How to Find a Reliable Insurtech Development Vendor

Insurance companies are tasked with predicting all potential risks for their customers so that they can 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. 

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. 

Why is insurtech essential for your insurance business?

Due to the broad digitalization of various business industries, insurance cannot ignore digital transformation to provide customers with high-grade services and offers and compete in the market. Custom insurance software development comes to their rescue.

Insurtech is the process of acquiring technologies and insurance software solutions by insurance companies to improve their services and internal processes.

So that you can be confident in the benefits of having technologies for your insurance company, we are going to list the top advantages your company will receive from acquiring custom insurance software development.

ecreased 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, income keeps growing, as does your business, because the shortage of physical locations is compensated for with insurance solutions that can provide your customers with top-notch online services.

Enhanced customer involvement 

All insurance services are now available online, and your customers can purchase insurance plans without leaving home. This will profitably increase 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, such as insurance companies, are always at the highest risk of cyberattacks and data breaches because they collect and maintain the private data of their customers, including policyholders, credit cards, bank accounts, and other contact information.

Custom insurance software development encrypts private customer information from third parties and can only be accessed by authorized users of the insurtech system. While cybercriminals can attack such software solutions, the security measures will prevent any data breach if the software security is constantly improved.

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 speedier manner instead of the traditional system that insurance companies use.

These channels commonly include 24/7 chatbots, personal accounts within the customer platform, and easy purchases within the web platform or mobile app.

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 a 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. 

Quoting software

Quoting software is designed to give independent agents access to various insurance quotes. Thus, they can request and receive all needed quotes using a single information form.

Policy management software

Policy management software is a system with a wide range of features, including managing quoting, checking compliance, generating offers, managing claims management workflow, and providing quick access to customer information.

CRM software 

CRM, or Customer Relationship Management software, is used in many industries to manage customer information and provide customers with top-notch services and experiences. This solution helps structure information about each customer separately, manage their policies and various policies, and more.

Advanced technologies in insurtech solutions

Along with automating insurance processes with software systems like web apps, web portals, or CRM systems, the insurance industry is actively acquiring innovative technologies to enable the integrated functions of software solutions and provide its 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 customers’ smart devices, insurance managers can use a data-driven approach to offer the most suitable insurance package to cover all potential risks and refunds.

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 need to pick a trusted and experienced insurtech development vendor, you have access to a broad global tech talent pool.

First, you need to decide what type of cooperation you want—in-house developers only, out-staff developers to expand your internal development team, or an outsourcing development partner to completely dedicate the insurance software development to remote engineers.

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. 

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 organizations quickly and effectively adopt technologies like AI, machine learning, Big Data, data governance, etc., and we show that automation can completely transform your organization’s common processes, making them more secure, automated, error-free, and productive. 

Coding Pixel

Coding Pixel is another software house that offers insurance software development services. The company uses advanced technological capabilities such as artificial intelligence, Big Data, IoT, and machine learning to help insurance companies adopt innovations and process automation according to the latest tech trends in the niche.

Fortifier

Fortifier is a relatively young software development vendor that provides insurance software development services for its clients. Nevertheless, its development teams have gained valuable experience and knowledge about the specifics of software development for insurance organizations.

Fortifier engineers are proficient in cloud computing and machine learning and can help insurance businesses adopt these tech trends.

Seroquel

Seroquel software vendor is primarily focused on data security within the insurtech solutions it builds. So, its development teams create complete, secure, data-encrypted software solutions that apply blockchain technology, Big Data, and business intelligence to help insurance businesses compete with other organizations in the area.

ISI Enterprise

ISI Enterprise has been in the custom software development market for more than twenty years. Its main goal is to help insurance companies adopt the latest technologies and innovations to modernize and automate internal workflows. Its insurtech development services cover a broad range of solutions for this type of organization.

Altamira’s expertise and services in insurtech development

Altamira team has 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 solutions our engineers offer you, we would like to mention:

• Insurance web platform development – integration of the unified software system to manage the inner processes;

• Customer-facing apps – a solution for your customers where they can make purchases or consult on the services they require, all around the clock, enhancing customer experience;

• IoT-powered software – connect the expiring software systems in order to streamline the underwriting process for your teams and customers;

• API integration – enabling measures for private data encryption and security;

• AI/ML – smart collection and analysis of customer information, specifying risks;

• 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 shining example of the digitalization of manual processes within health insurance companies. By digitizing manual processes, Medform allows for more personal communication with patients instead of filling out paper forms.

Our team received a request to let medical practitioners spend more time curing instead of dealing with administrative tasks. To address this issue, we have devised a solution: data digitization, which means converting the papers into digital data that can be easily accessed, changed, managed, deleted, and so on.

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:

• management of patient data within the unified database

• application and protocol database management

• repeated (repetitive) creation of applications and protocols from templates

• repeated (repetitive) creation of applications and protocols from previous forms

• monitoring and management of application expiration and notification to alert the medical practitioner and patient to create a new application

• statistical indicators

• communication module for SMS communication with a patient.

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 process and develop your business growth strategy.

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