Insurance Software- Its importance in today's insurance company
The world's economy has got revolutionized
The world's economy has got revolutionized. This revolution has been brought about by globalisation. Development in the field of Information Technology, computers and software has further increased the credibility of business and increased its profitability. A similar scenario prevails in the insurance industry. With the inclusion of insurance software, all end to end solutions of the insurance industry ranging from carrier and agency systems and other entities have got improved. The credibility of an insurance company depends on how quick is it able to repay the insured amount to its customers. This gets possible only when all the communications and process gaps are closed giving faster results and satisfactory claim processing experience. Here insurance software has an important role to play as it brings all communications and claim handling to the same single platform, thus fastening the process. Some of the well known insurance software companies are- 4. Polaris- Polaris is ranked fourth among Indian IT companies and supplies a major part of the insurance software to some of the elite insurance companies. 5. Ebix.inc is ranked by Fortune as the third best 6. insurance software supplier. It is a leading international supplier of on demand soft ware and e-commerce services to the insurance industry. 7. Insurance Technologies founded in 1995 is a leader and industry innovator in providing insurance software services. Besides the above IBM, Microsoft too has entered the insurance market providing end to end solutions to the companies. Insurance technologies involved in the insurance industry- 5. Insurance software is used to approve applicants and also set premiums for insurers according to their life expectancy. 6. It is also used to invest premium money at a profit. 7. Consumers consider the credit rating agencies rates when shopping for insurance. 8. Insurance technologies also prevent frauds and losses as it can expose incompatible insurers and prevent the company from loosing money to a less valid insurer. The IDIT insurance technology offers organizations J2EE architecture and XML information exchange. These cutting edge technologies enhance the insurers business. This insurance software is developed on the principles of SOA (Service oriented architecture.) Insurance software gives the customer, insured and the agents the choice to interact. Easy information access on a unified platform ensures that no information of the customer gets overlooked or lost. This provides a easy and seamless communication thus enhancing the profitability of a organization. Having said all this there is still one disadvantage of installation of insurance software and that is technology cannot predict natural disasters and this may cause insurers to fail repayment or reject claims.
Insurance Software- Its importance in today's insurance company