As we head into the age of digitization, insurers should consider a mix of offensive and defensive measures to boost longer-term recovery efforts and pivot to the thrive phase when growth is reemphasized, despite challenging economic conditions.
A global outlook survey by Deloitte’s Center for Financial Services found that 79% of respondents believe the pandemic uncovered weaknesses in their company’s digital capabilities and transformation plans.
In response, 95% of those surveyed are already accelerating or looking to speed up digital transformation to maintain resilience. Europe and North America seem further along in implementing such plans, compared to APAC.
Considering the challenges insurers all over the world are facing, insurtech leaders ensure their foundation remains strong, as well as the strategies they’re starting to deploy to position themselves for success in the coming years.
This requires digital transformation and automation, and here’s when you need to consider implementing custom insurance software into your business.
We’ve Shortlisted Top 10 Insurance Software Development Companies to Keep an Eye on in 2022
Over 8 years Itexus builds custom Insurance & Financial solutions. Trusted by 150+ clients Itexus team develops claims management solutions, policy management, underwriting & quoting software, documents management software, billing & payments solutions, RMS and more! They help eliminate legacy software, automate manual operations, reduce human errors, improve customers’ experience and as a result get more clients, reduced costs on operations and increased revenue.
2. Applied Systems
Applied Systems makes it their mission to spearhead the digital transformation of your business, tapping into new technologies to improve communication. Applied Systems is all about improving communication between staff, leads, partners, suppliers and more.
Adaptik offers a range of flexible and scalable solutions that are specifically designed for property and casualty insurance. The goal is to take complicated workflows and to simplify them while identifying “opportunities for sustainable growth”.
4. ISI Enterprise
ISI is a company which was founded over twenty years ago with the goal of modernising the way that insurers go about their business. Initially focusing solely on property and casualty insurers, they’ve since expanded their offering to cover all areas of the insurance industry.
Chetu offers custom software development and promises to offer “industry experienced developers on demand”. These are the guys to go with if you don’t just want something out of the box, because they’ll get to know your business and build something specifically for you.
6. Zfort Group
Zfort Group’s team starts by getting to know you and your customers and walks you through the process to make sure that your software is the best it can possibly be. They cover all the aspects of insurance company software development.
7. Coding Pixel
The company avails the already available advanced tech solutions, like tech solutions, like AI, Big Data, Machine Learning, IoT, to its maximum capacity to make sure your insurance business makes it big in the market. The team of developers are well equipped with main tech trends in software development in contemporary times.
Founded in 2013, this company emphasizes optimizing your insurance processes, reduces costs, and controls risks meanwhile enhancing the efficiency of your insurance business. The developers are aware of cloud computing, Al and Machine learning, and the right way to adapt to modern technologies and developing software keeping in mind the realities of the markets.
The company believes that in insurance, what really matters are digital innovations, unique user experience, and security and compliance. Hence, the developers are aimed at creating insurance software solutions keeping in consideration the aforementioned factors.
The company aims at providing developmental services to complex tasks by availing blockchain technology. They create a secure encrypted insurance company software with protected databases. They integrate BI and Big Data analytics to provide you solutions that will help you in laying out calculated decisions according to the trends.
*Of course, it’s not a full list of experienced and reliable Insurance software development companies, but it’s quite enough to give you an idea of what the market looks like.
However, shortlisting top insurtech companies is only half the battle, you still need to choose the most suitable one. Fortunately, we’ve narrowed down key qualities your insurance software vendor should have:
– Relevant Expertise
Mind the vendor’s track record, whether it previously has worked with the clients in the insurance industry and if it has enough resources to fulfill all of your requirements.
– Reviews on Trusted Resources
The platforms like Clutch and GoodFirms display clients’ reviews. You have to carefully study the customers’ feedback to avoid misunderstanding. Pay attention mostly to the verified customers’ feedback.
– Business Alignment
It means that both companies should work for one aim and are eager to achieve success in their project. It’s also about communication, because it’s the best way to understand whether it will be comfortable to work and stay on the same page while working on a mutual project.
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The digital ecosystem requires insurance companies to partner with the best insurance software development companies to transform into an InsurTech enterprise, which is powered by technology and innovation. Such software development companies are there to provide custom insurance software solutions to meet the insurance company’s business requirements and goals.
Itexus keeps up with all the latest trends in insurance software development. Through the years, we’ve acquired unique Insurtech expertise by working with both startups and established businesses. Now we are ready to share this expertise with you – drop us a line to transform your insurance business!