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Insurance Software Development Services
Since 2012, ScienceSoft has been designing and building top-flight insurance solutions that help digitally transform complex insurance workflows and create new business models.
Insurance software development services help insurance services providers improve operational efficiency, increase customer loyalty, and access a larger client base.
ScienceSoft delivers robust insurance software that automates processes like underwriting, claim management, and policy administration and introduces seamless digital experiences for insurers’ customers, employees, and external partners.
What Makes ScienceSoft a Trustworthy Insurance Software Development Company
- Since 2012 in custom insurance software development.
- Proficiency in engineering solutions with accurate business logic that seamlessly automate even the most complicated, highly specific insurance workflows.
- Hands-on experience in creating software with a longevity-centered cloud architecture that provides smooth integration with all required data sources and scalability to support business growth.
- Since 1999 in web and since 2005 – in mobile development to deliver insurance apps that provide excellent UX and UI, vast self-service capabilities, and unique customer intelligence.
- In-house compliance experts with 5–20 years of experience to guarantee insurance software compliance with the required legal standards.
- Since 2003 in cybersecurity to ensure world-class protection of insurance software.
- An ISO 9001- and ISO 27001-certified vendor that guarantees mature quality management and full security of client data.
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.
ScienceSoft’s Insurance Software Projects
Software to Support Your Ambitious Insurance Initiatives
By insurance type
Various types of insurance differ in the potential volume of workflow automation and pose specific requirements for third-party integrations. To maximize payback from going digital, you need a solution that fully meets your unique service scope.
We deliver tailored software solutions for the following insurance types:
By insurance model
Design your insurance products to meet the rapid pace of cross-industry digital transformation. Those who will be among the first to innovate should expect to win a larger share of younger, tech-savvy audience and see an amazing revenue increase.
We create digital solutions to support innovative insurance models, including:
- P2P insurance
- Microinsurance
- Short-term insurance
- Parametric insurance
- Usage-based insurance
- Pay-as-you-live life and health insurance
The market for embedded insurance solutions evolves rapidly, disrupting traditional policy distribution channels and enabling non-insurance businesses to upscale their products and services with a one-stop insurance offering. Our team can engineer robust embedded insurance software that smoothly integrates insurance flows into the sales process and helps companies introduce innovative customer experiences.
Our BFSI Customers Share Their Experience with ScienceSoft
ScienceSoft demonstrated a deep understanding of our requirements, and their insurtech developers needed minimal supervision. What stood out was ScienceSoft's proactive suggestions for cost-saving architecture design and tech stack solutions. Their input ensured we stayed within budget without compromising on software quality. The value we derived from partnering with ScienceSoft is definitely worth the investment.
Partnering with ScienceSoft has been an excellent experience. Their team transformed our underwriting platform into a well-oiled machine. They identified and fixed several longstanding issues that had been causing us persistent difficulties. Their communication was exemplary; unlike our previous experiences with outsourcing, we never had to chase them for updates, and they were always prompt in responding to our queries.
We are impressed with ScienceSoft’s pragmatic project management, quality-first mindset, and transparent communication. Their solution architects, developers, and QA engineers are true experts in their fields and have always readily shared their knowledge. They are strongly motivated to deliver maximum value with their services and went above and beyond for us.
Software That Can Transform All Insurance Processes
Whether you need software to digitalize one specific insurance operation or a multi-functional solution to drive value across the entire insurance ecosystem, we’ve got you covered. The examples of insurance software we create include:
All-in-one software that automates the entire insurance cycle for the required product lines. The software offers role-specific interfaces and may include the functionality of a customer portal.
Value: Up to a 50% reduction in employee workload, enhanced team performance, operational cost savings of 10–25%, potentially reaching 30–50% with AI-powered automation.
Solutions enabling automated calculation, precise forecasting, and clear visualization of insurance metrics. The software can provide intelligent guidance on optimal insurance-related decisions.
Value: Prompt and accurate identification of inefficiencies and improvement opportunities, 10–20% growth in profitability due to analytics-based decisioning and workflow optimization.
Software that enables automated insurance application processing, risk assessment, and premium calculation. It can provide optimal, analytics-driven insurance pricing.
Value: Up to 40% decrease in underwriting costs, 10–15% increase in revenue due to optimized insurance pricing, and decision-making in minutes rather than days.
Software that automates the entire policy lifecycle, from issuance to termination. It provides rule-based recordkeeping and centralized storage of all policy-related data.
Value: 95% faster policy issuing, updating, and renewal, 40%+ increase in the productivity of the insurance teams, up to 60% reduction in policy administration costs.
Software that offers automated calculation of personalized premiums and customer invoicing. It supports e-signing of invoices and enables real-time processing of multi-currency payments.
Value: Up to 80% decrease in billing-related costs, 2–3x faster billing process.
Software that automates claim management processes end-to-end, from claim data intake to claim settlement and reporting. It enables AI-based claim validation, damage estimation, and fraud detection.
Value: ~30% decrease in claim processing costs, 80%+ faster claim cycle.
Software that introduces seamless digital experiences for insurers’ clients, employees, and suppliers. It automates tedious manual operations, provides secure access to the required data, and offers AI-powered user support.
Value: Improved operational efficiency for the insurance teams, up to 4x faster business processes, higher customer satisfaction.
Web and mobile apps that automate insurance application processing, premium payment, and policy issuance, enable prompt interaction and secure data sharing between the insurers and their clients.
Value: 89% increase in customer engagement and 81% improvement in retention rate, which results in higher revenue.
Agency management software
Software that enables analytics-based planning and real-time monitoring of agents’ activities. It keeps a full audit trail of agent-customer interactions and provides comprehensive agency performance analytics.
Value: 100% visibility of agency-wide insurance operations, streamlined planning of agents’ workload.
Software that helps insurance agents easily manage policy sales and marketing campaigns. It automates insurance application processing and policy issuance and provides complete visibility of insurer-customer interactions.
Value: Increased policy sales volume and speed, enhanced customer satisfaction.
Software that provides a comprehensive toolkit for insurance risk model design and management. It automates actuarial calculations, insurance pricing, and disclosure reporting.
Value: Up to 50x faster actuarial modeling, 1.5–5x increase in the actuaries’ productivity.
Software that enables real-time evaluation of insurance risks and their impact. Such solutions can be powered with AI to get data-driven guidance on the optimal risk prevention steps.
Value: 360-degree view of company-specific risks, fast and accurate risk mitigation planning.
Software that streamlines bookkeeping, general ledger management, capital and claim reserve planning, disclosure reporting, and other insurance accounting workflows.
Value: 3x+ improvement in insurance accountants' productivity, up to 12x faster payments, 100% compliant financial reports.
Software that automates insurance-related data validation and enables analytics-based detection of customer fraud and malicious employee activities.
Value: Minimized risks of fraud-associated financial losses.
Insurance marketplaces
Digital platforms that facilitate service promotion for insurers and help customers find the optimal insurance offerings.
Value: An opportunity for the marketplace owner to achieve rapid and high ROI by launching and monetizing a popular insurance solution.
Technologies Insurance Software by ScienceSoft Can Leverage
Advanced Techs that Can Power Your Insurance Solution
Click on the cards below to explore the advanced technologies ScienceSoft can implement to bring additional value across your insurance workflows.
ScienceSoft USA Corporation Is a 3-Year Champion in the Financial Times Rating
Three years in a row (2022–2024), the Financial Times has included ScienceSoft USA Corporation in the list of 500 fastest-growing American companies. This is the result of our dedication to driving project success despite any constraints and disruptions.
Choose the Service Option that Best Fits Your Needs
Consulting on insurance software implementation
We design the optimal functionality, architecture, and tech stack for your solution and advise on security and compliance. You also get a detailed project plan with accurate time and cost estimates and a pragmatic risk mitigation plan.
End-to-end insurance software development
We cover all aspects of solution engineering, from design to integration and QA. You benefit from prompt software implementation and ongoing support. Also, we draw all necessary software documents and can conduct employee training.
Insurance software modernization
We upgrade your existing solution and power it with advanced techs. You get modern software promptly and cost-effectively. Also, you benefit from a shorter learning curve for your teams.
Insurance product consulting
We design your solution to provide a visually appealing interface and seamless user journeys. You get an interactive prototype to quickly test the product’s technical feasibility and usability.
Elevating Customer Experience in Insurance: Insights from Our Team
Seeking to Elevate Insurance Customer Digital Experience? Here’s Where You Should Start
Discover solutions to plan, analyze, and enhance customer in the insurance industry.
Six Digital Customer Experience Strategies Insurance Companies Must Prioritize in 2024
Learn the six surefire strategies to introduce top-notch CX with your digital platforms.
Boosting Customer Experience in Health Insurance: Can You Escape AI?
Explore ways for health payers to bridge smooth digital CX, security, and compliance.
Benefits You Get from Engineering Insurance Software with ScienceSoft
Follow the links below to explore the descriptions of project management and development practices behind our success-driven approach to insurance software initiatives. If you're wondering how ScienceSoft's particular practices will work in your case or have any other questions about your endeavor, feel free to contact our consultants.
Cooperation model that fits your needs
- Full outsourcing of insurance software development.
- A dedicated team to take over a part of your project.
- Team augmentation with our best talents (from 0.5 to 150+ FTEs).
- Selecting the best-fitting resources for various cooperation scenarios.
- Mature practices of joint planning, decisioning, and problem-solving.
- KPI-based cooperation.
- Regular reporting.
- Consistent knowledge sharing (check sample software documents we deliver).
Prompt and predictable development
- Quick project start (1–2 weeks).
- Accurate scoping and cost estimation.
- An MVP of insurance software in 3+ months.
- Systematic risk control and mitigation.
- Agile implementation of changes.
- T&M, T&M with a cap for consulting and agile development.
- Fixed price for MVP development.
- Monthly subscription fees for support activities.
achieved by designing a secure architecture for the insurance solution, implementing UBA, multi-factor authentication, authorization controls for APIs, data encryption, and more.
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Our Mission is Driving Your Project Success No Matter WhatAchieving project goals in spite of time and budget constraints, as well as changing requirements, is ScienceSoft's top priority. You set goals, we drive the project to fulfill them. We do not pass mere project administration off as project management but practice real project management, achieving project success for our clients no matter what. |
Insurance Software Development Costs
From ScienceSoft’s experience, the cost of insurance software development services may range from $120,000–$180,000 (building a mobile insurance app of average complexity) to $1,000,000–4,000,000+ (creating a large-scale insurance automation system powered with advanced techs).
Want to know how much your insurance software will cost?
Get to Know the Cost of Your Custom Insurance Solution
Please answer a few questions about your business needs to help our consultants estimate the cost of your unique insurance solution faster.
Thank you for your request!
We will analyze your case and get back to you within a business day to share a ballpark estimate.
In the meantime, would you like to learn more about ScienceSoft?
- Project success no matter what: learn how we make good on our mission.
- 12 years in insurance IT services: check what we do.
- 4,000 successful projects: explore our portfolio.
- 1,300+ incredible clients: read what they say.
