Building Mobile App For The Insurance Industry

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Mobile applications are essential for delivering high-quality services in any field. Well, a decade ago there were other powerful ways for attracting and retaining customers. Yet, the situation is totally different. To keep afloat your company should adjust to new trends and tendencies. The insurance industry is evolving surprisingly fast. It may serve as an immaculate example of how technologies have influenced and changed our lives. If mobile app development is Greek to you, then keep reading this article till the end!

Building Mobile App For The Insurance Industry

Mobile applications in the insurance industry

Traveling, real estate, transportation, health – the vast majority of our lives areas require to have insurance. The insurance industry is quickly moving to smartphones since it is more convenient for both insurers and users. Now a mobile application is a competitive advantage, but soon it will become a necessity, as, for example, in the banking industry. In this article, we will tell you all you should know about the mobile insurance market so that you can turn this knowledge into a great profit.

Why do insurance companies need apps?

Thanks to insurance application development most businesses can organize all operational processes much more efficiently. According to the Market Research Future statistics, the average annual growth rate in the mobile applications market accounts for 16% now and is believed to grow even more in the future.

Using the mobile application, insurance agents can:

  • Collect and analyze user data: Mobile applications provide access to personal information about the clients. Well, don’t get it wrong! All users give are asked whether they allow the access to their private data. With a history of performed operations and a list of clients, you can predict decide on the most effective strategy for the development of a company. By investigating user behavior, you will be able to understand the customers’ needs and requirements. In such a way you can make your services more competitive and leave your rivals behind.
  • Establish contact with the client: With the help of a mobile application, it will be easier for you to keep in touch with users. It includes sending messages, offering a share, finding out about debts, signing insurance contracts, tracking the history of insurance deals, payments, etc.
  • Automate some crucial processes: A person can open an insurance policy just in two clicks. The ability to receive such services online eliminates the need for the clients to come to the offices of insurance companies and fill out loads of documents or search for the necessary information on the websites of the insurer. For insurance agents, the application performs the role of a task tracker and CRM system.
  • Increased customer loyalty: Thanks to mobile applications brand loyalty will grow significantly. The more convenient your services will be for users, the more clients you will have. Moreover, you can conveniently set up cross-selling, increasing the average price or customer lifetime value.
  • Save money spent on operational activities: A chatbot can replace the support department. It is entirely beneficial for both sides. It’s easier for customers to download the application and fill out a couple of fields to get an insurance policy. As a business owner, you can save money and spend them on other crucial processes thanks to mobile applications.

The variety of mobile insurance applications

If you are thinking about the development of insurance mobile apps, you should know that there are several types of them. Each one has a set of particular features and performs some specific functions.

1. Automobile insurance app:

Unfortunately, we hear about road accidents every day. Such unpleasant things may happen to everyone. So, it is a great idea to get prepared beforehand. Due to this, automobile insurance apps are entirely beneficial for customers using them. People paying for car insurance are capable of covering great expenditures by providing pictures or videos of the accident.

2. Health insurance mobile apps:

Health insurance services are extremely popular nowadays because of the Covid-19 pandemic. People are more concerned with health issues like never before. The older we become, the more money we spend on buying medications and visiting doctors. Thanks to medical insurance apps clients are capable of claiming money spent on their treatment.

3. Travel insurance app:

Travel insurance apps are popular among active travelers. They provide immediate financial assistance in case of emergency while a person is abroad. It may be done in terms of medical emergency or baggage loss.

4. Real Estate insurance:

Since crimes tend to become more sophisticated and difficult to prevent, people appreciate real estate insurance apps. They help people feel that their property is safe. In such a way you won’t bear losses because of some inattentive neighbors.

5. Life insurance app:

This type of insurance app is the most popular one among customers and you, as a businessman, should remember it. The main idea is that if a person who has invested in life insurance suddenly or prematurely dies, his or her family gets financial support.

What should be taken into account when developing a mobile application for insurance?

When it comes to developing a mobile application for an insurance company, it is essential to apply to a legal agency. You will need legal assistance because there are many issues that a person can’t cover without appropriate knowledge. It means that no errors will be made in the handling of claims because the legal team will carefully examine the situation before approving the claim to protect the company from any fraud.

Stages of developing a mobile application for an insurance company

1. Conduct analytical research

The first thing you should do is to do some preparatory work. It is essential to define tasks and goals of your future application. Don’t forget to assess the prospects, study all your potential competitors, the business area. You should understand the app development strategy for your insurance company. Based on these data, you can work out a great business plan.

2. Prototype

A prototype is essential for understanding the functionality and interface of your insurance application. Many people underestimate the importance of this step and suffer because of it lately. Make sure you know exactly which results you want to get at the end of the development process.

3. Design

During this stage specialists work out the visual part of your future product. The interface of the application determines the quality of rendered services. Your insurance app must be easy to understand and convenient to use. People should intuitively understand how to use insurance services through the application without spending a great deal of time on it.

4. Development stage

This step is the most responsible one. Now the programmers write code and implement the ideas of designers. They work according to a clear technical task and select the optimal technology stack. It may last from 2 to 6 months. Everything depends on the size of your development team and the functionality of your future mobile application.

5. Test and launch

This step presupposes a deep analysis of the written code. Specialists try to detect any problems that the users of your application may have. They eliminate all vulnerabilities and check the smallest details. If everything is fine, the mobile application is launched.

6. Getting feedback

Even if you have launched your mobile application, it doesn’t mean that everything is over. Now you have to collect feedback from users. Trace their notices and make conclusions. It will help you improve the quality of your insurance application and leave your competitors behind.

Insurance app development cost

Well, nobody can tell you the exact sum of money required to develop a mobile insurance application. If someone does, don’t believe that guy! The development cost depends on a range of aspects. The more sophisticated features your application will have, the higher the final cost will be. Even your choice of the team has a tremendous impact on the final cost.
Do you want to develop an application for iOS or Android? Are you going to hire a freelancer or a professional development team? What about cloud services? As you can see, there are so many things to consider!

Anyway, to develop a single device insurance app you will be required to pay at least $25,000. In case you need to build the multi-platform app, it will cost you up to $80,000.

Final thoughts

It is difficult to imagine a successful and profitable insurance company without a mobile application. Online services are likely to replace offline ones one day. Not to get caught by surprise, make yourself prepared for such a revolution!

By developing an insurance mobile application you will boost the popularity of your services. Firstly, it will keep you abreast of the times and engage young customers. Secondly, it will serve as an additional advertisement of the company. Even though building such an app requires a lot of time, energy, and effort, it is quite feasible. Well, our experience shows that such investments will definitely pay you off lately.

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