The insurance industry is notoriously antiquated in many of its practices. However, driven by the digital transformation of insurance, many critical functions of this industry — think claims, billing, underwriting, and more — have become automated and highly reliant on software solutions.
In the marketplace today, there are literally hundreds (if not thousands) of insurance software options, making it challenging to know which programs are the best fit for your needs. The key is to find solutions that enable you to painlessly extend the capabilities of your insurance core systems without disrupting your current operation. Thankfully, there are multiple platforms out there that allows for seamless integration for any carrier. To help you sort through the seemingly endless possibilities, here are the leading insurance software solutions for 2021.
Insurance Software — Exciting Options for 2021
- Address Validation and Location Intelligence – Precisely
Offers a comprehensive suite of products to address Property & Casualty insurance companies’ needs for data quality, location intelligence, visualization forms automation, and analytics.
- Adjustor Network – WeGoLook
Provides access to a network of over 45,000 on-demand field service resources used to perform damage and liability triage, desk-adjusting for low- to mid-complexity claims, or asset risk analysis, helping carriers reduce both resourcing costs and turnaround times.
- Agency Management System – HawkSoft
Offers service-focused features that safeguard agencies with automatic documentation, drive efficiencies with intuitive workflows, and offer ways to measure and track success.
- AI Pricing – Akur8
Features a proprietary machine learning algorithm that automates rate modeling while preserving control and transparency throughout the process. This is made possible through custom R/Python developments, while maintaining an output that is understandable and auditable.
- Auto Telematics – Arity & Cambridge Mobile Telematics (CMT)
Arity: A telematics solution that combines data collection, actuarial scoring, program implementation, and support into one comprehensive solution that helps insurers identify and retain preferred drivers, better anticipate loss, and price more accurately.CMT: CMT’s solutions use mobile sensing, IoT, artificial intelligence, and behavioral science to improve drive safety, reduce costs, optimize industry processes, and enhance the customer experience for higher brand loyalty.
- Billing Management – Duck Creek
Offers flexible and scalable billing and payment choices based on evolving customer needs, which allow for faster speed to market, improved broker satisfaction, and a better customer experience.
- Carrier-Agent Connectivity – IVANS
Connects property and casualty insurers to the broadest distribution network of independent insurance agencies and MGAs, which enables carriers to compare adoption rates against industry average benchmarks for increased data-driven insights on agency partner download opportunities.
- Claims Management – Duck Creek
Helps insurers manage the entire claims lifecycle — from first notice of loss to settlement — in a single integrated solution. This claims software provides all of the workflows, reports, integrations, and user experiences needed to increase the efficiency of claims operations, reduce loss costs, and improve customer satisfaction.
- Claims Litigation Platform – Milliman Datalytics-Defense
Uses proprietary and advanced machine-learning-based algorithms to extract intelligence from carriers’ defense cost invoices and turn that unstructured data into actionable insights. This leading e-billing platform enables carriers to use analytics and algorithms to detect patterns in attorney billing practices, thus offering a better understanding of litigation costs and strategies
- Claims Payments – One Inc.
Provides a full-stack inbound-outbound payment solution that includes customer engagement functionality, integrated reporting and reconciliation, and flexible payment capabilities.
- Commercial Specialty Data – Advisen
Focused on data, media, and technology solutions for the middle-market and large commercial property and casualty insurance market.
- Complex Claims Assignment – Claimatic
A SaaS-based intelligent automated claims triage, routing, and assignment technology that instantly matches claims with optimal internal and external claims handling resources.
- Customer Communication Management – OpenText, Quadient & Splice
OpenText: An omni-channel customer communications management (CCM) solution that combines the best of two leading CCM solutions into one, which enables insurers to understand, service, and react to customers using the delivery formats and channels they prefer — including email, web, and mobile.Quadient: An omnichannel communication tool that empowers insurers to build, deliver, and optimize every interaction throughout the entire customer lifecycle, improving business outcomes and customer experiences.Splice: Enables insurers to inform policyholders across their entire journey using calls, texts, chat, email, and even voice-first technology to create and send the best communication programs and strategies, to ensure that customers are engaged, happy and committed.
- Customer Relationship Management – SalesForce
A comprehensive customer relationship management (CRM) platform that enables insurance marketing, sales, commerce, service, and IT teams to work as one from anywhere, so they can keep your customers happy everywhere.
- Cyber Risk Insights – BitSight, FICO & InsureTechnix
BitSight: Generates security ratings through the analysis of externally observable data, which empowers organizations to proactively identify, quantify, and manage cyber security risk throughout their ecosystem.FICO: Creates an empirical risk score that relies on a comprehensive and diverse set of cybersecurity data signals — collected at an Internet scale — to determine the risk profile and posture of any organization. Together, this information is used to train a machine learning model that produces a risk score that forecasts the likelihood of a future breach event in the next 12 months.InsureTechnix: Combines AI, analytics, and automation to help cyber insurers and deliver a fully integrated cutting-edge cyber insurance solution.
- Data Modeling Platform – World Programming
WPS Analytics software and services help insurance companies to modernize and create a coherent platform for development, deployment, and governance of data analytics processes.
- Document Management – Hyland
Their content services solutions help insurers deliver better customer experiences via an integrated document, workflow, business process, and records management, as well as a single point-and-click configurable solution designed to minimize outside consulting and implementation costs.
- Driver Risk Insights and Monitoring – TransUnion & SambaSafety
TransUnion: A leading global risk and information solutions provider to the insurance industry, TransUnion delivers innovative policy acquisition and risk management solutions to help insurers acquire more profitable customers, improve rating and underwriting, measure and manage portfolio risk, verify consumer identities, and investigate potential fraud.SambaSafety: Provides actionable driver violation insights combined with an Enhanced Rules Engine designed to accurately order, assess, and price driver risk.
- eSignature – AssureSign & DocuSign
AssureSign: A pre-integrated electronic signature solution that enables carriers and agencies to expedite customer acquisitions and renewals through various distribution channels, including agency portals, carrier consumer portals, and internal CSRs.DocuSign: Makes it easy to securely collect information, automate workflows, and legally sign any document electronically online and face-to-face — all in 43 different languages.
- Forms, Rules and Loss Costs – American Association of Insurance Services (AAIS)
Develops standardized data, policy forms, rating information, and research for property and casualty insurers.
- Fraud Risk Protection – Friss
Detects fraud, mitigates risks, and supports digital transformation, which enables insurers to lower their loss ratios, see profitable portfolio growth, and improve customer experiences.
- Geospatial Property Insights – CAPE Analytics
A property intelligence solution that uses AI and geospatial imagery to provide instant property attribute information. This offers insight into the risk and value of properties in a revolutionary way, and end users are able to make more accurate underwriting and rating decisions.
- Geospatial Risk Assessment – Urbanstat
A comprehensive underwriting solution that utilizes procedural and human intelligence assets in unison with advanced data analytics and machine learning techniques to generate an AI-based risk scoring algorithm.
- Insurance Data Services – ISO/Verisk & LexisNexis Risk Solutions
ISO: Offers predictive analytics and decision-support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and more.LexisNexis Risk Solutions: Provides information that helps customers predict, assess, and manage risk, which empowers insurers to automate and improve the performance of critical workflow processes.
- Intelligent Chatbot – Spixii
A conversational robot that can execute quote and buy, policy inquiries, and adjustments, as well as first notice of loss and claims updates. Spixxi’s advanced analytics enable continuous improvement of the customer experience and operational performance.
- Loss Control Platform – Utilant
A Loss Control Survey Management insurance software solution that connects insurance core systems, inspection firms, and InsurTechs with supporting technologies to provide enhanced capabilities to automate, identify, manage, and reduce risks.
- Medical Bill Review – Conduent
A leading medical bill review technology for the workers’ compensation industry, Conduent is offered as a software lease or outsourced service model that unifies all aspects of bill review, PPO networks, and cost containment management in one comprehensive SaaS-based solution
- OFAC Claims Compliance – Ebix
Provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems, and risk compliance solutions to custom software development for all entities involved in the insurance industry.
- Pay-as-you-go Billing – InsurePay & Split Limit Studios
InsurePay: A cloud-based SaaS platform for the worker’s comp industry that aggregates payrolls and calculates, collects, and remits insurance premiums for each pay cycle using real-time payroll data.Split Limit Studios: A worker’s comp pay-as-you-go billing solution that calculates workers’ comp premiums based on current carrier rates, invoices the policyholder, and collects the premium via ACH.
- Predictive Modeling – Clyde Analytics & Gradient AI
Clyde Analytics: Provides predictive analytics software for building models to fit a wide array of needs, with a single interface designed to integrate with a client’s current workflow and processes.Gradient AI: A technology infrastructure platform that leverages AI to track improved performance over time along with the statistical performance of models, providing clear visibility to immediate ROI and an organization’s ongoing improvements.
- Property Risk Insights – CoreLogic & Cytora
CoreLogic: Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies, and other housing market participants to help millions of people find, acquire, and protect their homes.Cytora: A robust platform that helps insurers underwrite more accurately, enhance efficiency, and deliver fairer prices to their customers.
- Property Telematics – Roost
Their cloud-based solutions transform property insurance with in-home smart sensors that monitor a wide range of data elements from inside properties in real time.
- Rating – Duck Creek
A low-code, flexible, and comprehensive solution that enables carriers to launch new (and modify existing) products across all lines of business and develop rates easily and efficiently.
- Record Retrieval – Compex
A record retrieval provider serving insurance carriers to provide record retrieval, summarization, IME interface, and deposition reporting. Compex supports the shift to lower-touch claims, reducing the time it takes to obtain and uncover insights from any type of record.
- SaaS Technology Platform – Microsoft
The Azure cloud platform provides the flexibility, scalability, and reliability needed to provide property/casualty carriers with future-ready technology deployed as SaaS to empower speed, agility, and innovation.
- Statutory Compliance – Perr & Knight
Provides insurance consulting and software solutions that include actuarial consulting, product development, insurance policy and forms consulting, regulatory compliance, state filings, licensing, technology consulting, statistical reporting, data services, and predictive analytics.
- Surety Bond Admin – Bond-Pro
An enterprise-grade application that thoroughly addresses all aspects of surety; form submission, underwriting, issuance to claims, reinsurance, document management, and bond accounting.
- Text Messaging Platform – Promp.io
Combines leading text messaging functionality with powerful mobile forms, enabling insurers to communicate with policyholders, offer self-service, or seamlessly transition inquiries to live support, all via an end-to-end text-message-led experience.
- Underwriting – Terrene Labs
Provides comprehensive exposure information on small- and mid-sized businesses to facilitate faster, more accurate, and more effective underwriting by commercial property/casualty insurers.
- Vehicle Data – IHS Markit
A VIN-decoding information provider covering passenger cars, light trucks, heavy trucks, commercial trailers, motorcycles, and recreational vehicles.
- Vehicle History Data – CARFAX
Helps claims professionals retrieve police accident reports, improve fraud detection, and increase accuracy while reducing subjectivity in total loss valuations.
- Vehicle Valuation and Spec Data – Price Digests
A scalable single source solution that acquires data for the asset categories and endpoints critical for your business, including commercial trucks, commercial trailers, passenger vehicles, recreational vehicles, boats, powersport and grounds maintenance equipment.
- Wildfire Risk Assessment – RedZone
Wildfire underwriting and portfolio management solutions that provide the foundation for carriers, MGAs, and reinsurers to build profitable portfolios throughout the Western U.S.