Mobile apps are ruling our lives today. A mobile application is the best tool for managing tasks, and so there is a massive demand for mobile app from every industry. The emergence of mobile app technology over the past half-decade has proved customers choice for mobile applications that are seamless and swift — the power of mobility has taken the pace in the insurance industry and has started leveraging. Having a mobile app for your insurance company has the same kind of societal pressure these days.
Mobile apps have emerged as the game-changer for the insurance industry over the world. Today Insurance companies have no longer depend solely on traditional channels such as agents and brokers to reach their target customers. Every industry acknowledges the need to integrate technology into their business mix with mobile apps in the insurance industry.
Let’s discuss about on-demand insurance app development in deep.
Type of Insurance Apps
- Home Insurance Apps: Using this home insurance app, the user can keep an inventory for their belongings. If the house got damaged or fired, the inventory would help to file a claim — these apps featured with inventory catalogue, scanner and export option.
- Car Insurance Apps: Using this Car Insurance app, when the car/bike encounters an accident, the user will take photos, video of the accident place to file a claim. Then the user will get repair estimates instantly.
- Health Insurance Apps: Using these health Insurance apps, the user can claim the money. The user will visit the nearest networked hospital for treatment, and the user needs to pay his own money. The user needs to take a photo of the bill and submit the claim. The user will get paid once the claim is processed.
- Life Insurance Apps: In these Life Insurance apps, there is a list of insurance plans and their perks. Restoring the policy can also be done by this insurance app.
The business Revenue model of on-demand insurance apps
Insurance apps basically operate with different usage-based insurance models to obtain profits. Here are the three common monetisation strategies that every on-demand insurance app.
- Advertising Model: On-demand insurance apps gain money by enabling other companies to publish their advertisement on their platform.
- Subscription Model: Short term Insurance apps will follow this subscription model for earning money which is the best monetisation strategy. In which the user has to pay a subscription fee to enjoy premium features of the insurance app for a while. Once the time expires, they will ask to pay the amount again.
- Referral Marketing: In this type, the user needs to share the app with others in return for some rewards. By this, the insurance app may get more downloads.
Top Insurance apps
- Policy Bazaar
- Liberty Mutual mobile
- Trōv
- Verifly
- Sure
- Cuvva
- Insurance Agent
- The General Insurance
- GEICO mobile
- Root car Insurance
- State farm
Advantages of having a mobile app for an Insurance company
Customer benefits
- The app would help the customer to claim quickly and effectively.
- There is no need to wait in the queue long-time to resolve claims. All the queries will be answered without any delay
- Everything will be done paperless
- You can even get health care abroad without knowing the local language.
- The prospectus can be downloaded to know the details of an insurance company.
Insurance Company Benefits
- Using the on-demand insurance app, the claiming process can be simplified
- Enhancing the insurance agent knowledge
- Increases sales revenue and ROI.
Reasons to develop an on-demand insurance mobile app
Mobile phones now become part of life for everyone and to reach mobile-oriented clients. Here is a list of perks an insurance app can provide:
- The insurance app will be a bridge between a company and its clients to make the work done faster, smoother and more effective.
- The on-demand insurance apps can free up the time for the agents that they spend on finding new clients.
- Using insurance apps, some of the tasks can be completed automatically.
- The live chat support will also be the most beneficial one.
- More opportunities to collect and process data.
How to develop an Insurance app
There are two things to consider while building an insurance application:
- The on-demand insurance app should replace the personal visit to the customer’s office.
- Using the insurance app, you can build an interactive remote channel to deal with customers 24*7. The insurance app should not merely provide information; it should assist customers in all ways.
We, Krify, would build the application with the latest technologies to make the information secure and meet the user needs.
What are the best practices to build an Insurance app?
- Data Security: Security is the most crucial aspect of any app. As most of the apps are dealing with personal information and also sensitive finance data, the insurance app should be secured enough to safeguard the data from hacking.
- Reliability: Using cloud-based technology, it provides 24*7 support, and the cost for infrastructure will be saved with a more responsive app.
- Best Customer Experience: Make your insurance app user-friendly through the enhanced layout design. With the enhanced features in design offers better customer satisfaction.
Tips to consider for making an on-demand insurance app successful
- App Localization: Most insurance companies develop their app for one particular region or country. Due to this reason, only the native citizens of those areas can be able to take advantage of their services. But by localising the app, you can grab the benefits of insurance app available in all over the world, which eventually increase the app download and also can target for the wider audience. Hence your brand reputation will increase in the market.
- Make sure your app can solve the problem: Developing an insurance app is indeed a hectic task. With much planning, resources and money being invested. The insurance app so developed should be able to solve the issues that the user is facing.
- App design should be a winner: Be sure that the app designs are trending; otherwise, the customers who download will come out of the app because of unpleasant UI/UX designs. Make sure twice that the app designs are trending and attractive to the user.
- Have a strong app monetisation strategy: Mobile app monetisation is a must for most of the apps today. As competition is fierce and the chance of monetising every app is a must. So it is essential to have an app monetisation strategies before the app development phase starts.
Typical Features to be included in any Insurance app
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Profile:
In this screen, there is information about the insured person will be displayed. Depending on the insurance company, the profile will display information about the insured individual along with the data about the vehicle.
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All policies:
The insurance app should allow the users to view all the insurance policies without visiting the insurance company’s office. Make sure the insurance app should be capable of browsing all the policies at a convenient time.
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Pick a category:
Since the on-demand insurance applications can hold insurance over 100 different items. Using this feature, the user can pick from the category to go further.
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Search for Policies:
The insurance app should be able to provide a search button where the user can search for the specified policy that suits the best for them. These search button will be best used when the insurance company offers a wide range of options.
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Automated selection of Policies:
Users will certainly appreciate tailored recommendations – policies that suit them best depending on the income, health, property, family members, and what customers are insuring, the required data will vary. But with an automatic selection of policies will surely be considered.
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Payment Processing:
By incorporating a payment gateway into your on-demand insurance app, you can save your customers time. With in-app payments, there is no need for a client to go to the bank or even go for the banking app and fill in policy details which is a user-friendly option. For more effective insurance app, you can also allow the users to set up automatic payments.
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Quotes list:
In Insurance app, there is an option to list all the quotes which will help the customers to assess their options.
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File a claim:
Filing a claim in case an incident occurs must be intuitive and easy. A customer should be able to enter all the necessary details efficiently. The insurance app should allow users to take photos right from the app. Even the app allows the customers to take pictures from their camera and upload them in the app to file a claim.
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Customer Support:
Live 24/7 support is the best option to make your on-demand insurance app more useful. Clients will prefer such apps that have a live chat as they want the app to respond even at odd times.
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Push Notification:
Push notifications are the most efficient way to reach people today. Customers always want to know how the claim processing is going. Even the customer want to know whether there are any offers that the insurance company provides to the customers.
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ID Scanning:
This feature is used to scan the ID of the user who pays the insurance.
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Emergency Assistance:
Using which the user in an emergency can contact for quick assistance.
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Inventory:
It helps to manage the insured property.
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QR Code Scanner:
This feature is used for the authenticity of any policy.
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In-app Chat:
The In-app chat is the best feature that should be integrated in every on-demand insurance app development which enables the users to have real-time communication with agents to get clarification of what type of insurance plan they should choose and also find solutions to other challenges they are facing.
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Payment Reminders:
Payment reminders feature is used to get a reminder about fulfilling the requisites and other payment-related services.
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Customised insurance policy:
Using this feature, the users will get an option to customise the available insurance policy based upon the time frame and other basic needs.
Consider all the above features during the design and development of an on-demand insurance application. The top on-demand insurance app will have an intuitive and effective UX/UI design to assure that you develop a profitable app out of the investment you did in terms of cost to create on-demand insurance app.
Insurer app development
You can either develop a mobile app or a web app for the Insurer. An insurer app is required who need an intuitive way to work on a smartphone or tablet.
Features for an insurer app will be similar to those for clients:
- Signup/login
- Agent profiles
- List of policies that are active/inactive/on hold
- Quotes of the policies
- Notifications
- History of all claims, resolved and in-process
- Documents of the clients
- List of all clients
- Details of the clients that provide at the time of the policy
Admin Panel
If you own an insurance company and if you want to monitor your insurers, then you must have an admin panel for yourself with all the data of both agents and customers, the admin has more permissions to manage agents and customers. Admin can access all the data that any other can’t access.
Industry-Specific Features
Basing on the type of insurance business, you need to add features to meet your target audience’s desired requirements.
A car insurance app requires:
- Geolocation for clients to quickly notify their insurer where they are in case of an accident.
- Integration of Google map.
A Health Insurance app requires:
- Search for the doctor and the ability to contact them
- The app provides the patients to book appointments
Even other industries will have their own necessary features for this; you need to know the requirements of your clients better than anyone.
Cost to develop an on-demand insurance app for an Insurance company
The cost of developing an on-demand insurance app will depend on the various factors like the team who will work at the development of an on-demand insurance app. Because the mobile app development cost differs based on several factors like app complexity, number platforms you target, the app available on Android and iOS platforms, target location, insurance App development company you hire, the type of design and development tools you use, etc. The team that involve in on-demand insurance app development are:
- Project manage
- UI/UX designers
- Android App developers
- iOS app developers
- Front end Developers
- Backend developers for the server-side
- Quality Assurance specialist
The most optimal method to know the exact cost breakdown is to consult with the best on-demand app developers.
At Krify, we always suggest our clients start with developing a minimum viable product(MVP) which will help them launch faster to the abridged app. An MVP insurance app is a great way to get your first users. And developing an Insurance MVP app is cheaper than making a full app.
If you decide to go for both on-demand iOS and Android Insurance app development, the cost will vary.
We can provide a more accurate estimate upon request. Just leave a message on our contact us page. You can also ask us any questions about how to create your own on-demand insurance app.
