What is Insurance Software Development? How can it help your business?

In the insurance business, as in any other branch of the economy, there is a continuous search for productive technologies and approaches to increase profitability. Currently, the most popular are multiple marketing solutions created by insurance software development companies on the basis of modern information technology.

A number of software products are currently offered for use in insurance commerce. Specialized program products designed to solve planning problems have other built-in tools used for SWOT analysis and a number of other marketing operations in information processing. 

A standard CRM system usually includes the following main technological modules:

Contact Management – maintaining an extended record for each contact with a customer, the history of relationships with him, the ability to segment customers according to selected criteria, etc.

Account Management – creating a database of counterparties (partners, intermediaries, competitors), the history of relationships with them, planned and ongoing transactions, contacts, financial relationships and other information.

Sales Management – Comprehensive information about the sales process (cycles, statistics, geographic location, reporting, forecasting and sales management).

Time Management – organization of interaction and coordination of the work of all departments in time and through other communication channels.

Field Force Automation – the possibility of group work with consumers, divided by regional, industry and other characteristics, joint work of territorially remote structural divisions, integration with the Call-center, keeping statistics, answering the most frequently asked client questions and more.

Marketing – marketing tools (statistics, planning, modeling, consumer segmentation, etc.).

Lead Management – management of relationships with potential customers, collection of initial information, distribution of contacts between employees of sales departments.

PRM – Partner Relationship Management.

Knowledge Management – knowledge management, collection, processing and storage of various reference information (maps, reference books, industry information, analytics, statistics), the release of news blocks for company employees, as well as the use of powerful search engines.

E-Business is the Web-part of the system, which includes the company’s website, online store, B2B platform, and other opportunities for interacting with consumers via the Internet.

Business Intelligence – intra-system capabilities for automatic control, proactive actions, generation of individual reports and reports based on templates (ready-made forms), as well as planning and modeling by type of activity.

User Support is a built-in system of prompts and user support in the process of working with the CRM system.

In other words, at the level of IT technologies, CRM is a certain set of special applications, united by a single logic of construction and management, integrated into the corporate information environment and operating with a single database. You can also use the services of an offshore mobile app development company.

ICIS (Insurance Company Information System) adapts to a wide variety of business models and can be considered as an intermediate option between custom and standard software. In a sense, ICIS can be considered as a constructor with a flexible algorithm, which makes it possible to build an individual information system using existing software and individual necessary modules of the new system. This comprehensive automation system, developed specifically for insurance companies, has such modern functions as CRM, document management, statistics and others. This system can be easily integrated with existing back-office solutions in the insurance organization.

The software mentioned above can be used to predict and create scenarios for the development of events in the interests of solving the marketing problems of an insurance company.

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