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Why is Bespoke Software Crucial for the Insurance Industry?

    Bespoke software provides your business with all the necessary features relevant to your team. Developed from scratch, bespoke software offers solutions developed from scratch, tailored to your business’ specific requirements. There is a growing need within the insurance sector to strengthen software as a result of the industry progressing into the digital age. In order to keep up with competitors companies require advanced software that supports their needs, a bespoke solution provides this.

    What are the Benefits?

    Different areas of your business can benefit from bespoke software implementation. For example, insurance claims management software is used by companies to manage the entirety of the claims lifecycle. Automating large portions of this process reduces time, cost and improves the customer experience. Using claims management software systems can streamline the claims management process, allowing all aspects of this process be handled within one system.

    Using bespoke software for claims management and investigation reduces the risk of human error.

    Bespoke Software for Claim Management Investigation

    Repetitive manual tasks often result in human error, implementing a bespoke software solution automates these tasks, eliminating the risk of human error. Many companies still rely on outdated methods including cumbersome sales spreadsheets. Bespoke software eliminated the need for these out of date methods, increasing efficiency and reducing human error risks.

    Bespoke software provides flexibility by offering your business full control over the features you choose. This provides you with software that works with your needs, ensuring efficient and accurate solutions. The complexity of the software can be amended to your needs ensuring ease of use for your business. With easy modification options bespoke software allows for scalability within your business.

    By using software designed for your needs you can save time by eliminating unnecessary features from your system. Using software designed around you results in a more cohesive, reducing the time needed to familiarise oneself with the system and resulting in a more efficient process. When using bespoke software, you will be connected with a developer to support you. Having dedicated support reduces delays due to technical issues, such as updates and bugfixes. This leaves more time for you to focus on work and not on technical issues.

    Insurance is a highly competitive industry. Efficiency is highly important in order to maintain margins, meaning having increased automation of processing is highly important. Bespoke software is crucial for creating an efficient and controlled insurance business.

    What are the Potential Issues?

    Bespoke solutions take longer to implement than off-the-shelf solutions. The personalisation of bespoke software requires manpower and time to create, unlike mass produced options. This time results in a higher initial price point. When requiring a short term software solution, ready-made systems are more advantageous. If scalability or versatility are needed, bespoke solutions are a more appropriate option.

    Bespoke software should be regarded as an investment. It takes time and money to develop a bespoke software solution for your business, however once integrated its efficiency will result in savings in both these areas. The security of working with a developer limits time spent on technical issues and reduces excess costs. The simplicity of maintenance, as well as added control results in a reliable and stable software solution, crucial for the insurance industry.

    Claims management and investigation needs bespoke software to function effectively. Automating large portions of the claims lifecycle reduces time, cost and improves the customer experience.

    At Toolagen we are experts in bespoke software solutions for claims management and investigation. If you want to know how we can support your business through bespoke software solutions contact us here. We want to use our breadth of knowledge and experience to turn your vision to reality.