Business | 15 min read
Insurance Software Development Services: Ways To Find Reliable Companies And Save Your Budget
Providing users with high-quality services is the primary mission of any company. However, in our digital world, excellent software is the first thing that makes good services.
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If you have an insurance company, it is essential to represent your company online. It is not enough to use ads on TV and other media. You need software development. Insurance applications for mobile or web will be an additional tool for your customers to cooperate with you.
That is why you should know what business model and digital trends to choose, what development company you can collaborate with, and other helpful tips. Keep reading this article to get all the answers.
What Is The Insurance Software?
Insurance software is the web or mobile application that is created for insurance agents and their customers. Its main goal is to simplify insurance procedures, provide all detailed information, and let specialists manage their daily operations.
Besides, insurance agencies can process claims and policy data, manage and control their employees’ performance levels, etc. In turn, customers can use insurance software to inspect available insurance types, and they can fill out forms, make payments, and create claims.
Insurance software can also be integrated with existing BPM (business process management) and CRM (customer relationship management) systems. By the way, you can read our articles about BPM system development and CRM software creation.
Why Does Your Insurance Agency Need A Software?
It is worth noting that mobile insurance apps have become more popular. As Digital Insurer report claims, the number of insurance mobile app downloads increases to a few billion every year. However, it doesn’t mean that websites are in the past. Our article about insurance website designs proves it.
But let’s take a look at the reasons why you need insurance software development.
Improved customer-company relations. Users have more trust in companies that have websites or mobile apps. Besides, it is much more convenient to communicate online. Agencies are always ready to provide the information timely, and it increases customer satisfaction and loyalty.
Automation. Some organizational tasks have to be automated, and they don’t require the involvement of your employees. It helps optimize workflow and improve efficiency.
Availability of e-forms. Customers don’t need to visit your company personally to fill out necessary documents. They can use electronic forms on your website and do everything remotely. Then your agents just need to process these forms.
The attraction of new customers. It doesn’t matter whether it be health insurance software development, car or business insurance (or all of them); customers want to have reliable software at hand. If you can provide one, it will attract many more customers.
Cost reduction and revenue growth. Software development leads to lower operational costs, and many processes become automated. But the growth of new customers leads to higher profits, so it is another reason why insurance software is a must.
Plan to build insurance software? Need a dependable partner? Contact Cadabra Studio to get high-quality development services.
Top Trends For Insurance Software Development
If you want to gain the lead and beat your competitors, your software should use up-to-date trends. Customers are capricious, and you must amaze them with your software product. Otherwise, they choose a competitor’s app. Thus, we will list the top trends to pay attention to.
Chatbots. Even when your support team cannot reply to new customers, chatbots can. Chatbots are AI-based consultants who will help customers navigate through your website and answer all their questions. Chatbots are available 24/7, and machine learning algorithms allow them to adhere to human-like communication. We recommend using chatbots since FAQ on your website is not enough.
Artificial intelligence. Apart from chatbots, AI can be used for predictive analytics to evaluate risks and analyze the data to devise a risk score for the insured party. Artificial intelligence can also be used for underwriting, customer service, fraud detection, claims processing, etc. Today AI is the technology you cannot ignore if you want to be on top.
Big Data. Many InsurTech startups start using Big Data, and it provides them with multiple benefits. Thus, Big Data is the technology that allows insurance agencies to store and quickly process a vast amount of data. Big Data tech enables you to analyze data about potential customers and attract them to your services using predictive analytics. AI and Big Data often work hand in hand, so their combination will be advantageous.
Blockchain. Blockchain is a distributed register containing a chain of blocks, where each block stores a part of the information. It protects the data and makes all insurance related-process more secure. Besides, blockchain implies the application of smart contracts. These contracts make fraudulent operations impossible, and they require mandatory fulfillment of obligations by both parties. Once obligations are fulfilled, the contract may be considered complete.
IoT. The Internet of Things, or IoT, implies connecting various smart devices around the house or business centers. And this chain of connected devices allows gathering crucial data from security systems and other devices like fire detectors to call emergency services and prevent severe damages. Besides, collected data helps insurers detect fraudulent attempts to receive compensation.
Security. Well, this is even not a trend. It is a principle you should never forget. Your software must be protected from unauthorized access, hacking attempts, and other malefactors. You process personal data, and your customers must be confident that their data is adequately protected. Let developers use all up-to-date security measures to ensure high protection level.
What Business Model To Choose When Hiring Insurance Software Developers
It can be a huge dilemma — what contractor to choose for your project. Is it better and cheaper to hire a freelancer? Or build an in-house team to manage it by yourself? Or is software development outsourcing the appropriate option? Well, read this section to make the decision.
Freelancers are independent contractors who use platforms like Upwork, Toptal, etc., to offer their services. You can choose your candidate by narrowing down the search, picking the skills and technology a developer should have. However, it is better to hire freelancers for a short-term project. Besides, there are specific pros and cons of cooperating with freelancers.
Pros: It is cheaper, of course than hiring a large development team. Moreover, you contact the developer directly, and it can improve the final result. And freelancers are usually flexible and adapt quickly to your needs.
Cons: Deadlines can be broken if a freelancer cannot keep working due to disease or an emergency. If you are not a tech-savvy person, you won’t be able to test a freelancer’s skills. Then, your app idea can be stolen even if you signed an NDA — freelancers can disappear and use your idea for their purposes, leaving you with nothing.
You’re planning to build large-scale insurance software, and the project will take a lot of time. You may then think about creating an in-house development team, i.e., making your development department. You will hire all team members on your own, and you will manage their work more thoroughly.
Pros: You set deadlines on your own, and the project’s quality is in your hands. Besides, in-house teams fit long-term projects perfectly.
Cons: You will have to spend your time on the hiring process; you will need to learn more about development skills, tools, and techniques since you cannot hire specialists without knowledge in this sector. Finally, this option is costly — you must purchase hardware, licensed software, pay taxes, pay office rent.
Outsourcing developers, aka offshore developers, remain the most popular option today. You hire a development team like Cadabra Studio located in another region, but it has high development skills, a good reputation, and affordable rates. Software development outsourcing is suitable for mid-sized and large projects. For more information, you should read the article about offshore software development services.
Pros: You hire relevant specialists for your project who know what to do. You don’t need to control them constantly since dependable companies always value their clients and do their best. A project manager in an outsourcing company will keep you updated, and they will manage all the processes.
The company will also provide you with a technical specification and detailed description of the development process step by step. And the protection of your idea and project security will be guaranteed.
Cons: An outsourcing company’s cost is much higher than a freelancer’s cost, but there is a quality assurance when cooperating with offshore companies. Likewise, an in-house team remains the most expensive option.
Need a qualified consultation on your project? Contact Cadabra Studio to get more.
Where Can You Find Software Development Companies?
It is better to know more about platforms where you can hire trustworthy developers. Not all platforms ensure the companies provided are reliable. So we will list these platforms for your consideration.
Clutch. This platform is considered to be the trusted website where only verified companies are presented. You can narrow your search by filtering it, look for a company by rates, countries, development areas, etc.
Upwork. A marketplace where you can hire a freelancer or outstaff a specialist working in a software development company.
AppFutura. Another platform that helps business owners find and categorize software development and marketing companies, select company by field of activity.
Toptal. Toptal is an accessible platform similar to Upwork, where you can find developers of different levels and skills. Toptal remains one of the popular platforms for finding and hiring developers.
Seven Insurance Software Development Companies To Hire
It is the right time to find an outsourcing development company that provides affordable rates, reliable services, and a responsible software creation approach. We want to help you and provide a list of the top seven companies involved in InsurTech development.
VelveTech is a US-based company (located in Chicago) specialized in CRM, BPM, insurance, and healthcare software development. The company has more than 15-year experience in the development sector, and their main goal is to deliver a scalable and high-quality product to clients.
Another company from the USA, Los Angeles. Coding Pixel was founded in 2006, and it is involved in the development of insurance software of all types — health, car, property, life insurance. The company strives to use advanced tech solutions like AI, blockchain, and Big Data in the software development process.
Cadabra Studio company, based in Ukraine, was founded in 2015. The company established itself as a reliable company that values its reputation. The profile on Clutch.co and clients’ reviews speak for themselves. Our company creates software in many sectors like FinTech, healthcare, insurance, eCommerce, education, SaaS, real estate, etc.
However, insurance and healthcare are two sectors Cadabra Studio has a high skill level in. You can check the company’s portfolio and delve into a case study describing how we created a customer web portal for the RVOS insurance company. Our mission is to understand how digitalization and the right branding direction will help your business multiply revenue.
Serokell is the following software development company that is located in Tallinn, Estonia. The company successfully does its business since 2015, and this company is growing. The primary trick of Serokell is to combine computer science and high programming skills in insurance app development. Sreokell uses Big Data and blockchain technology to make their products robust and invulnerable.
Quick Silver Systems
Bradenton-based Quick Silver Systems company (USA) exists for three years only, but it has already gained a reputation as a qualified and robust development team. What’s interesting, Quick Silver Systems is engaged in web development only. But it creates many web-based insurance systems, portals, automobile underwriting, and claims processing systems.
We cannot bypass Sapiens company, and it should be present on our list. This company from Cary city, USA, provides off-the-shelf products, i.e., it has ready-made solutions that can be adapted and customized for your services. The company is rather old, it has existed since 1982, and insurance services is their main area of expertise.
Chetu is a large company with headquarters in the USA and offices in England, Netherlands, and India. It has worked as a software development company since 2000. Chetu is specialized in the development of insurance mobile and web applications of all complexity levels. The company is always ready to help everyone who wants to move their business forward.
Essential Tips To Consider When You Build Insurance Software
Finally, we want to share a couple of tips with you before you start hiring a development team. Basically, these tips will be answers to frequently asked questions during insurance software development.
Type of software. Insurance companies may hesitate when choosing what software type is better — on-premise or cloud-based. On-premise software means that it is used on company servers. Cloud-based software uses servers of third-party vendors. Everything depends on your needs. On-premise software can be customized to your needs better. In contrast, cloud-based software requires fewer investments and remains more secure.
Integration and compatibility. If you already use CRM or BPM systems for your insurance business, you need to discuss with developers the possibility of the integration of new insurance software with existing systems. It will optimize many processes, and seamless integration will contribute to a more efficient workflow.
Software segment. If your company is involved in various insurance types, your software should also provide all these insurance types. Don’t split different segments into different apps — it will be more expensive and less convenient. Let your app be a comprehensive solution for your customers.
The development of insurance software is a process that requires specific skills and knowledge. But there is always an assistant like Cadabra Studio that will help you make your project from scratch.
Less talking, though. As our company has significant insurance software development expertise, the development team is ready to make your project real. Just contact us, and we will do the rest.
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