What is InsurTech software?

Insurance companies drop flat between good ideas and groundbreaking user experience. The essential path to hitting the contest is to build digital solutions. Insurance software and application development services allow businesses to solve this issue.Insurtech software is more than just an opportunity to stay competitive. It is now required to gain and keep an advantage in the market. Insurtech software solutions are also favorably valuable as they aid you in empowering your processes and people to meet customer requests consistently. Whether you are the insurance company, brokerage, or deliverer, the correct solutions can increase efficiency, security, and profitability. We create custom insurtech solutions to allow easier and more efficient claims management and quicker compensation while improving productivity, lowering processing time, and creating the user experience better.

How is Insurtech beneficial for business?

Insurtech has influenced nearly every element of the insurance industry , including claims, policies, risks, services and products. Insurtech is the competitive advantage for business today and sparks new possibilities for the players. With our insurtech software development solution, small businesses can offer solutions in line with larger organizations. Insurtech software has been profitable in evaluating costs, risks, asset management, and claims processing effectively for insurance experts.

What is an insurance platform?

Insurtech software is the growth of new functions that are changing the insurance industry, lowering costs for customers and insurance businesses, improving efficiency, and improving customer fulfillment. An insurance platform aids in purchasing all kinds of insurance. Consumers can now research, compare policies, and buy online whenever they need without physically visiting a local agent.

How can insurtech solve the insurance problem?

Technology-driven solutions are becoming more prominent with time. Advancements in technology create a level playing field for policyholders and the ecosystem. Insurtech creates new avenues for growth by improving user experience, simplifying company processes, creating new solutions, and advancing reach and capabilities.

Insurance IT Services

Insurance Software Solutions

01

Underwriting & Risk Intelligence

In the present Insurtech age, data is getting generated at high speed. Technology adoption is also fueling this movement. Analytical approaches such as Artificial Intelligence and Predictive Modeling are creating new ways for finer analysis of information and for deriving predictive insights. This creates an immense possibility for underwriters to transform not only the methods they use to scrutinize risks but also to widen possibilities that can act as a trigger towards good growth. Mature insurance businesses are already using insurtech software to clear the age-old document-based underwriting, utilizing disparate sources of information, and are fastly adopting an agile, information-driven, and consistent underwriting method.

02

Claims Efficiency & Loss Prevention Solutions

Insurtech allows organizations to rely on adequate risk evaluation processes. Additionally, the innovation in insurtech creates an opportunity to ensure businesses that in the past had lacked effective and proper valuation models and allow companies to boost their existing offerings. Creative, homogenous, and structured risk valuation approaches have uniquely reduced risk exposure and uncertainty surrounding insurance companies. An insurance technology solution to risk analysis can benefit companies by simplifying external and internal audit processes.

03

New-age Distribution & Customer Service

New-age Distribution and Customer Service have something typical. Both have experienced two decades of immense change. Both are today confronting the difficulty of making customers happy in the world of excess information. Growth hacking for InsurTech may be the path back into the user’s mind. New technologies, analytics and personalized communications enable new digital standards. Insurers can distinguish themselves by changing distribution methods and offerings. Getting started is more useful than waiting. The objective is to return the company to fast growth, particularly as knock-on impacts become evident.

Benefits of Insurtech software

Custom insurance technology solutions are a harbinger of growth.Especially, custom solutions help in closer association with customers, better management of business operations, and the systemization of processes. That being said, the anomalies require restructuring and standard systems need to be upgraded. Hence the role of insurtech becomes pivotal.

Enabling Digital Transformation In The Insurance Industry

In the era of the digital revolution, the insurance industry is adapting new techniques to sustain growth. Companies and consumers are looking for solutions that can simplify and streamline insurance offerings and bring predictability. Such needs create opportunities for startups throughout the world to build solutions for Insurtech. With our capabilities and experience, we can help you innovate in insurance with our insurance IT services.

Check Out Our Video To Know What's New In Insurance Technology Trends!

InsurTech plays a crucial role in the amalgamation of digital innovation and the insurance sector. Insurance technology trends modernize the traditional process of the insurance industry.

These technologies enhance the efficiency and effectiveness of the operations of insurance companies.

The Insurance technology trends will streamline various processes and smoothen up the road to developing multiple products catering to the current times and users.

Some of the Insurance technology trends that can alter and transform the insurance industry are shared in the video.

What We Do

Our insurance technology solutions help insurance companies to identify, understand, and build business opportunities with greater relevance and personalization

01

Cloud Computing

Cloud Computing can help you to create better availability and accessibility for your platform.
Our Cloud offering helps you set the development pipeline, availability, and backup of the system.

02

Data Science

Data Science helps you to analyze real-time data and process information to create a better and faster ecosystem. Using Data science we offer to build you data dashboards, scraping algorithms, and automation scripts.

03

Application Portfolio Optimization

To deliver better Insurance IT Services, we work with CIOs to optimize and analyze the entire application portfolios to outline strategic goals, lessen technical debt, improve architectures, and support cloud economics to generate business value.

04

Platform Modernization

Data Modernization and Application rearchitecture process resolve bottlenecks to take advantage of newer techniques in ML, AI, DevOps etc. Mindbowser has been helping Insurance companies to upgrade their tech stack and move them to the cloud.

05

Workflow Automation

Automated workflow ensures that insurance service providers can digitize paper-based work processes, improve records management systems, and data collection methods with greater security. Mindbowser uses process automation tools and AI to help you get the best out of your automation initiatives.

06

Mobility

Mobile apps enable insurance companies to create more opportunities for engagement with push updates, reminders, data-driven solutions, and even data collection.
As a leading insurance technology company, we help you build mobile apps that streamline your customer touchpoints.

How Do We Work?

At Mindbowser, our team follows a logical project development cycle that entails requirement gathering, business analysis, and best practices to ensure effective and best results. Our team will help you identify challenges proactively and offer you the best recommendations for your idea. Here is our process from idea to development

Check Out Our Successful Insurance Technology Solutions And How We Delighted Our Customers

The insurance enterprise is a business under continuous pressure to improve and change to stay relevant in the industry. This business is based on all activities which involve massive data and its application. A complicated examination of information is required per day on a big scale for this business to work. With Artificial Intelligence-powered consumer segmentation, there is more reasonable scope for providing the consumers with relevant proposals.

The AI-powered segmentation brings a lot of elements into contemplation, unlike the conventional ways. The system divides the customers based on user persona, customer life process stage, behavior and patterns, purchase history, area, and content engagement. This lets the company take advantage of the data it has. Technology is a significant step towards reaching consistent innovation while remaining competitive.

Worked With An Insurance Benefits Startup To Augment Their Development Team And Accelerate The Development

The company is an insurance benefits startup that aims to transform American health care by introducing on-demand healthcare, price transparency, and a revolutionary billing system into a redesigned health insurance plan that protects consumers’ health and makes healthcare costs affordable. Mindbowser helped the company integrate the ACH payment system and set up a cloud practice to enhance payments and availability.

Learn How We Did It

Tools And Technologies

The insurance tech architects at Mindbowser always use the latest technologies to cater to your IT needs. Our specialists, developers, and solution experts deliver flexible and scalable technology solutions that are the best-in-industry.

INTERNET OF THINGS

ARTIFICIAL INTELLIGENCE

CLOUD COMPUTING

MACHINE LEARNING

ROBOTIC PROCESS AUTOMATION

BIG DATA

DATA SCIENCE

Opportunities Of Digital Transformation In The Insurance Industry

There are many opportunities for entrepreneurs and startups to participate in the Digital Transformation of insurance.

Some of the areas under

Faster access to the market for insurance products & services
Synchronous processes that enhance sales, productivity and output
Reduced cost and time for business operations
Improved insurance claims processes and developed underwriting efficiency

Process automation for the core market operations
Predictive Analytics that enables significant business insights to make faster decisions
Integrated design and operations to improve customer experience

We Empower Your Insurance IT Services With Different Technologies And 3rd Party Integrations

Data Science Consulting Services

Data science solutions can work with your proprietary data and integrate it into your workflow. Additionally, all data is worked under secure access and stringent NDAs.

RPA Services

Provide the most extensive portfolio of automation services with RPA technology for background checks and real credit, utility management, lease management, real estate data automation, among many.

Data Analytics Consulting Services

Data analytics consulting solutions help customers identify and obtain the most valuable and meaningful insights from the data, and turn them all into competitive advantages.

Why Mindbowser For Insurance IT Services?

Building an insurtech company requires an amalgamation of insurance and technology. At Mindbowser, you find both under one roof. Our insurance IT services can help you improve your idea and accelerate your timeline with skills in data science, automation, cloud, and domain knowledge. Here are some more reasons to consider us