Insurance Software: You Need The Best Tools & Total Flexibility

Whether you are a start-up insurtech brand looking to sign up your first PAYG app customer, or an established player with an all-singing legacy system in place, it’s always good to think about the best software systems and toolkits for growth. IE takes a look at the platforms that can deliver results for insurance brands.

But beyond buying the best you can afford, it’s also wise to consider how easy it is to customise platforms for your insurance niche or product lines. This is where low or no-code really comes into its own. The option to update existing systems, as well as launch new products, easily and quickly is absolutely 100% essential these days. You can’t just fit and forget when it comes to platforms, they have to adapt with the market.

James Lawrence, Director of Insurance at Netcall, offered these insights;

“A low-code application platform provides a cost-effective and modifiable solution that empowers businesses.

It provides opportunities for competitive advantage that a uniform off-the-shelf digital solution cannot, without the cost, risk, time and technical expertise that traditional development requires. Its iterative capacity, allowing development teams to quickly test and modify applications, outpaces that of traditional development. This provides a great launchpad for innovation – something that traditional insurers need to attract new customers and develop new risk coverage.

Legal & General, a financial services and asset management multinational, adopted a low-code platform to address the issue of siloed data, improve visibility over operations, and speed up processes. By adopting a comprehensive single platform, the company’s users were able to quickly learn how to develop new ideas.”

ESSENTIAL PARTNERSHIPS

Companies with experience in offering this type of tweakable, evolving software include Genasys Tech, Guidewire, OutSystems, Ignite and many more. Ultimately, it’s best to have an eco-system of expertise that your brand can call upon, so that every link in the chain works smoothly.

For example both Percayso Inform and Ignite worked closely with Wrapper Insure on their UK launch and you can read some background on this collab approach in a 2021 IE feature, which covered product innovation here.

YOUR IDEA MEANS ZILCH WITHOUT DISTRIBUTION

Yeah, we give it to you straight here at IE mag.

Having a great idea whilst sipping a pint one evening is easy. It’s the execustion of it, marketing, plus distribution that makes it a viable money-spinner. That’s where MGA focused software specialists come in and experts like Pro Global, Stubben Edge, Instanda, Pancentric Digital, Novidea, Quotall or SchemeServe come into their own.

There are many more of course, with each specialist having a unique take on how brands can launch a new product, then grow its reach by making the right data connections, at the right time in the customer cycle.

THINKING COMPLIANCE? TECH IS YOUR FRIEND

ESG has become a mandatory requirement for insurance brands, so it’s worth looking at software packages which automatically check supplier chains, plus carry out some due diligence on business partners.

Verification specialists like FullCircl, or LexisNexis can help you check out more background details than Companies House can offer. In fact LexisNexis can also offer their Emailage Rapid system, which is a great way of checking any potential fraud or other risks associated with that email address. That can really make a difference if you’re quoting on Commercial cover or major infrastructure, where verifying the supplier and contractor chain is essential.

But let’s think globally too. If you are a major London Market player than utilising tech like Vessel Viewer not only shows an awareness of social and environmental concerns, but helps crack down on the crime of over-fishing, which affects everyone on the planet ultimately.

Vessel Viewer, developed by Global Fishing Watch and TM-Tracking, in partnership with ORRAA, and in collaboration with a number of global insurers, is a crucial piece of innovation which plays its role in the wider push to crackdown on illegal fishing. It is a knowledge tool and risk-assessment platform for the insurance sector which, by identifying risks and information gaps, will protect them from inadvertently underwriting unscrupulous illegal operators who now will have to shoulder all of their financial risk, making their operations unviable.

It’s a great piece of software to have in your ESG toolbox and it highlights how one vital piece of tech can help any insurance brand tailor its USP in today’s competitive market.

CLAIMS INFLATION, FRAUD AND SETTLEMENT SOLUTIONS

Rich Tomlinson, MD at Percayso Inform, has been pondering on the economic situation and how that might cause a spike in attempted fraud. He said;

“While fraud has been a persistent issue for the insurance industry the sad truth is that, as the cost of living crisis bites even harder over the coming months, we’re undoubtedly going to see cases of fraud go up. It’s going to be more important than ever for insurance providers, whether just starting out on their journey or well established businesses, to realise the power of their quote, policy and claim data alongside externally derived insights to achieve full discovery, price better and reduce hard fraud in real time.