Insurance Software For Brokers

If you are working in the insurance industry, then you are already well aware of the complicated nature of the business. The crack down on anti-money laundering which has happened around the world since the global financial crisis in 2008 has seen the introduction of new legislation which has further complicated the industry.

Ensuring that you are not only providing your clients the best service is no longer enough, you also need ensure that you are advising your clients when they are going to need to change or increase their insurance in order to meet new financial legislation. Using Using systems like insurance software can help to ensure that you are asking the right questions in order to get the right policy for your clients.

While businesses are increasingly needing to get public liability insurances; however, it is the smaller freelance contractors that make up the gig economy who are struggling to understand their insurance obligations.

Gig Economy Insurance Concerns

How do you explain to the first time Uber driver that their car insurance won’t pay out because they were using a personal vehicle as a business vehicle at the time of the accident, and their insurance policy doesn’t allow for that? Does the student who earns extra cash by writing freelance articles on their laptop still have their laptop covered under their parents’ contents insurance policy?

The gig economy has created a minefield for insurance brokers, with new boxes to tick that many people don’t even think about. However, it is your job as their broker to not only think about it, but to follow up on changes that may affect their policy. 

Industry Specific Software

Because of the nature of the industry, the insurance software you use is important. Good software should be more than a glorified customer relationship database (although, it should be able to function as this as well). Good software, in any industry, should make your life easier, and reduce the errors that are made within a company.

In the insurance industry this means that your software should allow you to customize the information required – as financial policies are updated, legislation is changed, and as insurance companies change what their requirements are.

This is a particularly important aspect which allows an insurance broker to stay on the top of their game. After any major event insurance companies are almost always guaranteed to change and update their policies. Whether that means they are changing the way they will value a house for replacement if it is destroyed by natural causes, or the way they look at third party motor vehicle insurance payouts if you have been using the vehicle for business use.

However, it is also the little things that people forget to mention that a really good insurance broker will remember, like asking if they have anyone under the age of 25 driving their car. A pop up in your software reminding you to ask this may seem silly, but when your client has their22 year old nephew staying with them while they study, suddenly your client is incredibly grateful for your foresight.

Online Presence & Security

Because the insurance industry is really all about money, security is a vital aspect to make sure your firm has right. Your clients may not be overly concerned to know who is aware that they have house and contents insurance, but the idea of having information about their life insurance policy released publicly because a hacker managed to walk right through your software security and decided to have a little fun, is not something many people would enjoy.

Bank account information, automatic payments, credit card details, none of this information should be stored in an open access format. Yet so many companies use an insecure website for their customers to update and renew standard policy’s, and don’t think about how that information could be hacked or phished.

However, you want to ensure that you have a really good and clear website that communicates at least basic information well and allows your clients easy ways to contact you. Like all technology, your insurance website should make your clients life easier, not send them running away screaming in frustration. If they can’t easily find the information they need, then make sure they can easily find the number or email to contact someone who can help.

In an ideal world your website front end (the bit your clients look at) should tie in with your office backend (the bit you look at to renew or create a policy). However, this is not always going to be the most secure option, so it is vital that you talk to a company who can really make it work for you.

What About The Brokers?

Insurance brokers do not work for free, and the majority have some form of retainer and commission-based structure, or a bonus scheme based on client numbers and retention. So, how do you ensure that the right client is matched to the right broker for payroll purposes? And also ensure that this information around pay structure remains confidential? Read more about insurance brokers here.

This is again why you should be using a specialist insurance software system rather than trying to use a generic website, a generic order system, and a generic accounting or payroll system.

By having a system that is truly integrated through all your office needs you can streamline your procedures and increase your efficiency.

Your software should always be something that works for you, that makes your life easier. It should be secure, it should be intuitive, and it should be useable.


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