Insurtech Marketplace for Claim Technology
The idea is to provide digital transformation services to insurance companies by using the platform. It covers the following major goals: optimizing the interaction between clients and insurance companies, speeding up data processing, as a result, reducing the costs of administration work.
Insurance
Innovate your business with cutting-edge technologies that transform the way you grow productivity. We provide the right solutions to support that growth and ensure the smooth integration of our developments with your existing systems and infrastructure.
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:
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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.
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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.
Business process optimization
Using a process engine enables better business management processes, including identifying issues, managing resources, saving time, and analyzing efficiency.
Document management
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.
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.
CRM system
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.
SaaS solution
Software-as-a-service solution allows companies to stay agile and versatile, properly allocate resources, accelerate development, and remain cost-effective.
Commitments
Delivery in time
We guarantee to get the project done in time and on budget and confirm it in the contract
Legal contract
We draw up a legal contract that is complying with your local laws
Transparency
We adhere to a transparent policy at all levels using specialized planning tools
Check our cases
Laurus
Laurus is a modern law firm based in the United Kingdom. The solution was to introduce digital transformation to the company. It included integration of the BPMN Workflow Engine RPA system for automation of manual tasks and development of two separate applications for gathering, sharing client information and other documentation between the company offices.
Askporter
AskPorter is a messaging platform that uses AI for optimization of various levels of management including property and facilities management, admin, and cost management. It helps to provide better client service and enhance client satisfaction.