Custom Microinsurance Software

• Health microinsurance.
• Temporary disability insurance.
• Accidental death insurance.
• Burial insurance.

• Household property insurance.
• Car microinsurance.
• Crop and livestock insurance.

• Lost income insurance.
• Credit and mortgage insurance.
• Involuntary unemployment insurance.

• Travel cancellation insurance.
• Flight delay insurance.
• Coverage for inclement weather.

• Short-term quality insurance (e.g., for cars, electronics, appliances, furniture).

• Short-term liability insurance (e.g., for utility, installation, and repair services).

• Customizable templates to create and display microinsurance products in the insurance provider’s internal systems and client-facing apps.
• Setting up and updating microinsurance terms:
  • Policy coverage and duration thresholds.
  • Policy extension terms.
  • Insurance product availability in particular locations.
  • Criteria for customers to qualify for a particular microinsurance type: age, occupation, income level, proofs of product or service purchase, etc.
• Designing product bundles where microinsurance is paired with other internal or third-party offerings (discounts, loans, health checkups by partnering healthcare providers, etc.).

Advanced:

• AI-powered suggestions on optimal microinsurance terms based on the analysis of product profitability and segment-specific demand.

• Automated aggregation and processing of microinsurance applications from customer self-service apps, email, agent CRM, third-party platforms, etc.
• Rule-based customer pre-qualification against the preset requirements.
• Automated application approval for eligible customers.
• (For embedded insurance) Straight-through issuance of standard policies triggered by a customer’s request or the company’s default sales terms.

Advanced:

• OCR-enabled conversion of paper applications to the required digital format (CSV, PDF, TXT, etc.).
• Machine-learning-supported customer data cross-checking with the data from third-party sources (e.g., credit rating bureaus, medical information bureaus, SSA registries) to prove its validity.

• Rule-based customer risk assessment based on:
  • Customer age, health state, and family medical history.
  • Customer lifestyle (occupational hazards, high-risk hobbies).
  • Customer driving record.
  • The as-is state and value of the insured asset.
  • Location-specific risks: weather, climate, natural disaster risks.
  • Customer past claims history.
• Individual risk scoring based on custom formulas.
• Customer segmentation based on the risk score.

Advanced:

• AI-powered prediction of customer-specific risks and impact severity.

• Automated calculation of individual insurance premiums based on a client’s risk profile and preset coverage terms.
• (For pay-per-mile auto insurance) Rule-based calculation of due premiums under a usage-based pricing model.

Advanced:

• AI-powered suggestions on the optimal basic premiums for various customer segments, microinsurance types (for insurers), and product/service types (for embedded insurance) based on segment-specific demand, competitor prices, and the company’s profitability requirements.
• Dynamic insurance repricing based on the current policyholder location and behavior and the as-is state of the insured asset (enabled via integration with third-party risk data platforms and insureds’ tracking devices).

• Template-based invoice generation, applying personalized coverage terms and premium amounts.
• Automated recurring billing for installment payments.
• Generating payment links and QR codes and sending them to customers.
• Support for multiple payment methods, including bank transfers, cards, digital wallets, direct carrier billing, biometric payments, SMS and USSD payments.
• Real-time invoice tracking by status: sent, paid, due, etc.
• Scheduled dunning notifications to customers in case of non-payment.

Advanced:

• Multi-language and multi-currency (including cryptocurrency) invoices.

• Template-based generation of simple, easy-to-read microinsurance policies tailored to the insurance type, risks covered, language, and location.
• Automated policy updating with the new customer data and changed coverage terms.
• Rule-based policy renewal and termination.
• Centralized storage of microinsurance policies and invoices.
• Role-based permissions to create, edit, and share policies.

Advanced:

• Policy signing using an e-signature.
• Policy term formalization in the blockchain smart contracts for fully traceable policy updates and straight-through claim payouts.

• Automated processing of microinsurance claims and claim-supporting documents like medical reports, accident reports, photos of injuries and damaged property, travel documents, and testimonies of witnesses.
• Rule-based claim approval or rejection.
• Rule-based submission of damage inspection requests to internal and third-party inspectors (loss adjusters, servicing specialists, product quality control teams, etc.).

Advanced:

• AI-powered claim validation against the policy terms and claim-related data from third-party sources (e.g., healthcare provider systems, GIS and telematics platforms, social networks).
• Intelligent detection of fraudulent claims and fraud reporting to responsible employees.
• Remote damage evaluation in rural areas using AI, IoT, and computer vision technologies.

• Claim prioritization based on claim date, loss amount, damage severity, etc.
• Automatically calculating due claim payment amounts.
• Automated payments (full, partial, split, recurring) of valid claims.

For parametric microinsurance:

• AI-powered forecasting of predefined risk events based on the analysis of real-time weather, climate, geospatial, flight, traffic, financial, and other risk-relevant data.
• Automated claim payouts, triggered by predefined events (e.g., an earthquake in a customer’s location reaches a certain magnitude or flight delay time reaches a certain limit).

• Automated calculation and tracking of microinsurance sales, underwriting, claim resolution, profitability, and other metrics.
• Customizable dashboards for various microinsurance roles: actuaries, policy admins, claim specialists, analysts, etc.
• Template-based creation of microinsurance reports for senior management and regulators (FIO, NAIC, NICB, etc.).

Advanced:

• AI-powered predictive analytics to forecast microinsurance demand, premiums written, and claim costs (by period, customer, region, etc.).

• Self-onboarding, managing personal information via a web or mobile app.
• Calculating microinsurance prices using an online calculator.
• Template-based creation of microinsurance applications.
• Paying premiums by a preferred payment method.
• Filing online claims, attaching claim evidence documents.
• Tracing policies and microinsurance transactions.

Advanced:

• Multi-factor authentication, including biometric authentication.
• AI-powered chatbots to help customers solve operational issues and find answers to common questions.
• Instant messaging with insurer reps.