry that has specific uses such as liability and risk management

Processing liability and risk management claims just got easier thanks to insurance software programs. Now with little more than a point and click, you can easily learn how to manage these kinds of claims and more to ensure that your business runs smoothly.

I recommend: Read about how to process medical liability claims or many other kinds of claims such as risk management and worker's compensations causes with the insurance software programs offered from Delphi Technology. Learn how to manage risk management, evaluate claims and administer policies with the software for insurance companies featured CSC. Manage worker's compensation claims and programs with the insurance software from GBS.

Helpful advice for making the most of this Guide

• •  Finding the right insurance software solution that meets the specific needs of your business can be expensive. Fortunately, many providers of insurance software offer demo versions of their programs so you can see if a program is right for you before purchasing.

Guide to Insurance Software

Many software companies now offer insurance software for the insurance industry

By Andrea Buginsky, Freelance Writer

Action Steps
The best contacts and resources to help you get it done

Find software for insurance companies

Insurance software can help you keep track of your clients, agents, office information and finances. There are many different types of software available for insurance companies, so you can pick and choose the right one for your needs.

I recommend: Strategic Insurance Software provides management system and accounting programs, an outsourcing print service for forms, data services and contact support systems. Your Insurance Agency Backoffice lets you set up and manage your company's operations, agents and clients online.

Find insurance software programs

Insurance software programs will allow you to set up organizational and managerial databases to keep track of everything going on in your office. There are different programs available with a wide range of features for you to choose from.

I recommend: Your Insurance Office provides you with many organization features, such as tracking multiple agents, keeping track of group policies, adding additional policies to your current clients and providing detailed reports to keep track of sales and leads. GBS offers Agency Expert, which allows you to keep track of your clients, access your database remotely, increase your organization and so much more.

Find insurance software systems

An insurance software system will allow your office to keep track of and administrative services in your office. There are different software systems you can utilize, and many are Internet accessible.

I recommend: United Systems and Software offers a full line of Insurance Administration Software Systems for a wide range of insurance companies. Quick Internet Software Solutions provides Internet-based claim management systems for insurance adjusters.

Helpful advice for making the most of this Guide

• •  You may also want to use insurance policy management software to keep track of your policies.

Action Steps
The best contacts and resources to help you get it done

Investigate insurance software options that offer specific training

One of the easiest ways to learn how to best use a product is to find providers of insurance software who also offer specific training options to purchasers.

I recommend: Some of the insurance software suppliers who also offer specific training about their software and products include FiservInsurance.com and GGOneSoftware.com.

Establish a haven for insurance software information by fully training yourself and your agents

Having an open and honest place to go to in order to get legitimate information regarding one's insurance company software options is beneficial for many companies and employees who may have questions or concerns. One place to get this type of information is in an insurance or insurance software forum. Not only can one ask questions, it is also possible to read other interested parties' comments, concerns and queries-saving the individual time, energy and resources.

I recommend: For the best results, go with reputable online forums; this is where one will get the best information regarding insurance software system options, insurance software programs available, what is new to the industry and what really works. AmericanInsuranceBroker.com offers a vast and knowledgeable base of insurance software, including tracking software for insurance companies. Another helpful insurance software forum is Insurance-Forums.net. Some of the information found in this forum includes discussion over the record keeping software for insurance companies and their employees. These types of environments offer a unique setting for discussion and an open flow of communication and information.

Investigate blogs for expert information on insurance software

For quick education and expert opinions and advice, check the many well-informed blog covering insurance topics, such as insurance software solutions. Blogs are different from forums because they offer less room for questions and definitively answered comments. This is why it is important to find established blogs written by experts-and the blog should be as specific as possible to the information one needs, such as insurance technology. Blogs can offer a unique insight into the education about specific programs and insurance technological advances.

I recommend: InsuranceTechnologyBlog.com is a helpful blog, as is Mike Gnatt’s blog. These blogs cover not just insurance software solution opportunities, but also new insurance management software products and information or reviews on insurance software suppliers.

Helpful advice for making the most of this Guide

• •  Remember there are many levels when it comes to insurance software. For those who are part of a smaller business or organization, they may not need software with the most options. Of course it is important to purchase fully-functional insurance software, but don't go overboard if it isn't really needed. Only invest as much as is necessary in the interest of watching your business's bottom line and budget.
• •  Once you select an insurance software program, the proper insurance software education and training doesn't need to be expensive or time consuming. Any questions or concerns one has may be easily assisted by the other members in a forum or on a discussion board.

Action Steps
The best contacts and resources to help you get it done

Underwriting

Underwriting is the process that a large financial service provider, such as an insurer, bank or investment house, uses to examine and then either accept or reject insurance risks. Insurance software helps decision makers with the underwriting process.

I recommend: All Business defines this term.

Extract, transform and load

Extract, transform and load (ETL) is a term that refers to the steps involved in data warehousing and includes extracting data from outside sources, transforming it to fit the operational needs of an organization and then loading it into the end database. Insurance software is programmed to do this as part of its many functions.

I recommend: For more information go to ETL-Tools.Info.

Data migration

Data migration is the process of transferring information or data between computer systems, different types of storage or formats. It is usually done so that there is increased automation, thus freeing up human resources from repetitive or tedious tasks. Once insurance software has been selected, data migration can begin.

I recommend: InfoTechNet does a good job of defining this term.

Ad hoc reporting

Ad hoc reporting is a type of reporting application that is often included in insurance software and permits users to produce their own reports with little technical knowledge.

I recommend: John Wood describes this process in more detail.

Graphical user interface

A graphical user interface (GUI) is a type of interface which allows people to use electronic devices with images rather than text commands. A GUI offers graphical icons instead of text based interfaces, typed commands or text navigation. Insurance software often includes GUI so that tasks can be completed more easily and quickly especially by new users.

I recommend: See a more detailed definition at PC MAG.

Insurance applications architecture (IAA)

Insurance applications architecture (IAA) was developed by IBM as part of their insurance software and refers to the corporate standards that business and IT use to put into operation key strategic insurance initiatives more reliably and faster. IAA has become the industry standard for insurance software.

I recommend: IBM describes how IAA works and its advantages.