Do you remember the time when we used to get tired of navigating clunky, outdated insurance websites and facing long wait times on the phone to speak with a representative?
The insurance industry is catching up with the digital age and embracing the power of technology. With the rise of insurtech and the increasing demand for convenient, accessible insurance services, now is the perfect time for traditional insurance companies to develop a mobile app that not only improves their offerings but also has the potential to disrupt the entire industry.
In this blog, we dive into the world of insurance app development, discussing why insurance companies should make the move to mobile and how to develop an app that stands out from the crowd and revolutionizes the industry.
Why your insurance company needs an app?
Do you know 78% of customers are willing to purchase insurance products digitally, and 55% are willing to use digital services for claims and policy management?
As the world is becoming more and more mobile, having an app can make it easier for customers to access the services and interact with the company, anywhere, at any time. This can lead to a better customer experience and increase the loyalty of customers to the company.
A report by PwC found that 78% of customers are willing to purchase insurance products digitally, and 55% are willing to use digital services for claims and policy management.
An insurance app can solve a variety of challenges for insurance companies, including:
- Improving customer engagement: An app can provide a convenient and easy way for customers to access their policy information, file claims, and make payments, which can improve customer engagement and satisfaction.
- Gathering customer data: An app can help insurance companies gather data on customer behavior, which can be used to personalize services and improve the customer experience.
- Reducing costs: An app can help insurance companies reduce the need for paper-based processes and customer service calls, which can save on costs.
- Streamlining claims: An app can allow customers to easily file claims and upload supporting documentation, which can speed up the claims process and improve efficiency.
- Improving customer service: An app can provide real-time access to customer service and support, allowing customers to quickly and easily get answers to their questions.
- Enhancing underwriting: An app can allow insurance companies to gather and analyze the data from the customers’ devices or other sources to improve the underwriting process and provide more accurate pricing.
- Enhancing customer retention: An app can help insurance companies increase customer retention by providing a convenient and easy way for customers to manage their policies, which can reduce the likelihood of customers switching to a competitor.
Overall, the digital transformation in the insurance industry is leading to more efficient, personalized, and convenient services for customers.
What are the different types of Insurance apps?
There are several different types of insurance apps, each with a specific focus and set of features.
1. Policy Management Apps
These apps allow customers to view and manage their insurance policies, including viewing policy details, making payments, and updating personal information.
2. Claims Management Apps
These apps allow customers to file claims and upload supporting documentation, track the status of claims, and receive updates on the claims process.
3. Health Insurance Apps
These apps are specifically designed for health insurance and typically include features such as appointment scheduling, electronic prescription refills, and access to medical records.
4. Auto Insurance Apps
These apps are specifically designed for auto insurance and typically include features such as accident reporting, roadside assistance, and telematics.
5. Insurance Comparison Apps
These apps allow customers to compare insurance policies and prices from multiple companies.
6. Wellness and Preventive Care apps
These apps are designed to help customers to stay healthy and prevent illnesses. They include features such as tracking daily steps, reminders for preventive care check-ups, and telemedicine consultations.
7. Smart Home Insurance apps
These apps are designed to provide home-monitoring services to customers, track incidents and natural disasters, and help customers to take preventive measures to protect their homes.
Each type of insurance app serves a different purpose and is tailored to meet the specific needs of customers and companies.
How to develop a winning Insurance App?
Creating an app for an insurance company can be a complex process, but it can be broken down into several key steps:
- Define the app’s purpose and goals: Before beginning the development process, it is important for the company to define the purpose and goals of the app. This includes identifying the target audience and determining the features and functionality that will be included in the app.
- Conduct market research: Once the purpose and goals of the app have been defined, it is important to conduct market research to ensure that there is a demand for the app and to identify any existing apps in the market that may be similar.
- Design and develop the app: Once the research has been conducted, the insurance company can begin the design and development process. This includes creating wireframes and mockups, as well as writing the code for the app. It’s important to consider the mobile-first approach and create an app that is user-friendly and easy to navigate.
- Test and debug the app: Before releasing the app to the public, it is important to thoroughly test and debug it to ensure that it is free of any technical issues. This includes testing the app on different devices and operating systems to ensure that it functions properly on all platforms.
- Launch and promote the app: Once the app has been tested and debugged, it can be launched and promoted to the public. This includes submitting the app to app stores, such as the Apple App Store and Google Play Store, as well as creating a marketing and promotional strategy to attract users.
- Continuously improve the app: After the app has been launched, it is important to continuously monitor its performance and gather feedback from users to make updates and improvements. This includes fixing bugs and adding new features to keep the app relevant and user-friendly.
It’s important to note that creating an app for an insurance company can require a significant investment of time, money, and resources. It’s important to work with experienced and reputable app development partners who can help guide the process and ensure that the final product meets the company’s goals and standards.
What are some essentials features of Insurance Apps?
- Policy Management – Allows customers to view and manage their insurance policies, including policy details, making payments, and updating personal information.
- Claims Management – Allows customers to file claims, upload supporting documentation, track the status of claims, and receive updates on the claims process.
- Customer Accounts – A secure login system that enables customers to access their personal information and manage their insurance policies.
- Notifications and Alerts – Push notifications and alerts for policy renewals, claim updates, and other important information.
- Payment Processing – A secure payment gateway for making payments and renewing policies.
- Customer Support – A live chat or in-app support feature to assist customers with questions and concerns.
- Telematics (for auto insurance) – A tool to track driving behavior and generate a personalized insurance premium based on driving habits.
- Health and Wellness Tracking (for health insurance) – A tool to track health metrics and provide personalized health recommendations.
- Home Monitoring (for home insurance) – A tool to monitor the home and alert customers in case of incidents such as fire, water leaks, or theft.
These are the most common features found in insurance apps, however, different insurance companies may have different needs and requirements, so the specific features of an insurance app may vary.
How much does it cost to build an insurance app?
The cost to build an insurance app can vary widely depending on several factors such as the complexity of the app, the features it includes, the platform it is built for (iOS, Android, Web), and the company or agency that is developing it.
On average, the cost of building a basic insurance app can range from $20,000 to $50,000, while a more complex app with advanced features can cost upwards of $100,000 or more.
The cost of building an app can also vary depending on the platform it is built for. For example, building an iOS app will typically be more expensive than building an Android app, due to the differences in development costs and the need to account for different screen sizes and resolutions. It’s also important to note that the development cost is not the only cost involved, there are other costs such as hosting, maintenance, and updates that should be considered as well.
It’s essential to consult with an insurance app development company to get a more accurate estimate of the cost of building your insurance app, taking into account the specific features and requirements you need.
Scale your Insurance business with Scalex
Modernizing legacy technology is essential for insurance companies to stay competitive in today’s fast-paced business environment. By adopting a mobile-first approach, moving to the cloud, automating processes, and incorporating AI insurance companies can improve their operations, reduce costs, and enhance the customer experience. With the right approach, tools, and technology partner, insurance companies can successfully navigate digital transformation and remain relevant in the years to come.
Scalex understands digital transformation is necessary and how insurers should move forward. Our extensive industry experience, deep functional knowledge, and broad custom insurance offerings drive immediate value and set a strategic course to a fully automated, analytical, and highly innovative future. Get in touch today.