InsurTech Software Development

What is InsurTech?

The term “insurtech” is used to describe the use of technology by insurance companies. This includes the use of data analytics, digital technologies, and social media to reach out to customers.

Insurance companies are not just about providing coverage for your home, car, or life. It has become a lot more than that. Thanks to the innovations in technology and finances, insurance companies are now looking into ways to save their customers money by introducing new cost-saving technologies.

Insurtech is an emerging branch of the insurance (or financial) sector intended to harness the power of innovation, technology, data analytics, and other new technologies in order to provide more efficient insurance products that are tailored for individual needs. Basically, insurtechs bring innovative technologies into the world of insurance with a goal of making it easier for everyone involved (policyholders, carriers (and other stakeholders

Why you should build a InsurTech product

Insurance is a $4 trillion industry with $1.5 trillion in premiums collected in 2017. That’s 12% of the world’s GDP. But it’s also an industry that has been largely untouched by innovation in two centuries.

Insurtech is also one of the fastest growing industries in the world with insurtech startups valued at over $20 billion USD. The industry is expected to grow by 30% each year and reach $100 billion USD in 2020.

A study by Towers Watson showed that the global spend on insurtech will reach $33 billion by 2020. This is already happening in some parts of the world like Japan where more than 500 insurance start-ups exist, China (with 600).

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How to Start a InsurTech Company

The industry is changing rapidly with the introduction of new technologies and companies are looking for new ways to disrupt the insurances industry. The need for innovative products is pushing different players in the market to come up with new solutions that can lead to additional savings.

Insurance ecosystem is evolving rapidly, due to the introduction of latest technologies like artificial intelligence, cloud computing, internet of things (IoT), big data analytics, etc. The emerging startups in this area are developing software-based solutions which can help insure companies reduce their costs by adopting disruptive models.

Insurance is a $4.8 trillion global industry and with so many changes in the world, it seems like we need more than ever. Big changes in population, climate, and technology have caused insurers to rethink their business models. In this post, we will go over everything you need to know about how to start your own InsurTech company!

InsurTech Software Development Steps

Empathizing

  • Defining and understanding the participants and roles in the product being created – in the development process and in the target solution
  • Defining and understanding the end user

Problem definition

  • Defining the problem that exists in the market for a given user profile
  • Frame your problem statement according to specific users

Ideation

  • User story mapping. Defining the Product Backlog (scope of work) with the help of User Stories describing the processes
  • Sketches (low fidelity) presenting the user flow in the application
  • Definition of processes interacting with other modules

Building prototypes

  • High fidelity wireframes visualizing the graphical interface
  • Extending mockups with a clickable prototype
  • Database structure. Database model describing table and field structure

UI/UX Product Design

The key is to select the most important problems whose solution will significantly change the life of the target user. Thanks to such an approach, already at the stage of Discovery and Design, it will be possible to build a successful product on the market much faster. It is always worth asking yourself the question “what value does the feature give to our user? Is it worth the investment?”

Software building – Development stage

Currently, most solutions are designed in the mobile-first model, while assuming that the main device through which users will use the application will be a phone. Technologies available on the market nowadays enable very fast creation of cross-platform solutions, thanks to that while creating a mobile application we can prepare it to work on Android and iOS devices. If our MedTech solution will be used also on a computer, in a browser, it is worth considering creating a Progressive Web App (PWA).
Whether we build a mobile app or a web app, in order to use the server connection, we need to build a server app that is responsible for processing data and communicating with the other services.
Frontend application is simply what we see on our computer or phone screens - graphical interface. One of the parts of building software is to create front-end layer, which in communication with server application (backend) will display data to user and will allow to interact with whole system.

Our InsurTech Software Development Services

Web & mobile solutions

Automated trading solutions are designed for brokers, traders, asset managers, and various financial institutions as well as any other customer who trades on a regular basis.

These platforms are fully automated with no human intervention required whatsoever. They analyze information for all stocks available on public exchanges and then automatically trade based on their analysis.

The main advantage of these programs is that they do not require high-speed connections to work effectively. They can be used just about anywhere in the world with an internet connection.

Internet of Things in InsurTech

The use of IoT devices for insurance is nothing new. Already, many insurance companies are using it to monitor the safety of their assets. They are also using it to provide better service to their customers.

IoT solutions for Insurtech are especially useful because they allow insurance companies to assess customer needs more accurately and provide them with personalized services that meet those needs.

For example, if a customer always buys an emergency flight policy before every long vacation, the device will recognize this pattern and offer this service automatically next time they go on a trip.

Blockchain Solutions

The usage of blockchain technology in Insurtech is still at its early stages and it is hard to predict what the future of this technology holds for this industry.

It is possible that we will see something much greater than we can imagine now. Blockchain could potentially make the industry bigger and safer than ever before by solving issues like fraud and inaccuracy of records.

Third-party Integrations

Insurance companies are increasingly integrating with other software providers to offer a more seamless customer experience.

Customers are no longer limited by the products offered by one company. They can choose from a range of products that suit their individual needs, while still being able to interact with the company they have always dealt with.

Start working on your InsurTech App right away!

     
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    Q2 Smart Lockers (IoT)

    I have worked with the GMI Group on many projects over the last 4 years. I have always been satisfied with the quality of the commissioned works, which were made by Mikołaj Lehman and his entire programming team.

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    List of tools that we use for InsurTech software development

    Technologies we use