Demand for robust and comprehensive software solutions give birth to the trends in insurance software development for the next few years. What we have now is a little number of available solutions that do not fully automate the processes and there’s still the need to do much human work.
There are a few software development vendors that create custom solutions for the insurance brokers and this approach tends to gain more popularity with time. Why do we need to think about the trends for the next few years? They give you a vision of where you can take your business and how you can benefit from a wide range of available solutions.
Insurance product development: software features and specs
Creating software requires taking a lot of steps and making dozens of decisions. The primary goals comprise solving current business needs and forecasting them for the next few years. We’ll guide you through the trends that will be the top ones in the 2020-2022 years. They will let you understand what people and business expect to see in the insurance market.
Steps to build insurance product configurator software
The hottest trend for the next five years is the possibility to configure the insurance package. It may look like a box where you add different benefits. There are four essential steps to take to get the right variant of the accounting software for insurance brokers that will bring benefit.
Understand people’s needs
People come to their work to perform some tasks that will help companies gain profit. People expect their employers to provide them with insurance benefits. And they expect to have an opportunity to choose the number of services they want to get and the benefits for themselves and their dependents.
How do people expect to see an insurance product configurator? They want to have a user-friendly screen with simple navigation and opportunity to pick up only those variants that are attractive. The whole process shouldn’t require anyone to go anywhere, make calls or take other actions.
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Understand brokers’ needs
Brokers want to reduce human and paperwork to the minimum. They want automated solutions that will take care of emailing, processing new requests, solving claims and so on. This software should be lightweight and easy to maintain. It shouldn’t cost a fortune. It should be available from any mobile or desktop device at any time of the day or night.
The tendency of reducing human work will be growing and we expect to see no people processing new agreements or updating them. Such a transition will not lead to the need to fire people in the team but to the bigger number of clients and a wider range of services that the broker can provide.
Understand the needs of insurance companies
What’s the goal of any business? It’s gaining profit by providing some specific value to their clients. Insurance companies may have the software that will let them cooperate with dozens of brokers or even directly with the clients. In the first case, there’s no need to have regular personal meetings or spend time discussing the insurance products.
The needs of the insurance companies comprise easy and comprehensive solutions that will let them sell the maximum number of products. For example, it may be a SaaS solution that will be available for brokers where there will be all the information about the products.
Understand how you can meet the needs of everyone
Before answering the question “how”, it’s good to know why you need to forecast the needs and meet them beforehand. The reason for this is pretty simple – the happier people are with the way they receive insurance services, the more revenue brokers and insurance companies will gain. You can gain the needs of every group by creating custom software that will comprise them. Isn’t it so simple?
How to make insurance product configuration management efficient?
Let’s have a glance at efficiency in the insurance sphere. Efficiency is not only about the cost and time of the development but also about further maintenance and work. Every trifle matters.
For example, there’s a strong need to have every block of data processed in the shortest period possible. And there’s a strong need to decide who will access the platform and how. Let’s consider the most significant blocks that build the overall efficiency of the system.
This platform is becoming more and more attractive as you can reach a fast deployment, cost reduction, better flexibility, and easy upgrades. You can find a vendor that will offer you regular upgrades and maintenance in the future. You can have a custom solution or get a subscription-based off-the-shelf one.
You can have a super powerful solution based on a comprehensive architecture that will process everything at a speed of light. You will fail if you provide end users with a poor interface. You may have an insufficient number of benefits, wrong position of buttons, web blocks and other components. It may be difficult for a person to navigate through the system, so simplicity that is united with a superpowerful architecture will give the best result.
Blocks of data
How are you going to manage the database? If you do it the right way, you will not bother about this issue in the future. Safety of data is what you will be responsible for. No third parties should ever get access to personal information or anything that is in the agreements. If you order a custom insurance app, you will be able to emphasize on this issue.
People tend to use fewer desktop devices to go online. If you let people use their gadgets and access their profiles anytime, you will make a good favor. The same works with brokers – it’s good to have an opportunity to find out any piece of information, especially in a case of serious claims. Your team members may be at home, in the office or any other location with complete access to the information.
How to develop insurance software?
The typical lifecycle of the insurance software development process consists of the following stages:
- Analysis. There’s a business analyst that undertakes thorough research of the needs of your business and decides what should be changed and what products you may need. This stage comprises costs estimation.
- The second stage is signing a legal agreement. There’s a comprehensive SRS document where you indicate all the specs and features of the project, timelines, deadlines and other aspects of product development.
- Development stage. The whole stage is divided into the milestones. It’s comfortable to have a 4-week period for one milestone. This makes management easy and efficient.
- On-time delivery. The last stage may comprise viewing what you have received and fixing any drawbacks.
When you start looking for a software vendor, you may see that the lifecycles of the product development vary. We have listed the variant that gives you a guarantee that you will get the new project on time. A reliable vendor should be responsible for the quality of a project, a thorough approach to estimating the cost and defining the number of hours required for work.
When choosing a vendor, it’s good to ask about the trends and if the dedicated team can implement them in your project. Following trends will give you a lightweight application with a user-friendly interface that is built with the top-notch technology stacks that will be easy to scale in the future. The analysis of your business needs is also important besides choosing the best tech solutions.
How much do you need to pay for health insurance software development?
How much money do you need to have to craft an insurance software product? How many people will you need for this? How can you choose the right stack and define the features of the app? How much money do you need to have for this? We’ve got the answers to these questions and we’ll share this information with you.
How much does insurance software development cost?
When you face the need to get the best and the most efficient software tool for insurance niche, you may have two options. The first option is creating an in-house team of developers that will build you a new product from scratch. This will require a search of talented coders, QAs, project managers and other team players.
The cost of developing a new product depends on the location and the level of expertise you want your new employees to have. If your company is in a big city in the USA, you will pay more than in the case of staying in a small city somewhere in Eastern Europe. You should also mind that you may need to urgently replace one team player with another one or solve any unexpected problems.
Another option is hiring a remote partner that will not stay in your office but provide you with a pool of talented people. You will interact with a new team as if they were right in your office. A dedicated team may have as many developers and other people as you need for the project to be finished in a short time.
When you cooperate with a vendor, you get the project estimate right after the analysis of your business needs. The sum may start from $10,000 and have no limit. It’s good to find a software partner for building an insurance app that will not sell you hours but the whole project. In such a case, you will not have to pay for extra hours that the vendor may need to complete the tasks.
How much do you lose if you don’t follow the trends?
If you don’t mind trends, the first thing you will face is a need to hire a big number of people to process new agreements and all the claims. An insurance broker will have great difficulties if there’s a need or desire to expand the business.
Trends are all about scalability and flexibility with no pain. End users get configurators for choosing benefits and managing them. Brokers get efficient solutions for dealing with clients and insurance companies. And insurance companies get easy ways to sell their services.
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You lose money and time if you refuse to use software solutions for the insurance industry. One simple SaaS application can give you much more than one or several people that solve administrative tasks. You gain a risk of making mistakes as well. Automated solutions eliminate the need to hire a lot of people, rent huge offices, maintain any hardware or software and so on.
Diceus is a software vendor that provides each partner with the top-notch solutions and architecture of every project. We follow the trends and we use forecasts of the experts to know what kind of technologies will be more efficient in the next two years for insurance and banking app development. If you have an idea in mind and you want to find out the cost of it, we’re here to assist you with this.