Insurance management software refines a company’s efficiency and brings valuable innovations. With useful digital options, insurance companies may reach the powerful management tools. Moreover, each company may create its own insurance fund to take care of its employees.
This cost-effective solution is very important in today’s competitive world. For example, this year, North American insurance companies spend $82.6 billion on software and IT services. Let’s compare it with launching a small company to handle all insurance issues. Most startups cost approximately $3,000 to start, while home-based franchises are worth up to $5,000, according to the U.S. Small Business Administration. As we see, it’s cheaper to create a separate solution for your management needs.
Ensuring a needed coverage of risks across insurance policies is difficult for companies globally. Insurance policies spread in various areas, such as product and civil liability, workers’ compensation, automobile liability, etc. Nowadays, many companies struggle to track the expenses of insurance policies connected to insurable risks. Companies have to choose the best insurance providers and policies at the lowest cost and provide a good insurance coverage that decreases redundancy.
Insurance companies monitor and handle insurance policies successfully, help to control their expenses and decrease risk impacts. Organizations can map effectively their insurance policies. By gathering in one place all insurance policies, companies can better compare them and therefore discuss better deductibles and premiums.
What Is Insubiz?
From the start, the idea was to create an insurance agency inside the company in order to provide the employees with the insurance fast, easy and cheaper. The advanced system to manage insurance policies and insurances has simplified the required procedures.
It was an important issue for the US captives to find a flexible system to handle all operations. Now, they can track the activities and see the balance, expenses, manage payments, cover insurance cases and much more. Used by risk managers and captives, insurance brokers and for employee benefit programs, the system now has over 10,000 users globally.
The main features:
- This innovative solution helps to promote risk awareness and exclude all possible dangers. With helpful scorecards, users will notice the vulnerability or security level.
- This tool alines losses with assets throughout business units, accelerates the management of the claims, create bespoke and standard reports. Users may see the whole claims lifecycle and improve data capture.
- With this solution, it’s simpler to track all insurance programmes, policy limits, deductibles, and renewal dates, their erosion – all in one location. It helps to measure loss exposures and updates in your risk profile, improving productivity by boosting the renewal process. Besides, users may save an audit trail of external and internal information.
- Users can manage their tasks simpler with smart notifications.
- This solution allows improving collaboration with the clients or employees across role-based security management.
On the buyer side, clients invest in insurance apps based on useful features and abilities that may replace their current legacy systems. In many cases, competitive and innovative changes that could have a profound influence on the market will become more popular.
Behind the Scene: How Our Solution Has Saved the Situation
There was a frustrating situation. All Danish companies and governmental institutions need to use the legal electronic reporting system to record all accidents. It made the operation for submitting workplace accidents as very time-consuming. For example, it could be 8 pages for one accident and most employees perceived that process as a waste of their time in emergency situations.
The demand for the integrated solution has arisen, so the business owners looked for the way to find an innovative solution that will be integrated with governmental requirements. The main goal was eliminating duplicating the work and optimizing the processes.
Simplicity was gained in everything: cost per incident has been decreased by 75%. By optimizing the capturing of the information, claim registration, calculating claim costs and creating a case journal, not only the expenses were reduced, a time was cut from 30 to 5 minutes. Statistics showed that this solution helps to save 600 hours each year on incident management.
InsuBiz has become a rescuer with the ability to provide such good integration and easy management that simplifies the processes. Besides, all issues related to the stability of the governmental system were excluded.
This solution not only helps to bring employees’ satisfaction but allows Horsens Municipality to handle the data about each vehicle and location.
As we see, the insurance sector required new approaches to stop overwhelming employees and business owners and serve them better in emergency situations. Besides, there was a growing need to decrease expenses while creating an ability to develop needed insurance reports fast. InsuBiz helps various companies to achieve these goals, innovate, and stay competitive.