ScienceSoft Global
ScienceSoft Finance
Aviation Insurance Software
ScienceSoft combines 13 years of experience in insurance software development with proficiency in cloud, AI/ML, and IoT technologies to engineer scalable, secure aviation insurance solutions that drive measurable business gains.
Our custom solutions support one of the world’s fastest-growing aviation insurer with $30B+ in assets and capacities in over 120 countries.
Aviation Insurance Software: Brief Summary
Aviation insurance software is meant to automate specific distribution, risk assessment, servicing, and claims operations of aviation insurers, intermediaries, and service providers. It provides centralized storage for insurance data and documents and end-to-end visibility of insurance workflows.
Custom aviation insurance software introduces tailored functionality to transform specific workflows across diverse aviation insurance types. Custom solutions can be powered with advanced technologies like cloud, artificial intelligence, IoT, and blockchain to maximize the efficiency of aviation insurance processes and enable new business models.
Custom systems for aviation insurance can be integrated with all necessary business and third-party systems, including legacy tools. They can be easily upgraded with new capabilities to meet the organization's evolving needs and changing regulatory requirements.
Implementation time: 9–18+ months for a custom aviation insurance system.
Development costs: $200K–$1.5M+, depending on solution complexity. Use our free calculator to estimate the cost for your case.
Aviation Insurance Types Custom Software Helps Automate
ScienceSoft creates reliable, flexible solutions that help aviation insurance incumbents automate their unique spectrum of coverage offerings and digitally transform their business-specific workflows.
By the insured party
- General aviation (GA) insurance.
- Passenger airline insurance.
- Cargo airline insurance.
- Aerospace manufacturer insurance.
- Airport insurance.
- Ground handler insurance.
- Aviation supplier insurance.
- Aviation leasing company insurance.
- D&O insurance.
- Private pilot insurance.
- Space and defense insurance.
By insurance object
- Commercial GA aircraft and fleet insurance.
- Private GA aircraft insurance.
- Business jet insurance.
- Helicopter insurance.
- Unmanned aerial vehicle (drone) insurance.
- Balloon and airship (dirigible) insurance.
- Satellite insurance.
- Experimental and vintage aircraft insurance.
- Air cargo insurance.
- Airport facility and equipment insurance.
- Aircraft storage facility and maintenance hangar insurance.
By coverage
- Aircraft hull and liability insurance.
- Aviation professional services liability insurance.
- Aviation products & completed operations liability insurance.
- Workers’ compensation insurance.
- Business interruption insurance.
- Loss of license insurance.
- Medical and rescue service insurance.
- Cybersecurity insurance.
- Environmental insurance.
- War and terrorism risk insurance.
- Kidnap for ransom & hijack (K&R) insurance.
Important Integrations for Aviation Insurance Software
- Corporate systems: CRM, accounting software, a BI solution, etc.
- Customer interaction channels: an insurance portal (incl. insurtech components like AI chatbots), email services, messaging services, etc.
- Third-party data sources: FAA’s airman and aircraft registries, NTSB databases, internal systems of regional credit rating bureaus and medical information bureaus, air traffic control systems, weather data platforms, policyholders’ aircraft manufacturing, tracking, and maintenance systems, ISO, NICB, and CLUE databases.
Key Features of Custom Aviation Insurance Software
Below, ScienceSoft’s consultants composed a comprehensive list of features that would form the core of a robust aviation insurance system:
Aviation insurance application processing
- Real-time and batch uploading of multi-format aviation insurance applications from an insurance portal, CRM, etc.
- Automated conversion of paper applications into a digital format using image analysis technologies.
- Automated data extraction from digital applications.
- AI-supported validation of customer data provided in the application against the data available in public sources.
- Alerts on missing, inaccurate, and contradictory data.
- Rule-based routing of questionable applications for manual checks and valid applications — for assessment by underwriters.
- Geography-based KYC/AML and OFAC verification for new clients.
- Automated calculation of customer risk scores based on user-defined parameters: a customer’s financial sustainability, location, loss history, asset type and state, the geography of aviation operations, etc.
- No-code templates to streamline the creation and modification of actuarial models for aviation insurance pricing.
- Calculating aviation insurance premiums based on custom parameters: a customer’s risk score, requested coverage terms, a region-specific tax rate, etc.
- Automated quote generation and submission to insurance prospects.
- Rule-based recalculation of customer risk scores and due premium amounts as new relevant data appears.
- AI-powered customer risk scoring and calculation of optimal personalized premiums.
- Customizable policy templates for various types of aviation insurance.
- Automatically applying customer-specific coverage terms, premium amounts, taxes, and payment plans to the policies.
- Collaborative policy creation and editing.
- Policy version control.
- Policy signing using a digital signature.
- Rule-based policy endorsements.
- Automated policy renewal or cancellation upon request from a policyholder.
- Centralized storage of aviation insurance policies.
- User-defined billing models: 100% upfront payments, installment payments, usage-based fees, etc.
- Automated calculation of due premium payment amounts.
- Template-based generation of aviation insurance invoices.
- Scheduled and ad hoc invoice sending to customers (via email or a customer portal).
- Real-time payment processing via the connected payment gateways.
- Support for multiple payment methods: bank transfer, card, check, e-wallet, etc.
- Tracking invoice status: sent, paid, partially paid, overdue, etc.
- Configurable reminders for customers about due payments.
- Real-time processing of aviation insurance claims and claim-supporting documents.
- AI-based claim validation against the aviation insurance coverage terms and data available in third-party sources.
- Automated detection of fraudulent claims.
- Template-based creation of damage inspection requests and sending them to in-house or third-party damage evaluation experts.
- Remote damage inspection using AI, IoT, and computer vision technologies.
- User-defined rules for claim approval or rejection.
- AI-supported claim triaging based on the analysis of claim urgency, damage extent, financial and reputational risks associated with non-settlement, etc.
- Rule-based calculation of due compensation amounts.
- Automated payment of approved claims.
- (for parametric aviation insurance) Automated claim payouts triggered by user-defined events (e.g., flight cancellation or delay for a certain period).
- Calculating and monitoring aviation insurance sales by period, average policy amount, underwriting speed, quotas vs. production, claim costs, loss ratio, and other metrics.
- Customizable dashboards for various aviation insurance roles: actuaries, underwriters, loss adjusters, claim specialists, etc.
- Automated generation of aviation insurance reports: total premium reports, loss run reports, etc.
- Scheduled and ad hoc report submission to the required regulators.
- AI-powered predictive analytics to forecast aviation insurance demand, revenue, and expenses (by period, aviation insurance type, region, etc.).
- AI-supported detection of employee fraud and non-compliance.
Aviation insurance team management
- Configurable dashboards providing an overview of the aviation insurance employee qualifications, availability, location, performance, etc.
- Setting up and configuring role-specific goals and KPIs.
- Rule-based task assignment to the best-fitting professionals.
- Instant messaging for the aviation insurance team members.
- Collaborative creation of aviation insurance documents.
Aviation reinsurance
- Centralized storage of reinsurance partners’ data: general business information, service scope, pricing details, etc.
- Collaborative creation and management of reinsurance contracts.
- Automated submission of claims under the reinsured policies to the relevant reinsurers.
- Real-time monitoring of claim settlement progress (enabled via the integration with reinsurers’ business systems).
- Configurable self-registration forms.
- Managing and updating personal and business information.
- Template-based creation of aviation insurance applications.
- Filing and submitting claims.
- Customer dashboards to track the full history of aviation insurance activities, documents, and transactions.
- Instant messaging for customers and aviation insurance specialists.
- AI-based virtual assistant to help portal users solve operational issues independently.
Security and compliance
- Role-based permissions to view, edit, and share particular aviation insurance data.
- Multi-factor authentication.
- Data encryption at rest and in transit.
- Full audit trail of user activities.
- Compliance with ICAO, FIO, NAIC, CCPA, CPRA, NYDFS (for NYC), SOC1 and SOC2, GDPR (for the EU), and other relevant global and regional standards.
- (optional) Aviation insurance data hashing, timestamping, and recording in an immutable blockchain ledger.
ScienceSoft’s Featured Aviation Insurance Project
Underwriting Automation Software for a Global Aviation Insurer with $30B in Assets
ScienceSoft designed and built a custom underwriting system for one of the world’s fastest-growing aviation insurance companies with capacities in 120+ countries. The solution provides robust automation features to increase underwriter productivity and ensure compliant workflows:
- Customer onboarding and KYC/AML checks.
- Customer risk assessment.
- Aviation insurance pricing.
- Quote management.
- Policy administration.
- Underwriting task assignment and workflow control.
- Underwriter fraud detection.
