Insurance

Industry overview

Insurance is a developing industry, which is now creating more value through tech breakthroughs. The insurance increases its pace towards transformation. Now it is open to innovative ideas and reinvention. Innovation comes into play at multiple fronts: from non-life insurance to property, automotive, and agriculture to the changing business environment including regulations and shifting customer expectations. All clients’ digital experience is already shaped by the global tech revolution. It is crucial for insurance companies to leverage their tech services, for example, automation, connected spaces, integrations, mobile, and web solutions to meet customer expectations. Digital tools help to build a better connection with customers, demonstrate efficient decision-making, increase automation, and improve cost-saving policy. To unlock the potential, insurers should scale up and increase productivity by introducing tech solutions into business processes. To be more concrete:

In the USA there are up to 6,000 insurance companies. They employ about 2.8 million people. The US insurance business sector contributes about $630 billion to the economy.
In the UK there are about 400 insurance companies. They employ around 300,000 workers. The UK insurance business sector contributes about £35 billion to the economy.

Number of insurance companies by country:

Industry trends

Insurance transparency Customers are used to transparent relationships with companies. The trend is gaining momentum in the insurance industry. To ensure stable transparency, it is vital to manage big data efficiently and provide improved personalized policies.
New markets Implementing digital tools ensures better market penetration for small and medium-sized business.
Customer experience 70% of Insurance CEOs prioritize customer experience, including user interface as a mission-critical point in the future.
Core technology 51% of Insurance CEO’s are sure that core technologies are the second main point to prioritize and invest in.
Intelligent Automation 42% of Insurance CEO’s plan to develop and invest in Intelligent Automation.

Business challenges

It is the right time to go digital now. Top managers of insurance companies claimed that:

only about 15% of tech upskilling employees’ progress has been achieved within their organizations
54% of managers are concerned with over-regulation
34% of managers are worried because of uncertain economic growth
39% of managers are confused by technological change speed
45% of managers are eager to prevent cyber threats

Therefore, introducing technologies into business processes will ensure the ability of insurance companies to face the following challenges:

Customer-centric business models
Digitized business processes
Data security high standards
Tech safety
Digital analytics
Employees upskilling

Digital transformation is mission-critical for Insurance, Real Estate, Healthcare, E-commerce, Education, Finance, Logistics, Manufacturing industries. We provide technology solutions that help to keep pace with digital transformation, adopt innovative ideas smoothly, and build customer-driven ecosystems.

Solutions

We develop:

Management and Analytics Dashboards — by using dashboards, business owners or managers enable data sharing, data visualizing, and reporting data to the team or to the stakeholders. Building an interactive dashboard ensures a spotlight on your analytics and, thus, game-changing decisions.
Collection Solutions — customizable and scalable solutions such as a Chatbot or personalized client questionnaire application tailored to business needs and aiming to automate processes and collect necessary information. This tool is used for building business logic based on the collected data.
Business process optimization using a process engine enables better business management processes, including identifying issues, managing resources, saving time, and analyzing efficiency.
CRM system is a centralized database that provides improved information organization, automation of daily tasks, and analytical reporting, scales sales processes, and segments customers.
Document management is an essential component for the insurance business. Document management systems provide reducing storage space, enhance security, proper legal compliance, and essential backups.
SaaS solution — software-as-a-service solution allows companies to stay agile and versatile, properly allocate resources, accelerate development, and remain cost-effective.

We collaborate with clients from this industry and already have experience in this field. That is why we are eager to share our expertise with others and get a deeper knowledge base.

The scope of main technologies we use

Shopify is an e-commerce platform that includes a full cycle of product or inventory management — from shipping and delivery to content management and payments. The platform is a cloud-based solution, which means all data is safe and there are no technicalities related to the development and hosting of an online store. Also, Shopify is marketing-friendly, as it offers SEO features and e-commerce analytics. This is the best decision for a quick start for an online business.

Shopify Plus is a multi-channel enterprise platform. It provides custom features, checkout page management, and high-level support. This is the right choice for big e-com websites with over 10,000 transactions per minute.

BigCommerce is a cloud e-commerce platform. It provides all possibilities to create e-commerce websites quickly without deployment and hosting. It includes in-built products, logistic management, payment services, and custom integrations which make this platform a good alternative to Shopify.

Strapi is a Headless CMS that provides API and content management system for corporate or e-commerce websites. It includes a quick setup, easy expansion, integration with AWS services, and email agents. Strapi integrates with Shopify and BigCommerce, maintaining better SEO and content management for websites.