Microsoft 365 for Insurance

Move your insurance firm away from boring paper work and streamline your communication and workflow.

Insurance firms and brokers face various challenges ranging from adhering to stringent compliance requirements to keeping up with on-demand information and staying afloat amidst stiff competition for new sales. Large firms can easily procure an ERP and customize it, but for small brokerage firms, this comes at a huge cost. Some firms use the spreadsheet, which is prone to human errors and not compliant. Time-consuming tasks like filing paperwork and tracing down information often lead to inefficiencies and diminished productivity. Microsoft’s 365 suite covers all these loopholes and can transform your insurance firm, by driving productivity, collaboration and profitability.

Challenges faced by Insurance Companies

Disparate systems and apps

Many brokers use multiple, disjointed tools and systems to communicate and perform their tasks. Inefficient tools and processes increase the risk of miscommunication and lead to time wastage.

Time wastage

Many insurer employees spend their work hours on time-consuming and unbillable tasks. Having the right technology can reduce time wastage and free up agents to focus more on their clients.

Increased competition

 Competition in the insurance industry is at cutthroat levels. Insurance firms may struggle to acquire new clients whilst also endeavouring to protect their existing client base.

Poor workflow

Multiple staff across departments can work on claims simultaneously. Without a good CRM solution, it can be difficult to manage client interactions and communications while ensuring staff members are on the same page.

Areas where Microsoft 365 Can Help

  • Schedule appointments for sales visit and track enrolment and policy activation in real-time
  • Keep customer data at your fingertips using tablet or phone
  • Track policy details such as renewals, cancellations and premium amounts
  • Track and reconcile policy commissions efficiently Create customer views and queries with flexible user reporting
  • Use Microsoft Power BI to create visual dashboards
  • Track productivity and efficiency of sales agents
  • Add new policy types and business lines.
  • Track policyholder calls concerning pending claims or simple inquiries
  • Quickly access customer information – policies, claims, inquiries, and requests
  • Manage knowledge articles, user guides and resources to assist with issue resolution
  • Understand and handle all call types from customers to maximise staff efficiency
  • Create a self-service portal for initiating inquiries on policy information
  • Map out customer journeys. Create emails, see who opens and when and  drive additional  actions
  • Create email marketing campaigns based on customer data to maximize your target and reduce mail spend
  • Quickly generate open enrollment notices
  • Schedule onsite or remote discussions or customer outreach

What is Microsoft 365 for Insurance?

Microsoft 365 is a cloud service that comprises productivity and collaboration tools, including add-ons like Dynamics 365 that can extend an insurance firm’s core customer relationship management systems. These tools can provide a single window for all interactions and drive real-time collaboration across teams.  A turnkey solution, Microsoft 365 enables insurance firms to effectively manage relationships across agencies, brokers, customers, and other partners. Insurers can store customer data and monitor claims, premiums and communications. As a result, they can deliver personalized services, reduce inefficiencies and gain insights to make smart business decisions.

Benefits of Microsoft 365 for Insurance Businesses

Insurance brokers and agencies that use Office 365 can reduce IT infrastructure costs, adopt secure workplace collaboration tools while ensuring compliance with data and privacy regulations in the UK. From policy enrolment to reviewing claims to responding to emails, insurance professionals that use Microsoft 365 stays more connected and organized.  

Better workflow and productivity

If you are looking for a handy tool that lets you share, manage and integrate workflows for your teams working on different cases, Microsoft Office 365 easily comes to mind. The suite of tools that Office 365 offers your insurance firm enables team members and colleagues with different roles to share data and documents, collaborate on tasks, and coordinate claims in real-time.

Better client relationship

Customer relationship is an integral part of an insurance firm’s operations. Microsoft 365 lets you analyse customer data and manage key steps in customer acquisition and retention. Toos like SharePoint and Dynamics help your company store, manage, and track client interaction in a way that meets their needs and expectations.

Greater team mobility

Insurance agents and underwriters usually spend time working outside the traditional office. Having a tool that provides access to client information and key documents is key to a productive day. With Microsoft 365, you have access to all the digital resources you need when and where you are, no matter the location.

Predictable spend

Your fast-growing insurance firm can keep costs in check and avoid expensive contracts. By paying for Microsoft 365 on a per-user and per month basis, you get to establish your IT costs.  How much you pay for premium licenses depends on the functionality level you choose. Outgoing costs and the budget for your firm’s IT spend for the whole year remains predictable.

Fewer business interuptions

Since insurance documents and files are stored in the cloud and backed up regularly, your insurance firm’s operations will continue smoothly even when in-house IT systems fail or a disaster strikes. Your emails, files, and data stay safe in the cloud environment and your team can access it anytime and from anywhere using authorized devices.

Enhanced security

Protect confidential case information and your insurance firm’s data with top security features and protocols. Office 365 cloud storage gives you sole control over data. Customer documents and files stay secure at all times. You can upgrade security features anytime to thwart serious threats to your data.

Transition to Office 365 Today

ICT Partners can help you deploy Microsoft 365 for insurance businesses (brokers and agents) so you can create a mobile, collaborative work environment that is both productive and secure without incurring additional costs.