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Insurance IT Solutions and Services
Since 2012, ScienceSoft provides insurance companies with IT solutions and related services – from advanced technology consulting to IT infrastructure support and help desk – to help them digitally transform and improve all major service activities.
IT services for insurance cover IT consulting, software design, engineering, and support, quality assurance of digital insurance systems, and more. They aim to help insurers improve business productivity, enhance customer experience, and optimize IT costs.
ScienceSoft’s team is here to analyze the needs of your insurance company and implement robust solutions that facilitate digital lead generation, increase the efficiency of application processing and claim management, and simplify compliance with the required legal regulations.
What Makes ScienceSoft a Reliable Partner
- Since 1989 in software consulting and engineering.
- Since 2012 in IT for insurance.
- Experience in delivering B2B and B2C insurance solutions.
- Since 2003 in cybersecurity to ensure world-class protection of insurance software.
- In-house compliance experts with 5–20 years of experience to guarantee insurance software compliance with FIO, NAIC, SOX, CCPA, NYDFS, GDPR, SAMA, IA, and other required legal standards.
- ScienceSoft is a 3-year champion in The Americas’ Fastest-Growing Companies rating by the Financial Times.
- For the third year in a row, IAOP features ScienceSoft in its Global Outsourcing 100, the list of the most trusted outsourcing service providers.
What makes ScienceSoft different
We achieve project success no matter what
ScienceSoft does not pass mere project administration off as project management, which, unfortunately, often happens on the market. We practice real project management, achieving project success for our clients no matter what.
Our Selected Projects for Insurance
IT Solutions for Insurance We Deliver
IT solutions ScienceSoft creates help insurance companies improve overall business efficiency and introduce excellent customer experience. We can engineer one or several of these targeted insurance solutions, as well as build a full-featured insurance business automation system:
- Insurance application processing.
- Risk assessment.
- Actuarial and pricing.
- Compliance management.
- Personalized premium calculation.
- Automated invoicing.
- E-signature workflow.
- Payment processing.
- Collaborative policy creation.
- Policy issuance, updating, and renewal.
- Centralized storage of all policy-related data.
- Claim processing and fraud detection.
- Damage inspection and loss adjustment.
- Claim settlement.
- Self-service for agents, customers, and loss handling providers.
- KYC/AML verification for new insureds.
- Access to the required insurance data.
- Intelligent virtual assistants.
- Instant messaging.
- Customer-side features to apply for insurance, pay premiums, overview policies, file claims, and more.
- Full audit trail of account activities.
- Multi-factor authentication, including biometric authentication.
- AI-supported chatbots.
Marketing
- Customer journey management.
- Content marketing.
- Omnichannel lead generation.
B2C and B2B Sales
- Online and in-person sales.
- Account development.
- Data exchange with other systems.
Customer service
- Omnichannel communication.
- 24/7 support using chatbots.
- Customer analytics.
- Finance analytics.
- Risk analytics.
- Operational analytics.
- Workforce analytics.
- Agency performance analytics.
- Predictive and prescriptive analytics for insurance planning and optimization.
- Insurance reporting.
- Criteria-based search of insurance offerings.
- An insurance price calculator.
- Automated underwriting and policy issuance.
- Payment processing.
- Insurance automation using smart contracts.
- Immutable recordkeeping of insurance data.
- End-to-end traceability of insurance transactions.
- Crypto payments.
Our BFSI Clients About Their Experience With ScienceSoft
ScienceSoft demonstrated a deep understanding of our requirements, and their insurtech developers needed minimal supervision. What stood out was ScienceSoft's proactive suggestions for cost-saving architecture design and tech stack solutions. Their input ensured we stayed within budget without compromising on software quality. The value we derived from partnering with ScienceSoft is definitely worth the investment.
Partnering with ScienceSoft has been an excellent experience. Their team transformed our underwriting platform into a well-oiled machine. They identified and fixed several longstanding issues that had been causing us persistent difficulties. Their communication was exemplary; unlike our previous experiences with outsourcing, we never had to chase them for updates, and they were always prompt in responding to our queries.
ScienceSoft’s cybersecurity experts helped us build a plan for two penetration tests: review of our corporate networks and review of our cloud AWS services. They were very responsive and helpful. We were satisfied with the professional, timely, and friendly service and we greatly appreciate their help in securing our networks. We eagerly recommend ScienceSoft as a strong cybersecurity partner.
Specialized Solutions for Various Insurance Lines
ScienceSoft delivers tailored software that meets each insurer’s unique service scope. Here are some examples of specialized solutions you can obtain:
By insurance model
Keep your insurance solutions aligned with the fast-paced digital transformation happening across industries. Early adopters of innovation can attract a larger share of the younger, tech-savvy audience and drive significant revenue growth.
We engineer digital solutions to support innovative insurance models, including:
- P2P insurance
- Microinsurance
- Short-term insurance
- Parametric insurance
- Usage-based insurance
- Pay-as-you-live life and health insurance
By insurance type
Different types of insurance come with varying levels of workflow automation potential and specific requirements for third-party integrations. To ensure maximum return on your digital investment, your solution must be perfectly aligned with your unique service needs.
We provide tailored software solutions for the following insurance types:
IT Services for Insurance Companies
Advanced technology consulting
ScienceSoft’s consultants advise on the use of cloud, big data, AI and ML, blockchain for:
- Insurance data aggregation and processing.
- Claim-related decision-making.
- Insurance fraud detection.
- Risk management.
- Advanced operational analytics.
- Demand forecasting and spend planning.
- End-to-end traceability of reimbursement transactions, and more.
Insurance product consulting
ScienceSoft assists in idea productization, brand design, UX and UI design and delivers:
- A clear insurance product concept.
- A unique selling proposition for your product.
- Digital customer journey maps and a usability testing report.
- A comprehensive UI kit.
- An interactive prototype of your insurance software.
- A best-fitting toolkit to build your insurance product.
Insurance IT solution engineering
- Suggesting optimal insurance solution features, architecture, and tech stack.
- Implementation project cost & time estimates, ROI calculation.
- Insurance software development.
- Integrating the solution with required systems.
- Quality assurance of the insurance solution.
- Continuous support and evolution of the insurance solution (if required).
- Designing an individual digital transformation strategy and plan.
- PoC development to assess the viability of innovative insurance software.
- Modernization of existing insurance software and IT infrastructure.
- Development of new insurance solutions.
- Implementing IT automation.
- Knowledge sharing with the customer's IT teams and software users.
Outsourcing of specific IT functions
ScienceSoft offers to handle separate IT functions to optimize the quality and costs of insurance operations and provides:
ScienceSoft helps quickly cover resource gaps in your insurance IT initiative with the following experts:
- Developers (Java, .NET, Python, PHP, C++, and more).
- Testers (manual and automated testing).
- DevOps engineers.
- Data analysts.
- Cybersecurity experts.
ScienceSoft’s Practices to Ensure High and Sustainable Value of Insurance IT Services
Click on the cards below to explore the perks of our mature approach to service delivery and understand the benefits of trusting your insurance IT initiative to us:
Our Strategies to Boost Insurance Customer Digital Experience
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Six Digital Customer Experience Strategies Insurance Companies Must Prioritize in 2024
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Boosting Customer Experience in Health Insurance: Can You Escape AI?
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Let IT Experts Enhance Your Insurance Services