Custom Software Solutions for Insurance Companies
28 Jun 2021
Custom Software Solutions for Your Business
Why do you need customized software for your insurance business? Because no two companies are the same, even if they are in the same industry. Bespoke solutions come with the modules and functionality that are catered to the uniqueness of your business and your business operations. Not only will you have a fully owned system with the flexibility to add all the relevant features and plug-ins as your businesses grows and evolves, you will be able to eliminate ongoing maintenance and subscription costs of off-the-shelf one-size-fits-all solutions already available on the market.
Volo's Solutions for the Insurance Industry
Insurance companies are essentially in the business of risks. In order to perform at the highest level, they need software solutions that optimize the risk management of their own internal operations in terms of complying with regulatory requirements, enhancing operational efficiency, and helping their clients make optimal decisions.
As a seasoned software development company for this industry, we have the required experience and expertise in this domain to deliver solutions to our partners that cover their specific pain points.
Filings and Project Management
- Challenge: Insurance specialists need a flexible application to track and manage their filings and projects statuses in real time.
- Solution: We have created a project management system comes with flexible real time reporting and dashboard generation functionalities to give you quick and easy insight into ongoing activities.
- Challenge: The insurance industry continues to evolve as a result of globalization and digitalization, and insurance companies have to comply with a slew of various rules and regulations.
- Solution: We have developed an application which allows insurance specialists to store and access all regulation normative acts in one centralized place and track the adoption statuses.
Integration with External Regulatory Systems
- Challenge: Using multiple platforms to gather information from different sources can be a headache for insurance specialists.
- Solution: As a solution to this problem, our application was integrated with state databases (e.g. NAIC) to allow users have access to all of the needed information in a centralized platform. The application allows users to pull data and use it in a single repository.
- Challenge: With the sheer volume of information being processed on the daily basis by insurance companies, it has become necessary to minimize the risk of human error and achieve optimal resource efficiency.
- Solution: Our platform automates activities management and documentation flow, thereby minimizing human intervention in data entry.
- Challenge: It has gotten increasingly complicated to use traditional analytics tools to conduct in-depth analysis and predictions.
- Solution: The newly developed actuarial product transfers reserving and ratemaking calculations to automated, highly accurate and precise technologies. With the help of this tool, actuaries are shifting away from the traditional manual calculations, which is still practiced by some companies in the industry.
Dashboards and Reports
- Challenge: Sometimes, even having comprehensive data in front of you still isn’t enough to draw actionable insight.
- Solution: We have designed flexible, user-friendly dashboards to help you easily generating regular and custom reports that are an accurate reflection of the state of your business in real time. Users can track relevant information with visualized metrics and tailored reports. The dashboards and reports are extractable in different formats, such as PDF, Excel, CSV, etc.
- Challenge: With the big data stored in insurance systems, it is essential to be able to find and retrieve the appropriate information and documents as quickly and accurately as possible.
- Solution: Our searching system makes it effortless for the users to locate the necessary documents when they need them.
Customizable Notification System
- Challenge: With the vast amount of information flowing in daily, it has become a real challenge to keep track of all changes.
- Solution: We have developed a customizable notification system that enables users to follow up on scheduled daily, weekly, and monthly status updates.
We’ve been providing bespoke insurance software development services for industry innovators since 2017, and our capabilities aren’t limited to the solutions above. To learn more about the kind of solutions we've delivered to our clients, check out some of our case studies.
If you need a particular solution not listed here, just contact us for a free consultation.