Insurance Software Development Services

THE VISION

As an insurance company, you want to address low customer loyalty, high customer acquisition costs, and service inefficiencies. You’re looking for ways to improve personalisation, automate tasks, and offer more competitive pricing. In addition, you want a tool to assess risks and predict them accurately. You want to offer built-in insurance to your customers and easily integrate insurance into your products and services.

As an insurance startup, your goal is to get to market faster and offer a better customer experience. You want to mitigate risks and reduce operational inefficiencies. You aim to attract many investors and demonstrate your unique capabilities and high performance to them.

THE CHALLENGE

The insurance business face certain challenges that hinder growth, and these are:

01. Lower Customer Loyalty

Insurance companies face low customer loyalty and reduced long-term value of their customer portfolio due to a lack of personalised service and outdated analytics. Without adapting to customer needs, your marketing costs will remain high, and your renewal offering is unlikely to be competitive.

02. Inaccurate Risk Assessment

Errors in risk assessment can lead to under- or overestimating the value of insurance, making it difficult to identify fraud and segment customers by risk level. Applying outdated valuation methods and inefficiently using customer data prevent your company from correctly assessing risk and adequately managing your insurance portfolio.

03. Fragmented Purchasing Process

Customers face an inconvenient shopping experience when purchasing insurance products. This leads to lower retention and new customer acquisition. Separating the insurance process from the product or service it covers creates barriers for your customers and makes interaction difficult. For example, when travel platforms disrupt the booking flow by forcing customers to switch platforms for travel insurance, this can potentially lead them to skip the purchase altogether.

04. Mistrust and Cyber Threats

This vulnerability can lead to significant data breaches when sensitive customer information, such as social security numbers, medical records and financial information, are exposed. Consequences include identity theft, financial fraud, and loss of customer trust. Moreover, you can face significant regulatory fines and reputational damage, which can affect long-term profitability and operational stability.

05. Accuracy of Loss Estimation

Difficulties in accurately assessing losses, especially in remote locations, and vulnerability to cyber threats pose risks to insurance companies' financial stability and reputation. Assessing losses and dealing with active threats will be challenging if you ignore data and modern technology.

06. Latency and Inaccuracies in Risk Assessment

Delays and inaccuracies in risk assessment lead to negative customer experience. As a result, they are dissatisfied and reluctant to make repeat purchases.

WHAT WE CAN DO FOR YOU

In the ever-evolving insurance landscape, staying ahead of the curve is crucial for success. We have a deep understanding of the unique challenges and opportunities faced by insurance companies and can provide wide range of software development services that can help you improve your insurance business. Among them:

01. CRM and Data Analytics

We can develop Customer Relationship Management System for your business that collect and analyse customer information. The system can process large volumes of data to identify trends, predict customer behaviour and optimise product offerings. You will be able to use customer data to create targeted advertising campaigns and collect data on customer behaviour during the purchase process.

02. Risk Management and Pricing

We can develop customised system that integrate data from various sources and use machine learning algorithms to analyse and manage risk for your business. For more accurate pricing, you can use historical data to assess risk and customer behaviour.

03. Data Security

We can develop a blockchain-based Secure Transaction System to provide you with immutable and transparent records, reducing the risk of fraud. Encryption and identification technologies protect customers' personal information. This includes modern methods of data encryption, user authentication, and monitoring access to information.

04. Al-Powered Chatbot

We can develop Al-powered chatbot for your business to provide automated customer support 24 hours a day, 7 days a week. It can answer questions, solve problems, and provide information about your products and services.

05. API Management System

We can develop an API Management System to allow you to integrate your insurance products with different platforms and services easily. This can help you expand your reach and make your products more accessible to customers.

06. Innovative Tools for Loss Assessment

We can develop Drone Fleet Management Software to allow your business quick and safe damage assessment after natural disasters or other events using drone flights. Damage Assessment Analysis Tool uses images and video from drones to determine the extent of damage accurately. You can speed up the claims process and reduce costs.

Benefits you can receive from cooperating with us

Increased customer satisfaction and loyalty

Thanks to data analytics and machine learning, you can gain a clear understanding of your customers' needs and preferences. You can offer personalised products and services. Campaigns based on customer data make marketing more effective, increase customer engagement and conversion. By automating routine tasks and implementing AI-powered chatbots, you can significantly improve the speed and quality of customer service.

Improved forecasting and risk assessment

Predictive modelling using historical data and machine learning allows you to more accurately predict the risks associated with each customer, set fair prices for insurance policies, minimise losses and avoid fraud. Dynamic pricing makes insurance products fairer and more affordable. By dividing customers into groups based on similar risks, we can develop more personalised products and services for each group, leading to better customer satisfaction and reduced losses. Machine analysis of claims data can help you identify fraudulent claims faster and more accurately, saving you money and protecting you from unscrupulous customers.

Insurance convenience and accessibility

Integrating insurance directly into the process of buying goods or services makes it more accessible and convenient for customers. Online platforms and mobile applications allow customers to access insurance products and services anytime, anywhere.

Enhanced security

Blockchain technology can guarantee data integrity and improve transparency within the insurance process. This will build trust as all parties involved can access a secure and immutable record of transactions.

Data protection

Modern data protection technologies like encryption and multi-factor authentication will ensure the confidentiality and security of customers' personal information. You will know your data is well-protected.

Dynamic risk assessment and personalisation

Analysing IoT data can help your company detect early signs of potential problems, such as equipment wear and tear or risk of an accident, allowing them to take action to prevent losses.

CASE STUDIES

А fast, free service that helps home buyers and homeowners shop for insurance

Keller Covered, a real estate company, set out to simplify the insurance process with an intuitive digital solution. Our team developed a comprehensive web service with a detailed questionnaire and user-centred design to facilitate the insurance selection process. The solution allowed homeowners and homebuyers to easily navigate the insurance selection process, improving user experience and increased engagement.

CONTACT US

Get in touch with us to discuss price for your future project. Use the form below or send us an e-mail to info@computools.com

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Computools was selected through an RFP process. They were shortlisted and selected from between 5 other suppliers. Computools has worked thoroughly and timely to solve all security issues and launch as agreed. Their expertise is impressive.

Mona Madbouly

Global Web Officer at British Council

INDUSTRY: Education Services LOCATION: United Kingdom

The Computools team was very rapidely operational despite the complexity of the situation and the need for the team to adapt to our development methodologies. The Computools team could also work very remotely with very good inter-communication with the SBFinance team ensuring good efficiency despite off-shoring.

Olivier Gazon

Managing Partner at Sustainable Base Finance

INDUSTRY: Banks LOCATION: Belgium

Computools are experts and act professionally, with lots of guidance on technical recommendations and with easy to understand explanations of what the technical choices mean and why one can be a better website than another. As a result, the development was completed on time and exceeded our expectations. The feedback from our customers was very positive and compared to our previous results we doubled our turnover.

Elie Manoukain

PM at Västerort/norrorts Trafikskola AB

INDUSTRY: Ground Transportation LOCATION: Sweden

ABOUT US

Computools shapes the future with products, services and solutions that businesses need to Unlock Tomorrow. We are a global company that delivers on the world-changing ideas that we co-create together with our clients.

Whether we’re designing customer experiences, dealing with our clients or managing our teams, we lead with empathy. Technology is for everyone, not just the geeks. That’s why we focus on using clear, intelligible language, treating every stakeholder with respect and providing support at all stages of development. By starting with a shared understanding of what makes us all human, we’re able to create the favorable conditions necessary to develop our best-in-class solutions.