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Custom Homeowners Insurance Software
ScienceSoft brings 12 years of experience in custom insurance software development to design and build robust homeowners insurance solutions tailored to each carrier’s specific needs.
Homeowners Insurance Software: Key Aspects
Homeowners insurance software helps carriers improve the efficiency and speed of their application processing, underwriting, quoting, policy management, and claim settlement workflows. Such solutions automate homeowner data intake and validation, offer analytics-based risk assessment, and can enable customer self-service.
Custom homeowners insurance software can automate operations peculiar to various insurance types and simplify compliance with region-specific regulatory standards. Among features in demand are AI-driven service personalization, policy pricing, damage evaluation, and fraud detection to help homeowners insurers maximize business profitability and minimize risks.
- Necessary integrations: CRM, accounting software, payment gateways, customer interaction channels, third-party data sources (local title and property record systems, credit rating platforms, internal systems of GIS mapping providers, social media, etc.).
- Implementation time: 9–15+ months for a custom homeowner insurance system.
- Development costs: $200,000–$1,500,000+, depending on software complexity. Use our free calculator to estimate the cost for your case.
- A payback period: <12 months.
Homeowners Insurance Types to Automate
ScienceSoft creates reliable and secure digital solutions that help insurers automate service workflows across various types of homeowner offerings:
By insured property
- Modern house insurance.
- Historic house insurance.
- Apartment insurance.
- Land insurance.
- Mobile home insurance.
- Condo insurance.
Optional riders:
- Shed, fence, and swimming pool insurance.
- High-priced possessions (antiques, fine jewelry) insurance.
By coverage object
- Dwelling coverage.
- Loss of use coverage.
- Personal belongings coverage.
- Personal liability coverage.
- Umbrella liability coverage.
By perils covered
- Fire and lightning.
- Windstorm and hail.
- Theft and vandalism.
- Falling objects.
- Accidental cracking of household appliances (freezing, burning, tearing, bulging, etc.).
Optional riders:
- Flood insurance (typically not covered by homeowners insurance).
Possible Features of Homeowners Insurance Software
Below, ScienceSoft’s consultants share a comprehensive list of features that form the core of robust homeowner insurance software.
Homeowners insurance term management
- User-defined terms for various types of homeowners insurance (in accordance with the locally adopted insurance levels, e.g., HO-1 to HO-8 for the US):
- Perils covered.
- Primary and optional coverage limits.
- Coverage model: actual cash value, replacement cost, extended replacement cost.
- Deductible amounts.
- Policy duration and renewal terms.
- Homeowners insurance product availability at particular locations.
- Discounts for loyal policyholders, customers purchasing multiple policies (e.g., home insurance and auto insurance), or customers having home protective measures.
- AI-supported recommendations on the optimal coverage terms for particular customers and customer segments (e.g., higher coverage limits for luxury apartments).
Automated processing of homeowners insurance applications
- Real-time capture of homeowners insurance applications from a customer portal, an agent portal, email, third-party insurance marketplaces, etc.
- Automated conversion of paper applications into a predefined digital format using optical character recognition.
- AI-based extraction and validation of customer data provided in homeowners insurance applications against the data available in public sources.
- Alerts on applications containing missed and contradictory data and automatically routing them for manual check.
- Geography-based KYC/AML verification for new customers.
- Rule-based homeowners insurance application approval or rejection.
- AI-powered assignment of the application processing task to the best-fitting insurance professionals based on their qualification, schedule, and location.
Risk assessment
- Automated aggregation of the risk-relevant data:
- Residential property characteristics: square footage, construction material, foundation type, year built, flooring, site access, roof cover and shape, heating type, cooling type, fireplaces, etc.
- Property location: neighborhood, crime rate, proximity to high-risk areas prone to natural disasters, etc.
- Property market price and liquidity.
- The number of home residents.
- Available home protection measures.
- Homeowner claim history.
- AI-based data analysis and risk quantification at the property level.
- Automated calculation of homeowner risk scores based on custom formulas.
Quoting automation
- Automated calculation of personalized homeowners insurance premiums based on the customer risk score, requested homeowners insurance type and terms, and predefined property parameters.
- AI-based suggestions on the optimal premium amount for each customer based on property characteristics, loss probability, insurance product profitability, competitors’ prices, and more.
- Automated quote generation and submission to customers via their preferred communication channels.
- Applying personalized discounts and region-specific taxes to quotes.
- Automated generation of invoices for accepted quotes and invoice submission to customers.
- Embedding payment links and QR codes in invoices for faster payment.
- Real-time tracking of the invoice status: sent, received, open, paid, etc.
- Processing customer payments via connected payment gateways.
- Support for multiple payment methods (bank transfer, card, e-wallet, etc.) and payments via an escrow account with a mortgage lender.
- Configurable dunning notifications to customers on due payments.
- Template-based generation of homeowners insurance policies.
- Collaborative policy design and version control.
- Policy signing using a digital signature.
- Automated policy endorsement when the new customer data appears or insurance terms change.
- Rule-based policy renewal or cancellation upon policyholder request.
- Centralized storage for homeowners insurance policies and associated invoices.
Claim processing and settlement
- Processing omnichannel homeowner claims and claim-supporting documents, e.g., photos and videos of damaged property, police reports, medical reports, etc.
- AI-based claim validation against the homeowners insurance coverage terms and data available in third-party sources.
- Real-time detection of fraudulent claims.
- User-defined rules for claim approval or rejection.
- Instantly communicating claim-related decisions to policyholders.
- Template-based creation of damage inspection requests and sending them to relevant in-house experts or third-party damage assessors.
- Remote damage evaluation using AI, IoT, and computer vision technologies.
- AI-supported claim triaging based on the claim urgency, damage severity, etc.
- Calculating due loss compensation amounts and deductibles.
- Automated payment for valid claims.
- Sharing damage details with home repair service providers and monitoring damage handling progress via a connected supplier portal.
- Real-time detection of high-risk events and intelligent prescriptions to customers on the proper steps to mitigate exposures (enabled via the integration with customers' smart home devices).
- Configurable forms for customer self-registration.
- Managing and updating personal information.
- A self-service homeowners insurance price calculator.
- Template-based creation of homeowners insurance applications.
- Tracking invoices and paying premiums.
- Filing and submitting claims.
- AI-powered suggestions on the best-fitting home repair service providers (based on the service provider location, service scope, and prices).
- A full history of homeowners insurance activities and transactions.
- Instant messaging for policyholders and homeowners insurance specialists.
- AI-based virtual assistant.
- Property damage self-inspection and description using 3D models.
- Tracking homeowners insurance metrics like premiums written by period, underwriting speed, claim costs, loss ratio, and more.
- Configurable dashboards for various roles: homeowners insurance agents, actuaries, policy administrators, loss adjusters, etc.
- Automated report generation.
- Scheduled and ad hoc report submission to regulators.
- Forecasting homeowners insurance demand, revenue, and expenses (by period, customer segment, insurance type, region, etc.).
Security and compliance
- Role-based access control.
- Multi-factor authentication.
- End-to-end audit trail of user activities.
- AI-powered detection of customer and employee fraud.
- Data encryption.
- Compliance with FIO, NAIC, NICB, IFRS17, OFAC, CCPA, CPRA, SOC1 and SOC2, GDPR (for the EU), NYDFS (for NYC), IA and SAMA (for the KSA), and other relevant global and local regulations.
- Secure recordkeeping of homeowners insurance data and transactions in the immutable blockchain ledger.
ScienceSoft’s Featured Homeowners Insurance Project
iOS App Development for Home Damage Assessors
- Scalable in-app storage for images and videos of the damaged property taken during the onsite loss inspection.
- Recording textual and voice comments and automatically attaching them to the relevant pieces of media data.
- Real-time import of the collected data and assessor’s notes to the homeowners insurance management system to be further used for claim validation and damage quantification.
- Seamless app operation in the online and offline modes.
Insurer benefits: Streamlined and more accurate damage assessment, faster claim settlement, enhanced transparency of damage inspection flows.
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.