Custom Commercial Property Insurance Software

The data on commercial property insurance offerings is gathered in a centralized storage. The software enables template-based creation of new insurance products with user-defined parameters: risks covered, coverage limits, deductibles, insurance duration, availability across particular regions, and more.

An intelligent engine powered by ML, RPA, and image analysis automatically aggregates and processes commercial property insurance applications. It runs automated KYC/AML verification for new clients. Valid applications get automatically routed to the most fitting underwriters.

AI can be employed to analyze property data provided in applications, capture the market prices for equivalent and comparable assets from third-party sources, and automatically calculate actual cash value, replacement cost value, and fair market value for the insured property.

Property-level risks are automatically scored based on the property age, value, site-specific natural perils, construction characteristics and protective measures (for buildings), utilization patterns and as-is state (for equipment and fleet), and more. Risks are quantified based on custom formulas or AI algorithms.

Actuaries can create custom risk models to simulate the impact of accidental damage, theft, vandalism, natural disasters, and other risks on the insured property and its owner’s business. The solution calculates potential loss thresholds and identifies high-risk scenarios.

Property risk evaluation results can be automatically reported to customers. Intelligent commercial property insurance software can analyze the property risk profile and augment the reports with advice on how to minimize loss probability, e.g., install a fire alarm or upgrade the security system.

Personalized insurance premiums are calculated automatically based on the requested insurance terms, property risk scores, a customer’s industry, operational risks, and past claims. Custom software can leverage AI to prescribe the most profitable premium rates for each client.

Quotes can be created based on customizable templates tailored by language, currency, and location. Once a quote is accepted by the prospect, the software automatically issues a policy and an invoice containing the customer’s business information and insurance terms.

Policies get auto-updated with the new customer data and coverage terms. Policy administrators receive notifications about the policies nearing the expiration date and can configure the rules for automated policy renewal or termination upon request from a customer.

Custom software offers AI-based validation of claims and claim-supporting documents (incident reports, images of the damaged property, etc.) and instant detection of fraudulent claims. It provides rule-based claim decisioning, analytics-based claim triaging, and automated routing of valid claims for payment.

Damage inspection requests can be generated from templates and instantly sent to the selected loss adjusters. A custom system can be integrated with IoT- and computer-vision-based monitoring tools to allow for remote exterior damage inspection (e.g., for buildings and outdoor fixtures).

With tailored software, you can set up automated calculation, reporting, and real-time tracking of all necessary metrics across sales, underwriting, claim settlement, finance, and other insurance business areas. Predictive analytics can be employed accurately forecast demand, revenue, and expenses.

Custom software is commonly secured with role-based access control, multi-factor authentication, data encryption, and other robust security mechanisms. It provides compliance with FIO, NAIC, NICB, SOX, IFRS 17, GDPR, NYDFS, IA, SAMA, and other global and regional regulations.

If a custom solution includes customer portal functionality, your clients can self-register, submit applications, file claims, track the claim resolution status, instantly access their policies, and more. AI-based chatbots can help portal users quickly solve any basic issues or re-route complex questions to the right professional.