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 covers costs for businesses in case of unforeseen circumstances, but in the insurance industry too, companies face certain challenges that hinder growth, and these are:

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low customer loyalty and reduced long-term value of their customer portfolio due to a lack of personalised service and outdated analytics.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.

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 Applying outdated valuation methods and inefficiently using customer data prevent your company from correctly assessing risk and adequately managing your insurance portfolio.

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.

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.

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.

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.

COMPUTOOLS OFFER

Computools offers a wide range of services that can help you improve your insurance business. Among them:

01.

CRM and data analytics:
We build Customer Relationship Management Systems for you that collect and analyse customer information. The systems we build 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 develop customised systems that integrate data from various sources and use machine learning algorithms to analyse and manage risk. For more accurate pricing, you can use historical data to assess risk and customer behaviour.

03.

Embedded insurance:
We know how to integrate your insurance services directly into the process of purchasing goods or services. You can ensure that insurance payments are seamlessly integrated into the overall purchasing process for the relevant goods or services.

04.

Data security:
We use the 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.

05.

AI-Powered Chatbot:
This AI-powered chatbot can 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.

06.

API Management System:
This system allows 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.

07.

Innovative tools for loss assessment:
We can develop Drone Fleet Management Software. This software allows you to control and coordinate drone flights. This can be useful for quick and safe damage assessment after natural disasters or other events. 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.

08.

Collecting and analysing IoT data:
We use an IoT Data Management System that collects and analyses information from IoT devices to help you better understand customer behaviour, risks and opportunities. The Real-Time Risk Assessment Platform, which we can develop for you, uses data from the IoT to adapt insurance policies in real-time. You will be able to offer more personalised and accurate products.

BENEFITS

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, you 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.

Insurance Software Development Services 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 to discuss your project or service expectations. Simply fill in the form below or send us an e-mail to info@computools.com

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12 reasons why
computools

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.

1.

Disruptive technologies

Сopmutools possess advanced expertise in disruptive technologies that we research internally in our R&D centres.

2.

INDUSTRY-FOCUSED EXPERTISE

Computools has extensive experience in a wide range of industries. Our experts are well-versed in the particularities of these industries and understand the challenges of your business domain. We offer industry-specific custom software solutions tailored to your business sector.

3.

Top Global Outsourcing 100 Company

Computools has been granted the most reputable rating from IAOP – the Top Global Outsourcing 100 list for several years - 2020, 2022, 2023 and 2024. IAOP praised Computools’ customer-centric approach and commitment to innovation.

4.

LEADER'S POSITION ON LOCAL JOB MARKETS

Computools has a high standard of customer and employee service. Our contemporary corporate culture promotes effective communication and innovative thinking. This approach and solution have been highly appreciated in the Ukrainian and Polish job markets and allow us to attract the best professionals.

5.

Social responsibility

Computools' corporate social responsibility pertains to environmental, philanthropic, ethical, and economic initiatives. Computools is always involved in volunteer and charity projects and helps those who need support.

6.

No Language barrier

Computools teams are fluent in English, German, French, Polish, and Ukrainian.

7.

LONG TERM PARTNERSHIP

Computools always builds long-term relationships by never deviates from its values, such as reliability, transparency, initiative, focusing on results, etc.

8.

ISO 9001:2015

Computools holds ISO certification for Quality management systems, meeting international requirements for security, customer focus, and a process-based approach in software development.

9.

ISO 27001:2013

Computools' ISO 27001:2013 certification confirms that it adequately implements and maintains international standards for information security policies, ensuring that all technologies are used correctly.

10.

INNOVATION

Computools is recognized for trusted innovation management and performance by world experts at the IMProve Academy.

11.

TRANSPARENCY

Computools’ transparency of the processes ensures you never have to question where you’re at or what’s happening while creating your product and digitising your business.

12.

ON THE SAME PAGE

Computools ensures that all teams work in alignment with your business goals. Every step taken is a step towards achieving your business objectives.

Insurance Software Development Services

THE VISION

THE CHALLENGE

Lower customer loyalty

Inaccurate risk assessment

Fragmented purchasing process

Mistrust and cyber threats

Accuracy of loss estimation

Latency and inaccuracies in risk assessment

COMPUTOOLS OFFER

BENEFITS

Insurance Software Development Services CASE STUDIES

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

Contact Us

12 reasons why
computools

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Our Offices

Services

Capabilities

Industries

Clients

Approach

About Us

Insurance Software Development Services

THE VISION

THE CHALLENGE

Lower customer loyalty

Inaccurate risk assessment

Fragmented purchasing process

Mistrust and cyber threats

Accuracy of loss estimation

Latency and inaccuracies in risk assessment

COMPUTOOLS OFFER

BENEFITS

Insurance Software Development Services CASE STUDIES

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

Contact Us

12 reasons why computools

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

Our Offices

Services

Capabilities

Industries

Clients

Approach

About Us

12 reasons why
computools