Mobile App Development for the Insurance Industry: A Guide

We are discussing an industry that is expected to be worth nearly 6.4 trillion USD by 2025. Against all odds, the global insurance industry is one of the most important players in the digital business landscape. The insurance industry is well-known for maintaining multiple contact points with its customers. Because of recent technological advancements, the insurance industry has introduced a slew of new digital solutions that put them right at customers’ fingertips.

As a result of this wave of digital transformation, existing insurance companies and startups are looking into the possibilities of phone app development. With the evolution of the business landscape, even modern customers have grown accustomed to obtaining services online, and insurance products are no exception.

Given the diverse nature of operations, insurance products such as mobile apps for insurance agents and customers maintain a touch of finesse. Customer satisfaction, user engagement, and increased sales are all aided by mobile insurance apps. Insurance companies have numerous additional advantages to investing in mobile app development. To investigate these advantages, you will undoubtedly require a mobile app development guide aligned with the insurance market’s needs.

We have prepared this mini mobile application guide to provide you with the information you need to take your first steps toward creating innovation in your insurance business. This guide will explain how insurance app development can help your business grow, insurance app features and the cost of mobile app development.

  • Why Does An Insurance Company Need a Mobile App?

Middlemen have traditionally driven insurance. Although removing them entirely may be unrealistic, reducing their involvement will naturally increase profit margins.

The mobile apps for insurance agents and users enable direct B2C interaction without intermediaries. The positivity also permeates the customer experience, which should never be overstated. And insurtech would be too smart for its good not to investigate this possibility.

Three major components contribute significantly to forming an insurance company’s proverbial pyramid. The pyramid was instrumental in helping Wefox raise $110 million in 2019.

This includes the insurer, which incorporates and markets financial products and third-party entities that provide the insurer’s covered services. The third type is the end-user or the customer who has chosen to be insured.

Insurance Apps

Top-tier insurance companies benefit from mobile insurance solutions in the following ways:

  • Establish Customer Contact 

Buyers are more cost-conscious than ever before. According to statistics, 85 per cent of customers conduct online research before making a purchase. Insurance mobile apps do an excellent job of convincing people that they need immediate assistance.

According to one study, up to 63 per cent of its sample population would prefer to communicate with a chatbot. As a result, we believe registered policyholders will prefer to download and track policies over mobile. Based on this, they can compare multiple products and shortlist the ones with the best features.

  • Increase User Reach 

Experts believe in providing excellent customer service and converting clients into business partners. Referral programs can bring in more buyers if your mobile insurance solutions are cutting-edge. There are two advantages to doing so. First, shortening customer recruitment cycles would free up time for insurance agents to focus on larger, more profitable clients. Second, you can use semantic marketing to target more customers by advertising your mobile insurance platform in related apps.

  • Study Customer Data 

The insurance industry can use mobile analytics to analyze data greater than ever before. Insurance applications can easily gather structured data of the following types:

  • Identity Data – This includes name, date of birth, physical address, phone number, email address, and/or links to social media profiles such as Facebook, Twitter, LinkedIn, etc.
  • Quantitative Data – Transactional data such as bank account information, credit score, payment frequency, etc.
  • Descriptive Data – Insurers may require customers to disclose property information, car ownership, professional status, educational background, and family tree.
  • Qualitative data consists of subjective/behavioural details such as favourite colour, hobbies, etc.
  • Companies in the insurance industry that collect such vivid information can filter the best-fit prospects for upselling.
  • Facilitate Convenient Services 

Client visits are one of the most common KRAs for those on the front lines of finance. This could be for background checks, personal form submissions, or a routine information update. 

Furthermore, the emergence of the coronavirus has increased the demand for insurance applications. So we have enough data to conclude that insurance app development is all you need to start growing your insurance business. To gain technical insights, you might want to look into the detailed process of a mobile app development agency.

Online Mobile App

  • Universal Features for Insurance Apps 

Experts advise seeking dependable mobile app development guidance from professionals with significant experience in developing cutting-edge on-demand digital products. The first step toward successful mobile insurance apps is to combine experience with client feedback rather than loading an app with features just to make it look good.

Colour palettes, smart use of white space, typographic fonts, and strategic positioning of icons and images must work together. Only then does an app take on its own life. After dealing with such design elements, we can refocus our efforts on integrating the appropriate feature sets.

To provide an overview of the Fintech sector that is attracting the attention of investors, four types of apps can be developed.

  • Life Insurance mobile apps
  • Car Insurance mobile apps
  • Travel Insurance mobile apps
  • Health Insurance mobile apps

Apps have a robust backend, and they can withstand traffic spikes if the company decides to implement a new software system with few changes to the architecture.

It is critical to list the shared characteristics found in all preceding categories. These characteristics form the foundation of a general application guide for Fintech app ideas. Except for a few niche specifications, the following features remain consistent and ever-present, particularly during insurance app development of any kind:

  • Admin Panel

This is the introductory page, which displays basic information about the insured person. Make it lean and clean, with clear call-to-action buttons. Take, for example, the Geico insurance app. Because it’s a car insurance app, the profile page includes information about vehicle IDs, roadside assistance, payment buttons, and the ability to switch policies. Pretty straightforward.

  • Policy Details 

This page describes the policy in detail and the manner and extent of your benefits. Continuing with the same example, because Geico is an auto insurance app for Android and iOS users, it displays information about multiple policies that a single user may be enrolled in, such as one for a car and another for a bike, and so on.

  • Quote & Filters

A very useful feature, particularly in the development of insurance apps. In the previous section, we discussed the types of data that an insurer could collect via a mobile app. The Quote tab includes a feature that allows the app to retrieve your information from its records and either connect you to an insurance agent or directly state the price of a policy. Assuming the company has the resources to work with Big Data, it can offer customers lower prices or more benefits based on how frequently they inquire about/explore new policies.

  • File a Claim

The most prioritized stage of financial application development is incorporating a claims-filing section. The days of going around in circles to file claims are over. Submitting proofs should be as simple as taking a picture with the app’s scanner or the phone’s camera. If the entire process can be summarized on a single page, that’s even better.

  • Payment Gateway 

No prizes for guessing that payment gateway integration is critical for any type of insurance mobile app development. All major network providers, such as Visa, Master Card, and others, should be accepted by the gateway. Furthermore, automated billing for EMIs or a one-click payment process should be integrated.

Mobile App

  • Customer Support 

Chatbots are no longer exceptional. Automated responses are quick to fix routine questions. But what about unavoidable circumstances? You can’t expect a stranded user due to a broken vehicle to rely on pre-programmed responses.

Integrate a Request a Call Back or Connect with a Representative option as a result. Such in-app call functionality will help the app become what it is, a disaster-averting, quick response machine.

  • Push Notifications 

Insurance companies, in particular, do not pass up opportunities to enter a new market segment. Should the need arise, the latter may even modify its business models.

You, like your customers, require an excuse to give away your products. As a result, send out regular push notifications informing people of their outstanding balance and any upcoming policies with which they can replace their current ones.

  • Document Upload/Storage 

If the insurance application development did not include it, how would the customer upload their documents, let alone a photo? The mobile app must allow document upload from local file directories and import from third-party servers, as in the case of emails.

Based on this research, it can be concluded that the features listed above are commonly found in the majority, if not all, trending Fintech apps. What about domain-specific areas, though?

Of course, the features and architecture would differ. However, at the B2C level, we can generalize in-app features for a few domains, as shown below.

  • How can Applify help you with Insurance mobile app development?

If you work with an experienced hybrid mobile app development company, your insurance app development can be a success. Combining high-quality apps and low-cost app development can help your company grow. You can also calculate app development costs based on the type of app you want to scale for your insurance app development.

With expertise in application consultation, UI/UX design, testing, and deployment, Applify ensures scalability. We also provide cross-platform Android app development to make your services available to everyone. Connect with us, and if there’s anything in Fintech/Insurtech that piques your interest, we’d be happy to burn our night lamp for you.

As artists sketch thoughts, we create digitally empowered products. Applify delivers hands-on experience across multiple technologies for mobile apps, gaming apps, TV, and wearable apps. We have been recognized by Clutch as one of the top industry leaders in the global B2B market for 2021. Our team has reached new heights and we’ve worked together with Cashify, Coca-Cola, Mixpanel, SiteDrop, Show to Stream, TA, and more.