Insurance Software Development - Success Factors

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Success Factors - Policy Administration Insurance Software

The critical success factors in the policy administration insurance software space, for health and benefits, include processes where there is ease of client customization & integration and valuation calculations for claims. Best practices where big data analytics determine accurately the cost of covering a customer base and effective communication through data sharing are additional success factors.

Processes

Client Customization & Integration Ease

Valuation Calculations for Claims

Best Practices

Big Data Analytics

Communication

Data Sharing

  • Using Human API, customers can electronically share their health data with companies such as Guardian using digital health records to streamline underwriting, improve customer satisfaction, and differentiate themselves in the insurance space.
  • Elaine Costigan, director underwriting for individual disability insurance for Guardian noted that 77% of applicants indicated that their healthcare providers were found in the Human API network.
  • According to the case study, applicants who required an Attending Physician Statement (APS), approximately 30% successfully connected their patient portal accounts and shared their Electronic Health Records (EHRs).

Research Strategy

Our search for critical success factors in the policy administration insurance software space for health and benefits found that there were no precompiled reports or analyses. We determined that the success factors relate directly to the project management process and have highlighted findings that correlate directly with policy administration software for health and benefits also referred to as insurance administration systems. Additional examples of such a system were also highlighted e.g Allied Systems.




Sources
Sources