Custom General Liability Insurance Software
In insurance IT since 2012, ScienceSoft develops tailored software solutions that help general liability insurers maximize business efficiency and beat the industry benchmarks.
General Liability Insurance Software: The Essence
General liability insurance software helps insurers streamline service distribution, underwriting, policy management, claim resolution, and reporting tasks. Such solutions provide centralized storage for insurance data and documents and may include the functionality of a customer portal. Advanced insurance systems also enable AI-powered risk evaluation and analytics-based insurance pricing.
Custom general liability insurance software is the best option for companies that want to automate their specific service workflows in compliance with region-specific regulations. Unlike market-available tools, custom systems can be easily tweaked and upgraded with new features if your business needs change. Tailor-made software also helps ensure complete security of sensitive data and allows for smooth integration with all required systems (incl. legacy tools) to eliminate double data entry.
Key Features of General Liability Insurance Software
In ScienceSoft’s insurance software projects, we create large-scale systems to digitally transform the entire service cycle and deploy process-focused apps to enhance particular operations (underwriting, billing, claims processing, etc.). The solutions we deliver are fully tailored to our clients’ needs and have flexible architectures for easy software evolution.
Below, our consultants present a comprehensive list of software features commonly requested by our customers from the general liability insurance domain.
The data on general liability insurance offerings is stored in a centralized database. Using customizable templates, insurers can easily create new insurance products with pre-defined terms: risks covered (e.g., bodily injury, property damage, libel and slander), coverage and deduction limits, policy duration, availability across particular locations, etc.
Risk-relevant data (industry, location, number of employees, operational exposures, workplace safety measures, claim history, etc.) is automatically downloaded from digital insurance applications and third-party sources. The solution scores clients’ risks based on user-defined rating rules or custom AI models with pre-assigned risk hyperparameters and weights.
To calculate premium amounts for each customer, the software takes into account the requested coverage terms, a customer’s risk score, user-defined pricing thresholds, and more. AI can be used to prescribe the most profitable personalized premiums based on non-conventional factors like demand trends, competitors’ prices, regulatory risks, and insurer’s financial performance.
Quoting and billing
Individual quotes get created from customizable templates and instantly sent to prospects and agents via an insurance portal, email, CRM, etc. When a quote is accepted, the solution automatically generates an invoice (or recurring invoices) with the pre-agreed payment terms, discounts, region-specific tax rates and invoice elements (e.g., unique QR codes for the KSA insurers).
Once the system receives a notification about a successful premium payment (via an integration with payment gateways or bank accounts), it automatically issues a policy and a certificate of insurance. Policies can be automatically updated with new terms and client data and renewed upon the request from a policyholder.
Machine learning, RPA, and image analysis enable automatic processing of multi-channel claims and claim-supporting documents. Examples of documents include accident reports, testimonials from witnesses, photos and videos of damage or injuries, legal notices and demands related to reputational harm claims along with the allegation proofs, etc.
AI-powered claim validation module checks the claims and evidence provided by customers against the coverage terms and data from public sources. The solution instantly spots fraudulent and wrongly disclosed claims and can automatically decide on claim approval or rejection based on user-defined rules.
The solution automatically calculates the due coverage amounts for valid claims. Claims are triaged for settlement based on their urgency, damage severity, etc. Claim managers can set up custom compensation schemes for policyholders, injured parties, and loss-handling service providers.
All underwriting guidelines, applications, policies, invoices, claims, and other general liability insurance documents are stored in one knowledge base. The software offers a no-code template editor to build multi-language document templates with user-defined fields. It also enables collaborative document creation and version control.
Analytics and reporting
Custom systems enable instant calculation and monitoring of tailored general liability insurance KPIs across sales, claim resolution, financial performance, and more. The required metrics are then automatically reported to senior management and regulators. Using advanced predictive analytics, insurers can accurately forecast revenue and expenses.
An integrated portal lets insurance clients apply for insurance, calculate coverage price, submit the required documents, pay premiums, file claims, overview policies, and more. AI-based chatbots can help users solve simple issues 24/7, or direct them to the right employee in case of complex inquiries.
Security and compliance
Role-based access control, multi-factor authentication, and data encryption mechanisms enable robust data protection. Custom software offers a full audit trail of insurance activities and can employ blockchain for immutable event recordkeeping. It provides compliance with all necessary global and regional regulations, such as IFRS17, SOX, HIPAA, GDPR, NYDFS, CCPA, SAMA, and more.