Go to ScienceSoft Global
Custom Engineering Insurance Software
Since 2012, ScienceSoft creates robust digital solutions that help engineering insurers accelerate service operations, minimize risks, and deliver a frictionless customer experience.
Engineering Insurance Software Explained
Engineering insurance software is designed to streamline sales, underwriting, policy management, claim processing, and other service operations across the engineering & construction insurance cycle. Such solutions often include the functionality of a customer portal.
Custom engineering insurance software can automate each insurer’s unique project risk assessment and claim handing workflows across diverse engineering coverage types. Such solutions can introduce AI-powered risk analytics and intelligent prescriptions for optimal underwriting and claim decisions.
Another advantage of custom software is that it can be designed in compliance with all necessary engineering insurance regulations, integrated with all required systems (including legacy software), and easily upgraded with new capabilities.
- Important integrations: CRM, accounting software, a BI solution, tracking systems of engineering insurance clients, third-party data platforms (GIS mapping, weather, geospatial, environmental), engineering project registries and databases, etc.
- Implementation time: 9–18+ months for a custom engineering insurance system.
- Development costs: $200,000–$1,500,000+, depending on insurtech solution complexity. Use our free calculator to estimate the cost for your case.
Engineering Insurance Sectors That Benefit From Software-Enabled Automation
Engineering general liability insurance
Engineering errors and omissions insurance
Engineering environmental insurance
Contractors’ all risks (CAR) insurance
Erection all risks (EAR) insurance
Plant and machinery breakdown insurance
Deterioration of stock (DOS) insurance
Machinery loss of profits (MLOP) insurance
Mechanical and electronic equipment insurance
Key Features of Engineering Insurance Software
Below, ScienceSoft’s consultants share a sample feature set of a robust engineering insurance system to give you an idea of what functionality your custom-made solution can provide.
Offering management
- AI-supported analysis of demand and competitor offerings across particular engineering insurance products (CAR, MLOP, etc.).
- Analytics-based product lifecycle planning and product catalog scoping.
- Customizable product templates with user-defined parameters, such as:
- Coverage capacity and deductible thresholds.
- Risks covered: machinery and equipment damage, loss of profits, stock deterioration, etc.
- Insurance duration.
- Policy type (one-off or renewable).
- Product availability in particular locations.
- Minimal premium.
- AI-powered suggestions on the optimal terms based on the analysis of product type and risk profile, market trends, demand and price elasticity for various customer segments, and more.
- Batch product updating, replacement, and retirement based on user-defined rules.
- A centralized database to record and store the details on the available engineering insurance products.
Application processing
- Automated aggregation and processing of applications from multiple channels (email, an insurance portal, agent CRM, etc.).
- Automated conversion of paper applications to the pre-defined digital format using image analysis technologies.
- ML-powered extraction and validation of data provided in the applications.
- Alerts to the responsible employees on the applications containing missing or mismatched data.
- Geography-based KYC/AML and OFAC verification for new clients.
- Cross-referencing data from customer business documents with trusted third-party sources (e.g., Experian credit rating platform, ENR database, NOAA environmental reports).
- Automated routing of valid applications to the appropriate underwriters based on underwriter location, schedule, and qualification.
Customer risk assessment
- Rule-based and AI-powered customer risk scoring based on user-defined criteria, e.g.:
- Engineering project type.
- Location of a construction site and location-specific natural perils.
- Anticipated engineering project duration and contract value.
- A customer’s past claims history.
- Risk-based customer segmentation.
- Creating and managing custom actuarial models to simulate engineering exposures and evaluate potential losses.
- Real-time monitoring of risk-relevant data (e.g., asset tracking sensor readings, weather data, GIS data) and instant notifications about high-risk events that may result in claims.
Pricing and quoting
- Automated calculation of segment-specific and individual engineering insurance premiums based on custom formulas.
- AI-based suggestions on the optimal premium for each customer based on the analysis of the requested engineering insurance terms, a client’s risk profile, competitor prices, and the insurer’s profitability requirements.
- Automated generation of personalized quotes and sending them to prospects.
- Rule-based recalculation of a provisional premium in case the contract value increases over the course of an engineering project.
- Customizable multi-language templates for various engineering insurance policies: CAR, EAR, MLOS, etc.
- Rule-based policy issuance, updating, and renewal.
- Collaborative policy editing and policy version control.
- Automated billing under a user-defined billing model (upfront payment or installments).
- Scheduled notifications to the policy administrators and policyholders on the expiring policies.
- Centralized storage for engineering insurance policies and associated documents like applications, invoices, reinsurance contracts, and more.
- Engineering insurance document e-signing using a digital signature.
- (optional) Engineering insurance policy term formalization in the blockchain smart contracts for fully automated and transparent claim payouts.
- Automated intake of multi-channel engineering insurance claims and claim-supporting documents like loss incident reports, images and videos of damage, etc.
- AI-based claim validation against the policy terms and data from third-party sources.
- Automated detection of fraudulent and wrongly disclosed claims.
- User-defined rules for claim approval or rejection.
- Remote damage inspection across difficult-to-access and dangerous engineering sites using computer vision and IoT.
- AI-supported damage quantification and rule-based calculation of due compensation amounts.
- Automated payment of valid claims:
- Loss compensation to policyholders.
- Reimbursement payments to the suffered third parties (for engineering liability insurance).
- Direct payments to constructional damage handling providers.
Reinsurance
- AI-powered insurance portfolio risk analytics and suggestions on the policies to reinsure.
- Assigning the best-fitting reinsurer to each policy, considering reinsurer risk appetite, location, premium and deductible terms.
- Template-based creation of reinsurance requests and reinsurance contracts.
- Automated routing of claims that exceed the pre-agreed deductible amounts for settlement by reinsurers.
Analytics and reporting
- Monitoring user-defined KPIs across underwriting, claim settlement, finance, and other engineering insurance areas.
- Customizable dashboards for various employee roles: agents, loss adjusters, analysts, etc.
- Automated generation of engineering insurance reports (by period, region, business entity, etc.).
- Risk management dashboards to monitor client-side and internal business risk factors.
- AI-powered forecasting of engineering insurance claim expenses and recommendations on the optimal claim reserves.
- Customer self-registration, managing business information (business licenses, EINs, engineer certificates, asset passports, capital project plans, etc.).
- Template-based application creation.
- Filing and submitting claims.
- Notifications to customers about the application processing status, claim resolution progress, due premium payments, policies nearing the expiry date, and more.
- AI-powered virtual assistants to help portal users solve arising issues.
- Instant messaging for customers and engineering insurance specialists.
Security and compliance
- Permission-based access control.
- Multi-factor authentication.
- Engineering insurance data encryption.
- Compliance with FIO, NAIC, EPA, SOX, SOC1 and SOC2, GDPR (for the EU), CCPA, NYDFS (for NYC), and other relevant global and regional standards.
- End-to-end audit trail of user activities.
- AI-powered detection of employee fraud and non-compliance.
- (optional) Engineering insurance data hashing, timestamping, and recording in the immutable blockchain ledger.
Explore ScienceSoft’s Featured Engineering Insurance Project
Field Service iOS App for Roofing Insurance
ScienceSoft developed a user-friendly engineering insurance iOS app for Millhouse 1889. The solution is available on iPhone and iPad devices and offers comprehensive functionality to help roofing insurance teams optimize daily routines and speed up data processing:
- Roofing insurance lead management.
- Field agent appointment scheduling.
- Roofing exterior damage sketching for agents running damage inspection.
- Automated loss evaluation based on camera shots, Google Maps shots, and agent sketches.
- Automated export of roofing damage data to the claim management system.
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.