How Insurance Companies Will Benefit From Outsourcing Software Development

In recent years, the insurance industry has undergone a significant transformation with the rise of digital technologies and the growing importance of data analytics. As a result, insurance companies are increasingly turning to software development to help them stay competitive and meet the changing needs of their customers.

The industry is changing and it is not unfamiliar to challenges with technology. At the moment, 5 of the most pressing technological issues insurance companies face are: 

• Cybersecurity threats: Insurance companies handle sensitive customer information, such as personal data and financial details, and they are at risk of cyber attacks from hackers and other malicious actors.

• Data privacy concerns: Insurance companies are subject to strict regulations regarding the collection, use, and storage of customer data, and they must ensure that they are complying with these regulations to avoid fines and other penalties.

• Legacy systems: Many insurance companies have outdated technology systems and processes in place, which can make it difficult to integrate new technologies and keep pace with industry changes.

• Integration challenges: Insurance companies often have to work with a wide range of external partners, such as brokers, agents, and service providers, and integrating their systems and processes can be complex and time-consuming.

• Talent shortages: The insurance industry is facing a shortage of skilled technology professionals, which can make it difficult for companies to find and retain the talent they need to support their technology initiatives.

As an insurance firm, these issues may inhibit your daily operations and the confidence surrounding your product. Luckily, all these issues can be solved with the right software solution which is why we’ve seen an uprise in investments with things like InsurTech. But you’re not here to learn about the stock market; you’re here because you want to learn how custom software can be the remedy for an insurance company. With that said, pay attention to these three common reasons insurance companies choose to outsource custom software development: 

Talent Acquisition

The first reason why insurance companies would need to outsource software development is to access the expertise and skills required to develop sophisticated and innovative software solutions. Insurance companies often lack the in-house capabilities and resources to develop complex software systems, and outsourcing can help them tap into the expertise of experienced software development teams.

Cost Reduction and Increased Efficiency

Another reason why insurance companies outsource software development is to reduce costs and increase efficiency. Developing software in-house can be expensive and time-consuming, especially for companies that do not have a dedicated software development team. Outsourcing can help insurance companies access the latest technologies and expertise at a lower cost, allowing them to focus on their core business and achieve greater efficiency.

Remain At The Top of The Industry

The third reason why insurance companies need to outsource software development is to remain competitive in a rapidly changing market. The insurance industry is undergoing a digital transformation, and companies that do not keep up with the latest technologies and trends are at risk of losing market share. By outsourcing software development, insurance companies can stay ahead of the curve and develop innovative solutions that help them meet the evolving needs of their customers.

The Takeaway

In conclusion, outsourcing software development is essential for insurance companies that want to remain competitive and thrive in the digital age. By accessing the expertise and skills of experienced software development teams, insurance companies can develop sophisticated and innovative solutions that help them reduce costs, increase efficiency, and remain competitive.

Written By Ben Brown

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ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

6 Reasons Why North American FinTechs Will Benefit From API Development

API development is essential for any financial technology (fintech) company operating in North America. APIs, or application programming interfaces, allow different software systems to communicate and exchange data with one another. 

In the fintech industry, APIs are crucial for enabling seamless and secure transactions, as well as for providing access to a wide range of financial services and products.

One of the main reasons why a North American fintech needs API development is to stay competitive in an increasingly crowded market. The fintech industry is growing rapidly, with new companies emerging all the time.

To keep up with the competition, a fintech company must be able to offer its customers something their competitors can’t, and APIs are a key part of making this possible. API development can offer a range of benefits to a FinTech from a business standpoint. 

Three quick ones to note include:

1. Improved customer experience: By enabling seamless and secure data transfer between the FinTech's systems and its customers' devices, API development can help improve the customer experience and foster customer loyalty.

2. Competitive advantage: API development can help a FinTech gain a competitive advantage by allowing it to easily integrate with other financial services and offer its customers a wider range of services such as banking, investment, payment processing, personal finance management, lending services, and much more.

3. Reduced operational costs: API development can help automate many of a FinTech's processes, enabling it to reduce its operational costs and scale more easily.

These deliverables are likely the most obvious to anyone who’s undergone API integration before. However, FinTech startups specifically will want to know how and why developing an API will help them in the long run. 

API development can offer a range of benefits to a FinTech startup, especially in terms of its longevity. Some of the key ways in which API development can help a startup include:

1. Improved connectivity and integration: One of the main benefits of API development for fintech companies in North America is the ability to improve connectivity and integration. By using APIs, fintech companies can easily connect and integrate their systems with other financial services and applications, providing a seamless experience for their customers.

2. Access to a wider range of customers and partners: Another advantage of API development for fintech companies in North America is the ability to access a wider range of customers and partners. By using APIs, fintech companies can open up their products and services to a wider audience, and can also easily integrate with other financial services and applications to offer a more comprehensive suite of products and services.

3. Increased speed and agility: Finally, API development can also help fintech companies in North America to be more agile and responsive to changing market conditions. By using APIs, fintech companies can quickly and easily adapt to new technologies and customer needs, allowing them to stay competitive and remain at the forefront of the industry.

The Takeaway

API development is essential for fintech companies operating in North America. APIs enable seamless and secure data transfer, provide access to a wider range of financial services and products, and can help improve connectivity and integration.

As we covered, by using APIs, fintech companies can gain a competitive advantage, reduce operational costs, and increase speed and agility. Investing in API development is crucial for fintech companies that want to stay competitive and thrive in the fast-paced North American market.

Written By Ben Brown

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ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.

3 Capabilities of a High Quality LIMS

Laboratories serve a vast amount of essential processes in the world today. For instance, a chemical testing laboratory will identify what materials are made of and test their quality to find if there’s anything that shouldn’t be there. Another example is a testing center that can detect diseases and develop treatments based on that sample.

To carry out these processes efficiently, the industry has had to innovate using technology that automates workflows and manages data. This is done through a laboratory information management system (LIMS) which is essential for labs to have today to provide the highest quality results. 

LIMS are commonly used because they offer far more in terms of performance efficiency and consistency in comparison to traditional methods of data management. Here are some of the features that have earned LIMS this reputation:

1) Process Execution

Whatever typical operating procedures or methods are utilized in a lab, this software system gives the laboratory full control over all of these aspects. In effect, the processes can be organized in a step-by-step format by technicians that will help analysts through the process. 

When integration is consistent, data can be downloaded in real-time during this process.

2) Integrating Instruments

LIMS instrument integration is a great way to interact with specific lab instruments by inserting files and directing their functioning. When it comes to data integration, security and customization are focal points for the LIMS to deliver. Instrument integration customizes this workflow by tailoring it to the needs of the laboratory. The benefits of this step also include:

• Boosted productivity and efficiency 

• Consistent innovation

• Identifying which instruments need to be integrated (remember wants vs needs)

• Improved integrity and quality of data

Lastly for this section, the LIMS will be able to take instrument files and extract data to test it for quality (QC assessment). 

3) Managing Data

Laboratories are continuously seeing more and more in-house generated data which has triggered the requirement for LIMS to be implemented to ensure top-of-the-line data management. 

The specific reason LIMS can benefit these workflows is through strategic configuration and archiving. 

Data files are standardized in the format of Extensible Markup Language (XML) in addition to having archived the original data file. What this allows for is the data to be accessed via computer and/or browser. 

Files from the archive can be migrated across all mediums. For systems that have data dating back years and years, this is a pivotal feature. 

When it comes to documentation, the LIMS operates entirely paperless. This boosts approval time and allows data to circulate, and files to be viewed in line with the needs of the lab. You can also expect to see cost reductions from paperless operations in addition to data efficiency and consistency.

The Importance of LIMS

The most evident advantage that laboratories with a custom LIMS will notice is that it offers a central platform where all information and activities can be stored securely. We could outline all the specific benefits and we’d be here for ages. With that being said, let’s take a look at 5 of the most important benefits that stand out:

• Safety: The number one priority for labs that are managing sensitive workflows (such as chemical testing or sample management, for example) is safety. Keeping samples safe in addition to safekeeping data are two guarantees of a LIMS.

• Speed: Again, the paperless approach is a lifesaver for lab companies who want to cut down the time it takes to send and receive information. Labs will also be able to cooperate as access to data can be shared.

• Workflow Comfort: Ever expect to see those two words together? LIMS is a lab technician's best friend considering the level of their responsibilities. Technicians will take any and every opportunity to gain support for their day-to-day operations. LIMS are multifunctional, versatile, and scalable which is what makes this comfort possible. 

• Compliance: Laboratory regulations are incredibly important as failure to stay in line with these regulations will result in serious repercussions (losses and legal action are among the many). LIMS ensures these guidelines are followed using its built-in compliance software.

• Efficiency: LIMS are most admired for their efficiency in terms of facilitating and improving workflows. Again, lab technicians are the ones who benefit the greatest from the advanced functionalities. Labs can expect to see this apply to all performance facets with the right LIMS implemented.  

What’s Next? 

When a laboratory begins implementing its LIMS, there will be extensive evaluation and discussion regarding requirements, concerns, and engagement with lab technicians. This is important as some labs don’t take the necessary time to implement their systems and instead rush through the process with hopes it’ll revolutionize their operations. Don’t be in a rush, take your time, ask questions, and ensure that you’re building the best possible system for your laboratory.

Written By Ben Brown

—

ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.

Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.