Nearshore software development: The key to digital transformation in the insurance industry

Executive leaders of insurance companies are aware of how technology has impacted today's business landscape and have seen how many have reaped the benefits of automation, machine learning and stop counting solutions. But they still have a hard time seeing how technology impacts business in this particular industry.

But, although they are not very clear about it, these leaders know that staying competitive in the digital world is more than adding a direct sales channel or automating some processes, they indicated in a McKinsey investigation. And it is necessary to recognize that the change does not only come from the technical or technological point of view, it also requires a change of mentality.

“What is really required is a fundamental rethinking of the corporation, for which digital technology is just the catalyst. It forces companies to rethink revenue streams and efficiencies. It forces them to rethink the organizational and talent model. And ultimately, it forces them to rethink the business model and the role they will play in an ecosystem that transcends traditional industry boundaries. They will have to reinvent themselves”, they added in their research titled “Digital disruption in insurance: Cutting through the noise”.

Nearshore software development can be decisive in the success of the digital transformation of insurance companies, since they have the necessary resources for businesses to face any digital challenge, obtaining experienced software developers in a short time and at a cost that fits the budget of even the smallest companies.

How a nearshore software development company helps insurers transform

The insurers' business model can be complex, they pointed out in an article in Insurtech magazine, which has hindered this digital transformation.

“Being a highly regulated industry, with a complex product portfolio and distribution network, means additional complexity in the processes and technology required to support digital transformation. It also requires more specialized technology talent, which insurers have historically struggled to attract and retain", they explained, but in this context nearshore software development companies are a great support.

A nearshore software development company working for insurance companies provides software development, maintenance and support services to these companies in the insurance industry.

Insurance companies, like many other businesses, often look for customized technology solutions to improve their efficiency, offer better services to customers, and stay competitive in the marketplace. This is where nearshore software development companies come in to help insurers achieve their technology goals.

Some of the services that a nearshore software development company can provide to insurance companies include:

Custom Application Development

Creation of specific applications for the needs of the insurance company, such as policy management platforms, online quote systems, mobile applications for policyholders, etc.

Systems modernization

Updating and improving legacy or outdated systems to make them more efficient and aligned with the latest technological trends.

System integration

Connect and synchronize existing systems to improve communication and data management between different departments or processes.

Security and compliance

Help ensure that systems meet security and data protection standards required by the insurance industry, which handles confidential customer information.

Analysis of data

Development of solutions that allow insurers to analyze large amounts of data to obtain valuable information on risks, claims, market trends, etc.

Support and maintenance

Provide ongoing support to resolve technical issues, apply updates, and make enhancements to existing systems.

Process automation

Implement automation technologies to streamline repetitive tasks and processes, which can improve the insurer's operational efficiency.

Benefits that insurers obtain by digitizing processes with nearshore software development

In this article from Insurtech magazine they talked about the subject and noted that:

• Insurance providers will be able to offer more customized products and services with the support of nearshore software development services.
• They will have the ability to offer a more timely response to your queries and problems.
• Automation and adoption of low-code and no-code platforms, thanks to the software engineers that nearshore software development companies can provide.
• Technology implementation can show an immediate ROI in terms of cost reduction or revenue increase.
• There will be greater connectivity and innovation in insurer platforms.
• The team of a nearshore software development company assists in the optimization of the underlying systems and administrative processes.
• You'll be able to achieve a more intuitive end-to-end customer journey by making much better use of third-party data providers.

The nearshore approach has several advantages for insurance companies, as it allows for greater cultural and language closeness, similar time zones that facilitate communication, and greater ease of visiting the provider's facilities if necessary.

A nearshore software development company for insurance companies provides customized technology solutions to improve the efficiency and competitiveness of insurers in a constantly evolving market.

Do you need nearshore software development services for your project? At Rootstack, we have +12 years of experience supporting companies in their digital transformation. Contact us!

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