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Insurance Software Development Services
Custom Insurance Solutions Development
Maintenance of Legacy Insurance Systems
10+ YEARS OF INNOVATION
Velvetech is proud to power front runners of the insurance industry by assisting them with cost-efficient software development services. From startups to enterprises, we are part of the ongoing Insurtech revolution.
It excites us to watch and drive the momentum in such a well-established sector as insurance with lots of legacy software products and tremendous potential for innovation. We can help you run a successful insurance business by deploying modern technologies that will last for years.
What if every customer could deal with your single most effective sales and service person?
COMPANIES WE WORK WITH
Technology Partner for Insurance Sector
- Customer portals
- Policies & claims management
- Agents management solutions
- Insurance exchanges
- Quotes management systems
- Commission management
- Underwriting solutions
- Claims intelligence
- Benefits administration
Insurance Software Development Partner for #1 Insurtech Company
How Digital Innovation Powers Insurance 2.0
Ted Devine, the CEO of Insureon, named Inc. 500’s #1 fastest growing insurance company, shares his success story about partnering with Velvetech to leapfrog the competition.
CUSTOM INSURANCE SOLUTIONS
Connecting the Digital Dots for Insurance
What Really Matters in Insurance
- Upgrading legacy systems
- Automating processes
- Creating new product lines
Unique User Experience
- Digital channel capabilities
- Personalised products
- Omnichannel distribution
Security and Compliance
- Tracking new requirements
- Diversifying tech risks
AREAS OF INNOVATION
Pioneering Insurance with Emerging Tech
A distributed ledger can take counter-fraud to a whole new level and power the cases of data and monetary interchange.
Machine Learning and AI
The intelligent analytics solutions powered by ML and AI enable insurers to generate and act upon meaningful risk insights.
IoT and Telematics
Internet of Things and ubiquitous connectivity facilitate the pre-emption of claim events and ensure timely damage limitation.
Chatbots and Robo-Advisors
Chatbots and guided conversations can provide insurance knowledge and advice to policyholders anytime, anywhere.
Big data in combination with smart data strategies allows insurances to make decisions based on models and evidence.
Mobile solutions enhance the productivity of remote insurance agents and offer a unique user experience for the insured.
Looking for Ways to Grow Insurance Business with Tech?
10+ Years in Insurance Software
Velvetech has been an active player in the insurance software development market since 2008, building custom solutions for the industry innovators.
As a trusted developer of tailored solutions, we assist insurance companies with both upgrade of legacy insurance software systems and development of custom platforms and applications to address technology-driven changes in the marketplace.
- Deep Industry Knowledge
- 3-day Proof of Concept
- Agile Methodology
- 1 Week to Ramp Up a Team
- Cross-Platform Coverage
Vertical Solutions Delivery for Insurance
Sales & Marketing Automation
Velvetech’s services include customization, implementation, and integration of CRM platforms for the insurance industry.
Legacy Systems Upgrade
Transition from out-of-date solutions to platforms running on modern technologies to improve the bottom line of the business.
Business Processes Optimization
ERP and BPM software developed and customized by Velvetech ensures effective and uninterrupted operations of insurance business.
Implementation of document management systems for insurance workflows & operations, including scanning, e-signing, approvals, storage, and retrieval.
With more data becoming available from various data providers, Velvetech helps insurers integrate their platforms with multiple data sources via APIs.
We help you to define the mobile strategy, deliver best-in-class digital services to customers, and empower field workers with mobile solutions.
Velvetech designs IoT and Telematics solutions to monitor temperature and capture geolocation data for Insurance. These solutions help perishable food shippers, carriers, and receivers comply with all temperature monitoring requirements.Read Now
We have proved our excellence in insurance by developing medical insurance verification software. The solution automatically verifies patient insurance and coverage for the provided medical services.
Property and Casualty Insurance Software
Velvetech designs solutions to collect personal safety incident data and claims management for bodily injury and property damage. One of the most striking examples was a product suite where we created an emergency center monitoring cloud and a mobile app connected with a wearable personal safety device.
Modernization of Core Insurance Platforms
Velvetech was responsible for rewriting major blocks of a legacy insurance platform to enable support of a modern cloud-based architecture paradigm, which in turn provides more stable operation of the whole solution.
Frequently Asked Questions
What Is Insurance Software?
Insurance software is the software built for insurance agencies, brokerages, and carriers to help them manage, optimize, and enhance daily operations, facilitate business processes, and improve performance. IT solutions support various types of insurance, such as health, vehicle, property, business, and life insurance.
Insurance applications could include a wide range of digital tools for both company and customer use. For example, insurance policy management software aims to streamline the core insurance operations, elevate underwriting processes, quotes, commissions, claims, and other workflows.
Another type of apps is created to advance the work of marketing, sales, and customer service teams. On top of that, companies enhance customer engagement and experience by providing clients with feature-rich customer portals.
What is InsurTech?
InsurTech refers to the combination of insurance, innovative technologies, and digital tools used to help insurance companies optimize the performance, improve customer experience, and leverage the potential of analytics. It usually incorporates the application of Artificial Intelligence, Machine Learning, Internet of Things, and Big Data to help businesses elevate efficiency and improve the bottom line.
How much time does custom insurance application development take?
The time required for software development varies depending on multiple factors. They include the complexity of the insurance software product or solution, project requirements, the scope of work, budget, and time frames.
In general, project duration can range from a couple of months to half a year and more. If you’re short of time, you can always start with an MVP version of a product that offers its benefits and invest in a full-fledged insurance software development solution later in the future.
How much does it cost to build a custom insurance solution?
In each particular case, custom-built insurance applications differ, and so the expenses do. The cost of creating new software for insurance companies largely depends on the app’s features and functionalities and can go up to $250,000 and more. To get a better idea of what range you may fall into, our team can provide you with project cost estimation based on your requirements.
What Is InsurTech Consulting?
InsurTech consulting is a type of IT service that helps insurance companies choose and implement innovative technologies and initiate software product development to achieve their business goals and gain a competitive advantage.
Providing consulting services for the insurance sector, Velvetech supports companies with a successful tactic to deliver tailored digital solutions. We help businesses make the right decisions on their digital strategy to expand their presence in the market, streamline operations, and increase efficiency.
In order to implement the digital strategy, Velvetech is ready to provide you with a managed team of experienced PM, business analyst, mobile, backend, and at least one senior full-stack developer, QA engineer, and DevOps.