Experience-Driven Technology Transformation for the Insurance Industry

With the rising complexity in insurance management, organisations are in the need for insurance solutions for enabling world-class customer experiences. The growing client base, in the insurance sector in web and mobile platforms, is prompting technology providers to develop innovative insurance technology with enhanced delivery and customer experience to facilitate growth in the sector. Many of the advanced insurance tools find the best application in processes ranging from underwriting to claims. Expert technology teams work with insurance carriers, agents and brokers for developing best in class software for accelerating the entire policy lifecycle. The software enables secure file storage of scanned images and digital documents thus, making signed policies secure, and organized.

A property casualty insurance software is crucial for improving their speed-to-market time, meeting new compliance requirements and eliminating high-cost legacy systems.

Pre-Configured

The insurance solutions, from Cogitate Technology Solutions, are an innovative and transformative digital insurance technology pre-configured for various stages of the insurance lifecycle.

Low-Risk

The development of effective software involves proven expertise and strategic input to reduce project risk for the client.

Integrated Platform

These applications are integrated with various APIs, CRM and illustrations that allow features like real-time access and leverage of data for the clients to use.

Client & Agent Portals

Companies, like Cogitate, developed their platform to allow mobile access for clients and agents to policy information. Clients will be able to make real-time changes to insurance policies and automate commission reporting.

Maintenance Free

Many of the leading applications are designed to let the client free from charges for hosting the infrastructure, maintenance or development of the policy administration system.

Flexible Pricing

The application is designed to be flexible with a cost-efficient platform for optimising the application usage to comply with policy inventory or pilot projects.

While investing in these platforms clients should focus on features and capabilities that can innovate their existing legacy systems. Technology platforms stay ahead in the competition by ensuring constant upgrades and replacements that will help the industry to undergo a transformation in the future market-share.

Most of the leading technology providers in the industry have a global research team that analyse current customer trends of insurance software around the world. The team will gain quarterly data points based on certain vendors and their products. The research team will involve win-loss analysis of insurance customer from public and proprietary sources.

The property casualty insurance software from Cogitate is designed to fulfil the needs of agencies for life and health management. The application has scalable pricing options that fit the exact requirements of small insurance companies or start-ups. The platform has advanced reporting options that help clients to optimize their commissions, marketing, and products. Carriers, agents, brokers will be able to get a comprehensive view of client accounts and relevant customer information. The platform allows agents and staff to manage ongoing policy maintenance and view insurance documents, contact data and agency communications of customers.

The insurance solutions facilitate property and casualty insurance is available as both web and mobile solutions. It functions as an end-to-end digital integration platform for optimal productivity and efficiency for various client segments in the insurance lifecycle. The software is an all-in-one insurance solution that allows seamless management of quotes and claims to administration and sales. The pre-built features of the platform are customised, expanded and are updated with regulatory changes.

Property casualty insurance software from Cogitate is integrated with an efficient CRM that allows insurance agents to access important customer information such as contact history and current policies. The team focus on bringing constant innovation on the self-service customer portal, thus allowing clients for seamless information changes and other operations.

Digital Advancements in Insurance Sector to Gain Management Efficiency

With the impact of advanced interconnectivity and technological dependence, insurance companies are looking to leverage business automation solutions for unlocking bigger economic results from insurance software companies in the USA. Insurers all around the world are implementing efficient insurance management solutions from an insurance software company in the USA that will impact increased sales and reduced expenses. An effective software system is essential for insurance companies to excel with improved consistency in underwriting and customer experience.

New Business and Underwriting

Advanced insurance software solution in the industry will enable insurers with an intelligent, convenient insurance management system to minimise the time to market by suggesting tailored insurance product based on the customer segments. This software complies with the industry’s best practises for optimising the underwriting process.

Claims Processing

Most of the insurance software companies in the USA have adapted their solutions to facilitate end-to-end claim processing for insurance companies. This helps them make decisions based on processing customer claims with less or no errors.

Sales Management

Most of the multinational insurance companies prefer an intelligent sales platform that provides efficient sales techniques and real-time data to increase short term and long term sales production. The inbuilt sales management feature helps insurance providers to ensure an outstanding customer experience through diverse channels. Features like CSRs to provide customers with highly relevant and personalised offers for up-selling and cross-selling will help in generating enhanced value.

Business Analytics

Cogitate, a technology services company specialises in an insurance software solution that helps insurance companies to create campaigns for targeted customer segments and identify the most effective channels to interact with customers, individually. Insurers can gain actionable, business-driven, and research-based strategies for achieving business success. Adaptive analytics feature of the software solutions allows companies to consider several situational factors to make timely, relevant, and profitable decisions.

Enterprise Mobile App

A mobile application is included as an integral part of an insurance software solution as it functions as a reporting tool for insurance companies, program managers, managing general agents and wholesale brokers. The mobile app provides decision-makers with key performance insights anywhere, any time and helps improve the management of sales and underwriting performance.

The enterprise mobile app from Cogitate allows insurers and policymakers to create customised reports and dashboards. It consists of various reporting tools for performance tracking based on territory and line of business. The intuitive and simple mobile app includes graphical dashboards, maps, charts and grid reports along with performance scorecards for tracking results for agents, underwriters, brokers and sales teams.

Digital Insurance & Engagement Platform

Insurance companies are in the need for a management system that enables digital communication with their customers. Leading insurance software companies in the USA are exploring the possibilities of integrating digital solutions for simple, rich and coordinated interactions. This will enable insurance providers to deliver timely, accurate and useful insights to customers through their preferred device or channel in an appealing way. Effective and high-value interaction is made possible through personalised messages, informed by insights about a specific customer. With third party services and applications seamlessly integrated into the software, the insurer can easily address the needs of the customer in the right way.

The advanced insurance software solution, from companies like Cogitate, is transforming the way to interact and communicate with customers in specific segments. This will make customers more likely to be satisfied with the product and will make them choose additional products. The integrated digital engagement features of insurance software are redefining the customer experience. Organisations have been integrating customer interactions across various channels to unleash their digital capabilities. With effective use of customer data, analytics and customer communications management (CCM) – this software has influenced several organisations by helping them increase investment returns, acquire and retain customers and continually improve productivity.

Innovations and Expectations in the New Global Insurance Market

In the current globally fast-paced and digital insurance scenario the need for real-time, agile and accurate data is crucial for carriers, agents and customers. Insurance management software is embracing innovation with features like personalized dashboards across any channels or devices.

This software offers convenient search functionality sales support through mobile and social channels. Leading technology companies design insurance management software to help agents and brokers to overcome the challenges, and accomplish business needs. Software developers are realising the need for enabling customer engagement in global operations in the insurance sector with multi-lingual, multi-currency and multi-branding capabilities.

Insurance agents and brokers are in demand for property-casualty insurance software for promoting, selling and administering insurance policies. The software will function as a comprehensive platform for property and casualty insurers in managing insurance services. These insurance solutions bring together the most advanced browser-based technology with unmatched features and functionality. Insurance management software has become inevitable for claiming, billing, accounting, re-insurance as well as for CRM, agent/broker portal, policy administration and product development. The platform is also necessary for supporting sub-systems including document management, scanning and merging mail.

Insurance management solutions allow agencies to efficiently manage their business. These software solutions can be implemented in insurance agencies to enhance the capabilities of CRM and marketing automation software. Insurance agents will advantage the software for strengthening relationships with customers, clients, and prospects. Advanced property-casualty insurance software eases up the efforts of agents with back-office features like automated workflows and commission processing.

Agent prefers to implement insurance solutions in all their branches or make use of it on a case-to-case basis. The software solution helps them with tracking and maintaining client relationships, reduce marketing and sales efforts, and monitor the sales performance of their agency. Insurance agency management systems can be implemented either as a standalone solution or as the foundation for integrated insurance suites.

An efficient property-casualty insurance software should have certain important features for ensuring optimal solutions for the user. The software has to be capable of storing the insurance agent’s client information such as policy documents, notes, and statements. It should facilitate as a reliable tool for reporting sales performance and account status analysis. This software also features a dedicated tool for automating and streamlining insurance workflows.

Speed to Value

Futuristic companies are relying highly on advanced core solutions like Cogitate insurance management software that allows them to connect with various stages of their business and gain speed to value and a higher return on investment. This content-rich platform has leading edge ISO-based rates, rules and forms to let agents stay ahead of competitors.

Product Innovation

The adoption of a core insurance innovation platform will help agencies for rapid commoditization of their capabilities. Insurance agencies are more concerned about assessing deployment and integration capabilities.

Insurance solutions developers are committed to providing a personalised experience for clients to flourish in the market disruption. It is important for insurance agents to integrate a highly robust ecosystem with advanced technologies like chatbot, videos, internet of things and virtual reality. Innovative insurance solutions are designed with prebuilt content and capabilities for the rapid launch of new products. This platform leverages the unique capabilities of an evolving partner ecosystem for faster innovation. New and existing customers can be easily convinced about an insurance product with the implementation of the right software.

Business agility needs to be an essential feature of insurance solutions as it enables effective business processes and automated monthly content and software updates. The significant change in the behaviour and expectations of customers and the impact of new technologies have brought a disruptive transformation in the insurance industry. It is vital for companies to identify the ever-evolving needs of customers in order to excel in the industry.

Rapid Technology Innovation Makes Insurance Industry More Customer-Centric

The need for customer-centric, cost-effective and adaptable claims processing operations is crucial than ever for insurers, healthcare providers, and manufacturing companies in today’s complex economic landscape. Top companies in Information Technology and Management Consulting are coming up with innovative claims management software that adapts to the unique requirements of organisations. Futuristic business leaders are prioritising on having an effective insurance claims management system in the environment to tackle several operational inadequacies and legal issues and reduce maintenance and training cost. They realised the need for adequate insurance solutions in place for ensuring the quality of customer experience.

Cogitate is a complete insurance solutions software developed by collaborating the ideas of industry-leading policymakers and entrepreneurs. It fits the need of the day for many organisations for enabling automated processes. This software can automate end-to-end claims processes to deliver highly intelligent, agile, and ready to deliver ROI. Cogitate is designed as an ideal claims software that will allow organisations to enable dynamic and intelligent business parameters that inculcates the best practices and objectives.

Cogitate offers various insurance solutions to meet the requirements of different industries and market segments like insurance carriers, wholesale brokers, general agents and insurance agents. The company has developed ever-evolving products like digital insurance and engagement platform, enterprise mobile app, mobile agent, demand assistant and mobile agent factory. The software makes for the optimal claims management automation by combining their technical expertise with enterprise insurance intelligence.

The tools and services provided by these digital insurance technology companies help organisations to ensure better service to clients. Companies like Cogitate are focusing on innovating their claims management solutions to help organisations grow their business and improve insurance delivery.

Enterprise Mobile App Brochure

One of the revolutionary offerings of the advanced claims management software providers like Cogitate is the enterprise mobile application that provides business reporting at your fingertips. The mobile application also facilitates timely monitor and management of corporate performance and results. The enterprise mobile app also enables fast and efficient access to market insights from decision-makers and associates of insurance carriers, wholesale brokers, general agents and insurance agents. The enterprise mobile app from Cogitate Technology Solutions enables customers to instantly quote in 3 easy steps with driver license and VIN scanning capability, requesting endorsements, reporting or filing a claim with photo, paying premiums using credit or debit card, viewing insurance identity cards and communicate with agents through push notifications and text messages.

Business Intelligence

The business intelligence feature of the claim management software enables organisations to gain valuable insight into many aspects of the business. It encourages management teams to make efficient and fact-based decisions. Insurance management teams can monitor customer behaviour to analyse issues and opportunities, reverse unfavourable operating trends, optimise operating efficiencies, overcome resource wastage and design effective strategic plans.

The ever-evolving insurance industry is in demand for integrated software solutions that are applicable in unique use cases throughout the claim lifecycle. These insurance solutions have to lubricate the communication and risk management process to help customers avoid harm and prevent losses. This software will help improve the accuracy of claims payments and reduce human bias and fraud. Insurance technology specialists like Cogitate have been innovating solutions to connect the tools and data sources that are necessary for insurance companies.

Insurance solutions are built-in with rules-driven automation to allow customers for touchless claims. Advanced claim management software also consists of dynamically guided workflows, customised user interfaces, and team planning tools that streamline processes to resolve claims and help customers recover faster. Insurance customers may come across the need for a claim once in many years, and it is important to ensure them with seamless interactions and timely solutions. An efficient claims management software will impact insurance companies to respond quickly and empathetically to customer claims, thus enhancing customer loyalty and reputation.

What Makes Claims Management Software Effective for Insurance Solutions

When it comes to claims management, the insurance industry gets tricky. Majority of these legal Time Limit Demands (TLDs) are created to induce ambiguity which creates difficulty for the insurance company or Third-Party administrators (TPA) when it comes to Claims Assessment Process. The possibility of a bad faith set-up from the plaintiffs’ attorney is not unheard of. One typical example of a bad faith set-up is when the attorney drafts a TLD with a specific date, but the letter is deliberately dispatched to the insurance carriers a few days after drafting it. Other tactics include the use of ambiguous language to create uncertainty concerning the information that is legally mentioned in the TLDs.

While the chances of a business receiving such Time Limit Demands and claims regularly are low, but if a business lacks a proper system in place to identify and deal with such claims, they can turn out to be an expensive loss to the business. Cogitate Technology Solutions’ Claim Management Software helps your business with handling claims in a better and faster manner. The claims management software is a companion in your business’ claims lifecycle — from identifying potential instances of loss to investigation and handling settlement. This is possible with the easy-to-navigate user experience that increases the efficiency of claim handling processes. But what makes Cogitate Technology Solutions’ Claims Management Software a major part of your business’ insurance solutions?

Transparency of Operation

When a Time Limit Demand is detected by the software, the dashboard of the Claims Management Software reposts the claims for the claims handling professional to view and investigate. Additionally, the dashboard also reports the subsequent information related to the claim, like the policy of the claim, name of the claimant, the date the claim was received and the date that the demand is due. Furthermore, the claims professional can view all the ongoing TLDs along with the ones that were settled by the insurance company.

Streamlined Process

When a Time Limit Demand is received by a business, it can often be lost among the thousands of intimations that the business receives regularly. With a claims management software in place, it is easier to identify such claims, investigate and settle them through the streamlined process that the software offers. Whether being used by a large team of professionals or a single expert claims handler, the software lets you view all the TLDs that a team member is handling. In the case of switch of responsibilities, the software standardises the working process which makes the switch between personnel smooth.

Avenues for Better Service to the Clients

The credibility of a business is decided by its competence to get things done. When your business has a spotless track record, it builds on your reputation. And this is only possible by fixing the weak links in the customer service of your business. Cogitate Technology’s claim insurance solutions offer full business metrics, which includes the tasks that are currently being dealt with, tasks that have been settled successfully and new claims. This ensures that the tasks are completed correctly and on time. Additionally, claim management software offers a review of the performance and productivity of the claims department which aids in resolving potential issues before they escalate. Furthermore, the software identifies potential areas where the loss adjustment expense can be improved.

“Drill-down” Feature

The claim management software enables the business to “drill-down” into the key areas of the claim files to identify hot documents/words that can point towards potential TLDs. With Cogitate Technology’s insurance solutions, the claims handling department can rapidly scan through thousands of claim documents to identify potential TLDs or related information. After the software has identified a Time Limit Demand, it mines key text/terms to reveal actual information related to the due dates, claims and settlement.

If you are an insurance carrier, third-party administrator or an independent insurance adjuster looking for effective insurance solutions, explore Cogitate Technology’s claims management software which is augmented by Time Limit Demand Awareness and Management tool to analyse and settle TLDs with the help of AI and machine learning. To find the right claims management software for your needs, contact Cogitate Technology Solutions

Insurance 2020

Cogitate Technology Solutions explores how socio-economic, global and even environmental factors that will reshape P&C insurance in the coming years in addition to the technological shifts.

The future, though unpredictable, can yet be prepared for. In a previous blog post, we looked at how the face of property and casualty insurance has changed. In this post, Cogitate Technology Solutions takes a look at the mega-trends that will shape the metamorphosis of the property & casualty insurance industry in the next decade:

Social buying: Traditionally, there have always been intermediaries between insurance providers and their customers. It was the role of these agents to understand consumer and business needs, followed by matching and personalizing insurance solutions to these needs. 

Insurance Solutions

Insurance Solutions

However, with the increased reach of the internet, mobility and the onset of social trends, supplementary direct sales channels have emerged as customers begin to show a definite preference for buying directly from their insurance providers. The speed, convenience and accessibility that is offered by direct sales offers wider geographical reach and an opportunity to sell to new customers – especially the elusive millennials. The biggest advantage, however, is the opportunity for insurance providers is to offer their services wherever customers demand.

Although. insurance companies will continue to depend on the agents as advisors and as a sales channel. the social trend will subsequently also give this role to their customers’ as network of ‘social advisors’. Insurance companies are predicted to face challenges from self-insuring online communities and influential social networks as group insurance channels. Insurance providers that tailor offerings across all their lines to address such scenarios and build capabilities across multiple digital platforms will find themselves rising to the challenge. 

Climate change: The insurance industry has historically handled low frequency natural disaster such as earthquakes and tsunamis well. However, as the frequency and severity of calamities like unseasonal cyclones, hurricanes, floods and fires increase each passing year, the property-casualty insurance domain is struggling with underwriting these risks, largely due to unavailability of data for assessing risks. 

Property Casualty Insurance Software

Property Casualty Insurance Software

P&C insurers need to arm themselves with new monitoring and sensing technology, hyperlocal weather data and new mechanisms for transferring risks. Solutions such as more investment in renewable energy resources will also affect insurance houses as they are pressed to come up with innovative offerings to share risks. Protected by sophisticated risk modelling and innovative ways of risk transfer or sharing, insurance companies will have a chance at combating the twin challenge of sky-rocketing prices and reduced capacity. 

Emerging Markets: The inter dependency of world economies continues to increase, and the trend is here to stay. The attention shift towards prolific wealth creation in emergent markets coupled with the effects on developed economies of the 2008 financial crisis will play a key role in all domains. Emerging economies continue to witness increased consumption fueled by the rise of the middle class in developing nations. Add to this the greying population of mature economies while the growth of ‘earning’ population continues to rise vs the ‘dependent’ population in developing nations.  

The momentum shift from the dominant developed nations to the productive growth of emerging economies is a reality that property-casualty as well as other insurance providers will do well to prepare for. Especially for business lines, as customers look at newer markets, any inability to stay in step with their needs will put current relationships at risk.

Globalization: Thus, emerging markets are becoming an area of increased interest for insurance companies, as businesses shift their focus to lucrative new markets that have come to the fore. There is also unexpected manna in the form of the main insurance provider in many of these economies being the government, which neither markets aggressively nor offers diverse offerings. The rising middle class demands, and is ready to pay, for more sophisticated offerings, especially innovative P&C business lines. However, serving new customers in these markets or old customers expanding to new markets will pose a challenge before it becomes an opportunity.

Insurance companies will need to reinvent processes and practices for markets that may not follow global standards. They will need to design standardized products and policies to serve customers with presence across economies. Also, insurers will need to understand, leverage and maybe even modernize the extant traditional distribution networks in these nations. Insurance houses must be geared for increased regulatory scrutiny and oversight aimed at fraud and money laundering. Strategic alliances with local insurance providers will need to be established to manage financial and reputation risks in these untested waters.

There exist no authoritative solutions to meet these future scenarios. Insurers must rely on strategy, talent, organizational strength and their core competencies to turn challenges into opportunities. While some of these factors are built into the DNA of an organization, others can be acquired with strategic partnerships. To learn how Cogitate Technology Solutions can help, visit www.cogitate.us. 

How to Choose a Right Claims Management Software

What should an insurer look for when he is determining and selecting a comprehensive Claims Management Software? Cogitate breaks down all of these complex and critical factors for those involved in making Insure Tech decisions.

It is an obstacle that is so difficult and intimidating to handle and find the right claims management software that fits the needs of all users of a complex claims environment. An optimal solution should be employed, and it should improve claim service while simultaneously reducing costs. It should optimize processes and be customizable so that it can be tailored according to your specific needs. It must completely meet your present needs as well as intelligently forecast those that lie in the future. We often think that selecting the right claims management software that suits your organization’s needs can prove to be quite a daunting task. Various Insurance Software Companies in USA have solutions to this. So, where exactly do you begin, and what are the essential factors to consider when making the decision?

Cogitate Technology Solution has been the technology partner for many leading insurers in the United States and they provide an excellent Insurance software solution. Based on our collective experience of understanding of what an insurer needs from a claims management software (CMS) and our perception, here is a list of imperative factors to consider when making a choice:

Interpret your requirements: It is crucial to understand the business challenges or desired benefits that you want the CMS to address. Among plenty of options and benefits on offer in the market, your main concern should be which CMS system addresses the issues that are your top priority? Does the solution offer many powerful features but leaves something to be desired in your top priorities? If you have clarity on your key strategies and where your current processes and tools fall short, you will have half your solution solved beforehand. 

Assume who will use it: Identify all the stakeholders of the company who will be affected by the implementation of the new CMS and make sure every last one is consulted and included in making the decision. CMSs interact with business teams, customers, agents, in-house departments like accounting, and multiple third-parties. Understanding their needs and finding the CMS that is useful for each user-group will be vital to the success of your new claims management solution for several years in the future of the company.

Ensure the solution matches your plans: Your firm’s aggressive growth plans should not be hobbled by technology that isn’t flexible and powerful enough to keep pace, nor add underutilized heft. Does the claims management software under evaluation have enterprise capacities a large organization will need? Does it weigh and scale down a small firm with an expensive solution that adds complexities that could be cut? Does its strength lie in digitalization and collaboration solely, or does it also have the business process automation your strategies demand now and in the future? Does the CMS offer the advantages of technological leaps, or is it based on architecture or technology that won’t last the distance?

Organize for innovation: Any CMS you choose will require getting used to inevitably altered processes, altered reporting, and tweaked workflows. Introducing a new way of doing things will go down much smoother with prudent change management. When evaluating the CMS, also look at the support, training, and hand-holding offered by the solution provider to ease the transition. A key indicator will be the length of relationships with clients, not just the number of successful implementations.

Pick the right partner: To use your new CMS for long periods successfully, a lasting relationship with the provider will go a very long way. The right Insurance Software Solution provider is not offering a one-off solution, and they are building a partnership with you. Ensure that they understand your particular domain of insurance, can demonstrate successful implementations as part of their track record, and can grow as your needs evolve over the years.

Cogitate Technology Solutions offers a powerful claims information solution that caters to the needs of carriers, third party administrators as well as independent adjusters. Its sturdy and comprehensive dashboard and reporting give real-time, fine-tuned insight and analysis into your claim performance. The power of our solution is augmented by our Time Limit Demand Awareness and Management tool, which uses AI and machine learning to analyze and prioritize TLDs without human intervention.

To understand how Cogitate.us can assist you and support your needs to find the right claims management software for your requirements, learn more about them at www.cogitate.us.