Technology stands at the core of everything, and the global insurance landscape is no different. Business leaders who strive to stay ahead of the curve constantly innovate and adopt cutting-edge technology. Modern insurance apps can boost client satisfaction, foster strong connections with clients, and propel business growth and success.
Thus, you must ride the wave of digital transformation and focus on insurance app development to align with the insurance market’s needs. This article will help you to get a holistic view of the many facets of developing an insurance mobile app. Let's dive into how you can scale your business with this step-by-step guide.
Benefits of Building a Mobile App for Insurance Business
The insurance landscape is ever-evolving. Moreover, according to a popular online statistics portal, the global insurance market was worth almost six trillion U.S. dollars in 2022. Further, the data highlights that the figures are set to increase substantially in the coming years. Thus, looking at mobile insurance apps that can help your business become future-ready is vital. Here's a peek at some perks of developing an app for your insurance company.
Improved User Reach
Many insurance companies find it hard to turn clients into business affiliates. However, with an insurance app powered by cutting-edge technology, one can optimize customer recruitment cycles, which helps free up time for insurance agents. With more time, agents can target more clients. Plus, one can leverage semantics marketing and target more customers. Apps can also cater to the tech-savvy millennial demographic, which is a significant market for insurance.
Developers can consider an omnichannel approach to help insurers improve customer engagement. Let's look at a good example: OP Financial, one of Finland’s largest financial services companies, added an online chat feature offering customers insurance advice. The new feature increased users by 1,000% within months. However, when it led customers to experience high wait times, the company incorporated an omnichannel strategy to include an AI-based chatbot. The new approach supported live human interaction, which helped to reduce customer wait times.
Enhanced Customer Experience
Modern clients prefer researching the available insurance packaging and purchasing and managing their insurance accounts through their mobile devices. The switch to mobile usage is most likely to continue rising. Thus, insurance companies must use digital insurance platforms as an ally to satisfy these needs and make customer interactions more meaningful.
Moreover, policyholders prefer accessing their insurance information and managing their policies 24/7 from anywhere, and mobile apps come in handy to cater to this need, enhancing the customer experience.
Customer Data Insights
The insurance sector can benefit immensely from insights offered by mobile analytics. With technology, insurance companies can get a bird’s eye view of clients. Moreover, the app can collect data for you.
- Quantitative data: The app can help cleanly capture transactional data, including insurance costs, credit scores, bank account details, payment frequencies, and more.
- Qualitative data: It is also easy to collate the unquantifiable aspects such as a customer’s motivation and hobbies.
- Descriptive data: The insurance company can understand its customers better with descriptive data such as client's driving behavior, information on property or car ownership with educational background, and more.
- Identity data: The company can obtain details on clients, such as name, home/email address, date of birth, phone number, links to social media profiles, and more.
Give Convenient Services
A mobile app provides policyholders with easy and convenient access to their policies, insurance information, and other necessary documents. The mobile app can give them convenient access to make payments, submit claims, check coverage details, and access policy information with just a few taps. Customers feel empowered with the autonomy offered by the self-service features, saving time, reducing paperwork, and giving 24x7 access to their policies.
Seamless Claims Processing
Insurers can easily access services through multiple features enabled in the app, saving time. They can then focus more on acquiring customers. End-users, on the other hand, can access the claim amounts and pay through the payment gateway integration through the app. The hassle-free experience leads to happier customers, stimulating them to try more products.
Data Security and Privacy
Mobile insurance apps deal with sensitive insurance information. Thus, data security and privacy will always remain a primary concern. However, developers focus on prioritizing robust security measures to reduce risks and ensure confidentiality and integrity. The use of encryption and authentic protocols is common, which ensures that the information is handled with diligence and care, which helps to build trust amongst policyholders.
Personalized Offers
The mobile insurance app helps collect data and offers insights into customer behaviors and patterns. The analytics can help offer more personalized offers, which can benefit end users and support making quicker decisions related to the product purchases.
Competitive Advantage
Investing in mobile app development shows your commitment to innovation and customer-centricity. It will position you as a forward-thinking industry leader and allow you to stand out among competitors. Further, it can translate into getting more leads and converts, increasing revenues, selling more policies, and attracting more tech-savvy customers.
Key Types of Insurance Apps (With Examples)
There are various types of insurance apps. However, you can focus on the best type for your business. Let's look at some solutions.
Life Insurance Apps
A life insurance app can streamline all routine processes and give quick access to customers. Here's a peek at the advantages of a life insurance app.
- Helping end users choose the right policy
- Filling the requisite data online
- Reviewing the terms and conditions
- Making payments online using a dedicated payment gateway
- Receiving instant notifications
- Getting 24x7 customer support via a bot
- Calculating the rate of interest automatically
Some popular life insurance appsinclude Ladder Life, Oscar Health, Haven Life, myCigna
Vehicle Insurance
The insurance apps are helpful when an end-user has met with an accident and wants to claim assets. The apps can help obtain coverage for your vehicles. It is easy to access policy documentation, receive reminders on the expiration of coverage and premium dues, submit and manage claims, and more. Moreover, vehicle insurance apps offer emergency roadside assistance. It is also easy to enjoy personalized savings based on good driving practices, car tracking, and driver behavior monitoring. All such facets help to enrich the driving experience and enhance road safety. The vehicle insurance apps can help users to:
- Click pictures of the accident site and upload pictures in real time
- Asset filing claims on the spot
- Receive repair estimates quickly
- Access documents quickly
- Upload data such as documents, images, videos, police reports
Some popular vehicle insurance appsinclude Geico, Progressive, State Farm
Property Insurance Apps
Property insurance apps can seamlessly assist users in insuring their real estate, property, artwork, jewelry, etc. End users can easily access policy documents and claim filing procedures and check coverage details on their mobile devices. The app is capable of streamlining a way in which users can:
- Select a relevant policy
- Complete filing at the right time
- Get reminders on property maintenance regularly
- Track the property for damages
Some popular property insurance appsinclude Chubb, Farmers, NGM
Health Insurance
Health insurance apps facilitate policyholders with access to healthcare services. It also offers to manage their health-related expenses through the help of mobile devices. The apps are built with features like digital insurance ID cards for easy access during medical appointments, directories of in-network healthcare providers, and coverage verification tools. Users can submit claims digitally, view their policy benefits and coverage details, and more. The app offers users:
- Option to get insurance across various medical disciplines
- Real-time booking of appointments
- Selecting the preferred doctors
- Comparing the prices for multiple pharmacies and clinics
- Searching for appropriate health plans
- Accessing their documents and completing the formalities online
Some popular health insurance appsinclude myCigna, Religare Health, Oscar Health
Travel Insurance
The insurance app offers services to the end users, enabling them to achieve many benefits:
- Lessening the risk in emergencies
- Reimbursing their medical expenses in an accident
- Covering unforeseen medical expenses
- Getting a claim against luggage loss and trip cancellations
- Having instant cross-border access to emergencies
Some popular travel insurance appsinclude Freely, Wapp, Trip Insurance
Business Insurance
Business insurance apps can help users safeguard multiple business investments. Some benefits include:
- Getting instant claims on frauds or losses (where users can easily upload documents)
- Selecting the right insurance package depending on the nature of the risk and business size
- Lessening the loss by settling an insured event
Some popular business insurance appsinclude Thimble Insurance, Next Insurance, Coterie Insurance
Key Features to Include in an Insurance Mobile App
Mobile insurance apps have a hoard of benefits. With the right feature sets, it can boost efficiency and address your pain points. When developing a robust mobile insurance app, here are some features you must consider.
1. Admin Panel
The admin panel is the first interface that the end user will interact with — it is the introductory page. It holds basic information about the person. Designers and developers must work on a clean look with clear call-to-action buttons. A simple look and feel blended with an intuitive way to navigate enhances the user experience.
2. Access to ID Cards and Policy Details
A mobile insurance app must offer easy and quick access to all policies. The interface facilitates updating personal information and coverage details within the app, ensuring that policy information stays updated and accurate at all times. Moreover, in the case of emergencies, the app will allow instant access to digital ID cards, which will help seamless interactions with law enforcement.
3. Quote and Filters
Quotes and filters are key features that must be incorporated when developing an insurance app. End users can use the quote tab to fetch data from its records. Furthermore, they can connect to an insurance agent or directly state the price of a policy. It is a great idea to have the app work around Big Data, which can enable pitching discounted prices or more benefits to customers based on their frequency of asking/exploring new policies.
4. Filing Claims, Processing, and Management
Yet another critical feature of mobile insurance apps is facilitating the filing of claims. The feature helps with a hassle-free experience in terms of submitting proofs. End users can click a picture or scan the documents that are proof from a scanner. Developers and designers must attempt to conclude the entire process on a single page.
5. Payment Gateway
It is vital to establish a payment gateway. The feature should allow end users to make payments from all major network providers such as Visa, Master Card, etc. Moreover, the insurance app should offer automated billing for EMIs or a single-click payment process.
6. Customer Support
Chatbots can conveniently respond to automated responses. However, such responses won't be helpful when an end user is stranded with a broken vehicle. Thus, it is best to incorporate a Request a Call Back or Connect with a Representative option, where there is an in-app call functionality. The feature can help avert disasters and works as a quick response machinery.
7. Notifications and Alerts
End users must stay informed about updates such as payment reminders, policy renewals, and relevant news. The insurance mobile app can facilitate the personalization of notifications based on user preferences. Further, the notifications can be tweaked based on policy status and location, ensuring timely and relevant communication. Notifications and alerts are critical as they help the end users take timely actions and manage risks effectively.
8. Document Upload and Storage
The insurance apps need a feature where customers can upload their documents. The feature needs to support uploading files from local directories and importing of third-party servers.
9. Location-based Services
End users can benefit from incorporating geolocation technology via their mobile insurance app. The users can get location-based services and information that's relevant to their insurance coverage, such as receiving alerts about severe weather events or natural disasters that are specific to their area. The inputs can be blended with safety tips and instructions on how to file insurance claims in case of damage or loss, which can help with user engagement or offer valuable assistance during emergencies.
10. Security and Privacy
It is critical to include the security and privacy of user data by implementing robust security measures and compliance standards within the app. Developers can consider blending encryption protocols, MFA (multi-factor authentication), and biometric authentication to protect sensitive user information and transactions. All such facets can help with compliance with data protection regulations such as HIPAA, GDPR, etc., which can build trust and confidence among users regarding data privacy rights and protections.
Step-by-Step Guide to Building an Insurance Mobile App
This step-by-step guide provides a comprehensive blueprint for building an insurance mobile app, covering all critical phases from discovery to development. Follow along to learn how to transform your idea into a fully functional app.
Discovery Phase
In the discovery phase one can conduct an in-depth analysis of the overall development process. The development team can gather the requirements for various aspects and create a blueprint for the activities. The stage is apt for creating development milestones, planning features, and creating outlines for the app.
This stage helps set clear expectations of the expected deliverables. The inputs help to develop a comprehensive project plan that resonates with the brand voice and helps the team make informed choices. In this stage, one can examine aspects such as market analysis, cost analysis, and competitor analysis.
Design Phase
The look and feel of the mobile insurance app will be decided in the design phase. The design team can come up with a design prototype that can help adjust the user flows. Moreover, it can help guide the development process and act as an elevator pitch for the investors. The discovery phase typically sets the blueprint, which sets clear expectations of the technical requirements and the overall business idea. Further, the UI/UX design phase can help with the following aspects:
- A UX wireframe
- A working app design that is clickable
- A UI design of the app screens
- A collaborative design file
Development and Testing Phase
In this stage, the design phase is translated into a functional mobile app. The development process follows milestones to ensure that all goals are met within the specified timeframe. It involves both backend and frontend programmers and is supported by quality assurance engineers. The QA team runs a series of tests to remove any potential vulnerabilities in the user interfaces. Moreover, the app must match the overall security and stability standards.
Deployment and Maintenance Phase
Launching the platform on both the Apple App Store and Google Play is vital. One aspect to consider is prioritizing user feedback and ensure addressing complaints and suggestions to enhance the mobile app.
Wrapping Up
Software solutions can benefit insurance providers and end users immensely. Digital platforms can help improve operational efficiency, reduce costs, and enhance customer satisfaction. Moreover, a mobile insurance app can give a competitive advantage by expanding the user base and improving business efficiency. Business leaders must incorporate the latest technology trends, such as AI, big data, blockchain, and IoT devices, and offer enhanced services to their customer base. It is time to ride the wave of change and achieve phenomenal results.
Develop Your Next Insurance Mobile App with Imaginovation
Are you ready to achieve game-changing results through a high-tech insurance mobile app? Our tech-savvy team can develop robust solutions tailored to your business needs.
We are an award-winning web and mobile app development company in Raleigh with splendid experience developing brilliant digital solutions that can give you a competitive edge.
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