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Insurance Software Development Services

Since 2012, ScienceSoft designs and builds top-flight insurance solutions that help digitally transform complex insurance workflows and create new business models.

Insurance Software Development Services – ScienceSoft
Insurance Software Development Services – ScienceSoft

Insurance software development services aim to create solutions that help insurance services providers improve operational efficiency, increase customer loyalty, and access a larger client base.

ScienceSoft delivers robust insurance software that automates processes like underwriting, claim management, and policy administration and introduces seamless digital experiences for insurers’ customers, employees, and external partners.

Choose the Service Option that Best Fits Your Needs

Consulting on insurance software implementation

We design the optimal functionality, architecture, and tech stack for your solution and advise on security and compliance. You also get a detailed project plan with accurate time and cost estimates and a pragmatic risk mitigation plan.

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End-to-end insurance software development

We cover all aspects of solution development, from design to integration and QA. You benefit from prompt software implementation and ongoing support. Also, we draw all necessary software documents and can conduct employee training.

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Insurance software modernization

We upgrade your existing solution and power it with advanced techs. You get modern software promptly and cost-effectively. Also, you benefit from a shorter learning curve for your teams.

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Insurance product consulting

We design your solution to provide a visually appealing interface and seamless user journeys. You get an interactive prototype to quickly test the product’s technical feasibility and usability.

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ScienceSoft’s Featured Insurance Software Projects

What Makes ScienceSoft a Trustworthy Insurance Software Development Company

  • Since 2012 in custom insurance software development.
  • Proficiency in building solutions with complex business logic that seamlessly automate even the most complicated, highly specific insurance workflows.
  • Hands-on experience in creating software with a cloud-forward architecture that provides smooth integration with all required data sources and scalability to support business growth.
  • Since 1999 in web and since 2005 – in mobile development to deliver insurance apps that provide excellent UX and UI, vast self-service capabilities, and unique customer intelligence.
  • In-house compliance experts with 5–20 years of experience to guarantee insurance software compliance with the required legal standards.
  • Since 2003 in cybersecurity to ensure world-class protection of insurance software.
  • An ISO 9001- and ISO 27001-certified vendor that guarantees mature quality management and full security of its customers’ data.

Whom We Serve

Insurance software development is beneficial for insurance providers, businesses offering liability insurance (T&L, healthcare, legal services, automotive, etc.), and companies seeking to build insurance tools for commercial distribution.

Insurance carriers

Managing general agents (MGA)

Reinsurers

Insurtech startups

Insurance software product companies

Enterprises involved in liability insurance activities

Software to Support Your Ambitious Insurance Initiatives

By insurance type

Various types of insurance differ in the potential volume of workflow automation and pose specific requirements for third-party integrations. To maximize payback from going digital, you need a solution that fully meets your unique service scope.

We deliver tailored software for the following insurance types:

By insurance model

Design your insurance products to meet the rapid pace of cross-industry digital transformation. Those who will be among the first to innovate should expect to win a larger share of younger, tech-savvy audience and see an amazing revenue increase.

We create digital solutions to support innovative insurance models, including:

  • P2P insurance
  • Microinsurance
  • Short-term insurance
  • Parametric insurance
  • Usage-based insurance
  • Pay-as-you-live life and health insurance

ScienceSoft’s Business Analyst and Insurance IT Consultant

The market for embedded insurance solutions evolves rapidly, disrupting traditional policy distribution channels and enabling non-insurance businesses to upscale their products and services with a one-stop insurance offering. Our team can develop robust embedded insurance software that smoothly integrates insurance flows into the sales process and helps companies introduce innovative customer experiences.

Software that Can Transform All Insurance Processes

Whether you need software to digitalize one specific insurance operation or a multi-functional solution to drive value across the entire insurance ecosystem, we’ve got you covered. The examples of insurance software we create include:

Software that enables automated insurance application processing, risk assessment, and premium calculation. It can provide optimal, analytics-driven insurance pricing.

Value: Up to 40% decrease in underwriting costs, 10–15% increase in revenue due to optimized insurance pricing, and decision-making in minutes rather than days.

Software that automates the entire policy lifecycle, from issuance to termination. It provides rule-based recordkeeping and centralized storage of all policy-related data.

Value: 95% faster policy issuing, updating, and renewal, 40%+ increase in the productivity of the insurance teams, up to 60% reduction in policy administration costs.

Software that offers automated calculation of personalized premiums and customer invoicing. It supports e-signing of invoices and enables real-time processing of multi-currency payments.

Value: Up to 80% decrease in billing-related costs, 2–3x faster billing process.

Software that automates claim management processes end-to-end, from claim data intake to claim settlement and reporting. It enables AI-based claim validation, damage estimation, and fraud detection.

Value: ~30% decrease in claim processing costs, 80%+ faster claim cycle.

Software that introduces seamless digital experiences for insurers’ clients, employees, and suppliers. It automates tedious manual operations, provides secure access to the required data, and offers AI-powered user support.

Value: Improved operational efficiency for the insurance teams, up to 4x faster business processes, higher customer satisfaction.

Web and mobile apps that automate insurance application processing, premium payment, and policy issuance, enable prompt interaction and secure data sharing between the insurers and their clients.

Value: 89% increase in customer engagement and 81% improvement in retention rate, which results in higher revenue.

Agency management software

Software that enables analytics-based planning and real-time monitoring of agents’ activities. It keeps a full audit trail of agent-customer interactions and provides comprehensive agency performance analytics.

Value: 100% visibility of agency-wide insurance operations, streamlined planning of agents’ workload.

Software that helps insurance agents easily manage policy sales and marketing campaigns. It automates insurance application processing and policy issuance and provides complete visibility of insurer-customer interactions.

Value: Increased policy sales volume and speed, enhanced customer satisfaction.

Insurance actuarial software

Software that provides a comprehensive toolkit for insurance risk model design and management. It automates actuarial calculations, insurance pricing, and disclosure reporting.

Value: Up to 50x faster actuarial modeling, 1.5–5x increase in the actuaries’ productivity.

Insurance risk management software

Software that enables real-time evaluation of insurance risks and their impact. Such solutions can be powered with AI to get data-driven guidance on the optimal risk prevention steps.

Value: 360-degree view of company-specific risks, fast and accurate risk mitigation planning.

Insurance accounting software

Software that streamlines bookkeeping, general ledger management, capital and claim reserve planning, disclosure reporting, and other insurance accounting workflows.

Value: 3x+ improvement in insurance accountants' productivity, up to 12x faster payments, 100% compliant financial reports.

Insurance fraud detection software

Software that automates insurance-related data validation and enables analytics-based detection of customer fraud and malicious employee activities.

Value: Minimized risks of fraud-associated financial losses.

Insurance analytics

Solutions enabling automated calculation, precise forecasting, and clear visualization of insurance metrics. The software can provide intelligent guidance on optimal insurance-related decisions.

Value: Prompt and accurate identification of inefficiencies and improvement opportunities.

Insurance marketplaces

Digital platforms that facilitate service promotion for insurers and help customers find the optimal insurance offerings.

Value: An opportunity for the marketplace owner to achieve rapid and high ROI by launching and monetizing a popular insurance solution.

Boost Business Efficiency with Software Fully Tailored to Your Needs

ScienceSoft’s team is ready to build a reliable insurance solution that streamlines insurance processes, offers powerful analytics, provides full visibility and advanced security of insurance transactions.

Technologies Insurance Software by ScienceSoft Can Leverage

Advanced Techs that Can Power Your Insurance Solution

Click on the cards below to explore the advanced technologies ScienceSoft can implement to bring additional value across your insurance workflows.

The Financial Times Includes ScienceSoft USA Corporation in the List of the Americas’ Fastest-Growing Companies 2023

For the second year in a row, ScienceSoft USA Corporation ranks among 500 American companies with the highest revenue growth. This achievement is the result of our unfailing commitment to provide high-quality IT services and create best-value solutions that meet and even exceed our clients’ expectations.

Benefits You Get from Insurance Software Development Services with ScienceSoft

Optimal cooperation model

  • Full outsourcing of insurance software development.
  • A dedicated team to take over a part of your project.
  • Team augmentation with our best talents.

Close and transparent collaboration

Prompt development

  • An MVP of insurance software in 3+ months.
  • Quick project start (1–2 weeks).
  • Frequent releases (every 2–4 weeks).

Flexible pricing options

  • T&M, T&M with a cap – for consulting and agile implementation.
  • Fixed price – for MVP development.
  • A monthly subscription fee – for support activities.

Guaranteed compliance

with AML/KYC regulations, IFRS17, CCPA, CPRA, GLBA, SAMA (for the KSA), GDPR (for the EU), NYDFS (for New York), HIPAA (for health insurance), and more.

Advanced security

achieved by designing a secure architecture for the insurance solution, implementing multi-factor authentication, authorization controls for APIs, insurance data hashing, and more.

Insurance Software Development Costs

Pricing Information

From ScienceSoft’s experience, the cost of insurance software development services may range from $120,000–$180,000 (building a mobile insurance app of average complexity) to $1,000,000–4,000,000+ (creating a large-scale insurance automation system powered with advanced techs).

Want to know how much your insurance software will cost?

Get a free estimate

Get to Know the Cost of Your Custom Insurance Solution

Please answer a few questions about your business needs to help our consultants estimate the cost of your unique insurance solution faster.

*What type of company do you represent?

*What type(s) of insurance should your solution support?

*What is the expected number of software users?

Are you going to sell your software to:

*How many individuals will use your software, approximately?

*How many organizations are you planning to target, approximately?

*How many end users (individuals from all organizations) will use your software, approximately?

How many organizations are you planning to target, approximately?

*How many end users (individuals from all organizations and outside organizations) will use your software, approximately?

*What capabilities should your insurance software provide?

*Should your future software provide complex analytics?

*Which software version do you need?

*What type of insurance software do you need?

*Do you have any specific requirements for UX and UI?

*Do you have any preferences for the environment?

*Would you require any integrations?

?

With corporate software, external data sources, third-party services (payment processing, user authentication, messaging), etc.

*Do you need to migrate data from legacy software?

Are there any compliance standards for your planned app? Check all that apply.

*Does your insurance software require any advanced techs?

*Do you have tech stack preferences?

?

Particular programming languages, software platforms, cloud services, etc.

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