en flag +1 214 306 68 37

Custom Commercial Property Insurance Software

In insurance IT since 2012, ScienceSoft develops reliable custom solutions that help commercial property insurers boost employee productivity, reduce operational costs by up to 40%, and ensure 100% regulatory compliance.

Custom Commercial Property Insurance Software - ScienceSoft
Custom Commercial Property Insurance Software - ScienceSoft

Key Aspects of Commercial Property Insurance Software

Commercial property insurance software automates underwriting, policy issuance, claim processing, and other business property insurance tasks. With specialized functionality, it streamlines the creation and management of business insurance products and provides full visibility of service workflows.

Custom commercial property insurance software is a popular choice among insurers that need to digitalize complex and unique service operations and smoothly adopt new insurance models like SMB microinsurance and parametric insurance. Such solutions may also offer AI-powered analytics and be launched together with a customer self-service portal.

  • Important integrations:
    • Corporate systems: CRM, accounting software, a BI solution, etc.
    • Customer interaction channels: email services, messaging services, etc.
    • Third-party data sources: local title and property record systems, credit rating platforms, internal systems of GIS mapping providers, social media, etc.
  • Implementation time: 8–15+ months for a custom solution.
  • Development costs: $200,000–$1,000,000+, depending on software complexity. Use our free calculator to estimate the cost for your case.
  • Payback period: <12 months.

Commercial Property Insurance Types to Automate

Buildings insurance

Machinery and equipment insurance

Stock insurance

Furniture and fixtures insurance

Accounting records and documents insurance

Insurance of personal property used in business

Key Features of Commercial Property Insurance Software

ScienceSoft develops all-in-one automation systems that span the entire insurance cycle and specialized solutions that digitally transform particular service operations (e.g., underwriting or claims processing). Each solution we deliver is unique and fully tailored to our customer’s needs.

Below, our consultants share a sample feature set for a comprehensive business property insurance solution to demonstrate the full potential of a custom insurtech system:

Product database

The data on commercial property insurance offerings is gathered in a centralized storage. The software enables template-based creation of new insurance products with user-defined parameters: risks covered, coverage limits, deductibles, insurance duration, availability across particular regions, and more.

Insurance application processing

An intelligent engine powered by ML, RPA, and image analysis automatically aggregates and processes commercial property insurance applications. It runs automated KYC/AML verification for new clients. Valid applications get automatically routed to the most fitting underwriters.

Property valuation

AI can be employed to analyze property data provided in applications, capture the market prices for equivalent and comparable assets from third-party sources, and automatically calculate actual cash value, replacement cost value, and fair market value for the insured property.

Risk assessment

Property-level risks are automatically scored based on the property age, value, site-specific natural perils, construction characteristics and protective measures (for buildings), utilization patterns and as-is state (for equipment and fleet), and more. Risks are quantified based on custom formulas or AI algorithms.

Risk modeling and analysis

Actuaries can create custom risk models to simulate the impact of accidental damage, theft, vandalism, natural disasters, and other risks on the insured property and its owner’s business. The solution calculates potential loss thresholds and identifies high-risk scenarios.

Loss prevention

Property risk evaluation results can be automatically reported to customers. Intelligent commercial property insurance software can analyze the property risk profile and augment the reports with advice on how to minimize loss probability, e.g., install a fire alarm or upgrade the security system.

Insurance pricing

Personalized insurance premiums are calculated automatically based on the requested insurance terms, property risk scores, a customer’s industry, operational risks, and past claims. Custom software can leverage AI to prescribe the most profitable premium rates for each client.

Quoting and policy issuance

Quotes can be created based on customizable templates tailored by language, currency, and location. Once a quote is accepted by the prospect, the software automatically issues a policy and an invoice containing the customer’s business information and insurance terms.

Policy endorsement and renewal

Policies get auto-updated with the new customer data and coverage terms. Policy administrators receive notifications about the policies nearing the expiration date and can configure the rules for automated policy renewal or termination upon request from a customer.

Claim processing

Custom software offers AI-based validation of claims and claim-supporting documents (incident reports, images of the damaged property, etc.) and instant detection of fraudulent claims. It provides rule-based claim decisioning, analytics-based claim triaging, and automated routing of valid claims for payment.

Damage inspection

Damage inspection requests can be generated from templates and instantly sent to the selected loss adjusters. A custom system can be integrated with IoT- and computer-vision-based monitoring tools to allow for remote exterior damage inspection (e.g., for buildings and outdoor fixtures).

With tailored software, you can set up automated calculation, reporting, and real-time tracking of all necessary metrics across sales, underwriting, claim settlement, finance, and other insurance business areas. Predictive analytics can be employed accurately forecast demand, revenue, and expenses.

Security and compliance

Custom software is commonly secured with role-based access control, multi-factor authentication, data encryption, and other robust security mechanisms. It provides compliance with FIO, NAIC, NICB, SOX, IFRS 17, GDPR, NYDFS, IA, SAMA, and other global and regional regulations.

Customer-facing features

If a custom solution includes customer portal functionality, your clients can self-register, submit applications, file claims, track the claim resolution status, instantly access their policies, and more. AI-based chatbots can help portal users quickly solve any basic issues or re-route complex questions to the right professional.

Explore ScienceSoft’s Featured Success Story

Custom Software Evolution Consulting for One of Europe’s Oldest Commercial Property Insurers

As the Customer’s business scaled up, its legacy property insurance software failed to handle the growing volume of insurance workflows and required an urgent revamp. In only 7 business days, ScienceSoft audited the legacy system and drew a detailed roadmap for software fixing and evolution. Our expert assistance helped the company start implementing the corrective measures promptly and with minimal risks. Thanks to ScienceSoft’s expert advice on the optimal tech stack and team composition, the Customer managed to reduce project costs and speed up the fixes.

Get Reliable Commercial Property Insurance Software

ScienceSoft’s team is ready to design a secure, future-ready solution to improve the efficiency of your unique commercial property insurance workflows and support sustainable business growth.