Understanding Types of Insurance Software

By | November 5, 2012

Insurance software is getting popularity in the insurance industry. With the advent of insurance software many insurance companies are functioning more efficiently and profitably by choosing software that suits their specific needs.

Insurance software helps insurance companies to function efficiently without the involvement of human error and meet its business needs. With the insurance software tools, the process of providing insurance to customers can be shortened along with the reimbursement procedure against claims. It manages customer policies, agents and commissions, as well as helps you keep track of current and prospective clients.

There are different types of insurance software available in the market. Here you can see most popular and common types of insurance software used by the insurance providers.

Types of insurance software:

  • Insurance accounting software: This is very popular software which helps the companies to track client’s accounts. It helps in tracking sales of policies, commissions to agents, premiums paid by the policyholders, claim reimbursement etc. It manages premium revenues by line of business, product line, agent, etc. it helps in accessing policies of multiple currencies and multiple payers in a policy.
  • Insurance CRM software: Customer Relationship Management (CRM) software is widely used in many sectors. These days insurance sector is functioning more efficiently with the help of insurance CRM software that keeps the customer abreast of the latest services available in the market. It automates entire insurance work-flow. It is designed with tools like phone call tracking, instant reporting, administrative capabilities etc.
  • Title insurance software: This software helps in title production, issues policies, interacts with lenders, agents, vendors, buyers and sellers, escrow closing and settlement more efficiently. It enables automated payment processing of mortgages and collaterals, print documents and keep records of all the transactions of the individual clients with the company. It helps to merge and finalize the policy documents and upload e-mails.

The insurance software is the most effective tool for insurance business management. Get right insurance software customized or tailored according to your business needs.

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