The insurance industry has grown by leaps and bounds over the last couple of years. Business analysts have often been taken aback by this sudden and rapid growth. In fact this is the chief reason why insurance companies have been making substantial profits. The implementation of new rules and regulations has made the functioning of the industry rather complicated. In a bid to simplify the processes, automated help is now available to professionals in the field in the form of insurance software. Insurance software companies have devised software that are customized to suit the need of various organizations, right from small and medium enterprises to large companies, insurance management companies to third party administrators. These insurance technologies are meant to support a wide range of functions including the management health insurance and life insurance products. It offers assistance in tasks such as reporting, accounting, agent advances, policy services, agent commissions, insurance claims processing, accounting, reserves, statutory and management reporting, underwriting and insurance billing. Insurance software companies have devised group health insurance software that is resorted to by group insurers, multi-employer trusts, third party administrators and self-administered plans. This software offers support for carrying out tasks such as collections and accounting, pre-certification and referrals, customer service, insurance claims processing, management, enrollment, provider networks and management reporting. Insurance technologies have also supported the creation of software exclusively designed to meet the demands of workers compensation insurance that helps in the maintenance of records, agents commission, fee schedules, audits, accounts receivable and PPO network pricing. Good insurance software should be developed to improve the profitability and efficiency of a business. It should enable easy learning systems that are available at an affordable price. The crux of the matter therefore is that insurance software facilitates the effective management of diverse aspects of the trade and thus helps in the creation of a comprehensive system that builds reliability and accountability. Though these are not equipped to handle customer issues, they can effectively manage consumer records and database. It makes the work much easier for the insurance executives who have to deal with the difficult part of the job- that of handling customers on a day to day basis. It drastically cuts down on their existing workload so that they can channel all their energies that require prompt attention. The introduction of this software has certainly turned out to be a boon for insurance professionals and agents.