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The business model behind mutual insurance depends on trust, reliability and efficiency. Policyholders to this unique branch of insurance expect the best, calling for carriers to adopt an all-in-one satisfying solution. In order to deliver the best customer experience and insurance offerings, upgraded mutual insurance software can make all the difference.

It’s important to compare software platforms when searching for a solution tailored to mutual insurance. Before diving in, be sure to know exactly what to look for and only demand the best from your mutual insurance software.

1. Find Experts in Insurance

The best mutual insurance software is built by industry experts. Many solutions on the market today have been adapted to the insurance industry, but are not built with the structure of insurance in mind.

Insurance solutions must be built with the expectation to meet unique state-by-state regulations, rules and alerts, and a workflow to seamlessly guide new policies through your business. The right insurance software must also sustain a wide variety of products, from homeowners and auto products to commercial and personal lines.

2. Manage the Full Policy Lifecycle

All components to the insurance industry should be offered within one platform. This includes marketing, sales, underwriting, billing, accounting, and claims. Insurance businesses that opt for a piecemeal approach to insurance solutions often find their teams working in various locations, causing bottlenecks in the company’s processes when managing the policy lifecycle.

The long-term downside of using disparate systems is a loss of data and inaccuracies when comparing data across systems. When data is not stored and managed from a central location, reporting suffers. Instead, the right all-in-one solution will seamlessly connect these essential departments with no loss of data.

3. Simple Customization

It’s essential for your users to effortlessly adopt the policy administration software. It’s also essential for your company to remain focused on providing insurance services, not software coding.

Be sure to identify an insurance software solution that can be easily customized by non-technical experts. WaterStreet Company has designed our policy administration solution with simple drag and drop actions as well as intuitive drill-down report making. Self-service tools allow no-code configuration, empowering you to modify offerings based on your unique business needs.

4. Insured Portal

Mutual insurance carriers know the importance of connecting with policyholders. Without the trust of policyholders, the business model falters.

The best insurance software for mutuals includes a white-labeled insured portal, allowing policyholders access to policy details, account documents, payment options and more, without ever having to reach the customer service team. This can greatly enhance customer experience while lessening the burden on administrative support.

5. Business Intelligence

In all insurance software, there must be built-in reporting, saving members of your team across billing, accounting and claims a significant amount of time each month and quarter. Mutual insurance carriers can also greatly benefit from insurance analytics that take this a step further.

Allow your team to drill down into the data, create subreports and create powerful visualizations for sharing the company’s most important data with stakeholders. When information can be easily shared and digested, innovation occurs across team members, strengthening conversations on the company’s direction.

6. Ecosystem of Solutions

Not only should all areas of the business work from a central location, the solution should also provide room for the company to grow. When insurance solutions are not hosted in cloud environments, the company may struggle to scale its existing architecture and incorporate outside data.

Data can be brought into cloud solutions through APIs, which come inherently with many modern insurance solutions built in the cloud. As the company’s needs grow and advances are made in technology outside of your system, such as in geodata or telematics, you can bring this advanced data into your system to improve the accuracy of underwriting, product development, and more.

7. Actionable Insights

The best mutual insurance software will allow your team to identify exactly where the business is slowing down. For example, common insurance pain points today exist in underwriting, calling for better transparency into key performance indicators.

When underwriters come across non-conforming policies, delays in underwriting documents and miscommunication between agents and carriers, it’s essential for managers to catch these slowdowns and streamline the underwriting process. Find the median days, maximum days and average days a quoted policy spends in underwriting, and set goals to issue sooner.

WaterStreet Company for Mutual Insurance

WaterStreet Company provides cloud insurance software for P&C insurance carriers and MGAs, including mutual insurance. Over 20+ years, we have built an ecosystem of industry and technology partnerships to deliver successful solutions for today and the future.

Reach out to WaterStreet Company today to request a consultation and demo of our solutions.

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