case studies

Our team worked on an invoice insurance app

Invoice Insurance App

Bad debt protection insurance.

A project that originates from a UK-based startup and now happens to become an international invoice insurance service also operating across Europe and the Nordic region and partnering with the UK’s biggest high street banks.

The Story Behind

Long story short, access to credit has expanded dramatically over the past two decades, fueling economic growth, new business formation, and job creation.

But the other side of the coin is that bad debts have risen sharply. Speaking of the UK banks, Bloomberg reveals “Barclays Plc, Lloyds Banking Group Plc and NatWest Group Plc have together put aside nearly £1.3 billion ($1.5 billion) to cover bad loans.” The Money Charity states that “In Q2 2022 lenders wrote off £601 million (Of which £247 million was credit card debt, amounting to a daily write-off of £6.6 million.).”

Bad debts hurt the bottom line of a company, and lost profits occur. Here is when our customers’ trade credit insurance solution comes to the rescue. It is a product that aims at bad debt protection. Added to invoice discounting or factoring facilities, this trade credit insurance application ensures providers will still receive payments in case the clientele can’t settle their invoices. Keep reading to learn more about problems to be solved, solutions, and the project’s outcomes.

Problem
to Be Solved

At some point, our customers had achieved everything they could with a minimum viable product (MVP) and hit a wall in their next steps. OpenGeeksLab's experts joined the customer team to help them make improvements, scale the service, develop new features, and maintain the existing version before going on as a full-fledged product.

Solutions

The trade credit insurance application has a complex microservices-based architecture. When it all started (four years ago), we were all new to insurtech. We had to face a new challenge and sort everything out. It involved configuration, customization, and programming. And it required internal relationships with sections of the customers’ organization and a lot of interaction with external third parties and the wider business. Spoiler: we got it done perfectly!

OpenGeeksLab was engaged in effective insurance app development

Restart Insurance App Development

We came to analyze the existing system and restart insurance app development given all the errors.

  1. All the nuances of the project architecture were written from scratch.
  2. The development and testing were done in repeated iterations so that we could add new features in every software development life cycle (SDLC).
  3. Communication was conducted with the external software engineers engaged in the insurance industry, which helped to solve existing problems and successfully integrate new technological solutions.
  4. There was constant sync with the customer's accounting software to generate invoices on-site. A counterparty risk assessment was made based on scores against each risk indicator. The insurance cost was calculated depending on the credit score. After the insurance purchase, the sync with the customer's accounting software continued. The invoice status was tracked, and payment confirmation was awaited. Once the payment was confirmed, the insurance policy was voided.

It was a mix of business-as-usual and project work, with balancing and juggling priorities between the two.

New Backend And Frontend Functions

We came to analyze the existing system and restart insurance app development given all the errors.

Accounting software integration

The service can be connected fuss-free to third-party accounting software.

Accounts sync

Allows consumers to enable, disable, and manage the different accounts that have been configured on their devices.

Invoice creation

Enables manually creating invoices (or importing) and customizing them.

Diverse payout options

Consumers can choose their billing country region and select the single invoice insurance payout options.

Cash flow forecasting

Companies can predict the cash that's going out of their business and coming back in over a specific period.

Accounts payable risk assessment

Helps to identify hazards and mitigate the most common risks and implement internal control measures at any level of the account payable (AP) processes.

Third Party Broker

There was a different system of brokers implemented who could bring in their new clients at a fixed commission rate.

Everything given above enabled a scalable, high-volume, extremely fast, and distributed system of a trade credit insurance guarantee.

Scalability

There were several technical solutions around scalability, speed, and real-time data performance.

Stack

Custom insurance software development to meet the goals of our customers and the demands of the trade credit insurance market.

  • OpenGeeksLab used Node.js for this invoice insurance app development
  • We used Angular.js for this project
  • Our coders applied React to create a mobile app and web-based platform.
  • Codat technology for this project created by OpenGeeksLab
  • Our team powered up the development with Webhooks technology
  • To achieve better results we used Socket
  • Our team used AWS cloud for this software development
  • OpenGeeksLab chose Docker as a part of tech stack for this project
  • We used GitLab for this custom tailored project
  • Our team applied MongoDB for this invoice insurance app development
  • We used Amazon service for this project

Project
Outcomes

The improvements to the trade credit insurance application made it easier and better to use, allowing our customers to acquire more satisfied clients, scale up their business, and expand to foreign markets.

Are you about to enter the trade credit insurance market or give a second life to your existing venture? Let OpengeeksLab become your insurance app development company. Just fill in this form to know how we can help.

To create this trade credit insurance application our company engaged the best specialists
This application can leverage a competition on trade credit insurance market

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