Competition in the insurance industry is fierce, and insurers need the best technology to stay ahead in the game. But it’s not just about staying ahead. It’s about futureproofing your operational systems so that you can quickly react to market conditions when needed.
We comprised the following technologies that every insurer must have in their arsenal to be more efficient and effective in the industry.
These technologies address the specific needs of insurers including:
- Developing innovative insurance products
- Distributing products to market with a frictionless sales experience
- Expanding sales and distribution channels
- Managing policy activity
- Flexible integrations
Develop Innovative Products and Get to Market Fast
Your products are what set you apart from the competition and having simple yet powerful rating and pricing tools can make all the difference. Most rating and pricing solutions in the market are either too complex or require specialized skills to configure and operate. They take too long to implement any new product or product changes, and that ultimately means that you are not able to respond quickly enough to market conditions.
In order to achieve true speed to market, you need a rating and pricing solution that provides:
- Cloud-based rating and pricing engine
- 100% configurability
- Simple user interface that anyone can use
- Excel-based editor for developing rate tables and premium calculations
- Dynamically generated APIs for plug & play integration with other systems
Best Solution: ClarionDoor’s Standalone Rating & Pricing
Distribute Products Instantly with a Frictionless Point of Sale Interface
Getting your products to market doesn’t have to be a monumental task. Most traditional insurance systems have not considered distribution. The result is a massive IT effort requiring additional software development just to get your products out the door, oftentimes taking months to years.
If you want a seamless approach to product distribution, you need to consider:
- Cloud-native, API architecture
- Instant distribution of insurance products to the front-end interface and back-end engine
- Fully configurable
- Enabling a frictionless rate, quote, bind, issue experience
Best Solution: ClarionDoor’s Product Distribution
Expand Your Sales & Distribution Channels
One of the best ways to increase sales and revenue opportunities is to expand your distribution channels. For managing general agents (MGAs) and large retail agents & brokers, it’s about improving your quoting efficiency by connecting to a well established carrier network. For carriers, it’s about expanding your distribution by partnering with top MGAs in the industry. There really is only one option that offers both that enables you to:
- Instantly connect with the fastest growing E&S carrier network
- Expand distribution with over 25 top MGAs
- Improve quoting speed and efficiency with your own carrier network
- Enter quotes once and compare multiple carrier indications in real-time
- Push quote data to carrier portals without having to rekey anything
Best Solution: ClarionDoor’s Comparative Rating & Quoting
Manage Policy Activity in Real-Time
At this point, we have explored options for creating products, distributing products, and expanding distribution channels. Once you have issued policies, now you need to transact on them. Most insurance companies continue to use their monolithic policy administration systems to perform multiple functions, including policy management; however, there is a more modern approach to managing policies in a simple and efficient way that includes features like:
- Real-time access to policy data
- Transactions for all phases of the policy lifecycle
- Transaction automation for batch processing
- Full configurability
- API architecture for seamless integration
Best Solution: ClarionDoor’s Policy Management
Integrate with “Your-Choice” of Industry Technologies
Most insurance systems are inflexible and require you to integrate with “their preferred partners.” Not only can that be frustrating and add cost, it creates an environment that locks you into technologies you might not have wanted. You need insurance software that is flexible to where you can integrate with the technology of your choice!
At ClarionDoor, we strongly believe in this philosophy and by leveraging our breakthrough API technology, we make that possible. Check out some of the technologies we have already integrated with.
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