The Use of Technology in Insurance

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The use of technology in insurance improves every aspect of an agency's data management system and processes. Insurance agents can quickly respond to the needs of customers, using state-of-the-art technology that can instantly provide accurate information to clients regarding insurance issues.

Purpose

  • The purpose of insurance technology is to dramatically reduce the amount of paperwork dealing with policies and proposals, and effectively meet the needs of clients in much less time than traditionally expected. Insurance technology eliminates a great deal of paper handling and travel cost once required by insurance agencies.

Efficiency

  • Insurance technology allows insurers to increase revenue by automating service processes that were once exhausting and time-consuming. Now, insurance agents can generate more insurance policies, proposals and applications for new customers, thereby creating opportunities for faster purchasing.

Convenience

  • Insurance technology makes it easier on clients as well. Web-based agency sites allow clients to complete application processes, sign policies and proposals, and receive quotes without having to visit the insurance agency in person.

Technology Types

  • A variety of insurance technology software and hardware exist to make an insurance agent's work easier. Agency Port's BookSmart, AMS Service Transit Server, PACTaccelerator, TurboStorm and TurboRator Comparative Rating System and Insurance management systems are a few of the significant insurance technologies that allows agents to decrease input and output processes, enabling agents to generate more revenue.

Significance

  • The impact of technology in insurance cannot be overstated. The large amounts of paper work, and the time and effort needed for the completions of customer policies, can be extremely draining, causing agents to work well beyond 40 hours a week. The use of appropriate technology eliminates many of the past problems and allows agencies to keep up with the competition.

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References

  • Photo Credit global technology image by patrimonio designs from Fotolia.com
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