An insurance policy administration system digitizes and simplifies the policy lifecycle management from issuance to termination. The specialized software powers risk assessment with analytics, demand forecasting, and pricing history fluctuations. It also automates data accounting and storage, providing flexible self-service options for clients.
Going further, the system automates routine tasks, maintains in-depth data records, and tracks all points of interaction with clients. On top of that, open integrations with other systems, including CRM and payment gateways, help achieve a seamless flow of data. Built-in analytics helps create reports, get detailed performance metrics, and identify industry trends.
Essential features of custom insurance policy administration software
A high-quality, tailored system makes insurance policy management intuitive and to the point, encouraging user interaction and satisfaction while boosting customer loyalty. Here’s what you can handle with its help.
Policy creation and modification
At DICEUS, we handle the development of custom life insurance policy administration software to meet unique requirements:
– Template-based insurance conditions defined by the user
– Cataloging insurance products based on rules
– Customizable rules for adjusting insurance conditions throughout the product’s lifecycle
– Automated update of insurance product data
– Identification of cross-selling opportunities for bundled product offerings
If you need a seamless, engaging, and intuitive application that enhances your customers’ capabilities, a system like this is exactly what you need, and DICEUS can help. We create all types of solutions, including per-person and group insurance policy administration software that reflects your brand values and expands offerings for clients.
Policy quote generation
You can achieve total flexibility and adaptability of prices to market changes with:
– Automated aggregation and processing of insurtech quote requests from multiple channels
– Policy cost calculation based on user-defined criteria
– Scenario modeling and pricing policy analysis
– Recommendations for the optimal policy price for each client based on risk analysis and expected profitability
– Automated generation and sending of quotes to clients
An advanced and comprehensive solution based on unique methods and frameworks optimizes policy handling operations throughout.
Underwriting rules and risk management
A streamlined insurance admin system provides:
– Automatic compliance with regulatory requirements
– Well-structured cybersecurity for the insurer’s ecosystem against all types of cyber threats
– Asset tracking, rating, etc., for automatic policy quoting based on client profile data
Turning to a reliable provider, you can build a solution with advanced security features that protect confidential data from potential threats.
Policy issuance
A comprehensive real-time system gives you:
– Automated policy generation
– Customizable templates for various types of insurance, locations, customer segments, etc.
– Multi-currency and multilingual policies
– Customizable stakeholder approval process
– Scheduled and one-time policy presentations to clients
An intuitive, user-friendly interface, supplemented by artificial intelligence assistants, ensures ease of use for agents and administrators.
Billing and invoicing
Software-enabled insurance billing and invoicing workflows are enhanced with:
– Quick premium and tax calculation
– Automated creation and sending of one-time and periodic invoices to clients via QR codes and payment links
– Instant processing of premium payments through connected payment gateways
– Support for various payment methods
– Real-time invoice tracking
Detailed tracking of invoices and billing statements promotes consistent customer interaction, maintaining high service standards.
Policy claims management
Implementing efficient recalculation solutions for extended policies, you get:
– Automatic verification of claims and detection of fraudulent activities to prevent financial losses
– Intelligent damage assessment with the highest accuracy
– Automated sorting for transparent claims processing, decision-making, and payment
– Interaction with clients through virtual assistants for personalized experience
Thorough automation empowers accurate damage assessment and instant fraud detection.
Policy renewals and cancellations
Your insurance application can stay safe, efficient, user-friendly, and compliant with regulatory requirements at all times due to:
– Automatic update of key information and renewal upon request
– Dynamic reassessment and tariff updates based on risk analysis
– Personalized distribution of policy updates and notifications of policy expiration dates
– User rules for automatic cost recalculation and coverage adjustment
The DICEUS specialists provide ongoing support to keep your application up to date throughout our collaboration.
Analytics
Built-in artificial intelligence-based tools provide unique capabilities, such as:
– Demand forecasting
– Calculation and monitoring of issued policies by period, average cost, underwriting speed, new policies per agent, quota versus production, and other indicators
– Customizable analytical panels for various user roles
– Scheduled and one-time report submissions to regulatory bodies.
Advanced analytics also provide reasonable recommendations for the most optimal pricing.
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Solutions to increase the value of insurance administration software
Automation technology helps you get rid of labor-intensive administrative tasks while smoothing out workflows. Users gain flexible self-service capabilities. Claim processing time is cut down. Your employees and clients can access data and documents on the go using a range of integrated digital channels.
Mobile apps
A dedicated mobile app removes any time- and location-dictated limitations, allowing users to:
– Purchase insurance products
– File a claim
– Check the current status of policies
– Receive notifications about potential updates, policy changes, and tariffs.
For instance, at DICEUS, we build mobile solutions founded on the logic of the insurance business, technical challenges, user expectations, and purchasing demand.
Web portals
An integrated web portal may provide a complete set of tools for managing:
– Claims
– Policies
– Risks
A 360-degree user overview allows the collection and systematization of information in real-time, reducing query processing time and boosting customer satisfaction.
Chatbots
Chatbots enable quick task resolution. By feeding them a small amount of personal data, users can:
– Purchase insurance in 2-3 minutes using the autofill function
– Pay for insurance online, as the chatbot is integrated with the payment gateway
– Get digital policies via email
Insurance policy management system development
Here’s a real-world example of an insurance policy administration system development – to obtain effective solutions, the specialists at DICEUS employ a well-proven SDLC algorithm that includes the following stages:
- Analysis of business needs and consolidation of requirements
- Selection of functionality, architecture, and technical stack
- Planning of project outcomes, duration, and budget
- Software development and quality assurance
- Creation of necessary integrations
- User training and application support (optional)
Applications are built based on secure, scalable, and extensible templates that help maintain insurance-focused functionality while implementing any kind of custom design.
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Insurance policy administration software development: How much does it cost?
All related costs are shaped and influenced by:
- Complexity, number of updates and configurations, need for integrations, urgency of implementation, and time spent on the project.
- Selection of the team, technologies, interaction models, and the specialists’ rates per hour.
At DICEUS, we guarantee the project’s completion within the agreed-upon timeframe and rates specified in the contract.
Values and benefits of insurance policy administration software development services
A well-constructed insurance system offers a bunch of game-changer advantages, including:
How DICEUS can help you
Our team bridges the digital gap between insurance companies and their clients, making all the processes accessible, transparent, and convenient.
IT consulting on policy administration software
Our consulting includes:
– Analysis of insurance policy administration needs
– Proposal of optimal features, architecture, and technical stack for administration systems
– Preparation of integration plans with necessary internal and third-party systems
– Consultations on security and compliance matters
– Evaluation of costs, implementation time, and return on investment
– Implementation, modernization, migration of ready-made solutions, etc.
End-to-end custom software development services
DICEUS helps develop user-friendly, secure insurance applications with a maximum range of functionality:
– Analysis and management of insurance policies
– Software conceptualization and architecture design
– Development of policy management systems
– Integration of solutions with necessary systems
– Quality assurance
– User training
– Ongoing support and development (if necessary)
About DICEUS
Client reviews
Elena Markova
Board Member, UNIQA Ukraine
We were impressed by the depth of the UX analysis they did in terms of our customer’s research, buyer persona creation, user journey mapping, etc. All the information like research findings, for instance, was presented in a clear form (presentations, Miro boards, clear infographics) so it was quite easy to understand what we need to build and why.
Antoaneta Karagyozova
CPSO, Fadata
We are happy with DICEUS’ software implementation services. The team’s workflow is highly effective and professional in all aspects of the engagement. All clearly understand what goals we’d like to reach and do their best to do that as efficiently as possible. Overall, the partnership has been successful.
Phil Reynolds
CEO, BriteCore
The DICEUS team has consistently supported the BriteCore team for many years. Their engineers are well-educated and highly invested in the ongoing quality of the BriteCore platform with sustained relationships that extend over four years. We appreciate everything the DICEUS team brings to the table as a development partner.
Our case studies
FAQ
What are insurance policy administration software development services?
Insurance policy administration software development includes consulting and creating digital solutions that automate and optimize all insurance-related processes.
How does insurance policy administration software development work?
At the core of such systems lies a consolidated database that provides quick and easy access to data. Advanced tracking grants consistent and informed customer interactions. Built-in analytics, reporting tools, compliance management, seamless integration with other systems, and automation allow for operational optimization and reduced likelihood of errors.
How do you ensure data security in policy administration software?
Best practices for data security (which we employ at DICEUS in particular) include: developing a cybersecurity policy, creating an incident response plan, mitigating third-party risks, and employee training on data security risks.
What are the benefits of using custom insurance policy administration software development services?
The most notable advantages include increased efficiency of core processes, simplified administration policies, faster market launch of new products, and improved economic efficiency.
How to choose the best insurance policy administration software development services?
When considering software providers, use the following approach to pick the most reliable partner:
1. Start by researching the market, checking ratings and reviews to find reliable providers.
2. Compile a list of potential candidates and learn about their development processes, making sure they match your requirements.
3. Examine their experience, asking for referrals. External recommendations can provide relevant information coming from a previous client’s mouth.
4. Make sure the candidate company adheres to coding standards, has high-quality testing protocols, and employs a reliable project management system.
