Customers now have everything at the tip of their hands, and since insurance can be a hassle, insurance apps are the next big thing. Insurtech is moving towards mobile apps to allow more accessibility and convenience for users.
The industry is expected to reach $5.45 billion in 2022, but not many of the top 100 insurance companies in the world have their own apps. This creates a perfect vacuum that insurance companies can fill and gain a competitive edge.
Let’s dive into the following guide to explore more about insurance mobile app development!
Why Should You Develop an Insurance App?
For every insurance company, the goal is to reach and retain more customers. An app can help to resent the company in an approachable way. But most of all, companies can establish a good rapport with their consumer base, ensuring customers don’t have to call representatives repeatedly.
A study showed that chatbots handle over 68.9% of all conservations completely, demonstrating their use. An insurance app with chatbots, good customer service, and an easy-to-understand interface will attract more customers.
Finally, every click on an app means data is recorded. A company can analyze and utilize this data to optimize its services. Surveys are another good option to get valuable data. While people don’t always fill in questionnaires when presented with one on paper, most people will willingly click online options.
Types of Insurance Apps
Before you start, you’ll need a rundown of the types of apps on the market. The top four based on the fintech industry are:
Life Insurance
Insurance services need constant contact with an agent and back-to-back appointments for selecting policies, making payments, and any other issues that may arise.
An app would cut down these meetings and simplify the entire process. Customers can select their preferred plan if the app has developed suitable parameters. Similarly, they can go with predetermined payment plans and get automatically calculated interest rates.
Health Insurance
Again, health insurance covers expenses like general checkups, prescriptions, and surgeries. Everyone has different needs, so going over the options and getting personalized recommendations makes the process much simpler.
Like a life insurance app, customers can also choose payment plans and pay them through the app. An added feature would be instantly reporting accidents and claims for compensation.
Vehicle Insurance
While a significant part of vehicle insurance is similar to the others, features such as an option to document an accident on the spot, see the closest repair shops and ask for assistance components necessary to make it more useful.
Property Insurance
Finally, property insurance apps for homes, properties, or personal effects such as art have also become more straightforward. Customers can track payments and damages, and everything is simple. These apps fall in the B2C category and are designed for the regular citizens.
Other than these categories, insurance apps are specifically for agents to help them efficiently manage clients and access data. Provider apps are also part of an insurance company’s system to keep track of inner workings.
Insurance App Must-Haves
A good app is easy to use since no customer will go for an app that adds to the hassle. As a mobile app development company, we’ll share must-haves in the industry.
You should consider the following features in the insurance app:
- Signing up: You need to provide a signup and login option where customers will enter sensitive personal details.
- List of Policies: All policies and insurance categories must be listed clearly.
- Personalizing Selections: Since the customer isn’t in contact with an agent, you’ll need to have them fill out a questionnaire so that a suitable plan is suggested to the customer.
- User Panel: Where the customer can track all of their policies and payments, including any uploaded documents or claims.
- Calculator: An in-app calculator should be able to give the customers a clear table of every cost, including payments and interest rates.
- Simple Claim Processing: The customer shouldn’t have to jump through hoops to file a claim. It’s best to provide a form with clear tags about what goes where.
- Online Payments: The user should be able to easily connect the app to their bank and make their payments or have an option for automation. Connections to Apple Wallet or Google Pay increase efficiency.
- Customer Service: Other than that, exemplary customer service and push notifications are just as necessary so customers can easily have their queries answered. Having a chatbot means minimizing human interaction, which works in your favor.
- Compatibility: Remember that reach is essential; it’s best if your app works on Android and IOS devices.
- Other Features: Most insurance apps also have document scanners and organizers, which means that users can handle everything relating to their insurance on the app itself.
What Insurance Companies Need to Focus On
The most important part is keeping what the customer wants in mind, and what they want is control. Giving them personalized suggestions but allowing them the final say is that.
Apart from self-service, artificial intelligence like chatbots lets companies provide excellent customer support around the clock. Finally, you need strong cybersecurity because of the sensitive data the app handles.
How Much Does an Insurance App Cost?
One market analysis showed that the insurance industry will have a CAGR of 51.7% from 2022 to 2030. With a growing market, it’s best to introduce an app. One survey on health insurance apps in the US from 2020-21 showed a sudden boom in installs at the start of 2021.
But how much does it cost? Creating a well-made insurance app costs around $70,000-$90,000. This includes all development costs apart from a chatbot.
Apart from the content itself, you’ll need an attractive design and logo because you can’t underestimate the importance of presentation. Around 92.6% of people are influenced by aesthetics when downloading apps, and if you’re not building a company app, you’ll need all the help you can get.
Owlab is a custom software development company. We create tailored solutions for a variety of niches, including fintech, blockchain, healthcare, retail, or social media like Smihub. With Owlab, you can hire an experienced team of developers for a project of any complexity.
Contact us to get expert consultation or a project estimate!
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