Leasing companies are increasingly offering insurance products. In order to keep up with the growing demands of customers, insurance departments, including those at leasing companies, are seeking new and innovative solutions aimed at facilitating service and working with clients. It is worth noting here that an attractively priced and timely offer is only part of the process. Leaseholders, when looking for the right terms for themselves, often expect an equally comprehensive, fast and hassle-free service once the contract has been concluded. This poses a challenge for the company to ensure that, at every stage of contract processing, everything is organised and performed right away. It turns out that properly structured systems for the insurance industry can be the key to success in such situations.
Leasing companies and cooperation with an insurance company and intermediaries
Leasing companies frequently choose to work with Insurance Companies (IC) and brokers. Although leasing companies often use their own systems when selling insurance, at the same time – in case of direct cooperation with ICs – they usually apply the system provided by the insurance company. A major disadvantage of such a solution is that the leasing company most frequently works with several Insurance Companies. Customers expect this to happen, thus having a wider choice. However, this leads to a situation where the leasing company’s employees work on several sales systems. Moreover, employees still have to enter all customer data into a central CRM system. The entire process therefore takes a considerable amount of time.
Cooperation with insurance intermediaries – most often brokers – has also disadvantages, as it involves the loss of part of the income from insurance commissions. It is worth mentioning that any outsourcing of insurance processes means that the duration of the insurance contract will be longer, which may negatively affect the attractiveness of the insurance offer.
Areas where automation facilitates work
As we have already emphasised, time plays an incredibly significant role during sales processes these days. Customers strive for fast service and clear communication also when working with a leasing company. Having the latest and most up-to-date offer is crucial. Unfortunately, sometimes a considerable amount of time passes between the development of a new insurance product and its presentation on the market. This is because the IC first needs to update the offer on its side before forwarding it on.
To automate this process, one should get interested in webservice technology and insurance platforms. The advantage of these solutions is undoubtedly the use of direct information exchange between IT systems. The Webservice technology offers benefits in terms of speed of service, security, as well as a guarantee of an always up-to-date and accurate offer from the IC.
Technological capabilities offered by systems for handling insurance product sales processes
The application of webservice technology is definitely the right direction, but in addition to modern technology, leasing companies also expect to be able to modify processes and model the product (so-called product flexibility). In addition, the ease of managing the system, the possibility of generating reports or the use of x-selling mechanisms are also major aspects. The automation of repetitive activities is a fundamental and key objective. On top of this, the ability to take an individual approach to the customer is an essential feature in today’s business operation. Most of the above-mentioned possibilities are offered by modern IT systems in the insurance industry. Automation of policy issuance, quoting, increasing a company’s operational efficiency or streamlining business operations and eliminating errors from billing and reports – all this and much more is offered, for example, by the VSoft Insurance Platform (VIP).
Advantages of using the VIP platform
By purchasing the VSoft Insurance Platform, leasing companies can take complete control of the insurance product sales process. This is just one of the numerous benefits that result from using this platform. Thanks to it, the company has the opportunity to build a permanent base of customers with whom it can in future cooperate in the area of insurance, offering them policies, additional products or contract renewals. Leasing can also offer a full range of insurance products to complement the vehicle sold. There are various technological solutions for the insurance industry available on the market.
Their multitude means that the selection of an appropriate platform for leaseholders should be preceded by an in-depth analysis of the market, which will allow for the selection of a tool that best suits the individual needs of a company. The VSoft Insurance Platform solution is updated according to the needs of our customers, which constantly ensures and improves cost efficiency, as well as guarantees fast and hassle-free customer service. The VIP solution is the best investment in the development of a leasing company.
