How To Develop Insurance Software More Optimally
Best practices and hands-on tips from a development team with experience in the development of insurance software
Over the past decade, the world has been a volatile place. We have witnessed pandemics, calamities, and conflicts the ilk of which most of us had only previously seen in movies or read about in history books. The repercussions of these events for businesses and entire economies have frequently been truly devastating. Financial security has become an increasingly hot commodity, traded in an industry, whose global worth is sometimes projected to reach a mind-numbing $ 6 trillion in 2022.
However, the market players in this industry — the Insurance industry, are unlikely to be able to adequately respond to the ongoing surge in demand for various insurance services without enough backing from its sister industry — Insurtech. Responsible for equipping the Insurance vertical with the technical tools it needs, Insurtech is currently seeing rampant growth too. The global Insurtech market that in 2021 was estimated at $ 3.85 billion is projected to be growing at a staggering CAGR of 51.7 % from 2022 to 2030 (Grand View Research ). Looks like the demand for robust and efficient software in the Insurance industry that is heavily influenced by the human factor and overwhelmed with massive and ever-increasing amounts of data will only be on the rise.
This tendency is likely to be bolstered by the imposition of the numerous data security compliance regulations (GDPR, HIPAA, CCPA, SOX, LGBD, DSS, and PCI) that, in most instances, cannot always be adhered to without the corresponding automation, but can sometimes skyrocket the cost of a human error-caused mishap.
If you are an insurer on the lookout for Insurance software to automate your business, there are numerous meaningful nuances for you to know to be more in control of your project’s implementation. In our article, we’ll call your attention to some of these nuances, as well as share the learnings we have gleaned when coming to grips with various insurance software development challenges as an R&D team.
Read the full article here: https://spd.group/tech-for-businesses/insurance_software_development/
