Technical FAQs
The insurance market is booming. As noted by research firm Deloitte, the property and casualty (P&C) sector saw a massive income uptick in 2018 and steady growth last year that’s predicted to carry forward through 2020. To help manage the influx of new clients and handle more claims, many firms are spending on insurance technology (insurtech) — digital services and solutions that make it possible to reduce error rates and enhance operational efficiency. InsurTech SDKs are important components of this transformation.
Both in-house insurtech solutions and third-party platforms often excel in specific areas but come up short in others, putting insurance firms at risk of writing off potential gains. While solution switching and ground-floor rebuilds offer one route to success, there’s another option that’s more custom to your business needs: software development kits (SDKs). Here’s a look at three top SDKs that offer customized functionality potential.
FormSuite for Structured Forms: Solving for Data Capture
Time is money. The faster insurance companies accurately complete and file documents, the greater their revenue potential. And as noted by KPMG, the need for speed is more pressing than ever. Many insurance sectors have seen substantial increases in both claims and new applications as the COVID-19 crisis evolves.
As a result, accurate and agile forms processing is critical to keep up with demand. If current insurance software can’t quickly capture forms data, recognize standard form fields, and let users easily create standard form libraries, policy processing falls behind.
FormSuite for Structured Forms makes it easy for developers to build in form identification and data capture that includes comprehensive form field detection with OCR, ICR, and OMR functionality and the ability to automatically identify scanned forms and match them to existing templates.
ImageGear for .NET and C/C++: Simplifying Conversion
Conversion is critical for insurance firms. Depending on the type and complexity of insurance claims, companies are often dealing with everything from Word documents for initial client assessments and .GIF or .JPG images of existing damage to contractor-specific PDFs or spreadsheets that detail necessary materials, time, and labor costs. The result? A mash-up of multiple file types that forces adjusters to spend valuable time searching for specific data instead of helping clients get their claims process up and running. This makes it difficult to recognize value from emerging digital initiatives.
Accusoft’s ImageGear for .NET and ImageGear for C/C++ empower developers to integrate enterprise-class file viewing, annotation, conversion, and image processing functions into existing applications, allowing staff to both quickly collaborate on key tasks and find essential data across a single, easy-to-search document.
ImageGear: Streamlining PDF Capabilities
While insurance technology offers substantive opportunities for end-users to capture, convert, and retain data, this technology can also come with the challenge of increased complexity. According to recent research from PWC, for example, firms looking to capitalize on insurtech potential must be prepared to rapidly develop new product offerings and embrace the expectations.
As a result, companies need applications that streamline current functions and allow them to focus on creating cutting-edge solutions. For example, PDF is a file format that is still used by enterprises worldwide to maintain document format consistency and maximize security. When it comes to converting multiple files into a PDF, software can be expensive and introduce data security issues.
This can all be solved with an SDK like ImageGear, which makes it possible to integrate the total PDF package into any document management application, both reducing overall complexity and freeing up time for staff to work on new insurance initiatives.
Insurtech forms the framework of functional futures in policy applications, claims processing, and compliance reporting, but existing software systems may not provide the complete capability set companies need to make the most of digital deployments. These top SDKs offer insurance IT teams the ability to integrate key services, improve speed, and boost security at scale. Learn more about Accusoft’s SDKs at www.accusoft.com/products.
TAMPA, Fla. – Accusoft, the leader in document and imaging solutions for developers, is proud to announce its beta release testing program, which provides participants with real-time access to its latest product developments.
Customer input is a key factor in Accusoft’s mission to build better software integrations that deliver functionality like OCR, image cleanup, forms processing, file manipulation, and viewing solutions. Thanks to the new beta program, participants will get early access to brand new products and have the opportunity to provide feedback on the latest features for existing products. Developers can also customize what types of betas they would like to opt into so they can focus on products most relevant to their business.
“Our previous betas for PrizmDoc Editor and PrizmDoc Cells were extremely beneficial for everyone involved, “ says Mark Hansen, Product Manager. “Our team received rapid feedback that helped make our products better, while participants had the opportunity to shape those products to meet their specific requirements.”
By signing up for the beta program now, you can participate in the active beta for PrizmDoc Forms integration, which will allow you to repurpose (or use) your PDF forms to easily create, customize, and deploy as web forms anywhere. You’ll also be the first to know about new product offerings and have the ability to opt into beta releases for Accusoft’s existing products, such as ImageGear, FormSuite for Structured Forms, and PrizmDoc Suite.
To learn more about Accusoft’s exciting new beta program, please visit our website at https://www.accusoft.com/company/customers/beta-release-program.
About Accusoft:
Founded in 1991, Accusoft is a software development company specializing in content processing, conversion, and automation solutions. From out-of-the-box and configurable applications to APIs built for developers, Accusoft software enables users to solve their most complex workflow challenges and gain insights from content in any format, on any device. Backed by 40 patents, the company’s flagship products, including OnTask, PrizmDoc™ Viewer, and ImageGear, are designed to improve productivity, provide actionable data, and deliver results that matter. The Accusoft team is dedicated to continuous innovation through customer-centric product development, new version release, and a passion for understanding industry trends that drive consumer demand. Visit us at www.accusoft.com.
Long resistant to technological change, the insurance industry has made great strides over the last decade to implement innovative InsurTech solutions that upend longstanding market practices. As insurance providers explore new strategies for attracting a new generation of customers, they continue to rely heavily upon InsurTech developers to build the solutions that help them expand their customer base.
The Insurance Industry’s “Protection Gap”
Today’s insurance companies are offering more products and services than ever before, and yet at the same time, most people are carrying less insurance they need to protect themselves from risk. This “protection gap” is at least partially the result of large amounts of friction when it comes to purchasing insurance. People are either choosing to not buy insurance products, or they don’t know what options are available to them.
Part of this problem is the result of outdated models many organizations use to sell insurance. There’s an old adage that insurance is something that is “sold” rather than something that is “bought.” In this model, customers are expected to interact with an insurance agent who actively sells them a particular coverage.
Unfortunately, this model is becoming less and less effective in an increasingly digitized world, especially when it comes to younger generations of customers who expect the same level of frictionless convenience from insurers that they now get from many financial services (especially those powered by FinTech solutions).
What Is Embedded Insurance?
One potential solution to this challenge is a new strategy known as embedded insurance. This approach first identifies purchases or situations where insurance is required or would present clear added value. Some examples could include the purchase of an automobile, a vacation package, or even a potentially hazardous activity like skiing. An appropriately risk-adjusted insurance package is then offered to customers at the point of sale, or “embedded” within the customer experience.
There are tremendous advantages to this strategy. In the first place, it allows insurers to offer their products to customers who need them most at the precise point when they need them. Rather than having to go through the laborious process of contacting an insurance agent to get a quote for a new automotive policy after someone buys a new car, they can simply update their plan or add insurance services at the same time they’re purchasing the car itself. Customers are less likely to put off getting insurance (and then often forgetting to do so later), and the insurance provider has an opportunity to offer services to the people most likely to purchase them. For the provider, it’s a much more efficient approach than relying on outdated cold calling techniques to sell policies that may or may not meet the current needs of a customer.
Technical Challenges of Embedded Insurance
In order to embed insurance offerings effectively, however, providers first need to overcome a few technology challenges. From improved data capture tools that allow them to conduct faster, more customized underwriting to integrations that connect their applications to partner ecosystems, a new generation of InsurTech solutions will be needed to remake insurance business models.
Better Data Capture
Having accurate information is essential to insurance underwriting. This is even more important when it comes to embedded insurance because rates need to be calculated quickly so they can be provided along with other purchases. In many cases, form information may need to be processed quickly to obtain key data on the customer and the details of their purchase. When InsurTech applications are equipped with automated forms processing tools, they can quickly extract key information and use it to make faster, more data-driven decisions.
Versatile Viewing Capabilities
Whether an InsurTech application stands on its own or is integrated into another service offering, customers will often need to view information about their policy options in order to make an informed decision. On the firm’s end, insurance agents may need to review application details or bring up other resources to review when finalizing rates. By building viewing capabilities into their InsurTech applications with integrations like an HTML5 viewer, developers can ensure that their customers will never be caught depending upon external platforms for document viewing or sharing.
Expanded Contract Automation
Many insurance policies still require some form of contract, even if digital signature technology allows these forms to exist entirely in electronic format. Having the ability to rapidly assemble a contract as part of an embedded insurance solution can further enhance the streamlined customer experience. InsurTech developers can integrate automated document assembly tools to rapidly build contracts from pre-existing templates and quickly fill in the necessary details or add additional clauses.
Accusoft InsurTech Solutions for Embedded Insurance
Accusoft’s collection of SDK and API integrations give InsurTech developers the tools they need to enhance the flexibility of their applications. Our software solutions provide proven, market-ready viewing and processing features so development teams can keep their focus on refining their platform’s innovative core functionality. Whether it’s the versatile forms processing features of FormSuite, the powerful HTML5 viewing capabilities of PrizmDoc Viewer, or the automated document assembly tools of PrizmDoc Editor, Accusoft integrations can help InsurTech developers get their applications to market faster and explore the possibilities of embedded insurance.
We’ve been working hard to design software integrations that meet the needs of the insurance industry and InsurTech developers. Download our InsurTech solutions fact sheet to see how our constantly evolving family of SDKs and APIs can improve your application’s capabilities and performance.