Custom Insurance Software Development
Embracing digital transformation has become a requirement for insurance companies to stay relevant and profitable. More agencies are seeking qualified technical experts to help them meet technology-driven changes in the industry, and to satisfy growing customer demand for a faster, smoother digital experience (DX).
RD Global's solution architects work closely with each of our clients to develop custom digital solutions that meet a company's unique needs. Below are a few of the most valuable benefits experienced by insurtech companies that complete a digital transformation through RD Global:
Policy administration involves a copious amount of routine work: from quoting, rating, and underwriting to managing customer services. Implementing tools like robotic process automation (RPA), artificial intelligence (AI) and machine learning (ML) can free up around 20-30% of administrative capacity which can be deployed to more growth-focused initiatives, like providing higher quality customer care.
Underwriting requires in-depth, time-intensive risk evaluation and data management. In many cases the analysis involved in making a decision can take more than 2-3 weeks. With an appropriate digital solution, the process of data collection from disparate external and internal sources can be automated to significantly reduce the time needed to complete underwriting.
Conducting accurate risk assessment is a crucial component of insurance policy origination. It requires extensive data processing, data aggregation, and information sourcing. Smart use of hyper-automation, RPA and intelligent data analysis increases accuracy while reducing reliance on manual human labor to make policy issuance more efficient.
For many insurtech companies, SaaS applications are a key feature of their customer support and internal operations. Partnering with RD Global allows companies to outsource digital development to a dedicated team of industry experts accustomed to building best-in-class SaaS solutions for insurtech.
How quickly a claim can be processed has a direct bearing on customer satisfaction. Using digital solutions like hyper-automation makes it possible to smoothly integrate all the different tasks involved in claims processing into a uniform, automated workflow.
Across industries, digitally optimized billing systems lead to higher payments made on-time by customers. In instances where a customer fails to pay on-time, developing custom software and automating integrations to key systems can be used to automate dunning operations. With AI-assisted data analysis, companies can also predict which customers are most likely to pay late and reach out to them before they default on a policy.
Common Customer Questions
Digital transformation refers to mass change driven by the adoption of digital technologies. Digital transformation has rapidly moved into every aspect of modern life leaving very few industries untouched. Within the insurance industry, digital transformation has been pivotal to helping organizations reduce cost, speed up services and improve the customer experience.
When RD Global approaches a digital transformation project, we focus on empowering our insurance company clients to function as world-class organizations. We accomplish this through a variety of services including: upgrading the digital experience for both an agency’s customers and employees, unifying disparate data silos to produce richer, more accurate data records, making smart use of AI and machine learning for robust automation and predictive analytics, and harmonizing operational processes for enhanced productivity.
The cost of a digital transformation project is determined by the size of the company, number of employees, level of integration required, and number of features needed. As a digital development firm with deep expertise in multiple technologies, we have the proficiency to deliver cost-effective solutions on time and at the scale that fits our clients’ exact needs and budgets.
optimize total digital experience, unify data, and harmonize
processes by developing high impact technology solutions
infused with a 5-star customer experience.