Insurance companies are notoriously slow to change when it comes to technology (but they sure do love corporate events), so it is of no surprise that insurance companies that specialize in Funeral Insurance have lagged compare to the rest of the industry in keeping up with IT investments in their businesses. Thank fully with some pressure from the government all financial focused businesses need to upgrade and stay up today with new technology innovations. One of such innovation is Microsoft SharePoint, an advanced software beyond the typical IT intranet systems you might be familiar with.
Used by more than 80% of top-ranking companies listed in Fortune 500, this powerful web based platform is not only a tool for online collaboration but provides additional functions for organizations like insurance firms such as the all important audit trail to keep track of who made what change to a legal document. Additionally, it can manage your business data or records, and can provide more than what the typical intranet can do in terms of ease in team communication, access of data, systematized knowledge base of the company, facilitate ease in managing your contents and keeps an automated workflow that is friendly to future audit of information and log-ins. It is an all-in-one online collaborative communication tool to serve business needs to modernize organizations like insurance companies focus on funeral insurance and other related insurance cover.
Let’s face it, companies are eager to recoup their losses from the latest episode of the global financial downturn that hit modern economies 6 years ago. While a number have bounced back, the insurance industry is one of the most affected in terms of loss in volumes of sales as more and more people find it hard to invest in pre-needs and “what-if” protections. Thus, funeral insurance firms have resorted to developing new products like funeral bonds and pre-paid funeral plans to attract new younger clients in addition to the more typical funeral plans for seniors. The language and form verbiage has changed from the complicated legal only to include more easy to understand summaries so as to not intimidate the customer. The focus has expanded from simply looking into the client’s capacity to pay monthly or quarterly dues but also assess their assets and long-term needs to better suit them and not the insurance company selling the product.
With so many changes, databases have also expanded needing new systems of storing, accessing, managing and safeguarding so many sensitive documents. The networks of insurance agents working for insurance companies have also evolved. While in the past, only brochures and hard copies of plans are stuffed into briefcases, today, the modern insurance agent is further equipped with a laptop or tablet which he can then use to access the office’s SharePoint server that has tools to help compare funeral insurance quotes from different insurance providers instantly.
Some companies still find the use of basic file share intranets sufficient for their operations. Others have however shifted to more agile and modern systems like SharePoint. These developments will continue in the future. As needs change and clients’ preferences shift, insurance firms have also to keep up with the pace to get ahead in the race.