Recent research has shown that the value of capital invested in insurance software development is now on its rise: around $7.1 billion were invested only during the first half of 2021.
According to PwC, the emerging technologies with the greatest perspectives for the insurance industry include AI, robotics, blockchain, the Internet of Things, and more. And that’s not a surprise, since the insurtech possesses all the potential to improve and automate the traditional system with innovative technologies and renovated solutions.
The insurance policy management software is kind of a prime example in this respect. Simply put, that’s a technology that handles the major human assessments related to manual and repetitive insurance operations.
In this article, you’ll find out a detailed guide to this type of insurance policy software, its main features, and great advantages. At the end of our discussion, you’ll see what’s better: adopting pre-made software solutions or developing your own insurance technology from scratch.
What Is Insurance Policy Management Software?
In the insurance industry, policy management is a cross-functional process of the insurance service operating. Basically, it handles the key business processes of any company within the industry scope, including:
Quoting
Underwriting
Claims processing and management
Proposal generation
Policy issuance, renewal, and cancellation
Compliance checking
Fraud detection
Reporting and analytics
With the help of an insurance policy management system, companies can greatly boost the quality of their services, as well as enhance the speed and efficiency of the core processes.
Furthermore, implementing this type of insurtech solution is one of the most effective and popular methods of saving the company’s costs and resources at present.
All these factors have become extremely important for the insurance companies at present: since the pandemic outbreak, there’s a great demand for innovative insurtech solutions that can automate the core insurance processes and enhance their workflow.
Key Benefits of Implementing an Insurance Policy Management System
According to the BCG recent report, the pandemic has greatly pushed the insurtech funding to an all-time high: the entire insurtech ecosystem grew by about 35% in 2020. And, needless to mention, that the lion’s share of the industry market share refers to developing advanced policy management solutions.
Why is insurance policy management software so important for various organizations within the scope? This can be easily explained with the advantages of this technology:
#1 Improves the Company’s Efficiency
Just like any other insurtech solution, the core idea of insurance policy software is to optimize the various policy management tasks that were traditionally handled manually. By changing the paperwork to more efficient electronic document management, you can:
reduce the employee workload
organize and secure any kind of data
optimize the core service processes and more
#2 Develops the Customer Service
The advanced company efficiency results in higher customer service quality. With insurance policy management system implementation, you will be able to provide timely and more accurate responses for any requests at shorter timeframes. Not only does it enhances customer service but also makes your company more competitive in the industry market.
In other words, that’s an important factor for any institution within the scope: from a small agency to a large insurance corporation.
#3 Automates the Compliance Monitoring
Instead of spending tons of time and effort on a manual compliance check, it’s more efficient to entrust this to your insurance policy administration software. This will not only reduce the workload but also impacts the financial spendings, since the software:
minimizes the breaches
reduces the human error
enhances the employee productivity
#4 Reduces the Company’s Costs
Having analyzed the previous three concepts, it becomes clear: by investing once, your company benefits for years. Basically, that’s the core idea of developing insurance policy administration systems!
The workflow computerization can greatly optimize labor expenses. Compliance automation reduces critical company spendings and minimizes the cost losses. Advanced customer service leads to better client conversion and loyalty that naturally results in better income.
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In other words, all the advantages of insurance policy management systems lead to great performance improvements and significant cost reduction, which any innovative insurance company should make use of.
6 Essential Insurance Policy Management System Features
Instead of looking for the number of features in your insurance policy management software, you should better evaluate their efficiency. After all, the main purpose of this insurtech is to simplify and optimize the workflow! Below we have reviewed the most valuable features to look for in policy admin systems for insurance.
Policy-Related Tasks
Three simple points: issuance, updating, and cancellation. With these simple features, your workers can:
Generate various kinds of documents
Make the changes and automatically save the updates to your internal system
Analyze the change requests from different sources including web forms, call transcripts, emails, and more.
The modern Robotic Process Automation technology can effortlessly handle all these tasks at a time, saving up tons of time, resources, and money.
Underwriting Feature
With this option, insurance workers no longer need to mine different sorts of applicants’ data from different resources: all this is already uploaded to the single insurance policy administration system. Additionally, intelligent automation can generate the reporting, make predictions and automate the processing a lot, which results in significant workflow optimization and productivity improvement.
Quoting Option
The advanced insurance policy management solution should also incorporate quote estimates, that eliminates the necessity of a phone or face-to-face interaction. Furthermore, this feature allows providing more accurate, timely responses to your clients, which impacts the customer service rate. Successful insurance companies are always targeted at their clients.
Tracking the Renewals
Another great feature of developing a customer-centric business model is the insurance policy renewal handling. That’s an essential feature that helps retain the customers and avoid their possible churn. With the timely, stress-free yet professional process organization, clients can manually update only the needed fields and approve the renewal in just a few minutes.
Claims Processing
One of the most time-consuming and challenging tasks of the insurance industry is claims processing: insurance workers need to quickly:
assign the claims
evaluate frauds
issue the payments
generate the reports
… all these are required for EACH claim individually! Needless to say, this process optimization can significantly optimize the time and efforts for claim handling and reduce the workload of your company workers.
Regulatory Compliance
Not to mention that various laws and regulations have their specific peculiarities, all of which can be also changed at times. To avoid breaches and financial losses, it’s critical for the insurance policy management software to track the important changes and manage all the regulation-related tasks with effective policy processing tools.
Developing New or Employing Pre-made Policy Management Solutions: Which One is Better?
Though most companies tend to adapt their workforces to ready-to-go insurance policy management solutions, it’s cheaper and much more effective to develop the insurance system for your company from scratch. The major benefits insurance company gets with creating the individual insurtech system are:
The ability to incorporate all the essential and additional features requires for the workflow
Advanced support for onboarding and maintenance
Detailed software testing and issue-resolving
Improved security to minimize the data breaches and protect the system from any threats
Accessible, allowing to easily interact with policies from multiple devices
Timely updated to effectively track the policy renovation
Functional, enabling to interact with any kinds of documents and services within a single system
These are only a few qualities you can get along with in insurance policy management software development. Unlike in the pre-made software, they can be changed or complemented depending on the company’s requirements, needs and strategies.
Conclusion
After you know the basics of insurance policy management systems and how to make the most of their use, it’s time to implement the changes to your company.
With the powerful custom insurance software development services, you’re sure to create an effective, feature-rich policy administration system that will benefit your organization for years!
We, at Intellectsoft, understand the importance of delivering the most quality IT products for enhancing the performance of any insurance organization. Every day, our team of experts empowers different companies with innovative approaches and powerful solutions.
If your company needs professional assistance of any kind, talk to our experts and get all the answers regarding insurance policy management right away!
The hospitality industry depends a lot on keeping customers happy, but it’s getting harder to attract and keep them. The pandemic hit this industry hard, and now market competition is tougher than ever, with competitive offerings swaying customers. Hospitality businesses are willing to spend big to win customers back. The main questions for many are: how can we stay ahead of the competition, keep our customers, and increase revenue? Keep reading—we’ve got some answers.
Customers today have so many options that getting their attention is a real challenge. It’s not easy to make them choose your business over others. What worked 10 years ago doesn’t work the same way now. Back then, people often chose businesses based on reputation. But with new types of businesses (boutique hotels, craft cafes) popping up or big enterprises getting a new strategy, expectations have changed. The good news is these businesses have shown what works: great customer service. They focus on personalizing the experience, making things easy for customers, offering loyalty programs, and using smart technology.
In this article, we’ll explore these tech strategies and show you how they can help your business grow, and double the revenue. Keep reading to learn more!
The Importance of Customer Satisfaction in the Hospitality Industry
Customer satisfaction, which equals exceptional customer experience, is the backbone of the hospitality industry. It plays a central role in driving revenue and loyalty, as satisfied customers are more likely to return and recommend a hotel, restaurant, or other hospitality business to others. In fact, a study by the Harvard Business Review found that a 1% increase in customer satisfaction can lead to a 0.5% increase in revenue. Moreover, loyal customers are more likely to forgive mistakes and continue doing business with a company, even if they experience a negative encounter.
Let's quickly review the challenges the hospitality industry is facing right now so we can move on to the solutions and our case studies.
Challenges in Hospitality
As businesses navigate the changes in the hospitality industry, there are some key areas where a little improvement can go a long way. From improving customer service to embracing digital transformation and tackling labor shortages, we’ll take a closer look at today’s biggest challenges—and, more importantly, how technology can step in to help. Let’s get started!
Poor Customer Service
Even with strong and high-quality business offerings, poor customer service can drive potential customers and existing customers away. Common issues include:
Long wait times in customer service queues (it is worth remembering that our attention spans 8 seconds, and we live in a very busy world, so quick and efficient responses are more important than ever.)
Poorly trained customer service representatives
Lack of follow-up
Services not being done properly or quickly
Recall issues that require multiple service calls
These problems can frustrate customers. But, at Intellectsoft, we believe that the right approach, combined with technology, can address them effectively.
Digital Transformation Gaps
Approximately 50% of hotels are adopting new technologies, with 43% automating repetitive tasks and 39% upgrading existing systems. Source: workstaff.app
While many businesses are adopting digital solutions, some still struggle with outdated systems and fragmented data. Legacy companies often face chaos when trying to manage their data and create new systems or add features.
Some of the recent examples include clients coming to us to create AI solutions for their services while their data simply was not ready for the advanced tasks. We advise stepping back, communicating with a company objective, and working on keeping the data clean (centralized, structured, and segmented).
When we’re asked to create advanced systems using AI, we always emphasize the importance of organized data. To train AI and build such complicated systems that truly work, you need to start from the very beginning—collecting, storing, centralizing, and organizing it. We encourage our clients to align all departments to work internally on the data so we can create a unified digital system that delivers personalized experiences.
If you’re unsure where to start with your data, we can help. Collecting feedback at various touchpoints along the customer journey is crucial for gaining insights into customer satisfaction and loyalty. Book an IT consultation with us, and our experts will guide you in mapping out a path to get more from your data and build a system that works for your business and team.
Reskilling Staff
The pandemic hit hard in early 2020, especially for the hospitality and travel industries. Even five years later, many businesses are still feeling the impact. Recruiting and retaining skilled staff has become a major challenge post-pandemic.
Reskilling to address technology’s impact is of utmost importance, as about 40% of hotel General Managers place it among their top three workforce challenges.
We strongly believe that adopting the right technology can help. For example, creating an app to train your staff not only saves time but also ensures consistency in learning. AI assistants can also work alongside your team, helping with tasks like recruitment (providing industry insights, crafting emails) and staff training. Imagine having an app dedicated to making your team’s work easier and more efficient!
How Technology Tackles These Challenges and Supports a Customer-Centric Hospitality Culture
Automation, AI, and similar technologies may threaten many. However, the debate about replacing humans isn’t about that—it’s about cooperation and working hand in hand with technology to achieve the highest standards and establish brand-new “golden standards.” Technology is here to assist staff in listening to and collecting customer insights from data.
Let’s review some of our cases to see examples of how technology helps improve customer experience and supports customer service.
Examples of Intellectsoft projects
Property management systems (PMS)
We created a web platform and mobile app that makes managing daily tasks easier and offers extra services to improve residents’ experience. It gives a clear overview of daily activities and helps with managing units and users. Residents can easily book amenities, submit service requests, and report incidents. The platform also includes features for equipment management, key instructions, workflows, and custom permissions. This makes it easier for staff to stay on top of equipment and ensure residents have all the information they need. Plus, tools like announcements, quick votes, a forum, and a community calendar help build a connected and engaged community.
Guest Experience Management App
Our next app helped our client improve their guest experience by replacing printed marketing materials and the need for phone calls with a smart solution. Now, guests can easily order in-room dining, make reservations, and interact with staff— through a simple tablet in their room. The solution includes three parts: a custom in-room tablet with a variety of services, an admin panel for hotel staff and service providers, and a backend system that connects everything together. This approach makes things easier for guests and staff, improving both convenience and efficiency.
Existing Customers First: Building Loyalty with Personalized Touchpoints
Keeping existing customers is not just a strategy; it’s well-known that retaining existing customers is more cost-effective than acquiring new ones. In fact, research shows that it costs five times more to acquire a new customer than to retain an existing one. KPMG named customer retention as the number one revenue driver for the company.
Moreover, a 5% increase in customer retention can lead to a 25% to 95% increase in profits, showing the significant impact loyal customers can have on a business’s bottom line. Retention strategies, like personalized experiences and loyalty programs, can foster long-term relationships and generate recurring revenue, ultimately making them an invaluable part of any business model.
Personalization: How Technology Can Help?
Everyone loves to feel special—it’s part of being human. In hospitality, personalization has evolved from being a luxury to an essential standard. With the right technology to manage your data effectively, you can deliver those “wow” moments that guests won’t forget.
More than half of hotel chains are already using personalization features on their websites, booking platforms, and apps, and another 39% are planning to follow suit soon. They’re tailoring experiences to fit guest preferences perfectly.
Source: Deloitte
How does technology make it happen?
CRM Systems: They help you keep track of guest preferences, booking history, and special requests so you can offer services tailored just for them.
Loyalty Programs: Personalized rewards and offers show your guests that you value them, keeping them coming back for more.
AI Personalization: AI analyzes guest data to predict what they’ll love (from room upgrades to local recommendations) before they even ask.
IoT Gadgets: Smart room features like voice-activated assistants, or temperature controls adjust to your guests’ preferences, making their stay more comfortable.
With tech-powered personalization, you’re building loyalty and maximizing the lifetime value of every customer.
Our Case Study: Smart Hotel Management & Loyalty Program
For one of our clients, we created a smart room solution, complete with a custom IoT system. Guests can use a mobile app to control services, explore amenities, and find resort information-- with a special touch to their suite type. For the client’s entertainment business, we improved their legacy software by running a full IT and code check, fixing issues, and making the system better for customers.
Along with that, we developed a mobile app for the loyalty program, allowing businesses to effortlessly reward their customers and keep them engaged with exclusive benefits.
Our solutions not only helped the client with special experiences for guests; it also improved operations, cutting costs by eliminating inefficiencies. Here's what our experts shared:
"We transitioned away from ESB (Enterprise Service Bus) systems, which previously cost millions, and replaced them with more efficient, self-managed solutions. Similarly, we’ve implemented Device Farms that improved operations and saved resources."
Leveraging Software to Increase Upsell Opportunities
Here are some examples of tech tactics that will help your team sell more and introduce new offerings to existing customers, improve overall efficiency leaving your team grateful:
Dynamic Pricing Algorithms
For finance and marketing teams, manually calculating pricing by segment to introduce your clients can be incredibly challenging. AI-powered tools can strongly optimize these strategies by analyzing your database in detail.
Upselling via Apps
Boosting revenue in the hospitality business often comes down to personalized experiences. Imagine this: a guest books a room, and then your app suggests a spa package or a room upgrade at just the right moment. Later, it nudges them to book a dinner reservation or a guided tour designed to their preferences. With apps offering these personalized recommendations during and after bookings, you’re not just increasing your revenue per guest but also skyrocketing their experience. And you do it in a sustainable way, not by speculating, but by offering what your customers desire based on their previous experiences. It’s a win-win: seamless, helpful, and far from pushy.
Inventory and Resource Management Software
Making every resource count in your hospitality business is key. Inventory and resource management software allows you to effortlessly track everything from linens to room availability, ensuring nothing goes to waste. Having real-time insights to reduce overstock, avoid shortages, and optimize operations assists sustainably keep everything under control and know what you need to focus more. It helps maximize room occupancy by aligning bookings with available resources, ensuring every room and item is used effectively. This approach leads to smarter management, better guest experiences, and a noticeable boost to your bottom line.
Adopting these strategies not only optimizes your operations but also drives business growth. Ready to discover how technology can elevate your goals? We’re here to create a tailored solution for you.
Steps For Implementing a Customer Service Technology Solution
Improving customer service in hospitality doesn’t have to be a daunting task. With the right technology, you can smooth the path of your operations, speed up response times, and elevate the overall guest experience. Here’s where you can make it happen:
1. Understand Your Needs
Start by identifying the challenges your business is facing. Are you struggling to manage high volumes of inquiries, track customer feedback, or personalize the guest experience? Pinpointing your needs will guide you to the best solutions.
2. Pick the Right Tools
Choose technology that aligns with your goals. Look for solutions that are scalable, easy to use, and integrate effortlessly with your current systems. Options like CRM software, live chat tools, or a guest experience app can make a difference.
3. Equip Your Team
Technology is only as effective as the people using it. Train your staff to make the most of the new tools, so they can deliver exceptional service and resolve issues quickly. Confident, well-equipped staff creates happy, loyal customers.
4. Keep Improving
Once implemented, monitor how well the solution works. Are response times improving? Are customers more satisfied? Regular evaluations will help you fine-tune your approach and keep things running harmoniously.
Some Tech Ideas for Hospitality Businesses
CRM Software: Manage customer interactions and preferences.
Guest Experience Apps: Delight guests with personalized experiences right at their fingertips.
Amenity Management Systems: Simplify operations for everything from room service to facility bookings.
Live Chat Tools: Offer instant support and answers.
Social Media Management Tools: Keep customer interactions engaging and organized.
Integrating these strategies will not only improve your customer service but also deliver unforgettable customer satisfaction, loyalty, and, ultimately, your bottom line. Ready to take the next step? Book a consultation with our experts.
Conclusion
To wrap up everything we've discussed, customer satisfaction and experience are at the heart of hospitality. Retaining customers is more than just keeping them around—building strong, long-lasting relationships and consistently meeting their evolving needs. By understanding their pain points and offering personalized solutions, you can inspire loyalty and drive progress. With the right technology and continuous improvement, your business can stay ahead, let go of what no longer serves you, and keep growing.
At Intellectsoft, with over 17 years of experience in software development, our expert team is ready to help. We create everything from mobile apps to full-fledged portals and systems, leveraging the latest technologies like AI, Cloud, and Machine Learning. With deep experience in the hospitality industry, we’re here to craft personalized solutions that bring your business unforgettable customer experience and retain your valuable clients.
Ready to double your revenue and level up your customer retention strategy with personalized technology? Contact our experts, and we look forward to working hand in hand with you to build or revitalize the perfect app or system for you.
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