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Transcript of Insurance Softwares
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Insurance Software Packages
Presently, as the global economy is undergoing massive transformations and challenges, healthca
and insurance sector in particular remain among the most affected recipients of this shift. They not only hav
the massive task of aligning their businesses on a digital platform but an array of other challenges as well, suc
as reducing their operating expenses to emerge more competitive, underwriting more accurately to enhanc
profitability and last but not the least, optimizing their information technology outlay, which is now a ke
business driver in maximizing customer retention and winning new ones.
It is all about how firmly and decisively Information Technology sits in your value proposition.
One of the company called Radix is the leading Insurance Software Solutions provider for all segments o
the insurance community and insurance product management. Our web based Insurance Managemen
System Software solution helps to solve long-standing time-to-market challenges. Our web based insuranc
management system expertise and solution can dramatically lessen the cost of policy ownership services.
Insurance Policy Management Software Solution
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Radix is committed to serving the needs of the clients providing an insurance technolog
outsourcing service for the insurance industry. Radix has an in-depth understanding of the insurance busines
management with dedicated experts to the insurance practice to furnish to the specific business requiremen
for the industries. Our team of insurance technology consultants has developed a conceptual framework for th
insurance tracking system, processing flows and other assets that enable a detailed analysis of both the li
and non-life sectors. We are one of the business specialists that drive the demand for Insurance Industry.
We are offering a robust web based insurance solution, which has the flexibility of customizations to match th
specific needs of clients for achieving their business goal of good service and revenue generation. Here ar
those modules for your insurance business management.
y Insurance Policy Administration Systemy Claims Management Systemsy Insurance Agency Management Systemy Insurance Agents Management Systemy Policy Management Systemy User Management Systemy Endorsements Management Systemy Data import / Export systemy Policy Registration and Quotations Enginey Insurance Administration Management Systemy Content Management System Moduley Insurance Document Management Systemy Insurance Accounting and automationy Workflow solutionsy Auditingy Business Intelligencey Online Data Back-up Systemy The benefit of Online Insurance Management System
Insurance Policy Administration Systemy Insurance policy administration system consists of a mathematical notation that captures the relationsh
between policies and objects and the entities that manage policies for those objects.
y The Insurance policy administration system is consisting of a number of policy administration domains.y The domains are arranged in a hierarchy, representing descending levels of authority.y The presence of an object in a domain represents the ability of the manager of that domain to write polic
for that object.
y A number of important issues for policy administration are identified and addressed within the model.
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Claims Management SystemsWe can build applications that will ensure claims are processed fast and efficiently. Operator flexibility is th
key, and we aim to improver operator productivity while processing claims.
y Real-time status for quick resubmission and faster reimbursements.y Unique claim aging tool shows thousands of claims status in one view.y Insurance Claims System uses electronic filing system to primary and secondary payers.y Each claim is scrubbed with up-to- date Medicare rules.y This Claim Processing System helps in quick resubmission for claim rejections.
Insurance Agency Management Systemy Insurance Agency Management System facilitates an insurance company's ability to address relationship
with its product distribution channels.
y This system helps in managing current Agencies, can add New Agencies or Delete Current Agencies.y Insurance Agency Management System is the solution that delivers to manage and grow your insuranc
agency to assist day-to-day management of your agency. Agency management utilized for small busines
individual or enterprise business.
Insurance Agent Management Systemy Insurance Agent Management System maintains Multiple Agents from Multiple Agencies, keep the track o
their activities from Policy Registration toClaim processing.
y All their data, their commission, their policies status updates, etc. are taken care by this module.y This Insurance system helps in smooth functioning of the Agents working and makes the processes faste
and efficient.
Policy Management Systemy Policy registration is intended to be a vehicle for the exploration and discussion of policy issues and is aime
in particular at enhancing communication between health policy researchers, legislators, decision-maker
and professionals concerned with developing, implementing, and analyzing health policy.
y Policy quotations engine is an on demand quotation management feature coupled with detailed profoptimization and approval management engines.
y With quotation engine you can automate the sales and services processes that are currently being donusing a hybrid of spreadsheets, documents and emails with little to no process control.
y When you have completed your quotation you can use the engine to seek approvals for non- standarpricing and/or terms and conditions. Discounts and loading management.
y Policy renewals and policy cancellation can be managed by the insurance policy management system.
User Management Systemy A new user registers by filling in a form on your web-site.y If necessary, the new user is first place in a waiting list until you approve the new user.y After adding the user, the user can login to the system with his or her username and password to mak
changes.
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y You can use overviews of users for mailing purposes etc..y User Management System manages all the users of the system i.e. Customer, Administrator or Agents.y It keeps the track of thee the activities they performs, their data, their access information, etc.
Endorsements Management Systemy Endorsements to a title insurance policy are addenda or attachments to the policy that may correct o
modify a previously issued title policy, or alter or modify the provisions of the exceptions, conditions an
stipulations of the title policy so that the insured party receives greater coverage than would exist under th
terms of the unendorsed title policy.
y Endorsements create a greater liability for the title insurance underwriter, and therefore most endorsementrequire an additional charge to be collected in excess of the usual title insurance premium.
Data import / Export systemy It handles large amounts of data to import and export it securely.y It does processing and management of large and sensitive data compression/decompression and/o
encryption/decryption allowing the exchange of data through the network with high performance an
stability, exchange of data among Web server(s), business application server(s) and database server(s) an
account information including user passwords.
Policy Registration and Quotations Enginey Policy registration is intended to be a vehicle for the exploration and discussion of policy issues and is aime
in particular at enhancing communication between policy researchers, legislators, decision-makers, an
professionals concerned with developing, implementing, and analyzing health policy.
y Policy quotations engine is an on demand quotation management feature coupled with detailed profoptimization and approval management engines.
y With quotation engine you can automate the sales and services processes that are currently being donusing a hybrid of spreadsheets, documents and emails with little to no process control.y When you have completed your quotation you can use the engine to seek approvals for non- standar
pricing and/or terms and conditions. Discounts and loading management.
Insurance Administration Management Systemy Insurance Administration Management system can manage multiple administrators and can have the trac
of the right assigned to them.
y It takes care that all the Administrators function wit the system as per the rights assigned to them ad thecan get their work done in efficient manner.
y Customizable and strong administration system.y Insurance Sales Management can be managed by insurance sales system.
Content Management System Moduley Content Management System is used for managing the capture, storage, security, revision control, retrieva
distribution, preservation and destruction of documents and content.
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y Content Management System especially concerns content imported into or generated from within aorganization in the course of its operation, and includes the control of access to this content from outside
the organization's processes.
y Content Management System is designed to manage unstructured content (and to a lesser degrestructured data), so that an organization, such as a Insurance Companies, can more effectively mee
business goals (increase profit or improve the efficient use of budgets), serve its customers (as
competitive advantage, or to improve responsiveness), and protect itself against non-compliance, law-suit
uncoordinated departments or turnover within the organization.
Insurance Document Management SystemIt's important to maintain documents so that you can get to them faster, and easily. Eden IT offers documen
management solutions for easy maintenance of your policies, endorsements, quotes, binders and the like. Yo
can design your templates in common word processing tools, and the document management system w
integrate and process these templates to generate and maintain documents. The documents can be retrieve
at any time and are indexed in a database for quick searches.
y Insurance Document Management System is a secure file upload management system with built-in audtracking, and is a plug-in extension to the Power Central Portal.
y The System provides the capability for Health and Hospital Portal Editors to build secure document uploascreens, with audit tracking, for the hospital department administrators to upload mandatory, mission
critical documents.
y Customized reports and Ad Hoc reports are generated from the system.y Admin can set the access of all of the reports generated.y This System will maintain the generation of the various reports which will be provided to the users as p
the requirement.
y The reports like Modification Report, Policy Management Report, Payments Received Report, Agencommission report, etc.
y A Document is generated at every step of the system.y These documents are then displayed within the hospital Intranet portal for authorized staff to review an
download.
y This System is designed to create an audit trail of all document uploads, manage the process of documenapproval, and track viewer profile attributes.
y Each group can have different criteria defining their document upload screen, such as document typdocument size, upload time frame, and facility type.
Insurance Accounting and AutomationInsurance accounting is quite a complicated task, given the fact that there are so many issues with regulation
taxes, filing, commissions, brokers/underwriters, endorsements etc. We can build applications of insuranc
accounting systems and insurance billing systems that automate part of this task for you and help build bett
and more flexible solutions.
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Workflow solutionsRadix offers you workflow solutions that will ease the task of issuing claims, policies, reimbursement
payments etc. You can enforce hierarchical constraints and automate workflow, thereby ensuring that all you
checks and balances are in place.
Auditing
Insurance is a highly regulated industry, so audit controls are very important. For this purpose, Radix can wri
audit control solutions customized to your purpose that will help you track and control business issues with
your organization.
Business IntelligenceReporting and charting solutions that will make sense of your data. We can help you analyze your past data fo
better decision-making and help you make more informed decisions.
Online Data Back-up Systemy Online Back-up System is used to have the backed of the data on another server so that in case Origina
Data get Damage, Lost, etc. then the data is available for work.
y This system helps in the Real Time Data Backup and maintains the data for the future purpose.y It also facilities the data back-up at other Geographical location.
The benefit of Online Insurance Management System
Radix is the right technology choice for the vast majority of insurance-selling organizations on line. We hav
been closely associated with leading insurance players. Radix is essential for successfully managing an
growing your business. Our web based insurance management system can manage your insurance busines
perfectly.Our solution focus is on the following benefits.
y Compliancey Speed- to-markety Cost reductiony Web-enablementy Consolidationy Integrationy Business process flexibility
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What is supply chain management?
Supply chain management (SCM) is the combination of art and science that goes int
improving the way your company finds the raw components it needs to make a product o
service and deliver it to customers. The following are five basic components of SCM.
1. PlanThis is the strategic portion of SCM. Companies need a strategy for managing all th
resources that go toward meeting customer demand for their product or service. A big piece oSCM planning is developing a set of metrics to monitor the supply chain so that it is efficient
costs less and delivers high quality and value to customers.
2. SourceNext, companies must choose suppliers to deliver the goods and services the
need to create their product. Therefore, supply chain managers must develop a set of pricing
delivery and payment processes with suppliers and create metrics for monitoring and improvin
the relationships. And then, SCM managers can put together processes for managing thei
goods and services inventory, including receiving and verifying shipments, transferring them t
the manufacturing facilities and authorizing supplier payments.
3. MakeThis is the manufacturing step. Supply chain managers schedule the activitie
necessary for production, testing, packaging and preparation for delivery. This is the mos
metric-intensive portion of the supply chainone where companies are able to measure qualit
levels, production output and worker productivity.
4. DeliverThis is the part that many SCM insiders refer to as logistics, where companie
coordinate the receipt of orders from customers, develop a network of warehouses, pic
carriers to get products to customers and set up an invoicing system to receive payments.
5. ReturnThis can be a problematic part of the supply chain for many companies. Supply
chain planners have to create a responsive and flexible network for receiving defective an
excess products back from their customers and supporting customers who have problems wit
delivered products..
What does supply chain management software do?
Supply chain management software is possibly the most fractured group of softwar
applications on the planet. Each of the five major supply chain steps previously outlined i
comprised of dozens of specific tasks, many of which have their own specific software. Som
vendors have assembled many of these different chunks of software together under a singl
roof, butno one has a complete package that is right for every company. For example, mos
companies need to track demand, supply, manufacturing status, logistics (i.e. where things ar
in the supply chain), and distribution. They also need to share data with supply chain partner
at an ever increasing rate. While products from large ERP vendors like SAP's Advanced Planne
and Optimizer (APO) can perform many or all of these tasks, because each industry's suppl
chain has a unique set of challenges, many companies decide to go with targeted best of bree
products instead, even if some integration is an inevitable consequence.
It's worth mentioning that the old adage about systems only being as good as the information
that they contain applies doubly to SCM. If the information entered into a demand forecastin
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application is not accurate, then you will get an inaccurate forecast. Similarly, if employee
bypass the supply chain systems and try to manage things manually (using the fax machine o
spreadsheets), then even the most expensive systems will provide an incomplete picture o
what is happening in a company's supply chain.
What is the relationship between ERP, CRM and SCM?
Many SCM applications are reliant upon the kind of information that is stored inside enterpris
resource planning (ERP) software and, in some cases, to some customer relationshi
management (CRM) packages. Theoretically a company could assemble the information
needs to feed the SCM applications from legacy systems (for most companies this means Exce
spreadsheets spread out all over the place), but it can be nightmarish to try to get tha
information flowing on a fast, reliable basis from all the areas of the company. ERP is th
battering ram that integrates all that information in a single application, and SCM application
benefit from having a single major source to go to for up-to-date information. Most CIOs wh
have tried to install SCM applications say they are glad they did ERP first. They call the ER
projects "putting your information house in order." Of course, ERP is expensive and difficult, s
you may want to explore ways to feed your SCM applications the information they need withoudoing ERP first. These days, most ERP vendors have SCM modules, so doing an ERP projec
may be a way to kill two birds with one stone. In addition, the rise and importance of CRM
systems inside companies today puts even more pressure on a company to integrate all of it
enterprisewide software packages. Companies will need to decide if these products meet the
needs or if they need a more specialized system.
Applications that simply automate the logistics aspects of SCM are less dependent upo
gathering information from around the company, so they tend to be independent of the ER
decision. But chances are, companies will need to have these applications communicate wit
ERP in some fashion. It's important to pay attention to the software's ability to integrate wit
the Internet and with ERP applications because the Internet will drive demand for integrateinformation. For example, if a company wants to build a private website for communicatin
with their customers and suppliers, the company will want to pull information from ERP an
supply chain applications together to present updated information about orders, payments
manufacturing status and delivery.
What is the goal of installing supply chain management software?
Before the Internet came along, the aspirations of supply chain software devotees were limite
to improving their ability to predict demand from customers and make their own supply chainrun more smoothly. But the cheap, ubiquitous nature of the Internet, along with its simple
universally accepted communication standards, have thrown things wide open. Now, companie
can connect their supply chain with the supply chains of their suppliers and customers togethe
in a single vast network that optimizes costs and opportunities for everyone involved. This wa
the reason for the B2B explosion; the idea that everyone a company does business with coul
be connected together into one big happy, cooperative family.
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Of course, reality isn't quite that happy and cooperative. But today most companies share a
least some data with their supply chain partners. The goal of these projects is greater suppl
chain visibility. The supply chain in most industries is like a big card game: the players don
want to show their cards because they don't trust anyone else with the information, but if they
showed their hands they could all benefit. Suppliers wouldn't have to guess how many raw
materials to order, and manufacturers wouldn't have to order more than they need from
suppliers to make sure they have enough on hand if demand for their products unexpectedl
increases. And retailers would have fewer empty shelves if they shared the information thehad about sales of a manufacturer's product in all their stores with the manufacturer. Th
Internet makes showing your hand to others possible, but centuries of distrust and lack o
coordination within industries make it difficult.
During the last few years most companies have gotten over the trust issue. In many case
"gotten over" is a euphemism for "have been bullied into sharing supply chain information from
a dominant industry player." Want to sell your goods in Wal-Mart? Better be prepared to shar
data and adhere to Wal-Mart's data-exchange standards. (For more on this topic, see "How
Wal-Mart Lost Its Technology Edge.")
The payoff of timely and accurate supply chain information is the ability to make or ship only amuch of a product as there is a market for. This is the practice known as just-in-tim
manufacturing, and it allows companies to reduce the amount of inventory that they keep. Thi
can cut costs substantially, since you no longer need to pay to produce and store excess goods
But many companies and their supply chain partners have a long way to go before that level o
supply chain flexibility can be achieved.
Four Key Benefits of Supply Chain Management Software
A supply chain software can offer tremendous value to any company that relies on the smootplanning and execution of related operations to achieve long-term profitability and maintain a soli
competitive edge. Thats why more and more organizations are purchasing and implementing supplchain applications. In fact, the market for supply chain and related softwares is expected to reac$7.4 billion in 2008, according to a report by ARC Advisory Group.
What are the key benefits of todays leading supply chain software?
Improve Your Supply Chain Network
Supply chain softwares provide complete, 360 degree visibility across the entire supply chainetwork something that cannot be easily achieved with disjointed manual processes.
With supply chain, users can monitor the status of all activities across all suppliers, productioplants, storage facilities, and distribution centers. This enables more effective tracking anmanagement of all related processes, from the ordering and acquisition of raw materials, throug
manufacturing and shipping of finished goods to customers or retail outlets. So the status omission-critical activities can be tracked at all times, and potential inefficiencies or problems can bidentified and corrected immediately, before they become unmanageable.
Minimized Delays
Many supply chains particularly those that havent been enhanced with a supply chain applicatio are plagued by delays that can result in poor relationships and lost business. Late shipments from
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vendors, slow downs on production lines, and logistical errors in distribution channels are acommon issues that can negatively impact a companys ability to satisfy customer demand for itproducts.
With supply chain software, all activities can be seamlessly coordinated and executed from start tfinish, ensuring much higher levels of on-time delivery across the board.
Enhanced Collaboration
Imagine having the ability to know exactly what your suppliers and distributors are doing at atimes and vice versa.
Supply chain softwares make that possible, bridging the gap between disparate business softwareat remote locations to dramatically improve collaboration among supply chain partners. With suppchain softwares, all participants can dynamically share vital information such as demand trenreports, forecasts, inventory levels, order statuses, and transportation plans in real-time. Thtype of instantaneous, unhindered communication and data-sharing will help keep all kestakeholders informed, so supply chain processes can run as flawlessly as possible.
Reduced Costs
A supply chain software can help reduce overhead expenses in a variety of ways. For example, can:
Improve inventory management, facilitating the successful implementation of just-in-time stockmodels, and eliminating the strain on real estate and financial resources caused by the need tostore excess components and finished goods
Enable more effective demand planning, so production output levels can be set to most effectivelyaddress customer requirements without the shortages that result in lost sales, or the waste thadrains budgets
Improve relationships with vendors and distributors, so purchasing and logistics professionals canidentify cost-cutting opportunities such as volume discounts.
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CRM for Insurance
Insurance is a complex product where personalized serviceachieved through an intimatknowledge of customers and their histories with an insurance companyis critical to making sales.
With the enactment of the Patriot Act, insurance companies need to ensure that they "knowtheir customers." The situation grows even more urgent when one considers the bad economy thahurts investment income; as well as the extremely narrow window of time wherein an insurance cacenter representative, agent or broker holds a customer's attentionand a valuable opportunity tcross-sell or upsell. It is at this precise moment that these individuals have the chance to maximizthese fleeting sales opportunities.
To maintain competitive edge and viability, insurance companies are focusing intently on deliverinsuperior customer service. A comprehensive customer relationship management (CRM) strategaddresses three imperatives: Sum providing a unified enterprise customer view; Sum retainincustomers with great services; and Sum controlling costs as the insurance company in questioexpands.These three imperatives form a unique interplay that maximizes sales while reducing operationacoststhe equation for improved revenue growth and profitability.
Gain a Unified Enterprise View of CustomersWithin many insurance companies, there is a wealth of valuable information about individuacustomers: you know who they are and what insurance products and services they buy. You knotheir history of claims and the status of their accounts. You may even know about their opinions anpreferences, or whether promotions have attracted their response. But can you unify all thesfragments into a complete portrait of this most important asset: your customer?
For insurance companies, "know thy customer" can be a challenging imperative. Customer data mabe divided among product lines, or among legacy claims, policy and billing systems. If an insuranc
company has expanded its customer base through mergers or acquisitions, its information may beven more fragmented.
CRM in insurance starts with a single, complete, real-time enterprise view, so that call centerepresentatives, agents and brokers can understand and serve every facet of individual customersThis level of holistic, personalized service can be the differentiating factor that retains goocustomers and reduces churnan important goal, given that customer retention is profitable annew customer acquisition can be expensive.
Retain Customers With Great Service
Most insurance companies understand the virtues of a single, complete, real-time enterprise view oindividual customers, and they have made great progress towards providing this view at custometouch-points throughout the enterprise. But it's critical to note that this view should not be regardeas an end in and of itselfrather, it is a rich foundation to be used as a basis for a deeper, moreadvanced level of customer understanding.
Consider how foolish it would be to try to sell automobile insurance to someone who doesn't own car. Without customer analysis and behavior prediction, this is exactly the quagmires that cacenter representatives, agents and brokers find themselves in every day. This advanced level o
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understanding is needed to help insurance companies predict customer behavior and aligmarketing, cross-selling and up selling efforts accordingly. By making customer analysis anbehavior prediction data immediately accessible at the desktop, sales efforts are optimized ancustomer loyalty is strengthened, as individual customers feel that their needs are understood anmet in a way that is fast and convenient.
Predicting customer behavior for improved sales efforts is a three-step process:
Sum Profiling: Insurance companies first build a profile of information about customers who havpreviously exhibited a targeted behavior. Profiling requires rich customer data, including enterprisewide transactional and behavioral data such as call center and account holdings information. Othedata sources include key performance indicators and third-party demographics. An example oprofiling might be building a profile for customers who bought new homeowners' insurance policiein the past two years. The goal is to determine characteristics to look for in future buyers.Sum Modeling: By using data mining on the profile information, analytics can uncover the mosrelevant characteristics of the customer segment being analyzed. For example, the most significanattributes of customers who bought homeowners' insurance are gleaned from the profile via thdata mining application. Such characteristics comprise the model of customers most likely tpurchase homeowners' insurance in the future.
Sum Scoring: Insurance companies use predictive analytics to score existing customers b
comparing them to the model. Those most closely matching the characteristics included in thmodel are most likely to exhibit the targeted behavior. Given the example above, an insuranccompany can rate its customers numerically to indicate how closely they match the model of thperson most likely to buy homeowners' insurance.
Once customers are scored and the analysis pinpoints customers most strongly correlating with thmodel, an insurance company can address those customers, especially the top prospectsCustomers scoring a nine or above might receive a special promotion for homeowners' insurancewhile a separate, incentive-based offer might entice those scoring seven and above.Customer analysis and behavior prediction can also be used to identify life events and/or extenderelationships, which can be highly useful in improving profitability from individual customers. Foexample, life events often trigger changes in insurance coverage that can be anticipated anleveraged with targeted offerings. You might identify health insurance policyholders who havrecently had new children and offer them an attractive life insurance policy. Using a singlecomplete, real-time enterprise view coupled with customer analysis and behavior prediction, yomay be able to identify good drivers among your auto policyholders who have children turninsixteen. It's time for a targeted offer to add the family's new driver to the policy.As with many industries, the more products you can sell to a given customer, the less apt he/she ito migrate to another provider. Furthermore, as policy holders tend to stick with you, the ratio opremiums paid to the cost of claims increases in favor of the former. Lastly, statistics show that thlonger a policyholder remains a customer, the less frequently he/she submits a claim. All of thesfactors contribute to improved profitability.
Control Costs While You ExpandBusiness expansion presents many positive opportunities t
insurance companies, including increased assets and broader geographic reach to new customers.So how does an insurance company grow without sacrificing profitability? The company at hanmust offer the same level of superior service that its customers have come to expectwhilminimizing operational costs that, paradoxically, have the potential to spiral out of control, as thcompany begins to serve an augmented and growing customer base.
The first key is to enable your agents, representatives and brokers to identify and spend the righamount on each opportunity. A high-value, low-risk customer, who carries policies over a lonperiod and makes relatively low claims, is an ideal subject for marketing and sales efforts targete
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at extending his or her portfolio. Call center representatives, agents and brokers need real-timaccess to this business intelligence, so they will know where to concentrate their efforts in thlimited amount of time they have the customer's attention.
The second key is to use the most cost-effective channels without sacrificing a high level ocustomer service. Call center, agents, email, phone and self-service portalshow can youemployees determine which channels are the most efficient and cost-effective for different targeaudiences and desired behaviors? Again, using customer analysis and behavior prediction, ca
center representatives, agents and brokers can target marketing and sales efforts through differenchannels depending on the target audience in question.
Going one step further, new and advanced email response, Web chat and self-service portal tooare drawing more and more customers to the Web each day, enabling a consistently high level ocustomer service while "pulling" customers to a communications medium which is much more costefficient than the phone. Particularly valuable are Web-based self-service portals, which can functioas a first and last point of contact and eliminate valuable time spent assisting a customer who cajust as well assist him or herself. Finally, Web-based interactions tend to deliver on the holy grail ocustomer servicespeed and convenience.
The third key is automation of the more mundane insurance business processes. Given the myriasystems in the insurance worldclaims, billing and policy systems, not to mention automobile
home, life and health insurance subsystems for each oneCRM systems in insurance will only adanother layer of complexity, labor and expense if they are not pre-built to connect with legacsystems and automate the mundane work of keeping these systems updated. Automated, multstep workflow capabilities are critical to minimizing these and other potential bottlenecks, such athe processing of trailing documents supporting a policy applicationdocuments like expeappraisals, doctor's statements and/or proof of student status. By automating mundane processeand removing the paper trail, call center agents, representatives and brokers are freed up to focuon the more strategic activitieslike servicing customers.
Today's insurance companies certainly face a daunting challenge in maintaining and increasing thecompetitive edge. But by focusing on three key imperativesgaining a unified enterprise view ocustomers, retaining customers with great service and controlling costs while expandinginsuranccompanies can turn challenges into strategic competitive advantage and enhance their long-termviability and profitability.
FAQ about CRM
Why should insurance professionals use CRM software?
CRM software, like any application is a business tool. As an insurance professional you interface with manpeople on a daily basis - underwriters, claims adjusters, and obviously customers. CRM software helps yoorganize, track, and manage these day-to-day interactions.
What advantages does online software offer over traditional CRM packages?
OnlineC
RM software is ideal for the call center industry because it is convenient.You'll never have to performinstallations or upgrades on web based software. In the case of Web Cliento, the software is very easy to lear
What's more, the CRM tools are available from any computer with an internet connection, meaning that yodon't have to be at your own computer to access all of your customer data.
How will online CRM software improve my customer service?
First of all, CRM software for the insurance professional that currently doesn't use any offers organization. allows you keep your customers, calls, and other pertinent data in one place. Any insurance professional cabenefit from a customer management solution like Web Cliento because its analysis features help users identifaccounts that need attention, remember scheduled calls and meetings, etc.
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Is CRM software going to save my time, or waste it?
Picture your business day without any CRM solution in place. No matter how good you are at organizinstoring, and retrieving the information about each customer, these will be time-consuming tasks. You rely opaperwork or even human memory to keep track of customers. Now think about how much more efficiently yocould work with a simple, efficient CRM application in place. Customer data is organized and available at antime. Collaborative solutions, such as the Team model of Web Cliento, even allow you to share customer datwith colleagues.
What is online CRM software?
Software applications for CRM, or Customer Relationship Management, are designed to organize sales efforttrack new business leads, and build upon existing customer relationships. Online CRM software is completeweb based. Typically, you don't have to install any programs or store any files on your hard drive. Thprograms and data for online CRM software reside on the server maintained by the software provider. Thoffers several distinct advantages, foremost among them being accessibility.
Why should I use CRM software?
CRM software helps you organize your sales team, manage customer service issues, and share customeinformation with colleagues. Contact management and scheduling tools are key features of almost any CRapplication. Some CRM solutions also offer analysis tools that can help you drive sales and improve customeservice.
Advantages of CRM
By leveraging real-time analytic capabilities, Infor insurance CRM software can assist your customer contact
professionals in maximizing inbound calls with permission-based solutions that help them to recommend
offers that policyholders are likely to find beneficial.Combined with legacy systems integration, the keys to
better performance are available with Infor CRM solutions for insurance.
y Marketing - Effective marketing functions at a level that appeals to the masses, but satisfies the needsof individuals. This is especially true for the insurance industry. Marketing solutions from Infor insurance
CRM software allow your CSRs to make real-time decisions that deliver optimal opportunities for every
customer, every time. Further, Infor CRM solutions for insurance allow your organization to realize a
tighter synergy between inbound and outbound communication channels to maximize the impact of
marketing campaigns.
y Sales - Infor insurance CRM software automation tools facilitate more productive conversations byautomatically presenting relevant customer information at the right times. This level of sales support
leads to higher levels and sales productivity while simultaneously shortening sales cycles for a higher
level of profitability and customer satisfaction.
y Service - Customer calls can be unpredictable, ranging from upset policyholders looking for resolution toa problem, or potential customers who are looking for your organization to provide a solution that their
current insurance provider does not. If you can provide the right service and the right solution, your
contact center becomes a profit center that satisfies policyholders while driving growth. Infor insurance
CRM software can help.