Differentiating a New Insurance Software Company
What, another insurance software company? Aren’t there already over 200 software companies doing stuff for the insurance industry? Aren’t we going to be doing the same thing, just wrapped up in different packaging?
Yes, yes, and yes*. There are a lot of companies in Megalodon’s space. Some do a few things very well; some do a lot of things well; and a few do all things, but maybe not so well. And yes, our software will be doing many of the same things; it had better do many of the same things, because, if it didn’t, no one would be interested. We estimate that there are over 150 discreet requirements for a policy and claims management system (what a software system must do, not how it does them – that’s functionality). Every system that markets itself as being fully featured should meet those requirements.
The question is, if those requirements should be a given, why do software companies market them as ‘key features’? For example, visit a few policy and claim management system company sites, and see how many talk about ‘improved efficiency’. You’ve got to be kidding! Name an insurance software company that that doesn’t claim to improve efficiency? “Improved efficiency” doesn’t differentiate one system from another for the obvious reason that it is a requirement that all software must meet.
So, the differentiator is not whether the software meets the basic requirements, it is how it meets them. That’s why the asterisk after the third yes.
How’s this for differentiating software without saying ‘efficient’?
⦁ Megalodon’s web based software allows users to work on multiple policies at a time using a tab-based layout.
⦁ It only takes two clicks for users to access the work they need to get done.
⦁ Navigating the software is intuitive, easy and requires very little training.
⦁ The software is client-centric. For the underwriter, information for each policyholder is gathered in one location: documents, communications, notes, billing, rating and underwriting, claims and transaction history. For the claims person, information for every claim is gathered in one location: reserves (and payments), communications, diaries and notes, documents and files, and the transaction history are all accessible from a single page.
⦁ Built-in communications system that stores all communications, even emails, in the client records.
⦁ Did we mention that the system is completely paperless? New document templates are created in Word with hyperlinks that access the appropriate data when called.
Very few, if any, insurance software systems have all six features — and there is much, much more.
Our point is this: is your company measuring efficiency from the C-suite, or is it measuring efficiency from the user’s perspective? For most insurance software, one can assume the former, but one can’t assume the latter. Except for ours.
See for yourself — request a Demo here www.megalodonsystems.com