What to Look for in Insurance Software Companies

Insurance software companies design software to help insurance agencies, carriers, and brokers to manage their operations. Learn how to choose the right company.
Insurtech custom software

Insurance software companies like Vantageio design software to help insurance agencies, carriers, and brokers to manage their operations. From administrative tasks to keeping track of policies and claim information, you can use insurance software or insurtech custom software to supercharge your business with the right tools to keep you on track.

You can find custom software within agencies and brokerages all over the world, helping their teams to quickly and completely handle day-to-day tasks as well as core functions. These kinds of insurance management software products assist agencies to make the most of their business, but what can be even more interesting for some is the introduction of insurtech.

Insurtech is a way of using the latest innovations in technology to create savings and boost efficiency for insurers. Obviously combining the world of tech and insurance, such innovation-driven companies are shaking up an industry that is ready for disruption and innovation.

But, when thinking about developing your own tools to save money and push productivity, you may be wondering which custom insurance software company to choose. There are many different components of forging this partnership, and we’ll walk you through some of the essential elements of a great software partner and developer.

Explore the characteristics that will make for the perfect partner in software development below, and see for yourself how companies like VantageIO are ready to help you innovate in your industry and space.

The Elements of Exceptional Insurance Software Companies

There are software vendors and developers all over the web promising to help you manage your agency and get the best solution for you to grow and succeed with your clients. But, what are the qualities of a really great insurance software development company that can give the results they promise?

The first consideration is what kind of approach they use in the creation of their products: templated or custom. Then, we’ll consider what kind of software development firm they are: offshore or nearshore. And, finally, we’ll walk you through how to get to know the company in more detail with some observations.

Templated vs. Custom Approach

Two of the most commonly used development approaches to insurance software is either template or custom development. Within a template development firm, your developer will use an existing app template and modify it to suit your needs. Alternatively, your software developer could design the product from scratch, building components from the ground up with every feature and functionality requested.

If you look for the cheapest and swiftest options in software development, a templated approach is not a bad idea since you will quickly have an app with less time in development and fewer hours billed. However, you may not be able to get every feature and function you need for your business. That’s why we recommend choosing a custom software developer who can work over limits and restrictions imposed on less capable developers.

Many insurance companies need delicate functions and precise features that require sophistication. These may not be available to the company that chooses the cheapest, templated approach. However, with the right developer, you can implement all your ideas and needs, making it more likely your software will really assist with your specific work.

Offshore vs. Nearshore Talent

Then, there is the issue of talent. Choosing a software developer is never easy, but within the insurance space, it is even more pressing that things get done right. There is no time for agencies to struggle with managing policies, claims, and more while suffering software development challenges.

In general, an offshore provider with talent overseas will help lower the costs of development. You will also open yourself up to the market of competitive developers who can bid low on your project. Unfortunately, many of these offshore companies falter with time zone challenges, unfamiliar work habits, and communication or cultural differences.

Rather than turn to the most expensive local option, you should look for a company that offers nearshore talent. Nearshoring brings less difficulty and is less challenging for most insurers because it remains cost-effective with fewer of the challenges mentioned. Insurance companies enjoy the ability to make custom software without templates or international hiccups.

Portfolio, Delivery, and Communication

When you’ve determined a list of nearshore, custom developers, there are a few additional components to look for in the ideal insurtech software partner. For example, you want to become familiar with their portfolio, gain expectations around project timelines, and get a sense for how their communication patterns and style will serve you as you work together.

When you gain access to your proposed firm’s sample of work or review their list of former clients, make sure to come with a clear idea of what you would like your product to look like. This will help you see the potential overlap within the products they have already launched, and you can see if they have developed special expertise in your industry.

Some clients expect their project to be completed more urgently than others. And, at the same time, the talent or agency you choose to develop your software will have their own processes, procedures, and timelines to follow. Coordinate with them on your timeline, and see if they can lend any experience about what will make the project run most smoothly.

And, as you communicate with them about their firm, experience, or past clients, observe their communication style and habits. Ask yourself whether you view these qualities as being helpful or harmful for the completion of your project.

Choose a Custom, Nearshore Insurance Software Development Firm

Now that you see only a custom software company can give you all the functionality and features you need, you can turn to hire an agency that fits your ambitions for your product. Moreover, you know you’ll need nearshore talent to maintain savings while cutting back on collaborative issues with offshore companies. Finally, look for a strong portfolio, reasonable timelines, and healthy communication.

Vantageio builds custom software for insurance companies seeking tremendous expertise and experience. With local talent, nearby managers, and nearshore developers, you can save time and money through Vantageio. Build a custom insurtech product today.

Samuel Morhaim

Samuel Morhaim

Samuel Morhaim is Founder and CEO of Vantage IO which creates custom software, web/mobile applications and cloud solutions in addition to staff augmentation, consulting and advisory services. Samuel has over 20 years of experience developing software for startups and enterprise clients. His experience includes Healthcare IT, InsureTech, Marketing Automation and Rapid Application Development strategies.

About Vantage IO

We create custom software, web/mobile applications and cloud solutions for startups and well establishes companies looking for quality and performance.

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