Finance :: Insurance Software Solutions – Build or Buy

Gone are the days when one dimensional insurance portals are packaged and sold, with rigid tactical application for submission and limited data capture. if your programmers have fast fingers, your data can be captured and coded quickly, however no matter how speedy your developers are, there is no rushing quality. And while insurers are familiar with risks- most have built their business around identifying, analyzing, managing, and insulating against them, deciding on which trends to follow and what http://infinitemediallc.com opportunities to leverage, is a critical decision.

With the advances in technology and the constant fluctuations in identifying risk factors, now more than ever, it is important to have a system that can deliver instant access, along with the ability to respond and manage your exposure.

Like many business marketplaces, the P & C industry is an extremely competitive one. As most Legacy system users learned (the hard way) if your system is not future-proof, than technology will continue to evolve, regardless of whether your business can.

Buy: When you purchase policy administration software, updates and maintenance are the responsibility of the vendor, as opposed to in-house staff. Regular release updates not only improve functionality, but also to eliminate flaws. But in reality, users demand as much, if not more, from software developed in-house. Proven vendors often have honed their experience in an effort to provide the most effective and efficient development and testing methodologies, thereby allowing businesses to http://prestonlawauchula.com focus on adapting to a new system. There are no guarantees that could bridge the gap between an in house system’s capabilities and the actual implemented system, which those who have encountered this blog dilemma know, can often become exceedingly significant. Proven software solutions should have an agile development methodology, which would allow for a continuously enhanced platform, and ensure that custom feature requests can be folded into the base application. Since it is developed and maintained by in-house staff, you have total control over the software, changes, updates http://fdurardlaw.com and overall design. In order for a system to remain innovative, it must remain current and effective. Even though a custom-built application may seem to offer

control and flexibility, build-your-own-software can lock your company into a less than

optimal solution.

Buy: Solution vendors have the benefit of having invested their time, money and resources into perfecting solid software that they can tailor to fit your needs. After all, the repercussions of a software choice can be long lasting and affect all your business systems and processes.

Buy: SaaS solutions, particularly those with a scalable suite of insurance processing applications that handle core functionality, have measurable benefits, including faster time to value, minimized operational costs, and simplified integration. While click here this is an often overlooked benefit, it can be a key factor, as having the ability to stay modern is a critical element for business. When you buy an insurance software solution, true speed-to-market is easier to achieve with a competent product that can be ready to launch, and it only requires an investment in time for user training. Requirements gathering, writing and testing the application code, user training and acceptance, hardware/software coordination blog and testing systems, comprises only a portion of the time necessary to developing a customized system. Any software investment should yield positive results, whether they address complex system challenges by streamlining operations, reduce costs, leverage new market opportunities, or as with some vendors, a unique combination of all. Additionally specific software development tools, training and staff time must also be included in estimates. Other compelling items to consider when trying to decide whether to build or buy include:

o Vendor solutions for policy administration applications have the capability to leverage reusable components.

o Purchased software can often be easier/quicker integration with third-party technologies.

o Reliability has been tested and proven.

o Purchased software should be scalable, future-proof, and able to handle fluctuations in user demand, providing the ability to grow with your business.

Buy: Speed-to-Market is a term that has been abundantly utilized, as insurers recognize the importance of rapid response, fast turnaround and the downside of development time. A system with true multi-tenant architecture will enable every client to benefit from system enhancements. Like any careful insurers, it is imperative to weigh the factors and consequences carefully. A policy administration solution can be particularly tough to estimate the total investment; you have to include the cost of the resources involved in environment & software development, including :

o Requirements gathering

o Infrastructure construction

o Analyzing

o Designing

o Implementation

o Testing

o Training users

o Ongoing maintenance/enhancements/updates of the software

SOFTWARE MATURITY

Build: Like a fine wine, good software often needs time to age, or rather mature. It can takes years of development and maintenance–not to mention a quite a lot time and money before the system meets the requirements that guided its development and design, works as expected, and can be implemented with those same characteristics. Businesses are often misled on the upfront expenses of an in-house build, as it is nearly impossible to estimate all of the modifications that are sometimes overlooked during the initial design.

In conclusion, ultimately, there will be additional underlying aspects, many unique to your business’s current and expected demands which should also be explored, but in summary, as indicated by recent analyst and industry reports, organizations who opt to build often fall short of their expectations when choosing to build their own software, versus buying a system.

Buy: Purchasing an insurance solution suit or policy administration software is often more cost efficient, as it eliminated many of the costs read more involved in architecture design and development, however there are still licensing fees subscription costs, particularly with Software-as-a-Service (SaaS) model. Now solutions are being honed to fit the growing demands and ever changing imperatives of business. Yet when it comes to modernizing your operation, to maximize efficiencies of business processes, businesses often face the choice of whether to build or buy the software. Vendors often include a setup or installation fee, which in some cases may also include a maintenance package or service plan. There are a myriad of other factors that businesses must consider when building their own solution, like: Do our business and IT Strategies align ? Is our solution adaptable, responsive, and future-proof? Is our design scalable ? Can it cater to the businesses growth and expansion into new markets ? What if the developer(s)who build our in-house system are heading out the door? What resources should we be willing to sacrifice if we click here maximize our budget but encounter unexpected issues ? How do we accommodate for an unsuccessful implementation ? When and how can we measure growth, return on investment (ROI) and true speed-to-market ?

UPFRONT COSTS

Build: It can be difficult when factoring in upfront costs, to build a custom insurance software solution, because initial investment in hardware as well as software may be required. Subscription or pay-as-you-go models can minimize risk, as a business can roll in applications based on need. Companies that want to be successful need to develop, grow, and manage their business effectively- yet to successfully accomplish this, today’s insurers need to recognize industry trends and optimize them. However they often overlook the fact that a tailored solution could result in increased costs, including the addition or enlargement of IT teams and of front-end time by employees. Not only that, users often think that because the developers are in-house and accessible, they can request customizations and changes whenever they want, which is obviously not an efficient way to manage expectations. Software developed in-house is especially taxing, on both the builders and the testers, as there are always ‘bugs’ to squash and faults to find. Additionally, SaaS solutions also have http://grimesinsuranceagency.com the added advantage of rolling out new releases, quickly and efficiently without the need to train additional resources or invest time into programming and development.

Many businesses assume that building their own in-house software is an easier route; especially considering that it would be customized for their organization. Of course, this situation could be prevented/controlled with a careful management process.

SOFTWARE MAINTENANCE

Build: Anyone who has an iPhone or who has ever logged into Windows is probably familiar with the message indicating software updates are available and to install. However, in today’s uncertain marketplace and rapidly advancing technology environment, innovation can be a risk. Other typical costs to factor in include on-site requirements gathering and training, as well as any travel expenses which are often involved.

DEVELOPMENT TIME

Build: Business need to factor in the multitude of required meetings necessary to plan, discuss, design, execute proof-of-concept, and maintain continual development. Not to mention ongoing maintenance of the policy administration system, unsupported by an external company, as well as the costs for system developers necessary to help construct and implement such http://macalarealty.com infrastructure. Each of these stages can take months or even years before you’re ready for launch, which can be further complicated by system defects, flaws, and revisions.

OTHER FACTORS

Build: The reality with most businesses, particularly insurers, is anything can happen. However, when software is developed in-house, there are added costs involved for development, testing and design, especially in order to keep software from becoming dated or obsolete. Budgets can change based on economical factors, and so can moods, minds, and development criteria. A common perception when developing in-house software is that users will not expect as much from it as a purchased software package, that they will be more forgiving of its shortcomings. Additionally, when opting to buy a solution, you want to ensure that expansion costs are considered -as adaptability of the product is a key advantage especially for expanding distribution channels and/or leveraging new market opportunities. There are however, considerable challenges too, as vendors may tout a rapid deployment, however if there are complications in a build, or they fail to adhere to company’s business requirements, inevitable delays can turn costly. Being adept at implementations, especially those that are scaled to fit any size insurer, as well as having exceptional experience in software development, maintenance and systems integration, is also a key factor when opting to buy. Vendors can now focus on increasing acceleration, value, and innovation, so when a business chooses their system, the software arrives with already proven performance quality.

In an effort to assist insurers with the decision about whether building or buying an insurance software solution is best for your company, we’ve complied a small comparative to consider regarding the differences between “buy” and “build.”

Aarkstore Enterprise-Janashakthi Insurance Company Ltd. (JINS.N0000)

Janashakthi Insurance Company Ltd. (JINS.N0000) – Financial and Strategic SWOT Analysis Review

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This company report forms part of ‘Profile on Demand’ service, covering over 50,000 of the world’s leading companies. Once purchased, highly qualified team of company analysts will comprehensively research and author a full financial and strategic analysis of Janashakthi Insurance Company Ltd. including a detailed SWOT analysis, and deliver this direct to you in read more pdf format within two business days. (excluding weekends).

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Insurance :: Fred Loya Insurance – Local Insurance Company

Starting his career as a cattle rancher, Fred Loya turned to sell insurance in 1975. Fred Loya Auto Insurance now has more than 500 branch offices spread across 12 states and the company is still expanding. With more than 35 years of experience, Fredloya is still dedicated to provide cheap auto insurance coverage regardless of past driving history and credit card score. In 2013, the company insured more than 600,000 drivers with http://ralphsautomotivesales.com over 420,000 active policies worth more than $500 million. Currently Fred Loya Insurance has branch offices http://autorepairshopballard.com in Alabama, Indiana, Missouri, Arizona, Illinois, Nevada, Georgia, Colorado, New Mexico, California, and Texas. It recently acquired license in 3 more states including Ohio.

Local Branches

One thing that makes the company stand out from the crowd is the way it connects to its customers. Instead of doing all its business in a stand-alone building, people can actually access branch offices in many public places such as supermarkets, super stores, and many other places where people visit on daily basis. This allows both existing and potential customers to access the company easily. You can even ask for Fred Loya insurance quotes, file, claims, and ask questions about insurance at the branch offices.

Online Quotes

Providing quotes to potential customers directly during face-to-face circumstances may sound old-fashioned, but it is still the best way to do this since there is direct communication between sellers and http://alltuneauto.com buyers. It minimizes the possibility of mistakes or misunderstandings between the two parties. However, Fred Loya Insurance also allows you to ask for quotes via phone or from its official website. The entire process should take no more than 5 minutes to complete.

Credit Score and Past Driving History

People with bad driving history or credit score often find difficulties to get approval when applying for insurance. Fredloya clearly informs customers that the company will provide low cost insurance regardless of driving history. Credit card score is also a common problem when applying for coverage. Some insurers still consider this an essential factor to provide their coverage. Fred Loya Insurance has multiple products to offer for all customers including those with bad credit score.

Online Payment

Fred Loya Insurance makes sure that all transactions made between the company and customers go through a secure Internet protocol. A padlock icon in front of the address bar indicates that the official website uses a secure HTTPS connection, meaning any information carried by the electronic transaction only travels between your computer and the company’s server.

Identify Common Business Problems

Identify Common Business Problems Identifying these as problems may not be as easy as first thought because the problems may be masked by events or external factors or most insidiously “this is how it has always been”. These problems have nothing http://impactautomedia.com to do with personality and everything to do with judgment and execution. The final arbiter should be results.

Effective vs. Poor Leadership

Effective leadership ensures the business has selected good business strategies, creates plans with depth to planning analysis, a well designed business organisation, efficiently operated and managed for continuous improvement.

Poor leadership will not do the above and in particular:

Gather insufficient external and internal information for strategy and planning

Wrong people involved in setting strategies and direction

Lack of depth of thinking to generate good strategies and plans

Business Management – Sales

Business management needs to focus on sales and financial control. Marketing and sales ranges from identifying target markets and customers to techniques for closing the sale. Key problems are little or no:

Marketing or creating brand awareness

Differentiation of marketing channels [web presence, email, brochure, radio, TV, newspaper, magazines...]

Consideration of sales channels [web, telephone, in-person, retail, licensing to third-party...]

Management measures associated with markets, target customers, contact management, sales, repeat sales

Consideration of what demographic information should be captured to identify new customers or channels

Business Management – Financial Control

To make money requires good financial management and to ensure that the business considers the financial impact of decisions. Poor financial management is:

Little or no financial forecasting and planning

Lack of consideration of expenses in relation to income – spending too much money

Insufficient profit margin

Little or no consideration of cashflow; when money actually comes in and when money actually goes out

Growth is paid for with debt and servicing the debt becomes an excessive burden

Organisation – Policies

Business must comply with all applicable laws click here including company, health and safety, employment, taxation and have appropriate http://lindascafeonline.com company policies. Key problems are likely to be no policies and/or contracts for:

Customers

Suppliers

Staff, contractors or temporary staff

Organisation – Staff

If problems exist here then staff management is likely to be haphazard at best and abysmal at worst:

Setting either unclear objectives or no objectives; what is expected and by when and inconsistent follow through

Setting either unclear or no expectations about the quality of the deliverables and the level of detail required

Changing the completion criteria before completion of tasks

Micro management of tasks

Lack of timely guidance and course correction for complex tasks

Inconsistent behaviour, too friendly, too strict, too generous, too mean

Perceived or real inequality in treatment of staff, with impulsive or reactive decision-making

Unclear or no procedures in place to address recruitment, staff discipline or performance problems

Staff specialist knowledge http://ambrosedetectiveagency.com leaves business vulnerable to staff being unavailable [holiday, sick...] or leaving and the business struggling to fill the gap

Other Reasons for Business Problems

The reasons for business problems are not simply restricted to the above list of internal items but also extend to external factors such as:

Natural click here disaster

Significant economic downturn

Bigger, better or faster competitors

New business entrant changing the rules of the game

Products or services becoming obsolete

To solve these types of problems needs a structured approach and one way is by Strategies http://elstonauction.com to Improve Your Small Business.