Insurance


Insurance is probably one of the oldest human economic activities, appearing not long after the advent of trade, and developing as a way of protecting merchants from unforeseen events (natural catastrophes, robberies, etc.). There is evidence of traders using insurance for risk management as early as the third millennium BCE (“before the common era”).

Nowadays, insurance is one of the most complex areas of the financial sector, covering a wide range of risks for both personal and business activities. Most insurance companies offer similar products, which makes competition quite fierce. Here are some of the characteristics of the insurance sector:
Read More
  • Clear and effective communication with potential or existing customers is essential, particularly given the complexity of insurance products.
  • Liquidity (i.e., the amount of money available for reimbursements) is one of the key concerns of the industry.
  • Centralized data storage and easy access to information can make all the difference between a successful insurance company and its competitors.
  • The complexity of the industry, as well as the sheer volume of transactions, require powerful reporting and analytics tools to measure efficiency and forecast future trends.
  • Protecting confidential information is critical for insurance companies. Individuals and companies need to know that their insurer can withstand attacks from hackers and will not allow information leaks.
  • Compliance with national and international regulations is becoming more and more difficult, as countries and international organizations implement tighter measures to prevent privacy violations, fraud, etc.
These issues can be addressed by the use of such applications as customer relationship management (CRM), business intelligence (BI), and professional services automation (PSA).

Start Your Software Evaluation:


Related Companies

Related RFP Templates


Insurance and Investment, Marketing Automation, Sales Force Automation (SFA), CRM ...

Related Software Evaluation Reports


This CRM Software Evaluation Report supports specialized criteria for groups engaged in...

Related White Papers

The finance field undergoes rapid changes—and financial organizations must be able to a...

Reports have indicated that more and more customers are using online and other self-ser...

Interactive voice response (IVR) systems bridge communication between enterprises and c...

Interactive voice response (IVR) technology allows a computer to interact with customer...

Related TEC Reports

Most merchants and consumers have adjusted to the multi-device, multichannel environmen...

Coda Financials (V13) by UNIT4 has been certified by TEC in the financial management so...

Zavanti ERP is now certified by TEC in the enterprise resource planning (ERP) for servi...

Organizations seeking the services of a value-added reseller (VAR), channel partner, im...

Zavanti offers an end-to-end suite of solutions for the real estate, construction (prop...

Related Research Articles

Microsoft is the first major cloud provider to adopt the first international cloud priv...

NetSuite ERP is now TEC certified in the enterprise resource planning (ERP) for service...

Infographic: TEC recently surveyed its global audience of IT and business professionals...

UNIT4 has entered into a new partnership agreement with Norwegian IT company EVRY, targ...

Microsoft recently shared more details with its partners on two Microsoft Dynamics CRM ...