Looking For The Best Investment Management Software? Ask Yourself These Questions First

Investment handling is no longer a manual recording of transactions. It has several components, such as 401(k)s, IRAs, brokerage accounts and savings accounts. With all of these factors to consider, manual investment handling has become way more tedious and prone to errors than in the past. Thus, investors are looking for help from the best software minds out there. And thanks to a rapid development in technology, we have investment management software to provide the same.

Investment Management Software

The Advantages of Investment Management Software
Investment management softwares, also known as online investment management solutions have several advantages such as:

● Real-time price updates
● Up-to the-minute news articles on investments
● Direct sync with investment accounts
● Performance reports

The best investment management software takes into account the security of each transactions and encrypts all data.

Before choosing the best between investment management software, one should ask the following questions regarding the features and functionality of each:

● How much are you spending on the software?
First and foremost, consider how much are you willing to spend. This includes both the monetary cost as well as the time spent learning the usage of the software. Run a cost-benefit analysis taking into account the features, the price and the user-friendliness of the software package.

● Does it have state-of-the-art security when it comes to transaction handling? Security tops the list while choosing management investment software. Not only it is important to check whether the software can handle current investments, but also to check its capability when handling investments done in the future in case your portfolio expands.

As far as transactions are concerned, one should look beyond the basics such as buying, selling and cash dividends, and check the softwares ability to handle data points such as short sales and return of capital.

● Does it compile adequate reports?
Reports help analyse each KPI related to your investments. When choosing a software, one should check whether the software provides only one form of report for analysis or whether it can deliver customized reports too. This will ensure the flexibility and functionality of your analyses in the future.

● Does it deliver accurate performance forecasts?
Any software worth its salt should be able to show you how are you performing. Performance reports should be delivered in multiple forms so that it covers the diversified aspects of all accounts. Reports should be able to analyse different market cycles at various times and should provide both relevant and valuable information.

How Does Software-Based Insurance Claims Management Work?

Insurance Claims Management in General:
Insurance claims management systems allows the agents to record the claims within a centralized system of record. The claim details include litigation, settlement communications, negotiation, claim assessments and relevant policy information. Insurance claims management systems are utilized by both independent and enterprise insurance agencies to help agents deal with their customers' claims. Insurance claims management products can enable insurers to reduce claims management costs, reduce fake claims, and upgrade customer experience. These products can be enabled either as a standalone solution or as part of an integrated insurance suite.

Claim Management Software

What is Insurance Claims Management Software?
Insurers, manufacturing companies, and healthcare providers need claims processing operations that are customer-centered, cost-effective and versatile. Leading businesses would use insurance claims management software to remove operational inefficacies and legacy issues, reduce support and training costs, and enhance the customer experience.

Claims management software empowers organizations to create automated end-to-end claims protocols that can drastically improve ROI across the board. This is because they can deploy along the lines of intelligent, dynamic business rules that fully achieve company objectives and utilize those principles to drive automated processes that apply the best thinking consistently across organizations.

Requirements for Inclusion in Insurance Claims Management Software Category:
To qualify for inclusion in the insurance claims management software category, a product must:
• Support claims and settlement workflows
• Provide risk assessment capabilities to identify claim complexity and likelihood of litigation
• Analyze data to detect potential instances of fraudulent claims
• Allow users to create claim reports

Providing Efficient Insurance Claims Management  with New Software Programs:
To help maintain a customer base and accomplish effective claims management set by OECD, many organizations have begun creating software programs for insurance agencies and experts. With a committed workforce and solid IT facilities that guarantee the confidentiality of data and are perfect with mobile communication gadgets, some reputed companies have developed software tools that can document and analyze critical insurance narratives, financial, and statistical information.

Claim management software programs, for the most part, take into account protection and risk claims department, third-party claim administrators, and risk managers particularly those involved with legal cases. They highlight an advanced search mechanism that effectively discovers one or more required documents, information, and transaction records for general insurance claims. They can deliver reports that can be exported to spreadsheets, Microsoft Office applications, and ASCII content files.
Some software programs track finance-related data relevant to litigation procedures. Information including payments, insurer shares, and various expenditures, are put away in a virtual repository which can be accessed anytime and anywhere by vendors, lawyers, and claim handlers.

Software programs equip insurance claims experts with activity documentation, composed notes, and database references. They also additionally give billing methods that instantly monitor time-bound tasks. These include work periods and communicating with customers through telephone calls, faxes, and mail. In short, they’ve revolutionized an industry that was formerly weighed down by bureaucratic processes and manual record-keeping.

Exploring The Different Types Of Business Process Automation Enhancement Solutions

Inventory Management Solutions

Companies often need to eliminate complex and redundant steps in their business processes and streamline operations for simplicity. This function of reducing and reorganizing is often called Business Process Automation and is an innovative way to systematize business processes that are prone to human error.

Let’s talk about some of the best automation solutions that are employed by most businesses:
Robotic Automation: Robotic Process Automation does not involve any kind of robots, it just uses bits of code that are called ‘robots’ or ‘bots’ by software programmers. Effectively, RPA involves using a bot that is designed to perform high-volume tasks efficiently. In plain language, this implies that they can be used to complete simple tasks such as data entry, form-checking, etc. at a much faster rate than humans and with fewer errors. Bots don’t get bored, need breaks, or sleep and this is what makes them more efficient, and frees up humans to do higher level tasks that require strategic and creative thinking.

Database Automation: Every company with a sizeable amount of data will have a database. But managing huge databases can be incredibly complicated, and many a time, they will need to be duplicated across a cluster with minimal variation. This leads to your Database Administrator being called upon to perform many more tasks than normal, some of which begin to fall outside their scope of expertise. Luckily, we have database automation that could conceivably come to our rescue, taking away some of the tedium of replicating any given database. The process is all about making the boring, laborious tasks go quickly and easily, enabling DBAs to have more time to tasks that require manual input, like performance tuning and provisioning. Database automation isn’t just about copying and pasting data though. It also executes performance testing and system monitoring functions that are critical to maintaining a clean database that develops as few errors as possible. As an added advantage, a good database automation program reduces the amount of human error in the system eliminating versioning errors and setting up

Server Automation: Like databases, servers are an important part of any company’s applications and managing them can be quite a task. Server automation software provides fast and easy deployment of new server software, provisioning, inventory management, patching and compliance operations, thus removing the margin for human error.

Department Specialized Automation: While there are a lot of software’s out there that cater to generic business needs, sometimes a department will need something very specific. In these cases, custom software can be built to fulfill a role that isn’t otherwise covered by the available software in the market. Departments that generally employ automation to remarkable success include sales, accounting, warehousing, marketing and HR.

The bottom line is, automation is your friend, shake hands with it and improve your business process to increase effectiveness of your business. Visit http://3i-infotech.com to know more about the best business process automation softwares and optimal solutions.

The Changing Trend - Insurance Web-Based Portals

The trend is moving towards one-click to information and web portals that help consolidate and customize information for the customer. Customers no longer want to be stuck with the request processing loop of call centers for anything, be it movies and weather or insurance claims. Keeping in line with this trend 3i Infotech has developed various software’s such as Insurance Web-Based Portals. This software’s range from Insurance Software to software for banking processes.

Health Insurance Underwriting Software

Why Companies Invest in Web-Based Portals 

Let us take into consideration the Insurance sector, the companies have issues with retention of customers even though they are actively working on the process. A web based portal will give them more user control and increase the chances of customer retention which is highly important to any company. 3i Infotech is one of few who has Insurance products ranging for specialized sectors within insurance.

Health Insurance Underwriting Software, a specialized software for a very specific process makes it reliable and super user friendly. Their product is Premia which covers; Premia General Insurance, Premia Life , Premia Health to Premia for asset management . These specialized IT-Software solutions help with customer retention from end to end for any sector, from underwriting to claims. Not only that the Insurance software helps sell and support them across various distribution channels.

Not Just a Technology Fad 

These IT software’s are also evolving they are moving towards a digital transformation and the companies are benefiting as these solutions are reducing costs in general and reducing loss costs for many which is their first step to regain market credibility. They also enable the processes to run 24/7 , 365 days More and more companies are realizing this need and the Insurance sector should to move towards this changing trend and benefit from these IT solutions increasing productivity and generating higher revenue

 In addition to that , Insurance Software especially can help with managing multiple claims at the same time and automates manual tasks improving productivity . This changing trend has also enables seamless control over which person can audit and approve payments . These Insurance web-based portals are now powered by cloud computing , initially they were considered of little practical value . Todays trends show that they have arrived and been widely accepted analysts and companies alike . The main reason for this is that the mobile-friendly workforce demands flexibility .

Get The Best Insurance Software For Business Growth

There's no easy way to figure out what the best insurance software solution is for your business, but in our research about what clients look for to determine the best insurance agency software for their business, we understood that reputation and long-standing credibility were major factors. The insurance underwriting software being used by many insurance companies aim to facilitate overall operational excellence and improve speed and ease of customer service.

Best insurance agency software

Innovation and quality are too often used as buzzwords, and not every small upgrade is necessarily an innovative leap. Business growth is certainly not determined by utilising the newest in the space; however, sometimes, the overall growth does depend on the small things. If newer ends up meaning easy-to-use and operate then it may be possible that the insurance software solution for your business does lie in a complete overhaul of your systems.

One way to test if it is working for you is absolutely quantifying the output and the changes promised. Checks and measures of the KPIs is very helpful in determining if a new software being demo'ed is the right way for your business. However, not every growth parameter is absolutely quantifiable and qualitative benefits such as ease of customer service and user-friendliness and scalability are some other measures that must be looked at.

Automation insurance software can help resources stay in touch with the needs of prospects. The best insurance agency software allow engagement with customers by providing valuable information in specific to individual needs and they also allow keeping track of customer engagement with services provided. Customers and prospects can be assigned scores for their engagement, enabling understanding of when a lead is sales-ready and can be actively pursued by sales reps. Good insurance underwriting software and other insurance software tools allow scalability for business growth, and are not all that difficult to choose.

To understand what insurance software can be the best for your business, a simple check is knowledge of the brand's presence in the global market. If it is flexible enough to integrate varied requirements and still has a long-standing reputation with its clients, you can hardly go wrong. PREMIA by 3i-infotech is one such software for insurance with global presence transcending decades, but there are several solutions now available to choose from. Good reputation does often make for an easy choice.

Buy an Insurance in Click-Click!

Insurance web-based portals

The entire world can be found on the internet, then why should you buy insurance the old way? With efficient Insurance web-based portals, buying and comparing insurance policies convenient, fast, and usually less expensive. With thorough information available online, it is possible to do a detailed comparison, understand the different plans comfortably, choose and buy insurance online. Online insurance is growing steadily in India and a lot of people have opted to purchase and renew their insurance policies online instead of going to the traditional offline channels. Insurance software is also beneficial for the insurance companies as it helps in reducing the overhead and operational costs and improve customer service and satisfaction. The insurance software is deftly designed to resolve complex activities and tasks.

Insurance software is widely functional in various insurance fields including health, life insurance, pet and car insurance. It is perfect for you if you want to know what your policies do as well as for both small and big companies which are looking for managing multiple insurance portfolios. Implementation of insurance software provides the insurers with cost-effective and efficient management systems benefiting the company and generating a valid profit. The insurance software can be customised according to your needs and the nature of the industry you work in.

Insurance software systems cater to the needs of a business and fulfill them by performing the job in lesser time with almost no error. It provides regular status reports thus making businesses run more effectively and helps generate ideas about the alliance of the system into the trading process. Insurance software helps improve customer services, manage large numbers of client profiles and generate a database of clients. The automated program helps to maintain a huge database of customers’ related information and enhance the performance of various operations which are necessary for completing numerous important tasks which in turn improve company's productivity.

Enhanced efficiency with consistent data sharing for binding, rating and policy processing is kept within insurance software system. Another important way this software helps insurance companies is that it provides a large set of accurate data for under writing managers and delivers superior information to carrier partners. Insurance software generates statistical codes for every transaction from user interface design to rate the results. Insurance software systems are benefiting the insurance industry, widely driving it towards a profitable future.

Decision-making Software - Decision Making Made Easy!

Decision-Making Software

To run a business, you have to make decisions every day, be it a small decision or a big one. Business decision making requires powerful tools and great expertise behind it. Making the decisions manually takes a longer amount of time and involves higher confusion, however, with decision-making software, you can make better decisions. There are lots of decision-making software available for all sorts of different decisions, for example, if you need help with your insurance, there are insurance software and general insurance modules at your disposal.

Decision-making software is a decision interpretation tool that allows the user to resolve and express the situation, simplify the alternatives and represent the information in a way that provides insight for all those involved. This software greatly utilizes the data and information. This kind of software requires heavy data and information from within and outside the organization. Therefore, to rely on the decision-making software, you need to maintain a database for recording day to day data and information.

Decision-making software has an ability to play with large amounts of data very quickly and analyze the changing scopes and parameters with quick results. The software can generate interactive web results and also quantifies the risks.

The interface of the decision-making software is crucial in defining its quality and usability. If it takes more than a minute for a user to find a necessary option or button they will most definitely refuse from further testing and using the software. This imposes certain requirements on the program interface in terms of its intuitiveness, comfort and user-friendliness both in mind mapping and decision analysis. It is always advisable to try the decision-making software before purchasing it. You can also ask for an in-depth demo of the product to see its functions, usability, and to compare the options.

Insurance Claims Management With New Software Programs

Claims Management Software

Claims Management Software

With the rapid digitization that this world is seeing, it is imperative for different industrial sectors to align themselves with changing trends. With the agility in the market, no brand can keep itself aloof from aligning with evolving technologies and processes. Today, developments in technology are changing the core operational processes of businesses. These changes impact not only processes, they are also extremely effective in streamlining productivity. There are no verticals of a business that remain untouched from the impact of technology as it constantly changes the way humans function in daily life.

The insurance industry is no exception. In the insurance segment, insurance claims management software helps organizations in building and deploying automated claims processes that fit in the agile system of today’s digital insurance web-based portals. A good claims management software should enable an organization to be more intelligent, ROI oriented and extremely agile. It also enables scalability and work efficiency by reducing redundant work. With a good claims management software, dynamic business rules can be established that will enable best practices across the organization. The software helps businesses in tracking, managing and self-administer claims. Apart from helping in delivering real-time financial analysis, they enable customised reporting. Apart from doing both quantitative and qualitative risk analysis, they also help in reviewing real-time data.

Insurance claims management software with new software programs helps insurance companies in evaluating and managing claims more effectively through automation. They help manage and all details that are of relevance to individual or enterprise insurance company. They can include all details on litigation, negotiation, settlement or policy information among other things while enhancing customer experience.

A good claims management software will have some defining characteristics:

- It will manage support claims and workflows on settlement
- Provide qualitative and quantitative risk analysis
- Help identify claim complexity
- Help analyze data to understand fraudulent claims
- Help create claims reports
- Help make processes more customer-focused and cost-effective

3i Infotech, a global IT company, is committed to empowering business transformation with help of digital transformations. With a firm belief in the fact that technology is an enabler for business processes, 3i Infotech is taking the people>processes>technology route in helping over 1000+ clients across 50+ countries attain digital independence.

Accelerate Business Processes With Insurance Software Solutions

Insurance underwriting software - 3i Infotech

Insurance software solutions

Today, technology empowers the consumer to explore something new every day. Evolving consumer behaviour, coupled with the competitive scenario in the insurance industry means that insurance service providers need to have customer-centric strategies to stay in the game. Their business model needs to evolve based on real-time data insights that help them in streamlining their processes to meet the changing needs of the consumer.

General Insurance modules, looking to stay relevant in the future, are going to need the perfect balance between automation and personalisation in accelerating their growth. Insurance conglomerates across the world are looking to automate their processes and operations to build profitable enterprises despite the challenges of competition, stakeholder expectations, the dearth of talent and compliance mandates. Thus, Insurance software solutions are the need of the hour.

Finding the right product development service providers as well as the right product manager is of paramount importance as it is imperative to make the base as strong as possible when a company moves towards automation. The right fit of Insurance Software will give you an edge in the market and help you accelerate the business processes to cater to the demands of tech-savvy customers.

An innovative and future ready organisation will readily invest in an insurance software solution that can help with the following:

- Insurance Underwriting and Policy Administration
- Health Insurance and Employee Benefit Administration
- End-to-end Client Management

Proven business process management tools can help the players in the insurance industry in leveraging the advantage of combining in-depth knowledge of the industry with cutting-edge technology. Agility is what differentiates a player in the market today and a good software offers that to you. An automation system helps in increasing productivity which lead to a higher profitability. To thrive in the market today, it is crucial for insurance service providers to be in sync with the changing digital landscape. The industry has seen some great innovation in technology that has revolutionised the legacy business processes, especially insurance underwriting, customer services and claims.
Switching to Insurance software solutions helps organisations in maintaining their market share while increasing revenue and reduction operational costs. With the consumer having easy access to technology, organisations need to stay one step ahead.

A good insurance software solutions framework can help a business to:

- Align business, people and technology objectives
- Quickly implement process changes based on business requirements
- Reduce infrastructure costs while improving efficiency

3i Infotech, a global IT company, created an end-to-end solution for a global insurance conglomerate from the middle-east with their flagship PREMIATM General Insurance product. The product helped them automate their operations to improve the process management to make it more efficient. After a series of evaluations, 3i Infotech was selected to redesign the business processes to improve operational efficiency with long-term scalability.