Cloud based software allows the storage and retrieval of data via remote internet servers, and the delivery of software and infrastructure based on user demand. Information can be packaged to be fully or partially automated, and delivered to customers in a consistent manner.
The benefits of this for the insurance industry are perhaps higher than in any other, due to the necessity of having to find, store and update high volumes of data in a variety of formats on a daily basis.
Automatic updates mean there is no longer any need to waste time installing software, leaving you free to concentrate more on client care. Also, the fact that the storage is done on the web rather than a physical machine means it can be accessed by authorised personnel from almost any computer, laptop or even mobile phone.
Compatibility
The software is also compatible with everything, so it doesn’t matter if you are a Mac, PC or Linux user, you will be able to access the database any time, from anywhere. This compatibility also means you can upload any information gathered previously to the introduction of the system, and it will be saved in a fully accessible format.
Back-Up & Security
Cloud software boasts its elasticity – it gives users the option to scale up or down at any time. It also allows for self-service provisioning, and can be set up to allow automatic de-provisioning if required. It provides automatic data back-up, which includes real person checks, so you will never lose important data. Up to the minute patches and firewalls guarantee a level of security never previously available, and it is a fast and reliable service.
Future Proof
Cloud based software allows all insurance departments to work from the same database quickly and easily, so is the perfect MGA software solution. Communication becomes simpler, and as the software adjusts itself to changing market conditions it will not become dated.
Reporting
The software automatically presents data back in a number of formats, including the generation of reports and graphs. These will allow you to closely monitor claim ratios, and compare new data to old. Market Intelligence reports can be generated in real time and be accessed at once by all authorised users, allowing quick reactions to new financial information. Simple policy renewals and quotations can be set up to be completed fully automatically, with the rates being decided in line with the current Claims Loss Ratio or CLR.
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