Insurance risk management software development services

Transform risk management processes with custom software solutions from DICEUS. Since 2011, we have successfully delivered more than 20 projects for the insurance sector.

Insurance risk management software helps carriers accurately assess and classify the probability and influence of profit loss that may happen on the customer’s side and require some arrangement from the insurer’s side. DICEUS offers the creation of tailored software in compliance with carriers’ risk-specific frameworks and strategies.  

Benefits of bespoke risk management software for carriers 

Tailor-made IT products for carriers can significantly improve risk performance by implementing predictive analytics, customization, automation, and integration capabilities. As a result, the risk management framework works more efficiently and is better adapted to the organization’s needs.  

Possibility to analyze large volumes of data in real time and use predictive modeling to assess the likelihood of various events. 

Possibility to analyze large volumes of data in real time and use predictive modeling to assess the likelihood of various events. 

Opportunity to reduce manual errors by automating tasks in underwriting, claims processing, and policy management. 

Opportunity to reduce manual errors by automating tasks in underwriting, claims processing, and policy management. 

Integration with external data sources (economic indicators, weather data, industry reports, etc.) to help carriers be always up to date on factors influencing their risk landscape. 

Integration with external data sources (economic indicators, weather data, industry reports, etc.) to help carriers be always up to date on factors influencing their risk landscape. 

Improved cybersecurity measures ensure that customer data is protected, which also reduces various breaches and other related risks. 

Improved cybersecurity measures ensure that customer data is protected, which also reduces various breaches and other related risks. 

Insurance risk management software development services

DICEUS has more than 10 years of experience building bespoke systems for leading carriers like Willis Towers Watson, BenefitNet, BriteCore, and UNIQA. We will be happy to help you realize your project ideas and reach business objectives. 

Custom insurance software development 

In wholesale standardization, it is the unique product and offbeat approach that can give an organization a competitive edge over its rivals in the niche. This is true of insurance enterprise risk management, where off-the-shelf software will hardly let any risk management insurance company stand out among its counterparts. By commissioning bespoke insurance risk management software, you’ll obtain a solution suiting your business to a tee and exclude splurging on functionalities you will never use. 

Existing software solution customization 

If you have off-the-shelf insurance risk management software and want to tailor it to particular needs, we’re here to accomplish the whole scope of related services. If you have legacy software that has stopped manifesting satisfactory performance, our team has sufficient expertise to modernize it so that you can keep abreast of all modern technological developments. Our customization services encompass analyzing requirements, consulting, insurance risk management software development and design, individually tailored deployment, updating, and support. 

System integration  

Even the best solution can do your risk management insurance company no good if it stands apart from the ecosystem of your organization, functioning on its own. Integrating it with the rest of the IT infrastructure will help you get the actual value and bolster the enterprise’s overall efficiency. Our experts offer qualified consultation on the nuts and bolts of insurance risk management software integration and offer data and API integration services, creating service-oriented architecture that will facilitate information flow and enable the integration of other solutions if required. 

Cloud migration  

Today, on-premises software lives on borrowed time, being ousted by cloud solutions left, right, and center. Sticking to such outdated ways of insurance enterprise risk management spells relentlessly lagging behind your competitors. Our development team will help you hydrate the cloud with whatever scale of migration you find necessary, be it enterprise system migration, data migration, or database migration. The technologies we apply will allow you to create high-profile cloud-based solutions at Oracle, Azure, AWS, or Google Cloud Platform. 

risk management process

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risk management process

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Benefits of DICEUS risk management software development services

In-depth analysis of your business

We will study your enterprise inside out to analyze its current state, identify the challenges it faces in its core activities, and determine the ways and instruments to combat the persisting issues. As an outcome, you get a comprehensive problem-solving strategy that includes not only an algorithm of practical steps to be taken but also the technological stack that is to be employed at each stage to reach the outlined objectives.

Expert consulting and audit

We take stock of your organization and survey the software your enterprise relies on. Our team informs you of its up-to-date condition and endemic shortcomings, as well as offers valuable insights as to how they can be overcome. Thus, you will become aware of security, functionality, or any kind of issues that are symptomatic of your systems and can introduce immediate measures to redress the situation, which is sure to positively affect your business cost-efficiency.

Dedicated teams led by a certified PM

When we say dedicated, we mean it. The crew allocated to the project will work only on it without spreading themselves over multiple errands – a practice adopted by some unscrupulous outsourcers bent on getting the most profit and taking little care that it will affect quality and deadlines. Moreover, our company is always ready to reinforce the project team with competent experts possessing the necessary skills who will get into gear on short notice.

Strong expertise in insurtech projects

Custom insurance risk management software development is what we excel at. We have completed more than 20 projects for the insurance sector and know how to equip a solution with pivotal functionalities and integrate state-of-the-art capabilities provided by such advanced technologies as AI, ML, and IoT. The multi-modular architecture of our insurtech products embraces risk assessment, ERP, claims management, underwriting, and data warehouses.

Some facts about DICEUS

2011the year DICEUS was established
130projects delivered successfully
8offices around the world
GlobalDelivery Center in Poland
250full-time tech professionals
100IT services available
Google Cloud Certified
IBM Enterprise Design Thinking Practitioner
SMAC Accredited Certification
Inc. 5000 List 2019
ISO 9001:2015 Certified
CBAP IIBA Certified
iSQI Professional Certified
Interaction Design Foundation
Fastest Growing 500 Software Developers
Global B2B Leader in Business Services 2022
Global B2B Leader in Development & IT Services
Top B2B Companies 2021 by Clutch
Top B2B Companies 2020 by Clutch
Top 1000 Global Companies 2020 by Clutch
Top Custom Software Development Companies

Our insurance risk management software development process

DICEUS is a custom insurance risk management software company that follows an Agile approach to engineering and project management. It allows us to deliver IT solutions effectively and cost-efficiently. Below is our standard SDLC. We recommend starting a project with a discovery phase, as it allows all project stakeholders to get a clear understanding of the project’s goals and scope, compose a roadmap, identify possible risks, and optimize costs.  

DiscoveryWe kick off by scrutinizing customer’s requirements. When we come to grips with those, we identify the main challenges, goals, and tasks of the project. At this important stage, we communicate with the client regularly to clearly understand all the requirements and make sure all stakeholders have the same vision as to the result. Afterward, a list containing every requirement and task is compiled, including the project scope, recommended team composition, tech stack, and other details.
DevelopmentWhen everything has been planned and agreed upon, the development lifecycle becomes clear and robust. Yet, in case any unexpected situations or emergencies crop up, we keep a communication channel open with our clients where our project managers can discuss all matters related to the project with them. As a result, insurtech products of top-notch quality are delivered according to scope.
QA and testingInsurance risk management software, as one of the varieties of fintech solutions, must be secure. We ensure security via a thorough testing procedure leveraging SonarQube that all our output undergoes. As soon as the project is launched, our experts agree with the customer on the stages and kinds of manual and automated tests that will be utilized to test quality and security. Plus, systematic code reviews and cross-reviews help guarantee the safe and impeccable performance of the product.
DeploymentThe deployment stage is totally the client’s responsibility. But being an obliging vendor, our company meets the wishes of our clients halfway and undertakes the inspection of the future environment for vulnerabilities and technical bottlenecks. We create a list of recommendations following which you can remedy all problems before the deployment happens to start getting revenue.

What impacts your project duration

Before you start a project, you can never define the precise time it will take. However, a ballpark estimation is possible if we have the following information.

  • Project requirements
  • Time-to-market
  • Team composition
  • Chosen technology stack
  • Integration needs

What affects your project costs

The project budget usually depends on the factors enlisted below. We highly recommend to start any project with a discovery phase to accurately define the project scope.

  • Scope of work and project’s complexity
  • The number of upgrades and customizations
  • Project completion urgency
  • Engagement model: Time and Material, Dedicated Team

What we need from your side

Please provide the information indicated below to help us define your project scope accurately.

  • Project goals, vision, and roadmap
  • Project requirements
  • Project-specific documentation
  • Your availability for project discussion sessions

Our tech stack

Client reviews

Elena Markova

Elena Markova

Board Member, UNIQA Ukraine
riskville

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

Antoaneta Karagyozova

CPSO, Fadata
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

Phil Reynolds

CEO, BriteCore
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.

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Frequently asked questions

How does technology help manage risks in insurance?

The insurance business faces a number of operational, reputational, and compliance risks that threaten the functioning of any insurance company. In addition to the conventional risks caused by inadequate professional service or adverse environmental conditions, the digital age brings IT-related threats like data breaches and other kinds of cybercrime. Given the gamut and complexity of such dangers (especially the high-tech-driven ones), it is impossible to address all the challenges without relying on the state-of-the-art means that the contemporary IT industry has in stock.

What software solutions are popular for risk management?

To effectively forestall risks and eliminate them, risk management software must have prediction capabilities, reporting and analytics functionality, a user-friendly interface, incident navigation, and wide integration options. Many existing off-the-shelf solutions, such as TimeCamp, Qualys, MasterControl Risk Analysis, Resolver, nTask, Audits.io, Reciprocity, and many others, tick these boxes. However, only bespoke software built with regard to your unique needs and specific requirements can give you full value.

What is a risk management system in insurance?

In the insurance industry, risk management presupposes assessing the likelihood and financial consequences of events that may happen to the customer. The system responsible for this task must identify the premium cover and the value of insurance risk through leveraging statistical and mathematical modeling. Its other priority lies in helping clients detect risk events to prevent them in a timely manner as well as reinforcing feedback techniques to enhance the performance and profitability of the underwriting process.

Let’s talk about your project needs

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