Custom Environmental Insurance Software

Carriers can create environmental insurance products with user-defined terms (coverage scope, limits and duration, availability by region, etc.) from customizable templates. AI-powered solutions can terms based on the analysis of demand and emerging market trends.

Digital and paper insurance applications get automatically processed using AI, RPA, and image analysis technologies. Custom software can use AI to cross-check the provided customer information against the data from public sources. Valid applications are then auto-assigned and routed to the fitting underwriters.

Multi-format data on customer risks is aggregated in real-time or in batches. The data may come from multiple sources, including customer documents, asset tracking and operations control systems, insurer systems, region-specific pollution reports, weather forecasts, satellite images, and telematics platforms.

Custom actuarial models (statistical or ML-based) help model potential losses and quantify their impact based on the insured object’s location, at-risk customer operations, pollution source, and other parameters. The software then scores customer risk based on custom formulas or AI suggestions.

Personalized environmental insurance premiums are calculated taking into account a customer’s risk level, requested insurance type and terms, and insurer profitability goals. AI can analyze client demand elasticity and competitor prices and suggest the optimal premium amounts.

Environmental insurance policies are automatically generated, updated, and renewed following a user-defined schedule or ad hoc. Insurers can also automate customer billing for one-time and recurring premium payments.

If powered with AI, custom software can automatically process insurance claims and claim-supporting documents: environmental incident reports, reports on environmental conditions at particular sites, photos and videos of polluted areas, etc. Besides, AI can instantly spot fraudulent claims and report fraud to employees and regulators.

Claim specialists can automatically create environmental damage inspection requests and send them to in-house or third-party loss adjusters: environmental consultants, engineers, laboratories, etc. IoT and computer vision techs enable remote damage inspection in rural regions, geographically isolated industrial and utility sites, and maritime and offshore locations.

After the loss amount is quantified, custom software can calculate the due claim payment amounts and enforce the payments. Claims under the reinsured contracts are routed for settlement by reinsurers. Environmental parametric insurance payouts are triggered based on user-defined rules before the loss event takes place.

AI-powered solutions analyze streaming data from customer systems, social media, weather platforms, and pollution databases and predict high-risk events. AI assists in mapping the optimal course of action to mitigate loss risks.

KPI monitoring and AI-powered forecasting across sales, underwriting, claim resolution, finance, and other environmental insurance areas. Automated reporting helps quickly communicate environmental insurance metrics to senior management and regulators.

Self-service tools allow customers to submit applications, calculate prices, overview policies, make payments, and submit claims. An AI chatbot helps portal users promptly solve common issues. Instant messaging enables direct communication between the insurer and clients to handle complex requests.

Data security is established via role-based access control, multi-factor user authentication, intelligent user behavior analytics, data encryption in transit and rest, and other mechanisms.

Custom software can be designed in compliance with the required sectoral regulations (e.g., by NAIC, FIO, SAMA/IA) and data protection standards like CCPA, PCI DSS, GDPR, NYDFS.