Factors To Consider When Purchasing Insurance Broking Software

May 18, 2020 in Insurance Broking



Factors To Consider When Purchasing Insurance Broking Software

Selecting the best one from the available options has always been a baffling task. If you are an insurance broker or an agent and you are looking for one of the top rated insurance management software available in the market right now, then you have to consider the following things before finalizing a choice.

Does the product features matches my requirements?

You have to do a thorough market research on the available products in the market right now. The idea is to match up your software requirements with the software specifications that you have shortlisted. Before taking any decision, you have to compare the so- called features of the softwares and your compulsory requirements.

Can I find existing users who uses the same software?

Before buying an insurance software, it is always advisable to listen to the user reviews. The best possible way is to listen to those who are currently using the software. Ask them questions. How the software is helping them to enhance their business opportunities? What all are the limitations that it possess?

You may not find clear cut answers as most of them are competitors of your business in one way or other. But you can get some information from them that can be useful for your purchase.

Do they provide trail versions of the software for demo use?

Before handing finalizing the deal, check whether you have the provision to use their trail version of the software. This is very important because by using software for a certain period of time with a enough amount of data will open up the software’s pros and cons. This may help you to look into some of the questions like “How often do they push updates?”, “Is the system customizable enough to meet your needs?” etc. The answers for the above will convince your mind whether to go with the product or not.

How much it will cost?

You always have to remember that the price of the software may not be a deciding factor of purchase. Buying softwares that has a huge list of features doesn’t give you a productive output. You should distinguish the features as per your need. When considering the cost options, prioritize the features as “you must want”, “nice to have”, and “not necessary”.  

Does the vendor possess stable and consistent data security and maintenance support throughout the software usage period?

This is the most important part. Data security is the vital component any software should posses. You should have a crystal clear idea about how the data is collected, stored and reproduced when needed. It is advisable to take a legal opinion before signing the security contact documents.

Here you should also consider other aspects such as validity of the license agreement, terms and conditions drafted, post maintenance services, how often they push updations, roles and privileges etc.  

Post purchase maintenance and customer support is also an important aspect that needed to be considered before the purchase. Because while using the product, you may feel confused or may have doubts about the usage of certain functionalities. If the customer support is professional, then you might have the best pick.

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