Existential threats like catastrophic climate-related risks, cybercrime, and individuals without cover encourage insurers to rethink their approach to interactions with potential clients. The insurance sector is eager to find the most effective ways to address the disruptions caused by these changing conditions and help clients prevent or mitigate risks rather than merely compensate for losses. That’s when advanced technologies help create insurtech products, which enter the competitive market with unique insurance solutions.
We offer to learn from LaSoft’s experience how to build digital insurance platform that works as comparison and recommendation system for clients who need to have insurance all in one place despite being insured by more than one insurance company. Based on the data analyzed, the system recommends to the user the few most suitable offerings with the best price, with options to conclude and sign a contract and customer support on each stage of the process.

Growing Demand For Coverage

Key drivers of the insurance market include digital transformation, a customer-centric approach, the widespread use of IoT for real-time data analytics, AI-driven fraud prevention, and the digitization of many processes in our lives.
The abundance of data and, therefore, the need for data privacy and protection and regulatory change also contribute to market growth. Insurtech solutions are applied in underwriting, claims processing, risk assessment, and fraud detection.
Insurtech adoption varies by region, with North America and Europe leading the market. A growing middle-class population in need of coverage is what is driving the Asia-Pacific region’s promising growth potential.
The global digital insurance platform market size is expected to expand at a compound annual growth rate (CAGR) of 11.51% from 2024 to 2029.

Source: Mordorintelligence

Digital Insurance Platform in Emerging Markets

After establishing a strong presence of insurance companies in the U.S. and Europe over the past two decades, insurance is still an overlooked driver of economic growth in emerging markets. Startups and large corporations should take into consideration that many emerging countries still have a limited understanding of insurance products and their benefits. This lack of awareness leads to low demand for insurance, making it difficult for insurers to gain traction.
Also, experiences of poor offline service or unfulfilled claims lead to widespread distrust, and overcoming this skepticism is a significant challenge. Check out the diagram below to understand the share of insurtech funding transactions in different countries to understand the potential of insurtech in emerging markets.

Source: Statista

Low-income levels make traditional insurance products unaffordable for large segments of the population. While insurtech aims to provide more affordable solutions, choosing the preferable rates and economic constraints still poses a significant challenge.
However, due to a growing middle class, low insurance penetration rates, and high digital adoption, emerging markets are becoming a hotspot for insurtech and offer opportunities for insurers to grow.
Such markets face higher expense ratios than their European counterparts, revealing significant opportunities for digital platforms to support and enhance the current market players. Digital products can help to expand product offerings, digitalize customer interactions, develop new business models, and bridge inequality gaps.
We offer some insights from LaSoft. We took a step back, reflecting on our experience in insurance platform development, and tried to see things from a different perspective.

What is a Digital Insurance Platform?

A digital insurance platform is an online system that helps users to manage their insurance policies, compare options, and receive recommendations based on their inquiries and needs. The platform simplifies the insurance process with integrated services, offering clients key features:

Comparison and Recommendation System:

Users can compare insurance policies and receive recommendations that meet their needs.

Centralized Policy Management:

Users can manage policies from multiple insurance providers in one digital insurance platform.

Risk Assessment Tools:

Tools that assess and manage risks. The platform can analyze the user’s data and compare it with the available policies to generate accurate estimates.

Consultation Services:

The digital platform can offer online insurance advisors and consultants access.

User-Friendly Interface:

Ensures intuitive navigation across the platform for users.

What Services Does Digital Insurance Platform Offer?

Any insurance company’s leap to success is to provide services across the insurance spectrum. A competitive digital platform should cover risk management, insurance broking, agency, and underwriting in all classes of insurance, insurance advisers and consultants, pensions and investment advisers, consultant assessors, average adjusters, and mortgage brokers in all its branches.
The key mission of the insurance marketplace is to intermediaries with any person, firm, company, business, government, or another undertaking, including local and multinational firms operating in all sectors of the economy.
The insurance platform should work as a comparison and recommendation system for clients who want to have it all in one place despite being insured by more than one insurance company. Based on several parameters and the type of insurance sought the system should recommend the few most suitable options to the user.

Core Services We Advise For Digital Insurance Platform

Before starting a new project, we do a thorough discovery and define functionality and features based on tendencies and competitors’ research, developing a comprehensive digital insurance platform with features catering to individual and corporate clients and providing a personalized, secure, and efficient user experience. To make your digital project commercially successful, we offer the following features:

Estimation Approach as a Part of Digital Insurance Platform

When you start building an insurtech platform from scratch or simply add insurance management features to an existing solution, you need to research what features and functionalities need your company, depending on the size of your business, and target audience in the market, its location, incomes and preferences.

Landing Page as a Lead Generation Tool For Startups and SMEs

A professionally designed landing page serves as a lead-generation tool for insurance companies. It unites potential clients and the insurer, making it essential to create an engaging experience.
We advise conversion-focused design (UX) and SEO optimization to ensure the landing page attracts organic traffic and converts visitors into leads. This approach involves crafting compelling headlines, concise and persuasive copy, and clear calls to action (CTAs).
The LaSoft developers also integrate lead capture forms to gather essential client information for retargeting. Additionally, the page’s speed and mobile responsiveness are optimized to meet the highest standards, ensuring a seamless user experience across all devices.

Insurance Company Workspace and Client’s Account

UX is a crucial development option that helps provide an intuitive workspace with an admin panel and customer profile. Whether it’s a large company or a startup, a thoughtfully designed workspace enables efficient management of policies, customer data, communications, and efficient claim processing.
LaSoft’s development approach focuses on security, user-friendly interfaces, and automation. We implement encryption protocols to protect sensitive customer data and ensure compliance with industry regulations.
When it comes to customer profiles, we emphasize easy access and transparency. Customers can easily log in to view their policies, make payments, and update their data. We also integrate features such as automatic notifications for policy renewals, and payments to ensure customers are always informed and up to date.

Emailing Services

The emailing service we develop is designed for targeted communication, enabling companies to send messages to clients based on their specific needs and preferences: policy updates, payment reminders, or promotional offers. The system ensures the right message reaches the right client at the right time. The client’s account seamlessly integrates with the emailing service, allowing automated responses and follow-ups.

Digital Solutions and Options

Depending on the size of the insurtech project and its budget, we can offer to design a digital insurance platform or landing page to offer either a single insurance option service or a several insurance options service. The single one focuses on providing one specific type of insurance, such as auto or life insurance, optimizing the digital product for that particular product. On the other hand, the platform with several options allows to manage multiple types of insurance products, offering a comprehensive solution for clients seeking an online solution “all in one.”

Conclusion

LaSoft offers tailored development approaches for digital insurance platform, designed to align with the client’s budget and timeline expectations or limitations. We create solutions that not only cover immediate needs but also provide a clear ground for future growth. By developing a flexible MVP plan, we ensure a rapid, efficient launch, accompanied by a comprehensive development roadmap that guides the ongoing evolution of your platform. Our goal is to deliver scalable solutions that help you stay competitive in your niche.