The statistics show that the average software developer rate per hour in countries like the USA, the UK, the Netherlands, Germany, etc. is $100, when in Ukraine it ranges between $25-50. If your business needs to hire professional engineers, but you want to spend less then you might consider contracting teams from Ukraine.

Eastern Europe has become a major destination point when it comes to outsourcing and Ukraine is among the most appealing locations. Why Ukraine? The country has a number of good reasons to be included in the lists of top countries for outsourcing and we will discuss them in detail.

Software Developers: Ukraine as Outsourcing Talent Pool

Software development in Ukraine is growing and enhancing year by year. The number of software engineers in 2020 has reached 200k.

The country is becoming a popular destination for software development outsourcing due to its beneficial and promising technical environment, effective education, and devoted employees.

100 out of Fortune 500 corporations already have offshore development teams in Ukraine.

20% of the world IT leaders choose Ukraine over other popular outsourcing destinations in Europe (Poland, Hungary, Romania, Belarus, etc.).

The following aspects influence the decision to work with the Ukrainian IT market:

• Qualified and experienced professionals
• Lower salary rates
• High-quality of delivered products and solutions
• Convenient time zone
• Easy communication

It is no surprise that companies like Google, Samsung, ABBYY, NetCracker, eBay, Skype, etc. employ engineers to work on their projects.

The Number of Software Development Companies in Ukraine

Over the past 10 years, the number of IT companies has almost doubled. In 2009 there were 940 software companies and in 2020 the number is over 1600. The majority of these companies offer custom software development and provide their services to companies around the globe.

Ukrainian companies mainly export their services to:

• the US market (80%)
• the UK (64%)
• and Germany (60%)

Also, they cooperate with such countries as the Netherlands, Canada, Norway, Sweden, Denmark, etc. The main focus is on eCommerce, education, telecom, finance, healthcare, and insurance domains.

Top 10 Reasons to Hire Developers in Ukraine

• Strong Educational Background

Source: DOU

Ukraine has a developed tech education system that guarantees its graduates get applicable knowledge, hands-on experience, and useful skills. The general literacy rate is almost 100% due to accessible education.

Every year around 36k students graduate from universities with Bachelor’s or Master’s degrees. Statistics on DOU indicate that 80.1% of IT employees have higher education, 7% have two university degrees, 1.5% hold Ph.D., while only 2.1% have secondary education certificates, and 1.8% of specialists have been only to college.

Universities have strong STEM programs as there have been and still are enterprises where a large number of engineers is needed.

Thus, with the development of the IT industry and new technologies, colleges and universities have managed to adjust education to global trends and are able to provide high-quality education. STEM programs become more and more popular, as there is a great number of students who want to work in the IT field.

Also, there is a great number of private institutions and courses where people can acquire new skills, change their occupation, or enhance their knowledge in a particular field.

• Skill Diversity

Apart from general college or university education, Ukrainian software developers pay much attention to self-education and always keep up with the latest industry trends. You can find here specialists who use the following languages in coding:

• JavaScript
• Java
• C#
• Python
• PHP
• C++
• TypeScript
• Swift
• Kotlin
• Ruby

These languages are among the most popular ones according to the DOU report.

Software companies that offer their services to outsource usually have experience in working for companies that come from various industries, including eCommerce, Healthcare, FinTech, Retail, Hospitality, Game development, etc. They have all the necessary resources to complete projects of any complexity level and provide suitable solutions.

• Convenient Time Zone

Ukraine is located in the center of Europe and its time zone is another advantage for international business. The country is suitable for nearshore and offshore outsourcing, as it is close to different European cities and it is only 7 hours ahead of the USA.

This is the reason why so many companies partner with the US IT businesses and some of them have their headquarters here. For instance, you live in the USA and you receive recent updates and reports in the morning. This helps to have no delays in project development and implementation.

As for the companies in the EU, it will be convenient for you to schedule meetings online and even have regular on-site meetings with the offshore team, as it takes from 1.5 to 3.5 hours to fly to Kyiv.

In case you need to travel to other cities in Ukraine, they have a well-developed infrastructure, so it is easy and convenient to travel to other IT hubs within the country by plane or by train.

• Communication

How can you communicate with the Ukrainian teams if you don’t know the language? The answer is simple – the IT specialists have profound knowledge of the English language, so there will be no misunderstanding.

Source: DOU

It is estimated that around 85% of Ukrainian IT specialists have intermediate, upper-intermediate, and advanced levels of English knowledge.

English is the most popular foreign language that is studied in schools and universities. Additionally, every company that works on the international market and offers its services to export takes care of its employees and gives them a chance to have free English classes.

Thus, only 15.4% of the employees in IT have a pre-intermediate or elementary level of the English language.

• Cost

IT services in Ukraine are more affordable in comparison with the US or European markets. The average rate is between $25 and $50 and it is two times lower than in the developed countries. Below you will find average salary figures depending on the language or field of knowledge application.

Foreign companies also choose Ukraine because of its low taxes and it is quite easy to open a legal office here.

• Quality

Quality is another advantage you get when you work with local IT services.

Offshore teams consist of experienced, skilled, and educated employees who do their best to suit customer’s requirements and deliver products or solutions of the greatest quality. No wonder Ukraine ranks among the top countries for international outsourcing.

• Involvement 

This is one more reason why global leaders choose to cooperate with Ukrainian IT services.

Developers have proven to be highly motivated, devoted to their job, 100% involved in the process, even when they work for other companies.

The only explanation here is that they love what they do and ready to tackle different issues.

• Fertile Environment for Startups

Taking into account the above-mentioned info, Ukraine has a comfortable environment for a startup ecosystem. 500 new entrepreneurs appear each month that offer challenging ideas and projects, complex tasks, a chance to contribute to product development.

Startups attract talented engineers who can use their knowledge and ideas, receive investments, and close profitable deals.

The list of the top Ukrainian startups includes the following companies: Grammarly, Petcube, Clickky, Kwambio, Augmented Pixels, SolarGaps, GitLab, TripMyDream, Cardiomo, etc.

• Culture Fit

It seems that every nation can find a common language with the Ukrainian developers as they are tolerant, all-rounded, and have excellent communication skills.

As Ukraine is situated in the central part of Europe, it combines western and eastern values that give the way for easy communication.

•  R&D Centers 

Nowadays there are over 100 R&D (Research and Development)  Centers in Ukraine and their number keeps growing.

Ukraine is one of the largest R&D partners in the USA. The main areas of expertise are connected with Big Data, AI, eCommerce, Cloud computing, telecommunications, etc.

Ukrainian Developers Hubs: Best Cities for Hiring

IT businesses are emerging and developing in different cities of Ukraine. The major hubs include Kyiv, Kharkiv, Lviv, Odesa, and Dnipro. Zaporizhya, Vinnytsia, and Cherkasy are cities with a lower number of companies, but they have great potential due to available resources.

• Kyiv

Kyiv is the capital city that houses around 40% of all software development companies in Ukraine. It is an educational and scientific center of the country where the leading universities are located. Therefore, leading global enterprises choose to partner with Kyiv-based IT vendors.

• Kharkiv

Kharkiv is the second-largest city in Ukraine and has well-developed machinery and electronics industries. There are over 450 tech companies and 25k IT specialists in the city.

• Lviv

Lviv is the biggest city in western Ukraine and is one of the main cultural and educational centers of the country. IT is a developed sphere in the city, as there are over 300 active IT companies and 20k IT specialists. It is a comfortable location for nearshore outsourcing for the European countries (Poland, Hungary, Slovakia, Romania, etc.).

• Odesa

Odesa is the 3rd largest city in the country and the major seaport. IT sector is also developed here and plays an important role in the city’s economy. There are over 150 IT companies here and over 10k IT specialists.

• Dnipro

Dnipro is one of the industrial cities in Ukraine, thus it has a big number of skilled engineers, that is over 12k specialists. Over 170 IT companies have their offices in Dnipro.

Ukraine App Developers Standard Salary Rates

As was mentioned above, Ukrainian software engineers work for reasonable prices that are lower than in the USA, the UK, etc., but deliver high-quality products.

Based on the data available on Clutch, the  IT industry’s regular hourly rates are from $25 to $50. Salary is based on years of experience, education level, skills, location, and need. Check the average monthly salary rates in 2020 and compare them with the ones in your country. We offer you the average salary rates based on the data available on DOU and PayScale.

Standard Salary of Java Developers in Ukraine:

• Junior SD: min. $800 per month
• SD: min. $2200 per month
• Senior SD: min. $4000 per month

Standard Salary of PHP Developers in Ukraine:

• Junior SD: min. $750 per month
• SD: min. $2000 per month
• Senior SD: min. $3650 per month

Standard Salary of Python Django Developers in Ukraine:

• Junior SD: min. $700 per month
• SD: min. $1800 per month
• Senior SD: min. $2500 per month

Standard Salary in Ukraine for Web Developers:

• Junior SD: min. $550 per month
• SD: min. $900 per month
• Senior SD: min. $2000 per month

Standard Salary of WordPress Developers in Ukraine:

• Junior SD: min. $500 per month
• SD: min. $750 per month
• Senior SD: min. $1300 per month

Standard Salary of Mobile App Developers from Ukraine

App developers in Ukraine are usually offered:

• Junior SD: min. $600 per month
• SD: min. $900 per month
• Senior SD: min. $3000 per month

Standard Salary of iOS Developers in Ukraine:

• Junior SD: min. $800 per month
• SD: min. $2600 per month
• Senior SD: min. $3800 per month

Standard Salary in Ukraine for Game Developers: 

• Junior SD: min. $800 per month
• SD: min. $1500 per month
• Senior SD: min. $2500 per month

Intellectsoft as a Software Development Company in Ukraine for Outsourcing

Intellectsoft is a software development company in Ukraine that offers its services for outsourcing. The company has been on the market since 2007 and helped numerous brands (Audi, Guinness, Walt Disney, KJK, Jaguar, Nestle, etc.) with custom software development.

We employ only highly-qualified and experienced specialists who have vast experience in software development, are motivated, devoted, and can think outside the box.

Apart from tech skills, we possess strong communication skills, have a profound knowledge of the English language, and are passionate about our job. Having a friendly and united team is a part of our success.

Intellectsoft offers a number of services that include:

• enterprise software development
• mobile app development
• IT consulting
• UX/UI design
• QA & testing, etc.

As for the technologies, Intellectsoft has expertise in Cloud computing solutions, Blockchain development, AU, AI, and IoT solutions. We always deliver high-quality solutions to our customers and partners. Intellectsoft has vast experience in outsourcing and can guide you through the whole process.

10 Steps to Hire Developers from Ukraine

Analytical data and statistics show that cooperation with the Ukrainian IT sector has numerous advantages, including lower salary rates, a professional approach to the projects, skilled and experienced professionals, etc. These pros encourage international businesses to come here in search of the right team for cooperation.

What steps should you take to deploy an offshore partner from Ukraine? Here are the tips to follow:

Step 1: Define Requirements for the Outsourcing Partner

Make a list of the requirements for the outsourcing partner. It is important to have a clear image of the partner you want to work with.

Ask your board to work on the requirements together, so every important detail is included. Think of the resources and tools a vendor should possess to complete the project successfully.

Step 2: Narrow Down Location

Choose the city where you want to find the vendor. It will be more convenient to check the offices in one city, rather than travel around the country for on-site meetings.

Step 3: Choose Candidates 

First, select 3-5 most suitable companies based on their services, years of experience, portfolio, team members, prices, etc.

Step 4: Read Reviews

Before you make a final decision, pay attention to the customers’ reviews. Contact your partners who have experience in outsourcing services and ask for their advice.

Step 5: Schedule Interviews 

Meet with the top 3 vendors you think are the best options for your company. It is better to have on-site meetings, so you have a full picture of the company. Interviews are also a great chance to get to know the CEO of the company and higher-management you could work with.

Step 6: Meet with Recruiter and Outline Team Structure

Once the vendor is chosen, meet with the recruiter, and identify the team structure for the project. So, the vendor will choose the right candidates for the project and schedule the interviews with software developers.

Step 7: Check Technical Skills

Make sure you meet with every candidate for the project and know who is going to be on your team. It is important to check the background of the employees, their education, years of experience, previous cases, etc.

Step 8: Pay Attention to Soft Skills

Tech skills are important but don’t forget to pay attention to communication skills. It is important for the candidate to know the norms of business communication and have a good command of the English language, as they have to work in an international team and communicate their ideas to their team members clearly.

Step 9: Introduce Offshore Team to In-House One 

Introduce your in-house and offshore teams to one another and make sure everyone knows their role on the project.

Step 10: Start the Project 

Now, when you have selected a suitable team and discussed all the administrative processes, you can start to build a project plan together and move on to the next stages.

Ukrainian Software Development Market in 2021. What to Expect in the Future?

Taking into account available data, we can predict that the IT market in Ukraine will continue to grow and enhance. It will increase by 20-25% each year, as the digital transformation of the majority of industries keeps evolving.

Ukraine has everything to enhance its IT ecosystem and create an even better environment for business development. Its people, education system, IT hubs and centers, everything contributes to the country’s success in international outsourcing.

The post TOP Reasons to Hire Software Developers in Ukraine: The Ultimate Guide appeared first on Intellectsoft Blog.

One of the most significant innovations is a mobile wallet. The emergence of Apple Pay, Google Pay, and mobile payments solutions from banks are likely to fuel mobile growth. Although the number of mobile payments varies in different countries, for instance:

• in China, it is 28% of all transactions
• in Denmark — 14%
• while in Germany it is only 1%

The total transaction value in the mobile POS payments segment is projected to reach US $2 m by the end of 2020, and it is expected to increase by 19.2% annually, resulting in US $4.05 m by 2024.

What Is a Mobile Wallet and What Are Its Features?

The number of digital methods will continue to increase in the near term, enabled by increased mobile technology adoption. Mobile wallet is one of the available methods, and it becomes more and more popular among users. So, what is a mobile wallet?

The mobile wallet can be defined as a virtual wallet that stores credit/debit card information in one mobile application that can be installed on your smartphone or comes as a default app.

Simply put, a mobile wallet is a virtual type of a physical wallet. Users can add discount cards, gift cards, etc., to their mobile wallets and use them when making purchases in stores or online.

If you want to regularly use a mobile wallet, you have to add your card information to the wallet. The wallet will contact your bank or card network and save the data securely on the phone. Some wallets allow their users also to save driving licenses or boarding passes.

Nowadays, there are different types of mobile wallets, and some of them can be used for in-store payments (Apple Pay, Google Pay) using an NFC chip in the mobile device. In contrast, others can only allow electronic cash transfers (PayPal).

A mobile wallet or m-Wallet is a payment solution that is reliable and secure. This type of application allows you to store all the card information necessary to provide payment online or in physical stores and make P2P (Peer-To-Peer) payments, hold funds, store transit tickets, etc.

Digital Wallets vs. Mobile Wallets: What is the Difference?

The terms “digital wallet” and “mobile wallet” are often used as synonyms, but it is not quite right.

Digital wallet is a term that was coined first and made possible to create mobile wallets.

A digital wallet usually stores all the necessary information that customers need to make an online purchase or make a transaction. This type of wallet can be accessed via a desktop browser or can come in an application for mobile devices, tablets, etc. Not all digital wallets can be used for in-store payments.

If a wallet comes only in a mobile application, it is called a “mobile wallet.” It can be installed on different devices (smartphones, tablets) and connected to wearable devices.

Pros and Cons of Mobile Wallets Usage

The increasing popularity of mobile wallets can be explained by the number of advantages they bring to customers.

Pros

1. Convenient: m-Wallets are convenient to use as they store all the necessary information in one place, and you can make a payment in one single tap.
2. Easy to use: as m-Wallets come in mobile applications, they are easy to navigate and are user-friendly.
3. Time-Effective: thanks to mobile wallets, there is no need to go to the bank and wait in lines to check your account information, provide transfers, or pay your bills. All these operations are available 24/7 through m-Wallet.
4. Secure: there is no need to use a credit card and enter a PIN every time you want to make a payment. Moreover, companies that offer m-Wallets make sure the apps are protected from cyber-attacks.
5. Control: you can easily control your budget as the apps track your spending habits.

Cons

1. Internet connection: m-Wallets are not available worldwide, as still there are areas with no or quite limited internet connection.
2. Device-dependent: you are never protected from losing your smartphone, or it can just get out of charge or break down, so it is better to have a credit card or cash with you.
3. Security: choose only trustworthy m-Wallet providers and make sure no one knows your passwords to the accounts.

Are Digital Wallets the Future of Payments?

Due to the number of benefits m-Wallets bring to its users, there is no doubt that mobile wallets will become more and more popular in the future. It is a new convenience level that saves time and offers some benefits (such as cashback or discounts if you use a mobile wallet).

However, it is not possible that m-Wallets will fully sustain a physical wallet in the near run. Devices can break down, so you always need to have some cash in your pockets, or some IDs (such as driving licenses, ID cards, etc.) must be carried in the physical form.

Mobile Wallets Software Development

The usage of mobile wallets will increase in the future as this method has already proven to be convenient. Although it is at its early stages of development, different financial software development services will continue to enhance their features, add new ones, and do everything to suit users’ needs.

Here at Intellectsoft, we are doing our best to develop robust solutions and approaches to help fintech businesses. If you have great ideas but lack tech tools and software development skills, contact our team to discuss the ideas and find out how you can turn them into reality.

It is not likely that physical wallets will eventually disappear, and mobile ones will completely substitute them. Still, m-Wallets will become widely spread and used in our everyday life.

The post What Is a Mobile Wallet? Everything You Need To Know About Digital, Mobile & Electronic Wallets appeared first on Intellectsoft Blog.

The latest reports suggest that the tourism industry might return to its pre-pandemic state in three or even more years. The recovery process is a long run, and it is important to think beforehand and predict possible scenarios.

Global crisis effect not only industries but also their customers. They change their behavior and have new demands to the facilities that should be taken into account to make visitors feel safe and comfortable by paying attention to more contactless interaction and general hygiene.

We will discuss the top 5 customers’ demands and ways how to respond to these inquiries. Modern tech tools and solutions and tools can be most helpful to the hospitality businesses, provide new ways of interaction with the visitors, enhance in-house processes, etc.

5 Modern Hospitality Consumer Demands Every Leader Should Know About

Customer’s expectations grow each year, and the demand for a personalized experience and special care will only be increasing.

As leisure and tourism businesses constantly strive to improve their services, they should always take into account customers’ demands and follow the latest trends in the industry.

Some of the trends are influenced by the visitors themselves, some are based on the latest technologies, and some are the result of global changes. Here are the top 5 trends leaders should follow in 2021.

Contactless Interactions

Contactless check-ins and check-outs are possible with mobile apps and NFC (Near Field Communication). Some hotels have already implemented this technology and made it possible for the customers not to interact with the reception staff and go straight to their room once they arrive.

Contactless check-ins and outs save a lot of time for the guests. There is no need to wait in line or sit for hours in the hall of the hotel. This technology will increase the level of guest satisfaction.

Also, the app can provide useful information for the hotel staff and notify them when their visitors will arrive, so everything is ready on time.

There are also other types of contactless check-ins that use:

• facial recognition
• membership programs (Hilton Honors mobile application)
• passport information

The Whole New Level of Safety and Hygiene

Customers will pay more attention to the safety measures and hygiene of the place, as the worldwide pandemic is not over yet. So, these concepts should be a priority for hotels, restaurants, etc.

As the survey shows, visitors are expecting to have more intense room cleaning. Employees should wear protective equipment, and a hotel has to issue free protective equipment for the customers.

In addition to this, hotels should constantly inform their visitors about the rules of social distancing.

Chatbots Who?

A chatbot is another useful tool that can help visitors solve issues or provide necessary information when staff is not available. Today software development companies use AI technologies, so chatbots can act like real company staff.

Smart Rooms

The smart hotel room is one more popular trend in the leisure and travel industry.

This type of hotel uses IoT (Internet of Things) devices and systems that allow their visitors to manage every device in their room from a single place (for instance, a mobile app).

Virtual Tours

VR (Virtual Reality) tours become more and more popular within the industry as they let the potential guests see how their stay will look like from home.

The visitors can check the place and its territory, pay attention to all the important details, and switch from planning-mode to active one. Executives have to make sure that the tours are available even without a VR headset.

How to Respond to Modern Demands? Three Ways Leaders Should Use

Recovering from lockdown can be challenging, but businesses can accelerate this process by paying attention to customers’ demands and technology incorporation.

The new norm will require three critical capabilities: flexibility, creativity, and resilience. So, how the leisure and tourism industry can respond to new demands?

• Sow your desire to listen to your customers, understand, respond, take into account their preferences and expectations. This can help you rebuild visitor trust.
• Make sure the physical environment is as clean and stress-free as possible. Prioritize employee well-being.
• Use available tech tools and solutions to minimize interaction between visitors and employees.

Reassess operations of your business and reconnect with customers.

Modern Technologies and Software Development for the Hospitality Industry

The recovery road is not that simple. The leisure and travel industry should be ready to respond to the latest trends, quickly incorporate new tech trends, and pay attention to customers’ demands. Tech devices and solutions will help executives to overcome this hurdle and retain customer loyalty.

If you want to keep up with the leaders in the field or take your business to the next level, think about custom software development for travel and hospitality. Intellectsoft is your reliable digital transformation partner to help you survive the competition.

Having an experienced and professional team working on your projects is essential. It allows you to make no or fewer mistakes when enhancing business operations and to overcome crises of any kind. Let’s talk!

The post Hospitality Trends and Challenges for 2021 [and How Leaders Should Respond] appeared first on Intellectsoft Blog.

It all started with pipeline tracking, asset management, and fund control — but these days, the application area of financial software reached all the key business activity dimensions. In this overview, we’ll cover the current appearance of Fintech solutions, along with the primary services and benefits they can bring you in 2021.

What Are Fintech Software Solutions?

Fintech, or financial technology, is the innovation that serves businesses, enabling greater digitalization and optimization. The software includes solutions like Microsoft Dynamics 365, BOARD, Business Intelligence Solutions, Microsoft SharePoint, Microsoft Dynamics CRM, and Microsoft 365.

Together, they create the basis for better results in various business operations — for example, financial management, smarter decision making, accurate reporting, faster information exchange, and preventing cyber threats.

What Does a Typical Financial Software Solutions Company Do?

In essence, each financial software solutions company is oriented on introducing innovative technologies that can improve corporate productivity, meaning cost reduction, and business growth. The scope of its activity is mainly oriented to getting better results in financial terms.

It serves the purposes of the banking sector, online trading, personal finance, financial analytics, financial management and accounting, and wealth management. All these improvements help the idea of providing better financial results for your business.

What Are the Key Financial Services Software Solutions?

In practice, Fintech companies offer different technological solutions to their clients. Their exact appearance depends on the development capabilities of each firm. On average, the list of financial service software solutions includes:

• Audit and compliance automation,
• Introducing customized client-oriented service,
• Budget optimization,
• Acceleration of the key administrative processes,
• Improving cash flow,
• Enabling collaborative workplace models,
• Strengthening of corporate safety.

5 Key Benefits of Using Financial Industry Software Solutions

Even though many providers claim to offer financial industry software solutions, not all of them can clearly define which good they will bring you. Here are 5 must-have advantages you should expect.

Ability to adapt to dynamic market conditions quickly. Since the law system is still strict, but the new regulations appear unexpectedly, it’s critical a firm is flexible but doesn’t push the boundaries. And here, Fintech solutions reveal their best, being incorporated in the existing system but bringing good in terms of better adaptiveness.

Establishing the basis for enhanced analytics and data collection. In this context, the list of opportunities that Fintech solutions offer includes credit clarification, fraud spotting, risk analysis, and increased customer satisfaction. In the new system, you’ll create the background for tracing creditworthiness and evaluating the customer behavior.

Accelerating through optimizing. The primary mission of Fintech solutions is to cut business expenses and accelerate business growth. These two processes are interconnected: by reducing the internal chaos within routine operations and decision-making, you automatically get more clarity and result-orientedness.

Enabling smooth digitalization. In contemporary unclarity, companies mainly recognize the need to transfer their operations online. Nevertheless, many businesses face difficulties in making this significant shift. And here, Fintech solutions create the most sustainable and comfortable ground for bringing businesses online, taking into account the existing structure’s peculiarities to achieve the needed outcome.

Bringing customer satisfaction to a new level. The key priority for introducing financial software solutions is making your clients happy. In the end, all the efforts directed on greater optimization and accuracy are dedicated to creating a highly attractive and effective service for them. And clients always fancy user-friendly and clear software that solves their problems in the most elegant manner possible.

Where to Get Professional Assistance on Financial Compliance Software Solutions?

Since the Fintech perspectives are promising, it’s hard to get a specialist on this service. We at Intellectsoft are happy to offer our financial compliance software solutions to you.

Feel free to contact us and get details about financial software development capabilities, including online banking, trading and securities, blockchain, and many other technological insights.

The post Financial Software Solutions 101: Top Benefits for 2021 appeared first on Intellectsoft Blog.

FinTech companies and startups’ changing dynamic forces them to be more adaptive to stay afloat or pivot during these difficult times. Financial institutions from all over the world change the way people practice their finance. These are all credited to the growth of new digital trends such as Cryptocurrency, Contactless, Trading.

The upcoming webinar “The Future of FinTech: Insights, Trends, and Use Cases Defining the Industry in 2021” offers fintech visionaries access to the unique resources for accelerating the infusion of digital finance in their business.

Throughout the live 45-minute talk, our top minds will develop a robust digital fintech blueprint for the financial companies, tapping into Intellectsoft’s IT expertise and know-how of the fintech sector.

Register Now

In this webinar, you’ll hear from industry experts who will discuss five promising trends shaping the fintech industry in 2021, including:

• Online banking
• Mobile wallets
• Cryptocurrency and blockchain
• Artificial intelligence and machine learning
• Trading and securities

The webinar also reveals never-before-seen use cases of emerging technologies for digital finance and generates a common language for accelerated collaboration across the executive’s organizations. Participants explore a strategic overview of real-life solutions application, leaving with a strategic roadmap that ensures sustainability across all the stakeholders.

Emerging FinTech trends that are most likely to impact fintech businesses in 2021

Learning Outcomes Include: 

• Exploring global fintech trends every leader should look out for in 2021
• Revealing how to make your fintech business stand out in the post-digital world
• Discovering today’s featured examples of Intellectsoft clients’ technology solutions that can help you provide better and more efficient services
• Discussing how to evolve in 2021 using emerging technologies and more efficient solutions

Meet Your Hosts for the Webinar: 

After the webinar, all participants will have a chance to discuss the topic with our experts in a Q&A session.

Click here to sign up and learn more about the webinar.

The post Webinar: The Future of FinTech. Insights, Trends, and Use Cases Defining the Industry in 2021 appeared first on Intellectsoft Blog.

The process of obtaining a quote is significantly simplified these days. Take a look at a few years ago when you had to call an insurance agent and give them all the details about an event and fill out the lengthy questionnaire in person. Many companies now offer you an online quote in no time. All you need to install a special app and have all the most profitable quotes on your screen.

Industry experts distinguished two key features of any health insurance quoting software:

• For customers. Delivering quotes containing important information before requesting personal data.
• For agents. Constantly increasing the number of visitors converted into leads.

Best Quoting Software for Insurance Companies

So as you already got, the process of insurance quoting is based on quotes. Let’s start discussing its pros and cons by clarifying one simple question. What is the use of insurance quoting software? The answer is pretty simple.

Thanks to the advent of the insurance quoting software the potential clients can compare the quotes offered by various companies and choose the one that meets their needs. Insurance agents get commissions, respectively. Companies choose to install an efficient quoting app, as it helps them attract new users and retain the old ones.

Pros and Cons in Insurance Quoting Software

Pros

It’s Paperless

All administration can be done within the system, eliminating the need for paperwork. The system can be accessed from multiple locations. It stores and sorts out all the client data as well as documents attached.

What is more, there is no need for separate document storage as the papers can be emailed automatically or manually after you have read them.

Scalable Flexibility

The principle of flexibility involves that the system is supposed to work for YOUR business. It can be customized to meet the needs of any client. The system is about revolving around your business, not vise versa.

Automation

With insurance software implementation, every process can be automatized. There are many examples of successful businesses that have made this step, but there are also those who’d prefer to make the automatization only partly.

Automation allows the company’s clients to perform all the routine without contacting the insurance workers. Customer experience is another topic for discussion in this case.

By the way, if you want to preserve the live approach, the software systems can also help generate the paperwork, quote, and process a quote right through to and including renewal.

Compliance

The compliance module allows you to track the activity of each broker on the market. You can create a customer compliance checklist to check if everything progresses at every stage. The system stores all the sent or received documents. An audit log and case history are securely stored in the database giving access to only a few people to track the changes put into it.

High Integration

The software can be successfully integrated with your website, application, and any kind of other third-party systems. It also saves your money for the absence of need to have multiple separate systems and the staff to ensure its work.

Customer Experience

You may wonder what kind of customer experience we’re talking about but let us explain a thing. One of the primary purposes of quoting software for insurance was eliminating the amount of paperwork and face-to-face contact.

Here you can learn more about this benefit of insurance quoting software development. However, some clients prefer to automate the process, only partly allowing customers to enjoy the process of live communication. Your customer service team will indeed feel more eager to guide 15 clients rather than 40.

Cons

It’s a One-Part Connection

One of the main benefits of quoting software for insurance can also be considered the major downside. Yet everything can be done automatically without a face-to-face meeting.

There is no one to answer your questions at that very moment. You won’t get the inside tips on saving money and how to conclude the most profitable agreement since you have no idea how the business works from the inside.

Risk of Fraud

Cybercriminals may hide behind the image quote insurance site to collect your personal information. Besides, some companies lack stability and experience in the insurance market and don’t stay there on a long-term basis. 

Quoting Software for Insurance of Various Kinds

Life Insurance Quoting Software

Life insurance’s positive aspects are undeniable( including tax benefit, death benefit, aids in financial planning, etc.).

What about life insurance quoting software, Compulife is a famous insurance software supplier that has been operating on the market since 1987.

Health Insurance Quoting Software

The National Center for Health Statistics’ data has shared that 86.7% of the USA in the age range from 18 to 64 years old had insurance in 2018. The other 13.3% have no personal policies, and so can become potential customers for your team.

Still, the number of Americans who have life insurance superiors, for instance, the number of Indian citizens who have insured their health. Medicaid and Medicare are, probably, the USA’s most known life insurance companies providing clients with the low-income rate and the aged citizens. The two companies also operate on health insurance software.

One of the most common and simple ways of developing a customer health insurance software is cooperating with a team of programmers specializing in the niche. Choosing a team with the relevant skills and experience is the main factor that would influence the development process’s success.

Auto Insurance Quoting Software

Customers rely on auto insurance to help them protect their family’s future by securing the best home and auto insurance coverage for their risks. If you crack an insured car and get it to the mechanics, all the repair expenses will be covered by the insurance company.

A vivid example of Auto Insurance Quoting software is TurboRater. Developed to help the agencies save money by reducing the amount of time spent on running numbers for various insurance quotes.

They promise that your agency can enjoy a smoother workflow by creating standardized operating practices using TurboRater auto insurance software. The main goal here is to minimize any possible errors and reduce the time needed for the new employees onboarding.

To Sum Up

According to multiple sources, insurance quoting is an amount of money that an insurance company calculates as the cost of providing insurance for something. Quotes demonstrate how much one will be paying for insurance coverage received by a company.

Intellectsoft has created impactful solutions for EY, the London Stock Exchange, and EuroAccident. Explore what we offer for the insurance industry.

The post What Is Insurance Quoting Software? appeared first on Intellectsoft Blog.

It’s hard to distinguish these agency management systems for insurance in the given circumstances and pick the best one. In this overview, we’ll describe what insurance agency management software serves, which traits it should have, and what kind of benefits must bring.

What is insurance agency management software?

In essence, insurance management software is the type of technology that serves all the actors involved in this industry. Precisely, it assists in working with clients, optimizing the existing business processes, and computerizing the workflows.

Within the established software system, an insurance company can get full-stack control over its business processes, client support, billing, and reporting. Besides, the system supports numerous administrative functions, including tracking policy implementation, managing claims, and ensuring team collaboration.

For clients of insurance agencies, the software enables convenient access to policy information, filling the forms, and premium features. This package of services is a must for this type of software.

In short, the know-how serves the goal of ensuring smooth flow and greater effectiveness within an insurance agency. Providing internal clarity and accuracy, insurance management software also guarantees delivering the required information to clients. This way, it contributes to greater business effectiveness significantly.

The role of insurance agency management systems in the insurance business

Simply put, the enhancement of daily operations is the most important contribution of insurance agency management systems in the corporate structure.

To play this role, the technology should deal, among all, with back-office automation and CRM-connected services. If applied correctly, agency management systems for insurance facilitate all types of information processing, especially related to sales and revenue.

The most evident result of applying management technology in insurance is getting a clear competitive advantage on the market. This complex achievement comes from improvements on all the levels of prosecution:

1. Operational management: the insurance agency management software increases the speed and accuracy of the typical operations
2. Marketing: the technology improves the quality and accuracy of leads and assists in their conversion into buyers
3. Customer support: the software takes complete control over customer accounts and ensures effective communication that always ends with informed decisions
4. Business development: the analytical tools provide a broad picture of how the company is doing and where and how it can potentially grow
5. Scaling: the technology is flexible enough to adjust to the business needs and massive information flows in the changing environment
6. Finances: the software is an investment that pays off in the long run

Features of insurance management software

The list of main features of a beneficial insurance agency management software includes:

• Automation
• Control
• Integration
• Storage
• Analysis

Better automation means the presence of prescribed algorithms that assist in exercising routine operations faster and easier. The most illustrative case is claims management, where the software allows tracking and reacting to the complaints in real time.

Also, with the help of insurance management software, the insurance agency gets enhanced control tool over the prosecution of daily operations and cooperation with clients. With technology, client management means easy and secure access to personal information and renewing policies or assisting in handling their problems.

Moreover, insurance management software integrates the isolated processes in an entire consolidated system. It helps to determine the weak parts quickly and to increase the overall processing effectiveness.

For example, technology creates better policy management, meaning uniting interactions with different categories of customers under one administration system.

Besides, the management software’s ability to deal with Big Data turns it into the perfect storage system for the insurance agency. Precisely, the insurance management system tracks all the corporate information in real-time and provides an opportunity to react within seconds.

Finally, the enhanced analytics within the insurance management software makes it easier for the agency to build forecasts and search for codependencies. Specifically, the tool helps to analyze the profitability and generate various reports.

Bonus: the additional features may include ensured compliance to regulations, the ability to track potential clients, and sending automatic premium notifications.

Benefits of insurance management software

One of the key advantages of insurance agency management software is saving time. In particular, greater automation means creating space for accelerated operations and better time management. In practice, the insurance agency will understand how to spend time more productively and process routine billing and reporting hassle-free.

Also, insurance management software protects data. In this dimension, the in-built encryption and authentication provide a secure space for working with sensitive information. In the contemporary stage of digitalization, data security is concern #1. And insurance software, being among the safest technologies these days, addresses this concern effectively.

Among the non-obvious perks of the software, technological solutions to insurance management improve communication within the team. Most routine conversations can be replaced by automatic push notifications, handy templates, and easy-to-use task management systems. In the given circumstances, the most critical negotiations gain more attention and time from the insurance workers.

The last significant benefit of insurance management software is matching customer service. In this context, the greater accuracy of satisfying clients’ needs comes from instant, reacting to their claims and complaints and providing requested solutions.

Overall, the sum of all the above-mentioned advantages leads to gaining a competitive edge on the market. With the software, the insurance company can become the fastest and safest provider, beyond being the most effective and attractive insurer in potential clients’ eyes.

Are you ready to implement insurance management software?

If you’re interested in adding insurance agency management software into the list of your corporate technologies, Intellectsoft will help you with that.

We’re specialized in insurance management software development and ready to provide the technological solution of any complexity to your insurance agency. Feel free to contact us!

The post How to Pick Insurance Agency Management Software Right appeared first on Intellectsoft Blog.

The new reality calls for new approaches to appear. In the business world, brands try new communication styles and revise common business processes. Some of these changes have already shown their benefits. In traditional medicine, virtual health care demonstrates such results.

What is virtual health care?

Virtual health care means applying traditional medical practices remotely. The term gained its title as doctors consult their clients during virtual visits.

What is Telehealth?

Telehealth is a broader term. Here, the virtual visit involves technology. Its tools can be simple (a phone call) or sophisticated (collecting analytics and creating the infection images). When it comes to mobile technologies and apps, Telehealth turns into mHealth.

What’s the difference between Telehealth and telemedicine?

The contemporary Telehealth technology started as telemedicine, adopted in call centers. These days, Telehealth relies on various channels of distant communication: videos, e-mails, and even fax.

Besides, it evolved by including augmented reality and artificial intelligence. These days, Telehealth opportunities already include these and other options:

• Google AI Calculation — the tool for distant analyzing and curing diabetic retinopathy,
• Big Data — to prevent calamitous diseases by identifying early symptoms,
• Robots — to provide in-house help for older people.

How virtual health services and Telehealth services transform the contemporary health system

All the Telehealth technologies had appeared long before the international lockdown announcement. Nevertheless, the development of the industry is outstanding these days.

For several years, US Telehealth has been serving the needs of teleradiology, teledermatology, and telepathology. Back in 2014, the majority of healthcare organizations already provided their patients with three key opportunities of telemedicine:

• Store and forward — the electronic tool for storing clinical data and sending it forward for evaluation,
• Remote monitoring — self-monitoring the signs of clinical diseases (like asthma and cardiovascular problems),
• Real-time interaction — virtual care services to get immediate medical attention.

Source: Statista, Availability of selected telemedicine practices to U.S. patients as of 2014

With virtual health care through Telehealth solutions, doctors can make better diagnoses, take eldercare to a higher level, and provide stable patient monitoring. All these possibilities raised extra importance with the Coronavirus spread.

Specifically, Telehealth can address the problems with distant monitoring, the vulnerability of elderly people, and hard-to-track symptoms. Moreover, the national lockdown has fueled Telehealth adoption through the increasing number of mHealth apps.

What are examples of Telehealth and mHealth apps: Successful cases worth your attention

Here’s the list of successful Telehealth technology examples: 3 Telehealth solutions and 2 categories of mHealth apps. They both demonstrate great results and provide a meaningful service in the age of Coronavirus lockdown.

USC Telehealth

USC Telehealth is a Telehealth online clinic that provides medical interventions in the form of video conferences. Being an academic institution, USC Suzanne Dworak-Peck School of Social Work guarantees professional online counseling and psychotherapy services to its clients. The sessions last 50 minutes on a weekly basis for three months. The center is situated in Los Angeles, and its working languages are English and Spanish.

The evidence-based practice from the school includes:

• Motivational interviewing,
• Problem-solving therapy,
• Cognitive-behavioral therapy,
• Other forms of psychotherapy.

Contact: Call (866) 740-6502 or write here

Home Telehealth

Home Telehealth is a tool that helps patients manage their chronic diseases. Among various Telehealth solutions, it’s the best option because it combines the achievements of all three types of telemedicine. You can self-monitor your health state, send the data for evaluation, and contact your doctor for health coaching. For consultations, the system has audio and video conferencing options.

The tool has already proved its extreme effectiveness in Veteran Health Administration and treating chronic diseases. Moreover, Home Telehealth is the basic equipment you need during the lockdown for the regular doctor visit during self-isolation.

Salus Telehealth

Salus Telehealth is the telemedicine institution that makes a difference globally. It aims at popularizing Telehealth among patients, healthcare IT services, providers, and businesses. For patients, the company grants access to virtual treatment.

This list of treatments includes allergies, bronchitis, aches in ears and eyes, sore throat, flu, infections, and bug bites. For providers, the Salus network works as an online team that helps to expand reach.

The company developed the Salus app and several setup devices. This way, it connects patients with the best doctors remotely. The set of Telehealth solutions includes consulting patients, making diagnoses, and choosing the best treatment. In times like these, Salus Telehealth sees its mission in relieving the pressure from the national healthcare system and saving critical space in emergency rooms.

Fooducate and MySugr, top mHealth apps for diabetes

Many mHealth apps have already shown their effectiveness. Among many available options for managing diabetes remotely, Fooducate and MySugr are the best picks.

Fooducate is the eating couch that assists in normalizing nutrition. It has everything needed to track your health state: intake of calories, nutrients, macro elements, sleep quality, and daily activity. For diabetes control, it can calculate the amount of sugar in all the foods, both organic and processed.

MySugr is another option for nutrition management. It assists in tracking sugar in your blood. The app is synced with a glucose monitor. Also, it can send you notifications to follow-up with extra data to make the most of your app. Later, this information can be discussed with your doctor during a virtual visit.

Medici and PingMD: Some of the best mHealth apps for patients

Another category of great mHealth apps is patient-oriented services. Among various mobile solutions, we recommend paying attention to Medici and PingMD.

Medici is the platform for connecting with your hospital online through video chats and texting. With it, you can reach your personal doctor who has a Medici doctor app from his/her side. This feature allows your medical adviser to set the fees and working hours. If you invite all your doctors, you will establish the complete network for your remote consultations. This is the most convenient way to make your regular visits in the pandemic era.

PingMD doesn’t offer video chats but has another helpful feature. It’s the platform to discuss the most interesting information in healthcare, including verifying the news about Coronavirus. However, be careful with the software updates — check the compatibility of this app with your smartphone before filling your information in it.

Pros and cons of Telehealth

Among the most evident advantages Telehealth shows, there are

• broader access to the healthcare system — meaning treating more groups of patients and those living in backwoods,
• cost-effectiveness — minimizing traveling time and costs, and
• service improvements — including greater self-discipline of patients and better shipment quality.

But this success of Telehealth has its flip side. Here arise three types of issues:

• legal compilations,
• ethical and communication problems,
• technological difficulties.

Source: Deloitte Center for Health Solutions, 2016 Survey of US Health Care Consumers

Legal problems arise because Telehealth technology is still associated with old-fashioned telemedicine. These days, the same problem has another root: this complex platform needs management by governmental norms to work better. Before that happens, the issues with trust in doctor-patient relationships will inevitably appear.

The virtual connection also causes communication problems: a phone call challenges doctors with finding new approaches to evaluating the client’s health state. And even if the doctor manages this situation, the ethical problems with Telehealth remain sharp. They involve security concerns and confidentiality of virtual visits.

Finally, the poor Internet connection and novelty of technologies is also the problem for Telehealth expansion. People are still cautious of using smartphones and computers for treatments and consultations, which are used in traditional in-person contact.

Telehealth and other forms of virtual care: Is there a future for them?

The quarantine accelerated the pace of virtual care development, but what will happen when it ends? Many experts believe in this way of healthcare progress. According to Deloitte Insights, the future of virtual health care is more than promising: it will improve procedures, client service, and the overall quality of treatment.

Source: Deloitte Insights analysis

Even though Telehealth still experiences legal and ethical problems, the technology possesses many perspectives. The current lockdown showed its potential to become the real solution for maintaining the well-being of the nation. It can treat both diseases other than Coronavirus-related and mental health.

Moreover, the abilities of virtual health care include saving traveling costs and conducting more accurate patient monitoring. All these factors will fuel the development of this technology long after the Coronavirus lockdown ends. And if this pandemic really shapes new social norms and drives new social rules, humanity should get prepared for starting today.

We, at Intellectsoft, empower companies and their healthcare workforce with cutting-edge transformative solutions and data-driven insights. Are you and your organization ready to shift the mindsets and get the most out of innovations?

Talk to our experts and find out more about the topic and how your business or project can start benefiting from it today!

The post The Future of Virtual Health: Telehealth, mHealth Apps, Virtual Care, and More to Come appeared first on Intellectsoft Blog.

The usage of apps in the healthcare industry leads to significant innovations. This article will discuss the advantages of home health care app, learn how useful it is, and check the functions of the top applications accessible today.

Benefits of Apps for Home Health Care

Apps for smartphones and tablets in healthcare now play an essential part in connecting patients with medical experts and helping professionals provide treatment on time or support patients with chronic diseases. The applications give med specialists a chance to follow their patients’ well-being remotely and make decisions faster in emergencies.

Here is a list of the top advantages of healthcare apps:

• Real-Time Connection

Applications serve as a means of communication between patients and physicians. It helps people who live in remote areas to stay in touch with specialists, get consultations, and remote treatment on time.

• Schedule Appointments

Thanks to applications, you can schedule or cancel appointments online. There is no need to wait in lines to get an appointment. You can choose the most suitable time/date and schedule the appointment according to your agenda.

• Track Your Well-Being

Smartphone apps catch and monitor patient’s health on a daily basis. It is useful for patients who are recovering and stay at home and the ones with chronic diseases. The medical experts are able to check the state of their patients and provide better treatment based on the data they get.

• Accurate Diagnoses

The home health care app keeps records of patients’ well-being, thus minimizing errors in diagnosis. Practitioners have up-to-date information and can prescribe the correct medicine online.

• Data Storage

One more advantage of healthcare apps is that patients have personal accounts where important data is saved and stored.

What are the best apps for care providers? Check the list of the top 5.

5 Most Useful Apps for Caregivers

1. CareZone

CareZone application facilitates daily tasks for care providers. It helps you stay organized, coordinated, and in sync. The app has a number of helpful features:

• Tracker: record important wellness vitals of your patients and capture their progress;
• Journal: helps specialists to document the symptoms, make correct decisions, and share the info privately with family members;
• Calendar: keeps a record of the appointments;
• Contacts: have all the contacts organized and in one place. You can include the contact data of insurance providers, pharmacies, and other practitioners;
• Notes: make notes of the important data and keep them secure;
• To-Do-Lists: make to-do-lists not to miss anything important and assign tasks when help is needed.

The application is available for iOS users.

2. Med Helper

Med Helper application is helpful for care providers as it has useful and important features:

• Schedule appointments: both medical experts and patients can use the function;
• Pill reminder: experts know whether the patient takes medicine, is it on time. It can also alarm specialists that a patient missed taking prescribed medicine;
• Vitals tracking: medical professionals get access to the well-being records of their patients;
• Exportable and printable reports: report the data and share it with other staff involved in the treatment of the patient;
• Multiple profiles: have access to the profiles of all your patients.

The app is available for Android and iOS users.

3. Medisafe

Medisafe is an excellent application that helps practitioners, pharmacies, and patients. The app is a medication tracker and has the following features:

• Health journal: records well-being measurements;
• Pill reminder and alarm: reminds your patients to take medicine according to the recipe;
• Caregiver support;
• Calendar: schedule or cancel appointments;
• Medicine tracker;
• Refill reminder.

The application can be downloaded from App Store and Play Market.

4. Caring Village

Caring Village is an organizer that makes it easier for medical specialists to interact with their patients. The app includes features like:

• Messages: stay in touch with patients 24/7;
• Personal profiles: receives updates about the well-being of the patients;
• Calendar: schedule appointments and important tasks;
• To-do-lists: list all the daily tasks, so you will not miss anything important;
• Checklists: help care providers to be ready for any situation;
• Notifications, alerts, reminders.

The app is available for Android and iOS users.

5. Alz & Dementia

The application that helps Alzheimer’s and Dementia care providers to treat and look after their patients:

• Has useful tips and practical advice for care providers;
• 24/7 assistance;
• Access to training materials and caregiver resources;
• The connection between care providers, where they can share their practice and give helpful advice to others;
• Offline access to materials.

It can be installed on iOS and Android systems.

Best Home Health Apps Improve Patients’ Health

Good home health apps help improve the patients’ well-being, as they keep monitoring their well-being 24/7, and specialists regularly check the records to provide on-time treatment and even prevent serious outcomes.

Patients become more involved in the process of treatment and recovery, thus becoming more aware of their health and pay attention to it. It is one of the greatest advantages, as involved and responsible patients get well faster and learn how to support their well-being.

5 Best Apps for Home Health Care: Patients’ Choice

1. Connect Care: Intermountain Health Care Home App

The application allows you to have access to the health provider 24/7. The app is on tap for both Android and iOS users for smartphones and tablets.

Connect Care helps you get in touch with Intermountain physicians any time and anywhere. This is a platform that offers:

• Appointment scheduling;
• Keeping a record of the vital measurements;
• Storing medical records;
• Online doctor visits;
• The list of the nearest pharmacies;
• List of doctors’ profiles;
• Get urgent care from highly-professional practitioners, etc.

Connect Care has proven to provide high-quality services to its patients, it is time- and cost-effective.

2. Doctor on Demand: Schedule App for Home Health Care

Doctors on Demand is another app on our list that helps patients to have an online connection with practitioners. The platform offers to connect with medical professionals via video and schedule appointments. It is important to note that people who need treatment can even contact a doctor in real-time, without any appointments.

It is a free and open app that suits iOS and Android. If you have the conditions listed below, you can get treatment from highly-qualified experts:

• Skin issues;
• Cold/flu;
• Allergies;
• Headaches;
• Stress/anxiety, etc.

3. Medocity: App to Track Vitals for Home Health Care

Medocity personalizes health care experience and helps people to monitor symptoms.  Everyone has an individual account where all the necessary and important vital data is stored.

Medical experts can have access to it, or you can share it. It is helpful in emergency situations, so the professionals have all the recent data and can make decisions about further treatment remotely before they reach your home.

The app can be used to manage medications or as a reminder that will help you remember to take pills on time. Other features include:

• medical summary;
• messages;
• care plan;
• nutrition, etc.

Android/iOS.

4.Caregivers24: Home Nursing App

Caregivers24 is designed to help older adults and patients who go through recovery at home. The application guarantees special attention to its users, as medical professionals are ready to help 24/7, check their patients’ conditions, and provide proper medical treatment.

Available for Android.

5. Medical ID: In Case of Emergency

Medical ID is an application that helps to keep a record of the health conditions and vital signs for emergency cases. It helps medical experts or people who want to help you to access important information about you quickly. List the conditions you have, allergies, etc., as well as add contacts of people who shall be notified in case of emergency.

Available for Android and iOS.

Healthcare is booming with innovations, thanks to the latest technologies and device availability. Nowadays, we can enhance the level of services provided, make people more aware of their well-being, teach them how to look after yourself, especially if they live with chronic diseases.

Intellectsoft offers high-quality assistance in the design and development of various kinds of healthcare IT solutions. By referring to us, you can be sure the solution provided will serve you long, integrate into your digital ecosystem successfully, and manage the data accurately.

We empower companies and their workforce with cutting-edge transformative solutions and data-driven insights. Are you and your organization ready to shift the mindsets and get the most out of innovations?

Talk to our experts and find out more about the topic and how your business or project can start benefiting from it today!

The post Best Home Health Care App for Care Providers and Patients appeared first on Intellectsoft Blog.

Different devices and apps are great sources of data that can be properly evaluated and used to benefit companies and their customers in different industries. Insurance is not an exception, and thanks to telematics tools, the organizations can provide better services, offer individual underwriting, save costs for both insurers and the insured.

What Is Telematics Insurance?

So, what is “telematics insurance”? The notion is rather new, and only recently it came into practical application.

Telematics insurance means the usage of additional devices or applications to study behavioral statistics to predict loss. It can also be defined as UBI (Usage-Based Insurance).

Customers can get individual premium programs based on their actions.

How Telematics Helps Health Insurance Companies?

UBI (or telematics insurance) is usually used in car coverage, but it is expected that these programs will find their application in other types of coverage in the future. Telematics devices help underwriters price premiums for their customers, thus reducing the costs for the insured accurately.

In this way, the programs’ affordability is increased, and customers have more control over their premium programs. This helps insurance corporations to estimate accident damages more accurately and reduce fraud. The acquired info can also be used to create new UBI products that are refined and more individual.

Nowadays, at the time of the worldwide pandemic, organizations and their customer are looking for cheaper options. Telematics can help with this issue, so the underwriters can offer unique programs for auto insurance, homeowners, and life insurance.

1. Telematics Auto Insurance

Coverage programs based on the behavior input attained from the devices installed in the car. These devices can track the driver’s performance and calculate possible risks. They take into account every aspect, from speed to the length of the road trips.

2. Telematics for Homeowners Insurance

Telematics devices can be used to create refined programs for homeowners. Additional tracking devices and apps can be installed in the houses to increase the security level and provide better protection.

The organization can come up with individual coverage policies for its customers, thus making them more cost-effective.

3. Telematics Life Insurance

Life coverage programs can also be personalized with the help of wearables and IoT to get more suitable premium offers. Tracking tools can help collect behavior data and help the organization create personalized offers for its customers.

The issues that the companies might experience are connected with the implementation of the devices and data analyses. How can companies overcome these hurdles? Who is there to help them? There should one additional department or third-party involved in the process.

Telematics Insurance Industry: Who Can Help You to Create New Programs?

If an underwriter wants to create new programs for its customers based on telematics data, it should work with the insurance telematics development provider.

This niche is new, so the technologies and solutions will constantly change and develop. The organization should find a reliable partner for cooperation who has vast experience in the underwriting field and will help you build the best solutions.

Healthcare Telematics Challenges Faced by Insurance Companies

Although telematics programs have many advantages for underwriting organizations, there are still some challenges that need the right solutions. UBI programs use highly tentative info that raises privacy issues.

Another challenge concerns the cost spent on the devices that track user habits and resources that examine the statistics. UBI programs need technologies that gather and sensitize the data. As the area is rather new, it is not 100% clear on selecting and interpreting the input. The usage of new technologies means changing the existing programs and their price structure. The businesses should think of new ways to maintain the profit or refine the programs they offer.

Apart from this, it can be challenging to implement new coverage programs as they need to be allowed by the state. Their programs need to be approved by the authorities and suit the regulatory requirements.

What is Telematics Car Insurance?

The telematics in car coverage means using additional devices and tools that can track the driver’s performance on the road.

These devices are also known as “black box”. Underwriting organizations use UBI tools to see how risky the driver is and create individual insurance quotes based on the driving style.

Young and inexperienced drivers can benefit a lot from this type of protection.

Pros and Cons of Telematics Insurance for the Customers

Telematics is gaining popularity among the customers of underwriting corporations. Thanks to the latest technologies, the prices for the underwriting premium programs can be reduced. The customers will get personalized offers from insurance businesses and have more control over the programs.

One of the major drawbacks of telematics programs is the cost. Implementation and maintenance require additional resources. Thus the customers might pay more for the program, but it is a worthy investment in the future.

Intellectsoft is where you can find experienced developers and the latest technologies to help your business grow and prosper. Use innovations and up-to-date solutions to empower your company and create an efficient user experience.

Do you need support to survive the rigorous competition? Get in touch with our team and find out more information. We know how to make technologies work for the good of your company.

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