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Insurance companies are tasked with predicting all potential risks for their customers in order to provide them with the most suitable insurance services. However, risk prediction is literally impossible to qualitatively execute without the application of advanced capabilities of modern technologies and automation tools.
That is one of the main causes why the digitization of the insurance industry is gaining momentum as more insurance organizations acquire insurance software solutions and new technologies like artificial intelligence, machine learning, the Internet of Things, blockchain, cloud, and others.ย
Therefore, further, we would like to put at the center of our attention the necessity of adopting custom insurance software solutions for your insurance company and how to decide which insurance software development vendor is reliable for building insurtech solutions for your business needs.ย
Why is insurtech essential for your insurance business?
Due to the broad digitalization of various business industries, insurance just cannot remain aside from digital transformation for the purpose of providing customers with high-grade services and offers and competing in the market. Custom insurance software development comes to rescue them.
To say a few words about what insurtech is, this is the process of acquiring technologies and insurance software solutions by insurance companies in order to make their services and inner processes smoother and more efficient.
ย So that you have no doubt in the essence of possessing technologies for your insurance company, we are going to name the top advantages your company will receive from acquiring custom insurance software development.
Decreased operational costs
With the integration of insurtech within insurance companies, we can see the tendency of reducing physical location, thereby expenses for offline rent and supplies, the number of employees, equipment, utility and cleaning bills, and the list can go on and on.
Nevertheless, the income keeps growing as well as your business because the shortage of physical locations is compensated with insurtech solutions that can provide your customers with top-notch online services.ย
Enhanced customer involvementย
As all insurance services are now available online and your customer can purchase the insurance plan without leaving their homes, this will work profitably for their engagement and satisfaction with your company and approach.
There is no need to make an appointment in advance, check numerous papers and website forms, collect all documents and their copies, etc. Having an insurance web platform, for instance, your customers can make the purchase on their own or consult with your workers right on the website.
Provided security for your customers` private data
Financial institutions like insurance companies are always at the highest threat of cyberattacks and data breaches due to collecting and maintaining the private data of their customers including policyholders, credit cards, bank accounts, and other contact information.
Custom insurance software development is accountable for encrypting private customer information from third parties and can be only accessed by authorized users of the insurtech system. Surely, such software solutions can also be attacked by cyber criminals, but the security measure will prevent any data breach under the condition of constant improvement of the software security.ย
Enabled customer experience
Due to the advanced capabilities of insurtech technologies like AI, ML, IoT, and others, insurance facilities are able to reach out to their customers in various channels as well as receive and process their requests in a speed mode instead of the traditional system that insurance companies use.
These channels commonly include 24/7 chatbots, personal accounts within the customer platform, easy purchases within the web platform or mobile app, etc.ย
Types of insurtech solutions
Basically, there are various types of insurtech solutions integrated with different features and technologies. Their selection completely depends on your business needs and requirements at the moment of collecting the project’s technical specifications.
These solutions can be a standalone system as well as an integrated part of the existing inner software system. Further, we would like to highlight the popular types of insurtech solutions that will be effectively applied to the workflows of any insurance institution
Document management software
This type of insurance software development is accountable for collecting all company documents within single storage, providing centralized access to authorized users. This will simplify the structure of documents into different categories, exchange between departments and branches as well as adjust and delete them.ย
Quoting software
Quoting software is purposed on providing independent agents with access to various insurance quotes, meaning all needed quotes can be requested and received within a single information form.ย
Policy management software
Policy management software is a system that covers a broad range of features including managing quoting, checking compliance, generating offers, claims management workflow, and providing quick access to customer information.
CRM softwareย
CRM or Customer Relationship Management software is applied in many industries for the purpose of managing customer information and providing them with top-notch services and experience. This solution helps to structure information about each customer separately, manage their policies and various policies, etc.ย
Advanced technologies in insurtech solutions
Along with the automation of insurance processes with software systems like web apps, web portals, or CRM systems, the insurance industry is actively acquiring innovative technologies for the purpose of enabling the integrated functions of software solutions and providing their customers with the highest quality of services and data services, which are the two main decisive factors.
AI & ML
Artificial intelligence and machine learning are accountable for the prediction of claims cost for each customer in order to provide them with more differentiated specters of insurance services and manage the money flow for your business.
AI-enabled chatbots
AI-powered chatbots are implemented for the purpose of providing customers with 24/7 communication, support, and quick responses to basic commands. This also decreases the load for technical support managers, who can now focus on more valuable daily tasks.
Internet of Things (IoT)
Due to IoT technology connecting all smart devices of customers, insurance managers can use a data-driven approach in order to offer the most suitable insurance package to cover all potential risks and refunds.ย
Blockchain
Blockchain technology is used to encrypt the contracts between insurance companies and customers in order to protect the private information of both parties. This approach is called a smart contract when a simple contract is converted into a code version and can be read under particular conditions.
Top 5 insurance software companies
When you come to the step when you need to pick a trusted and experienced insurtech development vendor, you get access to a broad tech talent pool all over the world.
Foremost, you need to decide what type of cooperation you look for – in-house developers only, outstaff developers to expand your inner development team, or an outsourcing development partner to completely dedicate the insurance software development to remote engineers.ย
Generally, the most beneficial choice for your insurance business is to outsource the development as it is cost-efficient, and provides you with wide technical expertise, various developers, and numerous software houses.
We prepared a compilation of the top insurtech companies that offer outsourcing and team augmentation services to build custom insurance software solutions due to your ongoing business requirements.ย
Altamira
Altamira has built the face of a reliable and constantly growing insurance software development company, being on the market for 10+ years. The company has broad experience in digitizing business in various industries and specifics, and insurance has not become an exception.
We help different organizations to adopt technologies like AI, machine learning, Big Data, data governance, etc., quickly and effectively and show that automation is capable of completely transforming the common processes for your organization making them more secure, automated, error-free, and productive.ย
Coding Pixel
Coding Pixel is another software house that includes insurance software development in their services. The company uses advanced technological capabilities of artificial intelligence, Big Data, IoT, and machine learning in order to help insurance companies acquire innovations and process automation according to the latest tech trends in the niche.
Fortifier
Fortifier is a quite young software development vendor that provides insurance software development services for their clients. Nevertheless, their development teams managed to get precious experience and knowledge about the specifics of software development for insurance organizations.
The Fortifier engineers are proficient in cloud computing and machine learning and are capable of helping insurance businesses adopt these tech trends as well.ย
Seroquel
Seroquel software vendor is 5primarily focused on the data security within insurtech solutions they build. So their development teams create complete secure data-encrypted software solutions applying blockchain technology, and also Big Data and business intelligence to provide insurance businesses to compete with other organizations in the area.
ISI Enterprise
ISI enterprise has been in the market of custom software development for more than 20 years. Their main goal and task are to help insurance companies adopt the latest technologies and innovations for the purpose of modernizing and automating inner workflows. Their insurtech development services cover a broad range of solutions they can apply for this type of organization.
Altamira’s expertise and services in insurtech development
Altamira team has a proven experience in the insurtech software development area, offering a broad range of services that can be applied for the growth and development of your insurance business. Among the insurtech solution our engineers offer you, we would like to mention:
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- Insurance web platform development – integration of the unified software system to manage the inner processes;
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- Customer-facing apps – solution for your customers where they can make purchases or consult on the services they require all around the clock enhancing customer experience;
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- IoT-powered software – connect the expiring software systems in order to streamline the underwriting process for your teams and customers;
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- API integration – enabling measures for private data encryption and security;
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- AI/ML – smart collection and analysis of customer information, specifying risks;
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- Cloud-based solutions – enabling the productivity and security of databases with cloud solutions.
Altamira’s insurtech case study: Medform
Medform is a health insurance platform that is a bright example of the digitalization of manual processes within health insurance companies, thereby dedicating more personal communication to patients instead of filling out paper forms.
Our team got a request to let medical practitioners spend more time curing instead of dealing with administrative tasks. The solution we have come up with to this issue is data digitization, meaning converting the papers into digital data that is easily accessed, changed, managed, deleted, and so on.ย
As a successful result of our team working on developing the automated health insurance system, the following functions were made and integrated within the inner workflow of the medical facility:
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- management of patient data within the unified database
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- application and protocol database management
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- repeated (repetitive) creation of applications and protocols from templates
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- repeated (repetitive) creation of applications and protocols from previous forms
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- monitoring and management of application expiration and notification to alert the medical practitioner and patient to create a new application
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- statistical indicators
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- communication module for SMS communication with a patient.
FAQ
To end up
Insurance manual processes have to be left behind, as this is a new era of digitalization that is rapidly transforming the insurance industry. In order to keep up with your competitors and maintain the face of your business, insurtech development is the next step in your business development plan. And Altamira is ready to help your business with the proceeding and developing your business growth strategy.
