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Why Secure Intuitive Insurance Software Is Essential

To run their firms at peak efficiency, insurance firms need software that is both easy to use and has the latest cybersecurity protections

Key Takeaways:

With the growing threats of cyberattacks and frauds, insurance firms need software incorporating the latest security features
Intuitive software that’s easy to use will be embraced by both staff and clients
For safety’s sake, legacy software systems need to be updated
A good software development partner can achieve the delicate balance between functionality and usability

Software systems have become increasingly essential to the operational efficiency of the insurance industry in general and for claims adjustors in particular.

On the one hand, software needs to address security concerns since hackers and other criminals want access to insurance firms’ “treasure trove of sensitive data” kept on behalf of clients.

On the other hand, the software’s functional nature needs to be balanced with an intuitive design so that employees find it easy to use and clients can navigate the claims system with a minimum of fuss.

The balancing act to create secure, intuitive insurance software is a delicate one that all insurance companies must master for operational efficiency and safety.

Read on to learn more about achieving the dual imperative of security and usability.

Understanding the Security Needs in Insurance Software

According to a Deloitte Global Cyber Executive Briefing, the need for creating secure insurance software has never been greater:

“Attacks on insurance firms can result in significant, tangible damages such as fines, legal fees, lawsuits, and fraud monitoring costs. However, a less obvious but no less significant impact may be loss of trust, driven by customers’ concerns about whether their information is safe. Since the insurance business revolves around trust, a major breach can have a very real impact on an insurer’s brand and market value.”

Some common types of cyberattacks can include:

  • Malware
  • Denial-of-service (DoS) attacks
  • Phishing 
  • Spoofing 
  • Identity-based attacks
  • Cryptojacking
  • Code injection attacks
  • Supply chain attacks
  • Insider threats
  • DNS Tunneling
  • IoT-based attacks

Insurance software must also conform to various regulatory frameworks. These include compliance requirements, such as GDPR and HIPAA, and industry-specific regulations demanding the strongest possible data protection.

Insurance brokerages are particularly at risk if they still use outdated legacy systems full of bugs and cracks that can leave them open to cyberattacks and other misuses.

The Importance of Intuitive Software Design

The insurance industry depends on balancing security in software design with user-friendly features. The intuitive approach to development puts the end user at the center of the design process, affecting their overall experience in the system. The need for usability includes insurance company employees who use the software, their clients, and the consumers who come to them for their claims services.

The benefits of creating intuitive software include:

  • Increased productivity: Users can navigate the system more quickly, saving time and frustration.
  • Reduced support costs: A well-designed user interface and program functionality means that users will need less software support, helping save money.
  • Improved adoption rates: Employees are more likely to adopt software with a short learning curve, and customers are less likely to give up interactions because of confusion.
  • A stronger brand: Improved customer satisfaction using intuitive software helps you to build a stronger company brand.

Strategies for Balancing Security and Intuitiveness

Balancing security in software design with intuitive interface and features can be a tough but necessary act.

Software developers increasingly turn to advanced technologies such as artificial intelligence (AI) and machine learning to accomplish this. Insurance companies can streamline operations, make fast, accurate decisions based on huge datasets, and improve customer and employee experiences with these tools.

The benefits of these technologies include:

  • Expedited claim processing: In many cases, AI can quickly evaluate claims’ validity, helping speed up the settlement process.
  • Improved customer service:  This may come through AI-powered chatbots and virtual assistants. The improved service might also be through more personalized communications with policyholders. 
  • Better underwriting: AI algorithms can quickly analyze large datasets, helping to achieve faster and more accurate underwriting.
  • Beefed-up fraud protection: The technology can quickly identify recurring trends and irregularities that indicate many types of fraud, helping to reduce and prevent losses.
  • Stronger risk management: AI and machine learning can help insurers set appropriate premiums by assessing risks with great accuracy

Overcoming Challenges in Secure Software Design

One of the great challenges for claims-adjusting firms to adopt secure yet intuitive software is to overcome their adherence to the status quo—hanging on to legacy systems that are inefficient and error-prone. They can swallow up 70 to 80% of IT budgets and leave big gaps in cybersecurity defenses, jeopardizing clients’ sensitive personal information.

By turning to the right software development partner, insurance adjusters can get the customized solutions they need. They can also ensure that the new software meets the most demanding security and compliance standards. During implementation, employees need to be properly trained to overcome resistance to change and get the most from the new software.

To get the right mix of security and intuitiveness, it helps to follow some software development best practices:

  • Embrace simplicity: A simpler software package is easier to use, and simple code leaves less room for errors and vulnerability.
  • Test thoroughly: By testing their software thoroughly, developers can correct security issues that crop up and improve performance for a smoother user experience.
  • Start with a security focus: First and foremost, insurance software has to be safe and secure. Providing this gives users peace of mind and helps to improve their experience. If the software’s safety features are set at the beginning of the process, developers can focus on usability issues.

How to Achieve Harmony in Software Design

The insurance industry will continue to rely on software to run its operations and service its clients. As this dependence grows, so will the necessity of incorporating the latest cybersecurity features to keep sensitive information safe. At the same time, usability features have to be part of the program’s design so that it can easily be adapted to the needs of employees and clients.

You need a software development partner who is the same to ensure that your software is fully functional and beautifully friendly. At Susco, we are dedicated to creating solutions tailored to each client’s needs. To start your journey to a more secure, intuitive future, contact us today for a free one-hour consultation

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