Checking insurance compliance can be challenging, especially with numerous clients and loads of paperwork. This situation sometimes leads to overlooks and mistakes. That being the case, you will need a solution such as insurance compliance software to make your life and work easier. You can continue reading below to see our recommendations.
19+ Insurance Compliance Software
1. Applied Epic
2. Hearsay
3. EZLynx
4. Sircon for Individuals
5. BindHQ
6. Evident
7. Rhoads PCRM
8. Risk Management Center
9. TrustLayer
10. CyberLife
11. QBIS
12. RiskVille
13. FileHandler Enterprise
14. ConceptOne
15. Socotra
16. White Label
17. Sapiens Stingray
18. Wynsure
19. Ebix EGlobal
20. InsuredHQ
What is Insurance Compliance Software?
A lot of individuals invest in insurance since it offers numerous benefits, especially when financial problems arise, which reduces financial stress. However, running such a business requires solutions to ensure compliance and efficient operations. For this reason, experts developed insurance compliance software to help financial institutions acquire flawless processes and operational efficiency.
Insurance compliance software provides multiple advanced features and functionalities, allowing you to perform bundles of tasks and processes within a short time in a single platform. With this technology partner, you can improve time management, improve performance, and communication. Insurance compliance software ensures faultless transactions leading to customer satisfaction.
Benefits
Manually checking compliance is time-consuming and a lot of work. On top of that, overlooks and mistakes are inevitable with manual methods. On the other hand, insurance compliance software reduces work errors and improves transaction quality and speed. Insurance compliance software has multi-tasking functionalities perfect for professional organizations such as financial institutions.
Features
Features and functionalities are two crucial components you need to prioritize to ensure the software’s capabilities. Software is expensive. That is why checking their performance and contributive features are essential. You can research and read reviews about the pros and cons of software comparison websites. With this method, you can choose the best compatible solutions for your company. Several platforms also enable free versions and trials, allowing you to try them and monitor their features and attributes firsthand. The following are features you should consider:
- Access Controls/Permissions
- Account Management
- Activity Dashboard
- Activity Tracking
- Activity/News Feed
- Appointment Scheduling
- Approval Workflow
- Assignment Management
Top 10 Insurance Compliance Software
1. Sircon for Individuals
Sircon from Vertafore’s comprehensive online network connects insurance carriers, agencies and brokers, agents, education providers, and state regulators to meet the industry’s unique needs. Vertafore has annual revenue of $298 million and 2055 employees.
2. Applied Epic
Applied Epic from Applied Systems includes claims management, commission management, insurance policy management, and more advanced features. Applied Systems have annual revenue of $232.4 million and 1603 employees.
3. Risk Management Center
Risk Management Center from KPA prevents incidents, reduces risk-associated cost, achieves regulatory compliance, builds visibility, and establishes reporting procedures. KPA has annual revenue of $81.1 million and 624 employees.
4. Evident
Evident is a web-based solution for dental lab management that includes scheduling, invoicing, audit trail, billing, and other features. Evident has annual revenue of $77 million and 285 employees.
5. Hearsay
Hearsay includes content discovery, compliance management, event management, lead management, social media integration, and more valuable features. Hearsay Systems has annual revenue of $50 million and 378 employees.
6. EZLynx
EZLynx includes automated quoting, billing and invoicing, client portal, commission management, customizable branding, and more innovative features. EZLynx has annual revenue of $35.7 million and 246 employees.
7. TrustLayer
TrustLayer includes an activity dashboard, audit management, audit trail, compliance management, and more valuable features. TrustLayer has annual revenue of $9 million and 41 employees.
8. BindHQ
BindHQ includes customer relationship management (CRM), full policy management, a full accounting package, configurable workflow management, and more helpful features. BIndHQ has annual revenue of $5 million and more than 25 employees.
9. RiskVille
RiskVille includes adjustor management, cancellation tracking, case management, policy issuance, and more contributive features. RiskVille has annual revenue of $5 million and more than 25 employees.
10. Rhoads PCRM
By leveraging the built-in workflow and activities functions, PCRM enables organizations to automate best practices in licensing management, agency management, and adjuster management functions. Rhoads has annual revenue of $0.9 million and six employees.
FAQs
Why is insurance important?
Life is unpredictable. Accidents can happen anytime and anywhere. Such incidents are stressful, especially when you don’t have enough savings for medical bills. Investing in insurance gives multiple financial benefits. It helps you pay for the accident aftermaths and reduce financial stress. These factors are one of the reasons why people invest or purchase insurance.
Why is software helpful in insurance companies?
The world is evolving due to technology. Most companies use technology such as software to enhance every factor in their operations. The software has multiple features allowing companies to boost quality and operational speed. You can ensure quality assurance and operational efficiency with advanced software, which leads to good customer service.
What is insurance compliance?
Insurance companies are frantic because their operations involve money. Regulations and policies are put in place, and people, staff, and other individuals involved must abide by them. Insurance compliance is concerned with internal operations such as risk management, auditing, transactions, etc. Compliance is essential to ensure all regulations are followed and executed.
Assessing compliance is essential. Noncompliance creates risks that can involve laws and lead to a negative outcome for your company. Due to professional industry advancements, manual processes would not suffice. Improve your operations and transactions with insurance compliance software. With such a tool, you can ensure you check and evaluate compliance in every area.
Related Posts
10+ Best Chemical Software for Windows, Mac, Android 2022
12+ Best Vulnerability Scanner Software for Windows, Mac, Android 2022
4+ Best Bundled Pay Management Software for Windows, Mac, Android 2022
10+ Best Trust Accounting Software for Windows, Mac, Android 2022
10+ Best Patient Portal Software for Windows, Mac, Android 2022
13+ Best Virtual Reality (VR) Software for Windows, Mac, Android 2022
12+ Best Bed and Breakfast Software for Windows, Mac, Android 2022
15+ Best Resort Management Software for Windows, Mac, Android 2022
14+ Best Hotel Channel Management Software for Windows, Mac, Android 2022
12+ Best Social Media Monitoring Software for Windows, Mac, Android 2022
10+ Best Transport Management Software for Windows, Mac, Android 2022
10+ Best Other Marketing Software for Windows, Mac, Android 2022
10+ Best Top Sales Enablement Software for Windows, Mac, Android 2022
8+ Best Industry Business Intelligence Software for Windows, Mac, Android 2022
10+ Best Insurance Agency Software for Windows, Mac, Android 2022