The Top 10 IT Concerns for Insurance Companies

IT for insurance industryNo matter the business type, any modern company relies on IT in one way or another. Whether it’s for security, technology roadmaps, or keeping software updated, there are a variety of nuances to account for. This is especially the case with insurance companies, which have to manage sensitive information such as client records and personal data.

Because of this, there are a number of concerns regarding IT for insurance companies. Among them, here are 10 of the most fundamental:

1. Call accounting and records. Information plays a big part with the success of IT, so keeping diligent records of calls and communication is important. A concern for insurance companies is having an IT system that can keep track of call data and account info.

2. Remote location support. Depending on the company, some insurance agencies make use of remote workers. But despite their location, they need just as much support as anyone physically on-site.

3. Data safety. Security is paramount for insurance companies, considering the type of data and information they handle. A major concern is safeguarding this data with proper IT solutions and policies. Insurance companies need expertise on the best methods for data protection, which is easier said than done.

4. Disaster recovery. Building on the need for safety, in the event data is somehow lost due to security breaches or other circumstances, recovering it is another major task. Insurance companies have to consider the best options for backup and disaster recovery plans.

5. Scalability. Insurance companies must satisfy the demand of clients and stay up to date with communication and security. Therefore, scaling resources is always a top concern for agencies of all sizes.

6. Cost. Depending on the scope of necessary resources, investing capital in the right areas is always a challenge. Do they opt for virtualization or physical installations of new resources? How will they afford the maintenance? What’s the cost of bringing on new IT staff?

7. Data maintenance. Each new type of technology likely requires updates and maintenance to consistently perform well. Insurance firms must not only adopt the resources but figure out the cost of maintaining them too.

8. Network security. Who can access the network? When they do, what aspects of the network are they accessing? Is the network infrastructure “flat” or separated into different tiers? Those are some of the questions facing insurance agencies when building new networks.

9. Maintaining data. All information collected concerning client details has to be stored, and the method is different for each insurance agency. The challenge is keeping it stored safely, either through virtualized servers, managed service providers, data centers, or other methods.

10. Expertise. There’s a shortage of IT experts, which is often why businesses look to third parties to shore up their weaknesses. Part of employing any IT strategy comes down to having these experts, so it’s yet another challenge insurance companies must overcome to maintain a successful IT strategy.

These concerns plague insurance agencies, new or old, but must be met with decisive action. Those that don’t risk their profit, security, and client information.

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