In the times that we’re living in, everybody wants an assurance of little security, and this is why insurance companies have been booming all the more ever since the Covid-19 pandemic hit the world. This company came into the market a long time back and why they always stay in demand is because security is something that has always been a cause of concern.
However, it has often been seen that despite desiring to benefit from its perks, people usually avoid getting health insurance as they are concerned about the long & tiresome process. But, in this regard, an insurance mobile app can be a game-changer, allowing the insurance companies to scale up in the business growth chart. An on-demand insurance mobile app provides customers with a technological solution to their problems. In this article, we will be discussing in detail the many aspects of an insurance mobile app.
How Does The On-Demand Insurance Mobile App Works?
Insurance mobile apps are top-rated among people nowadays due to the ease and convenience these apps offer. Here the entire process is relatively easy for the users as all they need to do is install the app and signup to start using it.
|User Registration & Login||• Registration: Sign up using personal details|
• Login: Access using credentials, possibly with added security.
|Profile Management||• View and update personal details|
• View policy details like policy number, coverage, premiums, and renewal dates.
|Policy Management||• Purchase new policies|
• Renew existing policies
• Update existing policies.
|Claims Management||• File a claim: Attach photos/documents and describe the incident|
• Track claim status
• Receive payments
|Customer Support||• Access support via live chat, email, or phone call.|
|Notifications & Alerts||• Receive notifications about renewals, payment due dates, claim status updates, etc.|
|Payment Gateway||• Pay premiums using integrated payment gateways like credit/debit cards, bank transfers, or digital wallets.|
|Additional Features||• Educational content|
• Discounts & offers
• Locate nearby services (e.g., hospitals or garages).
|Data Security||• Prioritize data security with encryption, secure data storage, and regular security audits.|
|Feedback & Reviews||• Provide feedback or write reviews about services received.|
Types Of On-Demand Insurance Mobile App
Two types of on-demand insurance mobile apps are:
1. Dedicated Insurance Mobile App
In this category of apps, there is an insurance company with an app that offers multiple types of insurances so that the audience can easily choose the desired policy.
1. Insurance Marketplace Apps
Insurance marketplace apps are platforms where users can compare and purchase policies from multiple insurance providers.
- Comparison of different insurance policies.
- Instant quotes from multiple providers.
- User reviews and ratings.
- Secure payment gateways.
- Shop for insurance from the comfort of your home.
- Find the best deals and discounts.
- Transparent pricing and policy details.
Popular Examples: PolicyBazaar, GoCompare, and Insure.com.
2. Insurance Management Apps
Insurance management apps allow users to manage their existing insurance policies, premium membership and access other services.
- Policy document storage.
- Sent payment reminders and online premium payment alerts.
- Policy renewal alerts.
- Coverage details and benefits.
- Centralized management of all your insurance policies.
- Access policy details anytime, anywhere.
- Timely reminders to ensure you never miss a payment.
Popular Examples: Lemonade, Allstate Mobile, and Progressive.
3. Claims Management Apps
This app helps insurance agents streamline the process of filing and tracking insurance claims.
- Instant claim with photo and document upload.
- Real-time claim status tracking.
- Direct communication with the insurance provider.
- Automated claim processing.
- Faster claim processing times.
- Complete transparency in the claim status.
- Reduced paperwork and hassle.
Popular Examples: Snapsheet, Claim Genius, and RightIndem.
4. Insurance Agent Apps
These apps are particularly designed to help insurance agents manage their clients, policies, and commissions.
- Client management tools.
- Policy recommendation engines.
- Commission tracking.
- Appointment scheduling.
- Boosted productivity for insurance agents.
- Enhanced client relationship management.
- Streamlined operations with reduced administrative tasks.
Popular Examples: AgentCubed, Insly, and NexBen.
5. Insurance Learning Apps
This app offer educational content about insurance, helping both consumers and professionals understand the insurance industry better.
- Interactive courses on insurance concepts.
- Quizzes and assessments.
- Certification programs.
- Real-life case studies.
- A deeper understanding of insurance for consumers.
- Continuous learning opportunities for insurance professionals.
- Stay updated with the latest industry trends and information.
6. Super Apps for Insurance
A super app is a multifunctional mobile application that integrates various services into one platform. In the context of insurance, a super app would combine the features of the marketplace, management, claims, agent tools, and learning apps, offering a one-stop solution for all insurance-related needs.
Benefits Of On-Demand Insurance Mobile App For The Users
A large number of people are happy being the user’s insurance mobile apps, so here let’s explore what benefits these apps offer to them:
To use the insurance mobile app, the users don’t need to be well-versed with the technology or the insurance acts. The app allows the users to get going with just a few clicks and get the insurance quickly via the app.
2. Online Consultation
Often, people fail to make time for physical visits to the insurance companies for consultation. Hence, the app allows interested users to easily use the online consultation feature and other features like feedback, online chat, and more.
The app allows users to be connected with the company even after taking the insurance, as the company will continue sending them the latest updates on discounts, offers, and promotions via push notifications and alerts.
4. Data Storage
The app allows the storage of all the necessary user information in a single interface.
5. Access To Quick Information
When there is an insurance app, it allows the app users to learn everything they desire to learn about the insurance company in no time. A map will enable them to find the nearest office, and they can find the company’s working hours, all the other features and services that are provided, and much more.
6. Find A location
A geolocation feature is provided in the app for Android and iOS users to help them call the insurance agent to the incident scene. The map features allow the agent to find an easy way to reach the client.
7. Detailed & Timely Instructions
In case the client gets to an unfortunate incident, the app allows them to know the actions to be performed.
So, these were the benefits of the insurance app to the clients next. Let’s explore the benefits these apps can allow the insurance companies to enhance their business processes:
Benefits Of Mobile App For The Insurance Companies
Among the many benefits that an insurance mobile app gets, few are:
1. Automation Of The Processes
With the presence of modern IT automation tools, they simply all the business processes, so less paperwork and less stress on the part of insurance companies.
2. Provide Company Information
With the progressive mobile app for insurance, the companies can convey complete details regarding the company and put in good words about themselves.
3. Customer Base Growth
The number of insurance mobile app users is increasing rapidly, and thus, to attract new users, it is essential to keep up with the times and develop a mobile app.
4. Regular Communication
Having an insurance app has continued benefits, but the most important is its ability to be constantly in touch with the clients and communicate with them whenever the need arises. Even when the operators are not available, chatbots are there to attend to their queries.
Things get pretty simple for insurance companies and since the registration of insurance acts via a mobile program.
6. Unique Offers
An insurance app enables easy to gather information on each client and comes up with a personalized recommendation for each client based on data received. Often with customized offers, the clients can say no to them as they are created, keeping their specific requirements in mind.
7. Feedback From Clients
The app allows dealing with the issues faced by the clients quickly to keep their loyalty with the company and keep them satisfied.
So now you know the benefits that the insurance app offers, both for the clients and insurance companies, next let’s move on to the types of insurance mobile apps.
Why Invest In The Insurance Mobile App Development?
Since January 2020, investment apps is in a boom. The payment apps have significant growth, whereas the sessions increased by 49 % globally by 75 % in Japan, and 49 % in Germany.
The global on-demand insurance market size was valued at USD 955.3 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2023 to 2030.
The total value of Fintech credit in the Asia-Pacific region is USD 1.7 billion. The consumer Fintech adoption rate for money transfer & payments around the world has increased by 75%. Presently, the number of Fintech start-ups in the USA is 10,605, and the total transaction value of digital payments has increased from $4.1 trillion in 2019 to $5.2 trillion in 2020.
These figures clearly state that the time is right to invest in the on-demand insurance business as it is booming and offers excellent opportunities to make money.
Monetization Opportunities Offered By The Insurance Mobile App
The insurance mobile app operates with several usage-based insurance revenue models to make money. Here we have mentioned the three common monetization strategies required by every on-demand insurance app, they are:
1. Advertising Model
In this model, most apps earn money by allowing other businesses to showcase their advertisement on their mobile app platform.
2. Subscription Model
Another mode to earn money for an insurance mobile app is the subscription model. A user must pay a subscription fee to enjoy the premium features offered by the app for some time. Here the users are mainly required to subscribe on a monthly/quarterly/half-yearly/annual basis. As soon as the period they have subscribed for expires, the users must pay again.
3. Commission Model
The commission model best suits the aggregator apps, such as policy bazaar, where they allow the app users to compare various insurance schemes and find which policy or company will best suit their requirements. In return, the aggregator app gets to earn a commission from both the user and the insurance company.
This model, also known as Referral Marketing, is for insurance platforms aiming to earn higher revenue and downloads. This mode of earning income encourages the users to share the app with others in return for some reward. Thus, it becomes easier for the insurance apps to have new users keen to apply for insurance.
Also Read: New App Ideas To Make Money
Top On-Demand Insurance Mobile App In The Market
Today, several insurance apps present in the market allow users to manage their bills and payment efficiently. However, the cause of concern is that many of them lack the safety net of insurance & instant claims. So, here we present the list of top insurance apps that have been very successful in delivering desired results to their customers and earned an excellent reputation in the market. They are:
1. GEICO Mobile
This is one of the most renowned auto-insurance apps offering in-app support for Amazon Alexa & Google Action. It enables the users to use several features with just a voice command. Its key features include Digital ID Cards. It offers its users access to the insurance policies, its new virtual assistant Kate offers quick answers on billing information, the policy coverages, and a lot more. An in-app parking location allows users to find & book parking before arriving at their destination quickly. Also, in the case of accidents, the app enables the users to send Easy Photo Estimates of damage and send that direct from the app. Besides, the users can set reminders in the app to remember paying insurance bills, and they can update their insurance card information & download the ID cards.
This is a renowned insurance broker website and app in India. Started in 2008, this company has earned the status of the numero-uno platform to compare multiple insurance plans online. It is a user-friendly app that provides unbiased insurance plans comparisons and enables people to buy insurance online easily. Here the people can ‘Compare, Buy & Save’ the insurance products according to their requirements.
This car insurance company provides a flexible way for its users to manage their cover entirely from their phones. With more than 100 team members, the company has more than 500,000 drivers covered on 2.5 million policies. People can get a temporary car, van insurance, subscription insurance, and learner driver insurance from the app.
Founded in 2015, this New York-based drone-insurance firm provides an affordable and flexible alternative to the annual plans offering coverage by the hour, day, or month for the businesses and the crew.
Trov is an insurance company that is reinventing the field of insurance for a mobile generation with its on-demand platform available in the UK, in partnership with AXA insurance. The company offers protection for electronic items, like mobile phones, cameras, and laptops. Available for free download, the app enables the users to easily add possession simply by clicking a photo of an item or a receipt and then forwarding the receipt. Then by merely swiping, the users can ensure the things that are valuable to them.
With total funding of $26.6 million, ByMiles is a car insurance company that pays a yearly cost to cover people’s cars while parked and then pays by the miles as you drive each month. Thus, it is a real-time car insurance app that allows you to manage your car and spend much more efficiently, and the users can even make instant changes to the policies themselves.
What Are The Key Features Of A Successful Insurance Mobile App?
1. Signup/Sign-In With Robust Authentication
The app should have easy sign-up and sign-in. This can be ensured by integrated social signups, as the user is not required to fill in long details to start using the app—simply register through the social media accounts. The app will then gather the necessary information from the social account and allow easy signup and sign in.
2. Multiple Insurance Categories
This feature is helpful to filter policies to choose what is best and offers excellent returns, with just a tap on the screen. They can also search from multiple insurance categories and pick what suits them the best. Also, they can go ahead searching for more refined versions of policies.
3. Compare & Save Policies
Right now, there are many policies available in the insurance market. It has become vital to compare these policies before signing up for one to get the best deal. The feature allows finding the benefits offered by each approach, the period, and all about the registration process.
This dashboard is available for the users, as it is part of the user panel, where it shows the entire user activities with the app. Like the policies, they saved, bought, details of the policies they took, receipts, premium date, etc.
5. Live Chat Consultation
This can be quite a valuable feature for the insurance company app, as often people lack time to communicate on the phone, hesitate to speak on the phone, and for them, the option of Live Chat comes around as very comfortable. This makes consultation a lot easier as the users can get all their queries addressed by an expert using this Live Chat for consultation feature.
6. Request A Call Back For Consultation
Using this feature, the app user can request a call back to consult regarding buying an insurance policy or get their doubts cleared. As soon as they place a request, the app arranges a call back to remove the user’s dilemma.
7. Search, Filter & Quote
With the app has these functionalities, it becomes easier for the users to initiate an investigation, filtering the unnecessary options and quote a price. This makes the process of buying a policy a lot easier.
8. Set Premium Date Alerts
Often, users end up forgetting the premium date, and thus they are slapped with a late fee. This issue can be dealt with by setting premium date alerts. This way, the user starts receiving notifications and alerts as the premium date is approaching to make timely payment for the premium.
9. In-App Calculator
This feature is helpful to execute the necessary calculations related to the insurance policy of premium within the pap itself, instead of leaving the app and going to the separate calculator app. This makes things easy for the users and also enhances the user experience.
10. In-App Document Scanner
Like the calculator functionality, the app can also be integrated with the Document Scanner functionality, so they don’t require leaving the app in between to get the document scanned.
11. In-App Document Management
Users can benefit from this functionality as it allows them to manage their policy documents within the app. This saves them from a lot of hassle later on as there is no scare of them losing essential documents, and they can find everything they need within the app.
12. Easy Claim Processing
As soon as the users place a claim, this feature will allow them to process the claim faster. So there are no headaches of things getting delayed, and the functioning is pretty smooth.
13. Push Notifications
This feature helps send constant alerts and notifications to app users to update them regarding due premium dates, new offers, etc.
14. CMS Integration
The CMS (Content Management System) functionality helps manage the app’s content, such as news, blogs, daily updates, a lot more. Content is a crucial part of any app as it keeps the users constantly engaged with the app.
15. CRM Integration
The Customer Relationship Management feature is helpful to manage all the relationships and user interactions with the app. This way, it enhances business relationships and helps businesses stay connected to their customers, improve their revenue, and streamline the processes.
16. Real-Time Analytics
This functionality helps manage the user’s interactions and activities in real-time. This allows to observe the users’ actions with the app and enhance their app experience.
17. Loyalty Programs
All users love it when their loyalty to the app is appreciated, and this is why Loyalty Program is a necessary feature for an Insurance mobile app. Here the users can opt-in for discounts, coupons, and other offers available on the app.
Challenges Faced In The Development Of An Insurance App
There can be several challenges that the business might face while developing an Insurance mobile app, they are:
1. Insurance Frauds
This is certainly something that is a challenging aspect of an insurance mobile app, and thus, a business, as well as the app development company, need to ensure to deliver a secure experience to the users. As the architecture of the on-demand insurance mobile app is created, many complexities must be taken care of to secure the app from fraud management and fraud tracking. It often gets tough to differentiate between a genuine and a fraud incident, making the app more vulnerable to phishing, identify theft, or hacking. Also, the claim handling process is not as transparent, and thus it becomes difficult delivering a secure and personalized experience to the clients.
2. Data Breach Threat
This tends to be a significant challenge in the development of an insurance mobile app as these apps do the job of collecting, storing, and process a large amount of personal customer data, and thus it invites the attention of hackers, cyber intruders who are looking for loopholes in app architecture to steal customer data and use it to their advantage. This can cause huge losses to the insurance business, and thus proper measures must be taken to deal with this aspect.
3. Lower Revenue Generation
In traditional insurance apps, users pay the premium money for an extended period, whereas these apps offer short-term & on-demand insurance schemes. So, here the risk is higher for an accident and maybe a calamity, which means less probability to make profits.
What To Consider While Developing An Insurance Mobile App?
As it comes to creating an insurance mobile app, an important thing to keep in mind is Hiring a Legal Agency, as legal help is something that is needed by the business sooner or later, because as a layman, one is not aware of several legal aspects, hence having a legal team to look over the insurance matters proves to be useful. This means no mistakes are made while processing the claims, as the legal team will go over the situation thoroughly before approving the claim to secure the company from any fraud.
What Tech Stack Is Required For The Insurance Mobile App Development?
|Application And Data||Utilities||Business Tools|
|jQuery||Google Tag Manager||WordPress|
|Google Fonts||ElasticSearch||Font Awesome|
How Much Does It Cost to Develop an Insurance App?
The cost of creating an insurance mobile app depends on several factors such as the number of app platforms you want to target, app availability on iOS and Android platforms, app complexity, target location, tools used for development, designing of an app, etc. Also, the team that is involved in the development consists of:
- Project Manager
- iOS app developers
- Android app developers
- UX/UI designers
- Front-end developers
- Back-end developers
- Quality Analysts
Hence, it is not possible to give an exact cost that will incur in the mobile app development of an insurance app; however, to provide a rough idea, it will cost around $25000-$30000 for a basic app with simple features and a single platform, whereas the app with advanced functionalities and for more than one platform will double the cost to $50000-$60000.
While wrapping up, we hope you have answered all your queries. Still, for more, you are free to comment below; our experts would be more than happy to serve you better.
Besides, if you plan to build an on-demand insurance mobile app, you should hire an app development company with a proven track record of successful projects. You will never have to face any challenge; just sit back and relax while the team of developers you hire work dedicatedly for you.
Hire an On-Demand App Development Company today!