According to IBM, 2.9 million employees worldwide and $7.1 trillion (according to Swiss Re) in net premiums — this is the state of the insurance industry for 2023-2024. The prospects are rich and promising, and demand is never dying, which attracts new market players and stimulates niche competition. But only the most tech-savvy are on top. If you are an ambitious insurer looking to keep up with trends and outrun competitors, you need to know how to create custom insurance brokerage software. Today’s insurtech technology offers tools and capacities to digitize, automate, and optimize all aspects of an insurer’s business.
What are other reasons to opt for custom brokerage software, and how do you build it? Let’s find out.
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Top 5 reasons to go for custom insurance brokerage software
Operating in a specialized sector calls for the use of specialized technologies. This is why custom insurance brokerage management software helps you gain the right momentum and adjust operations exactly how you need. There are plenty of proven reasons to pick the tailored development approach, including the following.
1. Customized functions
Customized software is developed with your insurance agency’s operations and business processes at the foundation. It is fully tailored to your requirements and unique needs. This helps double down on overall efficiency and keeps the software free from unnecessary features, which could spawn additional maintenance expenses and workflow confusion.
2. Ongoing support
Bespoke insurance brokerage software is much cheaper, simpler, and more convenient to support and maintain. The team of specialists that initially developed your software can optimize its functional parts, add new and remove legacy features, and implement more changes without digging into the software’s code and completely redoing chunks of it all over again.
3. Data security
While ready-made or integrated software is usually more universally applicable, insurance solutions must stay in line with the specifics of a unique industry. Building a tailored solution makes it easier to cover the requirements of regulations such as HIPAA and GDPR. Additionally, you can reinforce security through data encryption and KYC/AML integration.
4. Efficiency of investment
Tailored software may require higher overhead costs, but it pays off organically through initially powered RoI. Meanwhile, off-the-shelf solutions spawn hidden costs and regular fees. Furthermore, you might have to launch a new project every time you need to make new additions or changes. The custom approach gives peace of mind thanks to a good initial investment.
5. Uniqueness
When talking about your return on investment, templated solutions are faceless. On top of creating more potential hardships for your employees, they are faceless. Yes, you can add your logo, but the design and structure are recycled from thousands of similar apps and websites. Beyond that, you will have to pay monthly for certain integrations, while all of the custom software is yours to own.
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How do you build custom insurance brokerage software?
Software development is a complex process that requires multifaceted expertise. Here are the essential stages you need to prepare for and complete in your insurance brokerage software development workflow.
Formulate your idea and basic goals
Start by defining your concept and objectives for the software you need. This requires thorough market research to map out the target audience, learn from competitors, and draw from industry trends. You also need to list the specific pains or challenges you look to address with your software and outline possible ways for solving them.
Select core features
Identify what features are essential to your business or what may allow you to achieve greater efficiency for less money. Below is a list of common necessary features for insurance providers — use it as your reference checklist. With a list of features in hand, you can move on to the design of your web or mobile app — its basic interface structure and outline.
Create a design
You need UI/UX designers to create a visually pleasing and easy-to-use app design that fits your research and requirements. The specialists will start by drafting a mindmap to structure the main features, then create the app’s framework, and finally assemble a clickable prototype.
Development and testing
At this stage, frontend and backend development begins. Frontend development focuses on user interactions and all UI elements users can see on screen. Backend development entails coding the application’s algorithms, adding functional elements, and deploying the solution on the server. This is where you may also need to connect plugins, like payment gateways, social media sharing buttons, etc.
Launching the application
Once the development is complete, you need to deploy and launch your software for public use. Depending on your needs, you may either deploy it within a current infrastructure or publish it on an app marketplace. These options require completely different approaches, so having reliable tech specialists to help you with that is a must.
Take care of post-launch support
Any deployed software solution needs tech maintenance and user support to address emerging issues and keep performance stable. In addition, you can improve the launched solution based on the feedback and performance metrics gathered in real-life conditions.
Related article: “How to create custom CRM for insurance agents”
Custom insurance brokerage platform: Key features
Everything you’ll need to run an insurance brokerage company can be implemented on one easy-to-use custom insurance brokerage platform.
- CRM for insurance brokers. This functionality helps manage sales, collect reports, and automate tons of processes related to customer data and interactions (order processing, content management, data tracking dashboards, etc.).
- Quotes and statistics. You can equip your software with data collection and analytics algorithms. For instance, smart cloud analytics tools help automate quote generation based on statistics and individual customer profiles.
- Document management. All paperwork can and should be digitized and centralized for access. With features like automatic document generation, auto-fill form tools, and real-time collaborative editing, you can set up quick reissue of docs, speeding up request processing dramatically.
- Tasks and reminders. Centralized tasking gives you more control over workflows, syncs up departments, and helps everyone in the agency stay on the same page. Time tracking, task statistics, and deadline reminders and alerts boost workflow management further.
- Email newsletter templates. The ability to generate templated newsletter emails allows you to send insurance billing or other reminders to clients, as well as initiate promotional campaigns for both business contacts and clients.
- Invoicing and billing. With tools for invoicing, payment tracking, bill generation, invoice reconciliation, and cash flow management, you get to handle invoice processing, dispute handling, and more in one interface.
- Reporting. Accumulating and storing tons of disparate insurance data, your custom system should be able to structure, analyze, and derive insights from it to drive efficient, target audience- or business-focused decisions.
- Automation and integration. Claims processing, policy analysis and management, underwriting, and more common insurance tasks can be automated through smart algorithms or integrations, freeing your employees from unnecessary routine and your workflows from human error risks.
These and other customized features empower your insurance agency to offer value-added services based on a high-performance, pain-solving custom insurance brokerage platform.
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Custom insurance brokerage development by DICEUS: Benefits you get
Turning to DICEUS, you get a full scope of insurance brokerage development services in one place. We cover all your needs, consult complex aspects, and recommend methods and solutions that fit your particular needs as best as possible.
With DICEUS as your software development partner, you get:
- Technology partnership. We guide the planning, design, development, deployment, support, and all required stages of adapting newly built insurance brokerage software for your particular needs. Building a comprehensive system running on polished code also allows your existing and future development teams to re-adapt it however needed hassle-free.
- Regular updates. We help handle any post-launch updates and upgrades required. Furthermore, by deploying your software on cloud servers according to the latest standards, you don’t need to install or back up anything at all. You will always use the latest version of the software at no extra cost (cloud providers will take care of it).
- Customizable design. Custom design helps embody your brand and ideas in your client interaction tools. On top of that, with an efficient software architecture, you can rebuild, optimize, and improve design elements, interfaces, and all moving parts of the software without going far.
- Extra services. At DICEUS, we cover the fullest range of your software design, development, and support needs, offering our brokerage clients additional services like chatbot development, mobile and web app development, AI consulting and implementation, system integration, and more.
- Technical support. We help, consult, and guide you through complex processes of software development every step of the way. Our seasoned Project Managers, DevOps, and Software Engineers cover any issue or complication you might face.
Conclusion
Custom insurance software development can fundamentally change the game for insurance brokers. Its value-added features can help reduce costs, automate processes, and increase business efficiency.
Here at DICEUS, we offer custom brokerage software development and digital solutions for higher customer engagement and satisfaction.
FAQ
What is custom insurance brokerage software?
Custom insurance brokerage software is a tailored solution designed to meet the specific needs and requirements of insurance brokers. It streamlines various processes such as client management, policy issuance, claims processing, and reporting, offering a personalized user experience and enhanced efficiency compared to off-the-shelf solutions.
Why should I consider creating custom insurance brokerage software?
Off-the-shelf insurance brokerage software might not hit the spot for your business processes or unique requirements. By developing custom software, you can integrate features that directly address your workflow, improve productivity, enhance customer service, and differentiate your brokerage in the market.
What are the key features to include in custom insurance brokerage software?
The features of custom insurance brokerage software can vary based on your specific needs and the services you offer. However, essential features may include client management tools, policy management modules, claims processing systems, integration with insurance carriers, reporting and analytics capabilities, and compliance and regulatory functionalities.
How do I start the process of creating custom insurance brokerage software?
Begin by thoroughly defining your requirements. Identify pain points in your current workflow and determine the features and functionalities you need to address them. Then, collaborate with a reputable software development team experienced in building insurance brokerage solutions. They will work with you to design, develop, and implement a tailored software solution that meets your business goals.
How can I ensure the security and scalability of custom insurance brokerage software?
Security and scalability are critical aspects of custom software development. A good provider must follow industry best practices for data security, such as encryption protocols, secure authentication mechanisms, and regular security audits. They must also design the software architecture with scalability in mind, allowing for future growth and adaptation. Regular maintenance and updates are also essential to address emerging security threats.
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