Custom General Liability Insurance Software

The data on general liability insurance offerings is stored in a centralized database. Using customizable templates, insurers can easily create new insurance products with pre-defined terms: risks covered (e.g., bodily injury, property damage, libel and slander), coverage and deduction limits, policy duration, availability across particular locations, etc.

Risk-relevant data (industry, location, number of employees, operational exposures, workplace safety measures, claim history, etc.) is automatically downloaded from digital insurance applications and third-party sources. The solution scores clients’ risks based on user-defined rating rules or custom AI models with pre-assigned risk hyperparameters and weights.

To calculate premium amounts for each customer, the software takes into account the requested coverage terms, a customer’s risk score, user-defined pricing thresholds, and more. AI can be used to prescribe the most profitable personalized premiums based on non-conventional factors like demand trends, competitors’ prices, regulatory risks, and insurer’s financial performance.

Individual quotes get created from customizable templates and instantly introduced to prospects and agents via an insurance portal, email, CRM, etc. When a quote is accepted, the solution automatically generates an invoice (or recurring invoices) with the pre-agreed payment terms, discounts, region-specific tax rates and invoice elements (e.g., unique QR codes for the KSA insurers).

Once the system receives a notification about a successful premium payment (via an integration with payment gateways or bank accounts), it automatically issues a policy and a certificate of insurance. Policies can be automatically endorsed with new terms and client data and renewed upon the request from a policyholder.

Machine learning, RPA, and image analysis enable automatic processing of multi-channel claims and claim-supporting documents. Examples of documents include accident reports, testimonials from witnesses, photos and videos of damage or injuries, legal notices and demands related to reputational harm claims along with the allegation proofs, etc.

AI-powered claim validation module checks the claims and evidence provided by customers against the coverage terms and data from public sources. The solution instantly spots fraudulent and wrongly disclosed claims and can automatically decide on claim approval or rejection based on user-defined rules.

The solution automatically calculates the due coverage amounts for valid claims. Claims are triaged for settlement based on their urgency, damage severity, etc. Claim managers can set up custom compensation schemes for policyholders, injured parties, and loss-handling service providers.

All underwriting guidelines, applications, policies, invoices, claims, and other general liability insurance documents are stored in one knowledge base. The software offers a no-code template editor to build multi-language document templates with user-defined fields. It also enables collaborative document creation and version control.

Custom systems enable instant calculation and monitoring of tailored general liability insurance KPIs across sales, claim resolution, financial performance, and more. The required metrics are then automatically reported to senior management and regulators. Using advanced predictive analytics, insurers can accurately forecast revenue and expenses.

An integrated portal lets insurance clients apply for insurance, calculate coverage price, submit the required documents, pay premiums, file claims, overview policies, and more. AI-based chatbots can help users solve simple issues 24/7, or direct them to the right employee in case of complex inquiries.

Role-based access control, multi-factor authentication, and data encryption mechanisms enable robust data protection. Custom software offers a full audit trail of insurance activities and can employ blockchain for immutable event recordkeeping. It provides compliance with all necessary global and regional regulations, such as NAIC, NICB, IFRS17, SOX, HIPAA, GDPR, NYDFS, CCPA, IA, SAMA, and more.