Custom P2P Insurance Software
ScienceSoft combines 12 years of experience in insurance software development with proficiency in cloud, AI, big data, and blockchain to design and build robust peer-to-peer (P2P) insurance platforms.
P2P Insurance Software: The Essence
P2P insurance software is the backbone of the innovative social insurance model that enables individuals and micro businesses to join into risk-sharing pools, self-administer insurance coverage terms, and run collaborative claim resolution.
Also known as P2P insurance platforms, such solutions provide vast self-service options for end users to organize risk-pooling communities, manage pool contributions, and decide on claim approval.
Custom P2P insurance software automates underwriting, fund control and disbursement, claim settlement, and reinsurance workflows. When powered with AI and blockchain, the software can eliminate up to 90% of manual insurance tasks and provide advanced security and full traceability of P2P insurance transactions.
- Necessary integrations: CRM, accounting software, payment gateways, customer interaction channels, third-party data sources (internal systems of local credit rating bureaus, medical information bureaus, police administration, etc.; social networks).
- Implementation time: 9–15 months for a custom P2P insurance platform.
- Development costs: $200,000–$1,000,000+, depending on software complexity. Use our free calculator to estimate the cost for your case.
Why Build a Custom P2P Insurance Platform
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The global P2P insurance market is anticipated to witness exponential growth by 2032. Key factors that drive the popularity of P2P insurance platforms among individuals and SMBs are the access to convenient, fast, and cost-effective insurance services, along with a high degree of control over policy terms and prices. With P2P insurance, policyholders can save up to 40% on premiums compared to traditional insurance. This creates momentum for P2P insurers to tap into the rapidly evolving market with a brand-new solution and quickly generate revenue. |
Key Features of P2P Insurance Software
ScienceSoft creates custom P2P insurance solutions with functionality tailored to the needs of each platform provider. Below, our consultants share a comprehensive list of features that form the core of an effective peer-to-peer insurtech platform.
General functionality
P2P insurer features
Customer features
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What makes ScienceSoft different
We achieve project success no matter what
ScienceSoft does not pass off mere project administration for project management, which, unfortunately, often happens on the market. We practice real project management, achieving project success for our clients no matter what.