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The Impact of Technology on Insurance

Jan 19, 2023

Technology Trends

VRC_TechnologyonInsurance VRC_TechnologyonInsurance

Building relationships with your clients is essential for understanding your policyholders’ needs and helping them navigate coverage. However, new technology is changing how you create and maintain these connections. Commercial insurance software optimizes processes with reliable, scalable, and comprehensive solutions, allowing you to respond quickly to market shifts.

Customers today want immediate claims and underwriting services. Digitizing business operations provides your clients with on-demand options. In addition, incorporating new technologies enables you to identify and mitigate risk, reduce costs and increase revenue.

How Commercial Insurance Software Helps MGAs

Customized digital software solutions like VRC’s policy administration system, Verity, allow your team to manage policies from anywhere, simplify workflows and improve task management. Adopting digital solutions frees up valuable time for other necessary duties and improves the insurance-buying experience.

You benefit from automated procedures that can provide essential reports, quoting services, and policy issuance features. Portals for carriers, agents, and policyholders streamline processes and give round-the-clock access to information.

How Online Portals Enhance Customer Relationships

Digital technology like the Portal Pro system gives MGAs, agents, and insureds a way to connect at any time from any place. With this customizable solution, you can interact with staff and clients, complete transactions, and more.

Policyholders

Web portals offer many advantages that result in increased efficiency and happier clients. Insureds can:

  • Obtain online quotes for services and products
  • Review options outside of your team’s working hours
  • Gain quick claim approval
  • Access relevant product data
  • Get answers to frequently asked questions

Insurers

You benefit from the online portals, too. Web portals offer ways to:

  • Improve customer communication with automated processes and information
  • Optimize product channel distribution
  • Implement digital marketing tools
  • Minimize the cost of acquiring new customers
  • Analyze customer actions to customize products

How Technology Is Used in Insurance

Customizable software solutions offer ways to maximize time, enable remote work and provide excellent customer service. You can issue policies promptly and efficiently using online forms and analysis. Technology allows you to access critical data from third-party vendors. With customized parameters, you can configure rates and facilitate quick turnarounds for partners.

You can easily manage quotes, policies, and claims processes, improving the customer experience. Clients also benefit from online billing and payment options.

How Commercial Insurance Software Provides MGA Opportunities

As an MGA, you work in constantly evolving markets. Integrative insurance software helps you remain competitive by giving you a way to automate workflows. You can set up digital applications for policy administration, rating, claims, and more to help you focus on business development.

Technology allows you to put your time and efforts into seizing opportunities and increasing growth. With commercial insurance software, you can create a smooth user experience that increases customer retention. You increase efficiency, enable employees to work remotely, and maintain optimal functionality.

About VRC Insurance Systems

Say goodbye to outdated systems and begin looking at a solution that will provide what you need to increase productivity, decrease costs in the long run, deliver frictionless transactions, and remain competitive in today’s environment. For more information about VRC’s Verity software and to book a demo, click here or contact us at 541-209-0700.

 

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