How to Find a Reliable Insurtech Development Vendor with Minimum Risk

Digital transformation is penetrating in every industry. More and more companies try to enhance their businesses with the latest tech tools and solutions. Technologies help organizations optimize workflow, facilitate daily tasks for the employees, and to improve user satisfaction. The insurance industry has also taken the path of digital transformation.

The number of companies that offer software development services is rather big. So, it is hard to make the right decision and choose a reliable insurtech development vendor. But there is a list of criteria that you should consider. First, decide whether you need to create your in-house team of developers or use outsourcing.

Insurtech Development Vendors

Insurtech Companies: Outsourcing or In-House Team?

There are two major hiring options: building your software development department or use outsourcing. The first option is relevant for enterprises that have enough resources to open a new department. It can be time-consuming, but it is worth the effort, especially if you need a team for several projects. Thus, you have to give your HR team all the necessary instructions and start searching for the right employees who have vast experience in insurance software development.

The second option might suit small and middle-size companies. Outsourcing means making a contract with an insurtech software company for a stated period to create or implement existing solutions into your companies system. It is time- and cost-effective, as there is no need to spend time interviewing every team member. You can hire the whole team at once. But it should be a reliable, experienced team that specializes in insurance software development.

Insurtech Software Vendors Have to Suit Certain Criteria

Insurtech development vendor should suit specific criteria, so you know you are selecting a trustworthy partner. Consider the following points:

  • Insurtech & Fintech Projects Portfolio: make sure the company has previously worked on the projects for insurance/financial organizations.
  • Security & Reliability: insurtech works with highly tentative data, so it is essential that the company you are about to hire works according to the standard protocols and guarantees a high level of security.
  • Data Analytics Expertise: new technologies will help you gather more data that can be used for further development and growth. Thus there should be an expert who can work with volumes of information, analyze it, and use it for the benefits of your company.

Insurtech Development Vendor Team

  • Metrics & Standards: check whether the company is certified and works according to the global software development standards (EEE 982, IEEE 1091, ISO/IEC 9126).
  • Long-Term Opportunities: you will need a company for a long-term partnership, as there will be a need for further enhancements and optimization of the software.

Guidelines to Choose the Best Insurance Software Company

Insurtech development vendor cannot be chosen randomly, as this company will be your partner for some time or regularly. It should be a company with all the necessary resources, years of experience, and the one you can trust. So, what should you do first?

1. Create Clear Requirements

Engage your board in the process and set up the goals you want to achieve. Your staff will help you not to forget about important issues that need to be fixed or optimized.

Insurtech Development Vendor Hiring

2. Set Up the Budget

Take into account all the possible expenses, including further updates and scaling. You have to know how much you can spend on the project.

3. List Vendors

Provide thorough research and create a list of insurance software companies that suit your needs. Use the resources available on the internet and ask your partners/colleagues for references.

4. Evaluate Vendors

Use the list of criteria stated above to evaluate the software providers and choose the ones that perfectly suit your needs.

5. Meet with Partners-to-Be

Once you have the list of top vendors, you can arrange meetings with them to find out more details about every insurtech company. Discuss all the requirements, check how they work, and ask for references to contact their previous customers.

When you have all the necessary information, you can make up your mind and choose the right partner for cooperation. It will be a long-term relationship, so it should be a reliable company that guarantees successful solutions implementation and offers post-project support. Also, make sure the company is capable of operating amidst global lockdown due to the COVID-19 pandemic.

Top Insurtech Companies 2020

What are the best insurtech companies in 2020? Here is the list of the leaders.

  1. Spot
  2. Intellectsoft
  3. Relay
  4. Halos
  5. Zego
  6. Flock
  7. Wrisk
  8. Sorcero
  9. Attestiv
  10. Zesty AI

Insurtech Development Vendor Success

How to Choose a Reliable Insurtech Software Company

Intellectsoft is a team of professional developers who help businesses in different industries to empower their companies with the latest tech tools and solutions. If you want to survive the competition and enhance your services, our experts are ready to support and guide you.

Contact our team and learn how you can benefit from the available technologies to increase user experience and revenue. 

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