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Insurance Softwares
Insurance Softwares
Presently, as the global economy is undergoing massive transformations and challenges, healthcare and insurance sector in particular remain among the most affected recipients of this shift. They not only have the massive task of aligning their businesses on a digital platform but an array of other challenges as well, such as reducing their operating expenses to emerge more competitive, underwriting more accurately to enhance profitability and last but not the least, optimizing their information technology outlay, which is now a key business driver in maximizing customer retention and winning new ones. It is all about how firmly and decisively Information Technology sits in your value proposition.
One of the company called Radix is the leading Insurance Software Solutions provider for all segments of the insurance community and insurance product management. Our web based Insurance Management System Software solution helps to solve long-standing time-to-market challenges. Our web based insurance management system expertise and solution can dramatically lessen the cost of policy ownership services.
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outsourcing service for the insurance industry. Radix has an in-depth understanding of the insurance business management with dedicated experts to the insurance practice to furnish to the specific business requirements for the industries. Our team of insurance technology consultants has developed a conceptual framework for the insurance tracking system, processing flows and other assets that enable a detailed analysis of both the life and non-life sectors. We are one of the business specialists that drive the demand for Insurance Industry.
We are offering a robust web based insurance solution, which has the flexibility of customizations to match the specific needs of clients for achieving their business goal of good service and revenue generation. Here are those modules for your insurance business management.
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Insurance Policy Administration System Claims Management Systems Insurance Agency Management System Insurance Agents Management System Policy Management System User Management System Endorsements Management System Data import / Export system Policy Registration and Quotations Engine Insurance Administration Management System Content Management System Module Insurance Document Management System Insurance Accounting and automation Workflow solutions Auditing Business Intelligence Online Data Back-up System The benefit of Online Insurance Management System
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Unique claim aging tool shows thousands of claims status in one view. Insurance Claims System uses electronic filing system to primary and secondary payers. Each claim is scrubbed with up-to- date Medicare rules. This Claim Processing System helps in quick resubmission for claim rejections.
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You can use overviews of users for mailing purposes etc.. User Management System manages all the users of the system i.e. Customer, Administrator or Agents. It keeps the track of thee the activities they performs, their data, their access information, etc.
Endorsements create a greater liability for the title insurance underwriter, and therefore most endorsements require an additional charge to be collected in excess of the usual title insurance premium.
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Content Management System especially concerns content imported into or generated from within an organization in the course of its operation, and includes the control of access to this content from outside of the organization's processes. Content Management System is designed to manage unstructured content (and to a lesser degree structured data), so that an organization, such as a Insurance Companies, can more effectively meet business goals (increase profit or improve the efficient use of budgets), serve its customers (as a competitive advantage, or to improve responsiveness), and protect itself against non-compliance, law-suits, uncoordinated departments or turnover within the organization.
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Workflow solutions
Radix offers you workflow solutions that will ease the task of issuing claims, policies, reimbursements, payments etc. You can enforce hierarchical constraints and automate workflow, thereby ensuring that all your checks and balances are in place.
Auditing
Insurance is a highly regulated industry, so audit controls are very important. For this purpose, Radix can write audit control solutions customized to your purpose that will help you track and control business issues within your organization.
Business Intelligence
Reporting and charting solutions that will make sense of your data. We can help you analyze your past data for better decision-making and help you make more informed decisions.
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application is not accurate, then you will get an inaccurate forecast. Similarly, if employees bypass the supply chain systems and try to manage things manually (using the fax machine or spreadsheets), then even the most expensive systems will provide an incomplete picture of what is happening in a company's supply chain.
Of course, reality isn't quite that happy and cooperative. But today most companies share at least some data with their supply chain partners. The goal of these projects is greater supply chain visibility. The supply chain in most industries is like a big card game: the players don't want to show their cards because they don't trust anyone else with the information, but if they showed their hands they could all benefit. Suppliers wouldn't have to guess how many raw materials to order, and manufacturers wouldn't have to order more than they need from suppliers to make sure they have enough on hand if demand for their products unexpectedly increases. And retailers would have fewer empty shelves if they shared the information they had about sales of a manufacturer's product in all their stores with the manufacturer. The Internet makes showing your hand to others possible, but centuries of distrust and lack of coordination within industries make it difficult. During the last few years most companies have gotten over the trust issue. In many cases "gotten over" is a euphemism for "have been bullied into sharing supply chain information from a dominant industry player." Want to sell your goods in Wal-Mart? Better be prepared to share data and adhere to Wal-Mart's data-exchange standards. (For more on this topic, see "How Wal-Mart Lost Its Technology Edge.") The payoff of timely and accurate supply chain information is the ability to make or ship only as much of a product as there is a market for. This is the practice known as just-in-time manufacturing, and it allows companies to reduce the amount of inventory that they keep. This can cut costs substantially, since you no longer need to pay to produce and store excess goods. But many companies and their supply chain partners have a long way to go before that level of supply chain flexibility can be achieved.
Four Key Benefits of Supply Chain Management Software A supply chain software can offer tremendous value to any company that relies on the smooth planning and execution of related operations to achieve long-term profitability and maintain a solid competitive edge. Thats why more and more organizations are purchasing and implementing supply chain applications. In fact, the market for supply chain and related softwares is expected to reach $7.4 billion in 2008, according to a report by ARC Advisory Group. What are the key benefits of todays leading supply chain software? Improve Your Supply Chain Network Supply chain softwares provide complete, 360 degree visibility across the entire supply chain network something that cannot be easily achieved with disjointed manual processes. With supply chain, users can monitor the status of all activities across all suppliers, production plants, storage facilities, and distribution centers. This enables more effective tracking and management of all related processes, from the ordering and acquisition of raw materials, through manufacturing and shipping of finished goods to customers or retail outlets. So the status of mission-critical activities can be tracked at all times, and potential inefficiencies or problems can be identified and corrected immediately, before they become unmanageable.
Minimized Delays Many supply chains particularly those that havent been enhanced with a supply chain application are plagued by delays that can result in poor relationships and lost business. Late shipments from
vendors, slow downs on production lines, and logistical errors in distribution channels are all common issues that can negatively impact a companys ability to satisfy customer demand for its products. With supply chain software, all activities can be seamlessly coordinated and executed from start to finish, ensuring much higher levels of on-time delivery across the board.
Enhanced Collaboration Imagine having the ability to know exactly what your suppliers and distributors are doing at all times and vice versa. Supply chain softwares make that possible, bridging the gap between disparate business softwares at remote locations to dramatically improve collaboration among supply chain partners. With supply chain softwares, all participants can dynamically share vital information such as demand trend reports, forecasts, inventory levels, order statuses, and transportation plans in real-time. This type of instantaneous, unhindered communication and data-sharing will help keep all key stakeholders informed, so supply chain processes can run as flawlessly as possible.
Reduced Costs A supply chain software can help reduce overhead expenses in a variety of ways. For example, it can: Improve inventory management, facilitating the successful implementation of just-in-time stock models, and eliminating the strain on real estate and financial resources caused by the need to store excess components and finished goods Enable more effective demand planning, so production output levels can be set to most effectively address customer requirements without the shortages that result in lost sales, or the waste that drains budgets Improve relationships with vendors and distributors, so purchasing and logistics professionals can identify cost-cutting opportunities such as volume discounts.
Retain Customers With Great Service Most insurance companies understand the virtues of a single, complete, real-time enterprise view of individual customers, and they have made great progress towards providing this view at customer touch-points throughout the enterprise. But it's critical to note that this view should not be regarded as an end in and of itselfrather, it is a rich foundation to be used as a basis for a deeper, more advanced level of customer understanding. Consider how foolish it would be to try to sell automobile insurance to someone who doesn't own a car. Without customer analysis and behavior prediction, this is exactly the quagmires that call center representatives, agents and brokers find themselves in every day. This advanced level of
understanding is needed to help insurance companies predict customer behavior and align marketing, cross-selling and up selling efforts accordingly. By making customer analysis and behavior prediction data immediately accessible at the desktop, sales efforts are optimized and customer loyalty is strengthened, as individual customers feel that their needs are understood and met in a way that is fast and convenient. Predicting customer behavior for improved sales efforts is a three-step process: Sum Profiling: Insurance companies first build a profile of information about customers who have previously exhibited a targeted behavior. Profiling requires rich customer data, including enterprisewide transactional and behavioral data such as call center and account holdings information. Other data sources include key performance indicators and third-party demographics. An example of profiling might be building a profile for customers who bought new homeowners' insurance policies in the past two years. The goal is to determine characteristics to look for in future buyers. Sum Modeling: By using data mining on the profile information, analytics can uncover the most relevant characteristics of the customer segment being analyzed. For example, the most significant attributes of customers who bought homeowners' insurance are gleaned from the profile via the data mining application. Such characteristics comprise the model of customers most likely to purchase homeowners' insurance in the future. Sum Scoring: Insurance companies use predictive analytics to score existing customers by comparing them to the model. Those most closely matching the characteristics included in the model are most likely to exhibit the targeted behavior. Given the example above, an insurance company can rate its customers numerically to indicate how closely they match the model of the person most likely to buy homeowners' insurance. Once customers are scored and the analysis pinpoints customers most strongly correlating with the model, an insurance company can address those customers, especially the top prospects. Customers scoring a nine or above might receive a special promotion for homeowners' insurance, while a separate, incentive-based offer might entice those scoring seven and above. Customer analysis and behavior prediction can also be used to identify life events and/or extended relationships, which can be highly useful in improving profitability from individual customers. For example, life events often trigger changes in insurance coverage that can be anticipated and leveraged with targeted offerings. You might identify health insurance policyholders who have recently had new children and offer them an attractive life insurance policy. Using a single, complete, real-time enterprise view coupled with customer analysis and behavior prediction, you may be able to identify good drivers among your auto policyholders who have children turning sixteen. It's time for a targeted offer to add the family's new driver to the policy. As with many industries, the more products you can sell to a given customer, the less apt he/she is to migrate to another provider. Furthermore, as policy holders tend to stick with you, the ratio of premiums paid to the cost of claims increases in favor of the former. Lastly, statistics show that the longer a policyholder remains a customer, the less frequently he/she submits a claim. All of these factors contribute to improved profitability.
Control Costs While You Expand Business expansion presents many positive opportunities to insurance companies, including increased assets and broader geographic reach to new customers. So how does an insurance company grow without sacrificing profitability? The company at hand must offer the same level of superior service that its customers have come to expectwhile minimizing operational costs that, paradoxically, have the potential to spiral out of control, as the company begins to serve an augmented and growing customer base. The first key is to enable your agents, representatives and brokers to identify and spend the right amount on each opportunity. A high-value, low-risk customer, who carries policies over a long period and makes relatively low claims, is an ideal subject for marketing and sales efforts targeted
at extending his or her portfolio. Call center representatives, agents and brokers need real-time access to this business intelligence, so they will know where to concentrate their efforts in the limited amount of time they have the customer's attention. The second key is to use the most cost-effective channels without sacrificing a high level of customer service. Call center, agents, email, phone and self-service portalshow can your employees determine which channels are the most efficient and cost-effective for different target audiences and desired behaviors? Again, using customer analysis and behavior prediction, call center representatives, agents and brokers can target marketing and sales efforts through different channels depending on the target audience in question. Going one step further, new and advanced email response, Web chat and self-service portal tools are drawing more and more customers to the Web each day, enabling a consistently high level of customer service while "pulling" customers to a communications medium which is much more costefficient than the phone. Particularly valuable are Web-based self-service portals, which can function as a first and last point of contact and eliminate valuable time spent assisting a customer who can just as well assist him or herself. Finally, Web-based interactions tend to deliver on the holy grail of customer servicespeed and convenience. The third key is automation of the more mundane insurance business processes. Given the myriad systems in the insurance worldclaims, billing and policy systems, not to mention automobile, home, life and health insurance subsystems for each oneCRM systems in insurance will only add another layer of complexity, labor and expense if they are not pre-built to connect with legacy systems and automate the mundane work of keeping these systems updated. Automated, multistep workflow capabilities are critical to minimizing these and other potential bottlenecks, such as the processing of trailing documents supporting a policy applicationdocuments like expert appraisals, doctor's statements and/or proof of student status. By automating mundane processes and removing the paper trail, call center agents, representatives and brokers are freed up to focus on the more strategic activitieslike servicing customers. Today's insurance companies certainly face a daunting challenge in maintaining and increasing their competitive edge. But by focusing on three key imperativesgaining a unified enterprise view of customers, retaining customers with great service and controlling costs while expandinginsurance companies can turn challenges into strategic competitive advantage and enhance their long-term viability and profitability.
FAQ about CRM Why should insurance professionals use CRM software? CRM software, like any application is a business tool. As an insurance professional you interface with many people on a daily basis - underwriters, claims adjusters, and obviously customers. CRM software helps you organize, track, and manage these day-to-day interactions. What advantages does online software offer over traditional CRM packages? Online CRM software is ideal for the call center industry because it is convenient. You'll never have to perform installations or upgrades on web based software. In the case of Web Cliento, the software is very easy to learn. What's more, the CRM tools are available from any computer with an internet connection, meaning that you don't have to be at your own computer to access all of your customer data. How will online CRM software improve my customer service? First of all, CRM software for the insurance professional that currently doesn't use any offers organization. It allows you keep your customers, calls, and other pertinent data in one place. Any insurance professional can benefit from a customer management solution like Web Cliento because its analysis features help users identify accounts that need attention, remember scheduled calls and meetings, etc.
Is CRM software going to save my time, or waste it? Picture your business day without any CRM solution in place. No matter how good you are at organizing, storing, and retrieving the information about each customer, these will be time-consuming tasks. You rely on paperwork or even human memory to keep track of customers. Now think about how much more efficiently you could work with a simple, efficient CRM application in place. Customer data is organized and available at any time. Collaborative solutions, such as the Team model of Web Cliento, even allow you to share customer data with colleagues. What is online CRM software? Software applications for CRM, or Customer Relationship Management, are designed to organize sales efforts, track new business leads, and build upon existing customer relationships. Online CRM software is completely web based. Typically, you don't have to install any programs or store any files on your hard drive. The programs and data for online CRM software reside on the server maintained by the software provider. This offers several distinct advantages, foremost among them being accessibility. Why should I use CRM software? CRM software helps you organize your sales team, manage customer service issues, and share customer information with colleagues. Contact management and scheduling tools are key features of almost any CRM application. Some CRM solutions also offer analysis tools that can help you drive sales and improve customer service.
Advantages of CRM
By leveraging real-time analytic capabilities, Infor insurance CRM software can assist your customer contact professionals in maximizing inbound calls with permission-based solutions that help them to recommend offers that policyholders are likely to find beneficial. Combined with legacy systems integration, the keys to better performance are available with Infor CRM solutions for insurance.
Marketing - Effective marketing functions at a level that appeals to the masses, but satisfies the needs of individuals. This is especially true for the insurance industry. Marketing solutions from Infor insurance CRM software allow your CSRs to make real-time decisions that deliver optimal opportunities for every customer, every time. Further, Infor CRM solutions for insurance allow your organization to realize a tighter synergy between inbound and outbound communication channels to maximize the impact of marketing campaigns.
Sales - Infor insurance CRM software automation tools facilitate more productive conversations by automatically presenting relevant customer information at the right times. This level of sales support leads to higher levels and sales productivity while simultaneously shortening sales cycles for a higher level of profitability and customer satisfaction.
Service - Customer calls can be unpredictable, ranging from upset policyholders looking for resolution to a problem, or potential customers who are looking for your organization to provide a solution that their current insurance provider does not. If you can provide the right service and the right solution, your contact center becomes a profit center that satisfies policyholders while driving growth. Infor insurance CRM software can help.