Custom Business Insurance Software

• Automatically processing applications and customer documents (e.g., business licenses, proofs of asset ownership) using RPA and advanced image analysis technologies.
• Auto-conversion of paper documents to the predefined digital format using optical character recognition (OCR).
• Notifications to the responsible employees about missing or contradictory business data that requires manual verification.
• Geography-based AML/CFT and OFAC verification for new business customers.
• Rule-based decision-making on insurance application approval or rejection.

Advanced:

• AI-supported validation of customer data against the data from trusted third-party sources like local business registries, credit rating bureaus, licensing boards, EPA databases, and public claim databases.

• Rule-based customer risk scoring.
• Risk scenario modeling and impact quantification using custom actuarial models.
• Scenario modeling and what-if analysis for various pricing strategies.
• Calculating personalized business insurance premiums based on the requested coverage terms, the customer’s risk score, and the insurer’s profitability requirements.
• Automated quote generation and submission to insurance prospects.

Advanced:

• AI-supported customer risk assessment based on the business’ financial posture, operational scope, number of employees and their qualifications, quality control procedures, security measures, commercial asset condition, location-specific natural hazards, and more.
• AI-powered suggestions on premium optimization based on historical demand, customer-specific price elasticity, and competitor prices.

• Customizable policy templates for various insurance types: E&O insurance, fleet insurance, workers’ compensation insurance, etc.
• Automated generation of polcies with specific coverage terms (coverage period, retroactive and tail dates, risks covered, exclusions, extension terms).
• Rule-based policy updating, renewal, and termination.

Advanced:

• Policy e-signing.

• AI-powered suggestions on cross-selling opportunities and tailored business owner insurance packs.

• User-defined billing models: one-time payment, installments, usage-based model, etc.
• Template-based creation of multi-currency and multi-language invoices.
• Calculating personalized premiums, discounts, and taxes and applying them to the invoices.
• Scheduled and ad hoc invoice submissions to customers via email and a customer portal.
• Support for multiple payment methods (bank transfers, cards, checks, etc.) and premium collection via direct debit.
• Invoice tracking by status (sent, paid, partially paid, open).
• Configurable notifications to customers about due payments.

• Automated aggregation and processing of the first notices of loss (FNOLs).
• Algorithmic detection of fraudulent and incompletely disclosed claims.
• Rule-based claim triaging based on claim urgency, loss severity, and customer value.
• Automated payment of valid claims.

Advanced:

• AI-supported processing of multi-format claim evidence like incident reports, photos and videos of damaged property, medical statements about the injured parties, demand letters from E&O claimants, witness testimonies, and sensor data from IoT systems.
• Remote damage inspection and loss estimation using AI, IoT, and computer vision.
• Intelligent forecasting of high-risk events and suggestions on the proper risk mitigation steps for policyholders.
• (for parametric commercial insurance) Fully automated parametric payouts enabled by blockchain smart contracts.

• Centralized storage of reinsurance partners’ data (business information, service scope, pricing details, etc.).
• Collaborative creation of reinsurance agreements.
• Automated submission of claims exceeding coverage limits for settlement to the relevant reinsurers.
• Real-time monitoring of the claim resolution progress (enabled via the integration with the reinsurer’s business systems).

Advanced:

• AI-powered suggestions on the best-fitting reinsurers for particular contracts based on reinsurer specialization, capacity, and risk appetites.

• Rule-based prioritization of business insurance tasks: underwriting, loss adjustment, E&O legal defense planning, etc.
• Automated task assignment to the best-fitting professionals taking into account the employee’s area of responsibility, location, qualifications, and availability.
• Monitoring employee performance and compliance with the internal and regulatory standards.
• End-to-end audit trail of omnichannel interactions between the internal teams and customers.

• Tracking metrics like the total volume of issued policies, premiums written, claim costs, average deal value, revenue generated, and more.
• Scheduled and ad hoc report generation.
• Planning of capital and claim reserves.
• Rule-based report submission to the internal stakeholders and regulators (e.g., FIO, NAIC, CFPB, IA).

Advanced:

• ML-powered predictive analytics to forecast business insurance demand, revenue, and expenses.

• Customer self-service options for account creation, applying for commercial insurance, sharing business documents, filing claims, and tracking claim resolution statuses.
• A full record of received quotes, policies, and invoices.
• Instant messaging for customers and business insurance specialists.

Advanced:

• AI-powered chatbots to help portal users solve operational issues 24/7.
• A self-service business insurance price calculator.

• Role-based access control for actuaries, underwriters, claim managers, etc.
• Multi-factor user authentication.
• Data encryption at rest and in transit.
• Compliance with SOC1/SOC2, SOX, CCPA, NYDFS (for NYC), IA and SAMA requirements (for the KSA), GDPR (for the EU), and more.

Advanced:

• Biometric user authentication.
• Intelligent user and entity behavior analytics (UEBA).
• Commercial insurance data hashing, timestamping, and recording in the immutable blockchain ledger.