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June 28, 2022

Top Insurance Software Companies in InsurTech

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The insurance sector currently faces unprecedented changes in a rapidly evolving environment. Amid endless sector reports by industry experts, sector associations, insurers, and consultancies, major insurance trends have risen that ought to be monitored closely for 2022 and beyond. 

Of particular significance is Insurance Technology (InsurTech), which seems to be gaining massive momentum in 2022. While InsurTech has been in the market long enough, 2021-2022 has been a period of enormous growth for this concept. 

While private market investors generously poured investments into promising InsurTech startups at the start of 2021, the public market unforgivingly crippled the value of recently public InsurTech companies–a decline that The Exchange heavily covered throughout 2021. 

Despite these losses persisting into early 2022, InsurTech made an impressive comeback that was noticeable in the third quarter of 2021. InsurTech generated record investment levels during this third quarter as funding surpassed $15 million–more than 2019 and 2020 combined. 

Worldwide, InsurTech software companies and firms are emerging in large numbers in the Asia Pacific, primarily due to the large uninsured population and growth of the fintech industry. In September 2021, Sompo Holdings (Asia) Pte. Ltd made a $100m investment in Cover Genius, a US-based InsurTech firm. 2022 will realize more investments in the InsurTech sector from local and global players. While monetary investments are among the expected trends in 2022 for InsurTech, you should anticipate many other trends. 

Generally, Deloitte Insights predicts accelerated growth for insurers in 2022–both traditional and insurance software companies, among other 2022 insurance trends. 2022 trends for InsurTech will include:

  • Improved apps to support faster settlements
  • More connected devices and monitoring
  • Greater use of data analytics. 

This article provides an in-depth into insurance software companies and the types of software that InsurTech firms need to embrace as part of digital information–such as collaborative suites, CRM tools, cloud storage, etc.  

Types of Software Insurance Companies Should Adopt

Insurance companies aiming to be a part of the digital transformation need to have a majority, if not all, of the major software categories. Embracing such software tools ensures a sustainable business model as the world constantly adopts digital solutions in InsurTech.

Almost 61% of customers prefer to monitor their insurance claim application status using digital tools. Customers are currently seeking faster processing and less waiting time, which they are likely to get from a digital insurance platform. Improving the insurance sector for the better depends heavily on tech adoption. Unfortunately, most insurance carriers identify legacy software and infrastructure as the leading barriers to digitization. 

There are plenty of opportunities that will be the driving force for digital transformation and the implementation of different types of insurance company software. In a nutshell, these opportunities include:

  • Digitizing paper records using optical character recognition
  • Internal workflow automation with RPA and machine learning
  • Automation of claim processes
  • Personalized insurance pricing using IoT and social media
  • Blockchain implementation
  • Chatbots for insurance companies
  • Insurance fraud detection software.

Insurance carriers require various software solutions to ease their work. Commonly applied general insurance software includes insurance marketplaces, document management software, claims management systems, CRM tools for brokers and agents, etc. Here is an in-depth into these different types of software that insurance carriers ought to embrace as part of the growing digital transformation.

Insurance Claims Management Systems

Insurance claims management software helps insurance companies manage and evaluate insurance claims using automated workflows, thus ensuring a record of all claim details within a centralized system. Such details may include:

  • Negotiation
  • Litigation
  • Settlement communications
  • Claim assessments
  • Relevant policy information. 

Enterprise and independent insurance agencies commonly use claims management systems to support insurance agents in their client claims management roles. Benefits of insurance claims management software products include reduced fraudulent claims, reduced claims management costs, and better customer experience. 

What qualifies a product under the claims management software category? The product must:

  • Enable users to create claim reports
  • Analyze data to detect possible fraudulent claims
  • Provide risk assessment capabilities that can identify the likelihood of litigation and claim complexity
  • Support claims and settlement workflows.

Software Company Examples

  1. Zywave 
  2. EZLynx
  3.  Ventiv Tech 

AMS for Agents and Brokers

An agency management system (AMS) is a type of software that helps insurance companies manage their daily business operations, including:

  • Policy and account management
  • Client relationship management
  • Agency accounting
  • Commission processing
  • Reporting. 

An AMS ensures that an insurance company's data is accurate, up-to-date, and readily available when needed. It also allows insurance companies to automate their workflows and improve communication between different departments.

Some AMS products come with a customer relationship management (CRM) system that helps agents manage their relationships with clients. Benefits of using an AMS include increased efficiency, improved customer service, and reduced operational costs.

Examples of AMS providers include:

  1. Zywave
  2. Agencybloc
  3. AMS360 
  4. Applied Epic

Insurance Marketplaces

An insurance marketplace is a digital ecosystem that allows insurance carriers, customers, brokers, agents, and non-insurance participants to connect seamlessly. This unified connection transforms the distribution and purchase of insurance products. 

This marketplace creates economic benefits for participants. It also sparks innovation and enhances price transparency. 

A digital insurance marketplace enables insurance carriers to gain access to a larger client base via digital distribution channels. Additionally, insurance companies can collaborate with other partners like travel companies and mortgage providers to provide their customers with a bundled product. 

By interacting in the marketplace, insurance carriers gather data that can provide them insight into possible new offerings and help them improve client experience. Usually, most insurance marketplaces will offer advanced filtering options, integrated online payments, an AI-based recommendation engine, comparison of selected insurers, online consultations, etc. 

Examples of insurance marketplaces include:

  1. Insureon
  2. Covered California.

Insurance Quoting Software / Underwriting

The insurance quoting process is vital to an insurance carrier since it assesses the insurer's risk in insuring a client's health, life, or property. Therefore, insurance quoting software eliminates manual effort and minimizes human error by enabling users to draft policies and rules that are executed automatically during the underwriting process. 

Underwriting software also improves workflow and increases transparency. More importantly, it effectively uses underwriting resources and promotes informed decision-making. Benefits of using insurance quoting software include:

  • No paperwork
  • Quick proposal building
  • Increased trust
  • Multi-carrier quoting
  • Integrated forms
  • Compatibility with different devices
  • Improved lead generation
  • Quoting software can also increase enrollment.

Insurance quoting software/underwriting typically integrates with insurance management software to ease insurance operations further. To be categorized as an underwriting software, the product must:

  • Create auditable underwriting
  • Manage underwriting tasks
  • Include variable underwriting rules
  • Calculate insurance premiums.

Examples of insurance quoting software/underwriting include:

  • BriteCore
  • BindHQ

Document Management Software

Electronic document management allows insurance carriers to integrate insurance process documents and files from various communication channels. Insurers can organize, store, and access vital documents conveniently. Such documents may include insurance applications, policy agreements, contracts, etc. 

With new document management systems, insurance companies have been able to eradicate lost files, misfiles, and significantly reduce call times with policyholders. The result is improved customer service and claims department morale. Major benefits of document management software include:

  • Streamlined insurance paperwork processing
  • Improved insurance regulatory compliance
  • Improved insurance documentation security
  • Better remote working
  • Distributed workforce enablement
  • Integrated insurance document capture platform. 

Examples of document management software include:

  1. Bitrix24
  2. Hyland.

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The Best Software for Insurance Agents

Customers love convenience when purchasing products and services. In the current, post-pandemic digital age, digital tools and software are highly significant in ensuring convenience without compromising customer experience and relations. As an insurance agent, you should aim for software that keeps you ahead of the competition. 

InsurGrid makes the interaction between insurers and customers seamless. The personalized platform saves agents time by giving them one centralized location to collect information from all their different clients. This helps agents avoid sitting on long calls or managing back-and-forth emails.

InsurGrid enables clients to easily share needed insurance policy data with insurance agents a. The  additional benefits of InsurGrid include: 

  • Improved client experience
  • Reduced time wastage
  • Higher sales conversion
  • Higher client retention rates. 

Marketing Tools

While it is easy to mistake marketing tools for CRM tools, marketing is a broad aspect that goes beyond ensuring a workable customer relationship with your clients. Marketing tools generally have more firepower than the average insurance agency needs. Ensuring that most of your insurance agency marketing efforts are online-based is an efficient, cost-effective marketing strategy. 

Here are a few sub-categories of marketing tools for independent insurance carriers/ agents. 

  1. A functional database
  2. A user-friendly website
  3. Social media management. Examples of these tools include Buffer and Hootsuite.
  4. Email automation
  5. Analytics. 

However, using marketing tools requires an insurance agent to be as flexible and nimble as possible. Other examples of marketing tools for insurance carriers and agents include:

  1. MailChimp for email marketing
  2. AgencyZoom.

Agency Growth-focused Tools

Beyond an insurance agency's customer engagement and marketing elements, there is also a need to have tools that can directly impact your company's growth. Agency growth software is mostly about having growth opportunities at your fingertips. Such software should help surface these opportunities to you and assist you in taking relevant action. The software should also make your business processes easier. 

Collaborative Tools

Collaboration is important for businesses that operate remotely. Project management and collaboration tools elevate business speeds, assist in workflow automation, and enable you to measure progress more easily. Typical examples of collaboration tools that insurance companies and agents can use include:

  1. Slack and Microsoft Teams. These tools bring insurance teams together with face-to-face chat, channels to organize work, and even collaboration with other insurance carriers.
  2. Asana. It is a common project management tool that insurance teams can use to keep track of all the moving parts of the business. It provides robust features that create accountability in an organization while providing a simple and intuitive interface.
  3. Zoom or Google Meet

What Are Some of the Top Insurance Software Companies Making Highlights in 2022?

The InsureTech sector is currently experiencing the growth of multiple startups looking to take a piece of the pie in the digital insurance platform sector. Some of the leading insurance software companies in the insurance industry include:

  1. Applied Systems
  2. ISI Enterprise
  3. AgencyMVP
  4. Vertafore
  5. InsurGrid

How to Choose the Best Insurance Software Development Company

Choosing the best reliable InsurTech company and solution type is the first step. You may also need to look for a reliable development partner to help implement the software. Below are the questions to as yourself when looking for an insurance software development company.

  1. Do they have the relevant expertise?
  2. Do they have any reviews from a reliable, independent review site?
  3. Do their goals align with your business goals?
  4. Do they have a background in the insurance space?

Implement InsurTech in Your Agency for a Seamless Customer Journey

InsurTech is a growing trend in the insurance industry in 2022. Most policyholders are looking for insurance solutions and providers that align with their reliability, cost-savings, convenience, and time management needs. More importantly, insurance customers want insurers who understand their individual needs and can tailor their insurance products and services to those needs. Sign up for an InsurGrid demo to help fulfill your insurance needs effortlessly through InsurTech.