Insurtech combines technology and insurance to change existing business models. In many ways, Insurtech can be compared to FinTech as they both strive for the same goal: To use modern technology to cut out unnecessary financial steps.

Insurtech companies are changing how we interact with insurance policies to make them more accessible. Many companies are investing heavily in the Insurtech platform to create next-generation user experiences that streamline purchasing and managing procedures.

By creating an easy-to-use platform for customers to manage their policy and a simple interface for agents to work on, Insurtech has increased accessibility to insurance products, especially where human interaction is costly.

As Insurtech evolves to become more cutting-edge, it’s also beginning to influence the accounting software industry. Cloud-based accounting services are already making their way into businesses everywhere, offering solutions that are easy to use and affordable thanks to their low cost and small installation requirements.

Here are the benefits of using this type of accounting software:

Flexibility – The first benefit of using this type of software is its flexibility. Because everything is done online, these services are accessible anywhere you have internet access. Some even offer mobile apps for convenience on the go.

Cutting-Edge Technology – The business accounting software market can grow up to $1.64 billion during 2020-2024. Because the cloud-based system is constantly updating with new features and interface upgrades, you will always be using the latest version of accounting software.

Also, since it is online software, you won’t have to worry about monthly or yearly update fees.

Affordable Accessibility – Because cloud-based platforms are scalable and can accommodate a wide range of businesses in different industries, they offer a lot for their lower price. Since there is no installation required, the only costs are for your device(s), any updates you choose to make, and your third-party software, if applicable.

Low Cost of Entry – Since cloud-based services come at a fraction of the cost to start up and maintain, they are great options for newer and growing businesses. Many companies offer free trials and even full use if you only have one or two employees in your company.

It makes it very easy to start and test new software without committing to something that may not fit your business model.

Profitability – One of the significant benefits of using cloud-based accounting software is making your life easier and, therefore, more profitable for your business. It streamlines tedious tasks and minimizes the time you spend on busy work so you can focus on growing your business.

Accuracy – Since all the information is stored in an online account, it is much harder to misplace or forget where you’ve stored essential files and documents. Plus, this software is very intuitive, asking for specific information that isn’t already entered into fields, so you avoid inaccurate data entry errors.

Customization – Since cloud-based software is easy to use, it can navigate various business needs and preferences. You can pick the layout you’re most comfortable with and even customize your documents by adding your logos, graphics, etc. Plus, you have access to each version of your papers, so you never lose data or time looking for an old version.

Integrations – Cloud-based accounting software is compatible with a wide range of other third-party programs such as credit card processors and payment gateways. So, you can easily integrate your bookkeeping system with all of your company’s technology.

Account Access – With accounting software, you can access your account anywhere if you have an internet connection and a user profile on your Insurtech platform. All information is securely stored and protected using the latest security standards, so it’s safe to share with multiple employees or company members.

Synchronization – Because everything is run on the cloud, you can synchronize your information across multiple devices. It means no matter what device you’re using, as long as it is connected to the cloud, all of your essential data will be up-to-date and easily accessible no matter where you are.

Mobile Accessibility – Many accounting software offers both iOS and Android apps for mobile accessibility. It means that you can access your information anywhere using your mobile device, even when you don’t have an internet connection.

Robust Data Analysis – Since cloud-based accounting software allows you to break down your data by time, it’s easy to see trends in your business and make projections based on the patterns in your numbers.

Cloud-based accounting software makes it easy to track your performance and make data-driven business decisions.

System Security – Cloud-based accounting software provides complete security for all of your data, so you don’t have to worry about information safety or who has access to it. It is essential to store client credit card information in your bookkeeping software.