Insurance Contract Management Software: Top Buyer Tips

Insurance contract management software is vital to the main operations and objectives of insurance companies. In this article, we’ll break down the features and functionalities that matter most for daily tasks and handling large volumes of contracts.   

What is insurance contract management software?

Financial services contract management software is a tool with various features that automate all stages of the contract lifecycle on a single platform — benefiting insurance companies and their policyholders. With easy access and secure storage of documents and reports, it offers a comprehensive, organized contract management process.

How does contract management software help insurance companies?

Let’s explore the top ways contract management software supports insurance groups and their operations.  

Accuracy

The transition from manual contract management to automated workflows will minimize the risk of human error by ensuring the accuracy of tasks like data input and calculations. Compared to manual tasks, automated processes make it easier to avoid common mistakes like filling out incorrect forms or forgetting to update critical information in your database. 

Cost savings 

Improved accuracy is one way to reduce the costs you would incur from trying to fix errors. Additionally, with automation doing the heavy lifting for you, you can avoid the negative effects of spending too much time on repetitive tasks, missing deadlines, and other common issues associated with contract management.  

Risk management 

Insurance companies can better manage risks associated with contracts, such as identifying non-compliance issues and unclear terms and conditions, while monitoring overall contract execution. 

Enhanced customer experience 

You can improve efficiency by automating time-consuming tasks, which saves you more time and resources to deliver quicker response times and more personalized, human-centered interactions — which are some of the important qualities that policyholders look for when choosing an insurance company. 

Which CLM software features are crucial for insurance groups? 

Automated notifications and updates

Quick, intuitive, and convenient deadline alerts are a critical aspect of effective contract management. This way, you won’t forget to renegotiate contract terms or terminate contracts you no longer need.  

Centralized contract storage 

Secure storage in one central repository can help insurance companies store contracts and other documents without the hassle of tracking them across multiple platforms.  You can also organize your contracts however you want, easily search for them, and add important deadlines and reminders —  see more here. 

Collaboration tools 

Through editing and commenting features, drafting, reviewing, and approving contract terms become a unified process. Policyholders and stakeholders can also respond more efficiently to updates or assigned tasks, reducing delays and miscommunication. 

Compliance checks 

Adherence to insurance laws and regulations is crucial to preventing legal disputes and penalties. Therefore, choosing contract lifecycle management software with features that help you identify and flag non-compliance issues not only ensures that the contract is enforceable but minimizes the risk of these legal issues.

External data sharing 

CLM software that enables you to import or export data with other platforms offers greater flexibility and integration capabilities. For instance, you can incorporate external apps like Salesforce into your contract workflows, enhancing overall efficiency and functionality. 

What is the best contract management software for insurance companies?

As a CLM solution for insurance companies, Concord stands out due to its comprehensive features and benefits highlighted below. As a result, it’s trusted by more than 1 million users and various businesses from the financial sector, including Avior Capital, Sonae, and NorthOne.

Smart search 

Save time by using AI-powered search to find documents instantly. You can also filter contracts by name, date, or other terms. 

Compliance management

Make sure contracts comply with insurance and healthcare industry regulations through compliance checks and audit trails. 

External app integrations 

Integrate external applications for additional functionalities beyond your primary contract management tools, such as Google Docs, Dropbox, Salesforce, and HubSpot. 

Data exportation   

Prioritize the ability to export external data or reports on your contracts’ status and other details. For example, under Concord’s Deadlines tab, you can pull information from old files into an Excel spreadsheet that lists each contract and its upcoming deadlines. 

Collaborative editing and version control 

Leverage the chat or comment feature to communicate with stakeholders and share edits. You can also track these edits with a full history of contract versions for accuracy and transparency. 

Central repository

Trust in a single, secure location for storing and accessing all contracts and take advantage of its security features — such as encryption and access controls — to protect sensitive data and information.  

For better compliance, seamless app integration, collaborative editing, and more, a contract management platform will transform what you’re able to do with the data in your agreements.

Manage insurance contracts more efficiently today, with Concord.

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