Commercial insurance software has come a long way since its introduction in the 1960s and continues to evolve today. Likewise, it’s evolved substantially just within the last few years. An entire sector has cropped up around these innovations — insurtech — to support innovation in the insurance industry further.
Trends indicate that 2023 will be an exciting year in insurtech as new products and innovations emerge. Read on to see 2023 insurtech predictions.
Verification is among the most common challenges facing insurers and businesses that bill insurers. Unfortunately, many companies need a streamlined insurance verification system, which can lead to delays and complications when it comes time to confirm coverage. Commercial insurance software may solve this problem in 2023 by introducing more verification tools.
Verification relies on several vital processes, but it most commonly involves reviewing a client’s coverage in a two-step process. First, a business must confirm that the coverage is legitimate and current. Then the business must review the coverage’s benefits and ensure that it includes the services rendered.
Commercial insurance software is also likely to venture into more consumer-facing features. As insurance clients become increasingly autonomous, human service needs are decreasing. Instead, insureds can access their policies, read essential documents, and manage their coverage using customer-facing software tools.
It offers plenty of advantages to both insurers and their clients. Clients benefit because they can get the service they need without waiting for help from their provider, and insurers benefit because they can reduce the number of resources devoted to simple customer service tasks.
According to statistics, the insurance industry is worth an estimated $1.4 trillion. Despite its high value and expansive reach, many sectors and niche markets still need to be sufficiently served by existing insurance products. Commercial insurance software stands to change that by providing prospective insurance startups with the tools they need to get into the business.
An agency management system, for example, eliminates much of the leg work that would otherwise be necessary to start a new firm. This type of software can complete tasks such as customer outreach and, in some cases, lead generation. Lead generation is often a difficult task for brand-new insurers, so the automation of this task is an exciting new frontier for potential startups.
Finally, 2023 will probably see a move towards more asset management tools integrated into commercial insurance software. It is essential, given that most insurance companies rely on the value of investments to maintain profitability. Managing these funds separately from other agency functions can be challenging. With a single, streamlined software option, insurers can eliminate this challenge and avoid juggling multiple platforms throughout the day.
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.
