In recent years, the insurance industry has undergone a noteworthy transformation towards mobile app development, as an increasing number of companies are acknowledging the benefits of implementing cutting-edge technology. By utilizing mobile apps, insurance companies are able to expand their customer base, simplify their processes, and enhance customer contentment. The advent of insurance apps is revolutionizing the way in which insurance companies engage with their clients, by offering a simple and convenient means for users to manage their policies and submit claims.
It is pretty evident that the attractive features of insurance apps will entice more businesses to explore their development. That is why we have taken the initiative to write this blog and express our thoughts on the subject. To start with, what are the reasons for the insurance industry to require a mobile app, and how will the industry benefit from its development? Let’s delve into these queries.
The proliferation of mobile devices in our lives has transformed the way we live and work, and the insurance industry is no exception.
Why does the insurance industry need mobile-app?
- The rise of mobile technology has created new opportunities for insurance companies to connect with customers and improve their experience.
- By developing mobile apps, insurance companies can offer a range of benefits, such as faster and more effective communication, automation of routine tasks, and live chat support for clients.
- These features not only improve customer satisfaction but also free up time for agents to focus on acquiring new clients and driving business growth.
- Moreover, advertising an insurance app in other apps can attract new clients, expanding the reach of the insurance company.
- Additionally, mobile apps offer insurance companies more opportunities to collect and process data, which can inform strategic decision-making and product development.
With these benefits in mind, it’s no wonder that more and more insurance companies are investing in mobile app development to better serve their clients and stay ahead in a competitive industry.
Banks are also not far behind! Check out Banking app development for more details.
What type of Insurance application can you build?
Today, people prefer to insure a variety of things including their homes, cars, health, pets, and even their mobile devices. Many also opt for life insurance, disability insurance, and travel insurance. With the rise of technology, cyber insurance is becoming increasingly popular, as well as identity theft insurance.
Business owners also insure their companies and employees with policies, such as general liability, workers’ compensation, and business interruption insurance. Ultimately, insurance provides financial protection and peace of mind in the face of unexpected events and losses.
This is why it is important to select your niche in insurance app development. You can choose from the following segments:
- Health insurance apps;
- Property insurance apps;
- Travel insurance apps;
- Life insurance apps;
- Car insurance apps;
You can segment out other niches and include them in your mobile app idea. However, the feature set in each insurance app will depend solely on the segment you select. We will be listing out some common and general features of an insurance app. You can always connect with us to know more about some personalized feature sets for your specific app idea.
If you want to emerge with the latest booming market in Fintech, don’t miss out the ultimate guide to Buy Now Pay Later App Development!
How does an insurance application work?
Insurance application provides a digital platform for users to manage their insurance and policies and claims. Mobile applications help in streamlining the process and enhancing the user experience.
The first and foremost step of working/using an insurance application is to create an account and fill up some basic information, such as name, address, and contact details.
Once this is done, users are ready to browse the application and process the policies. Customers can customize their coverage based on their individual needs and adjust factors such as deductibles and coverage limits that fit within the budget.
Users can then forward manage the policies using the application directly. They can also pay premiums, amend personal information, and track claims that have been filed. This feature extremely helps and assists users during emergency medical assistance.
An insurance mobile application typically allows users to file claims that involve form submission, document submission, photos, bills, etc.
The application also allows you to track the progress of the application and raise queries if required. Overall, insurance apps offer a convenient and accessible way to manage insurance policies and claims. By providing a digital platform for these tasks, insurance apps help make the insurance process more efficient and user-friendly, which can ultimately benefit both policyholders and insurance providers alike.
General features of an Insurance application:
Here are some general features that can be included in any type of insurance app:
- Claims processing: The app should allow users to report a claim, upload relevant documents, and track the status of their claim.
- User registration: The app should allow users to create an account and securely store their personal and contact information.
- Policy management: Users should be able to view, manage, and update their insurance policies directly from the app.
- Premium payments: Users should be able to make premium payments, view payment history and set up automatic payments.
- Policy quotes: The app should allow users to receive instant policy quotes based on their insurance needs and coverage preferences.
- Personalized recommendations: The app should provide personalized recommendations based on the user’s profile, preferences, and behavior.
- Notifications: The app should provide timely notifications for policy renewals, premium due dates, and claim status updates.
- Customer support: The app should offer various channels for customer support, such as live chat, email, or phone support.
- Security features: The app should implement robust security features, such as two-factor authentication, biometric authentication, and data encryption.
- Integration with third-party services: The app should integrate with third-party services, such as weather alerts or home monitoring systems, to provide users with more personalized and relevant information.
- Payment processing: The app should allow clients to pay within the app using third-party integration services.
- Document/Image uploading: The application should allow users to upload medical records or photos as and when required.
Feature list for Admin panel:
- User management: The admin panel should allow administrators to manage users’ accounts, including the ability to create, modify, and delete user accounts.
- Policy management: The admin panel should provide administrators with the ability to manage policies, including creating, modifying, and canceling policies.
- Claims processing: The admin panel should allow administrators to process claims, including reviewing claims, making claim decisions, and communicating with users about their claims.
- Premium management: The admin panel should enable administrators to manage premium payments, including viewing payment history, issuing refunds, and modifying payment schedules.
- Analytics and reporting: The admin panel should provide administrators with analytics and reporting tools to help them understand key performance indicators such as customer acquisition and retention rates, claims processing times, and premium revenues.
- Customer support: The admin panel should provide administrators with customer support tools, such as a ticketing system, to help them manage and respond to user inquiries.
- Security Management: The admin panel should enable administrators to manage security settings, including configuring two-factor authentication, setting access permissions, and monitoring suspicious activity.
- Integration with third-party services: The admin panel should allow administrators to integrate with third-party services, such as weather alerts or fraud detection systems, to enhance the app’s functionality.
- Communication management: The admin panel should provide administrators with tools to manage and send targeted communications to users, such as policy renewal reminders or promotional offers.
- Compliance management: The admin panel should allow administrators to manage compliance requirements and ensure the app adheres to industry regulations and best practices.
Having said all these, your target audience may expect a few critical features depending on the industry you operate. And thus it becomes necessary for you to incorporate certain features that serve the purpose.
For example, if you specialize in Car Insurance, you may want to include features such as:
- A vehicle monitoring system that allows policyholders to track their driving behavior, and provide discounts for safe driving.
- A feature that allows users to report accidents directly from the app, providing immediate support for policyholders.
- A car maintenance log that provides reminders for routine vehicle maintenance and repairs.
- Integration with third-party services such as tow truck companies, rental car providers, or auto repair shops.
- Personalized policy quotes are based on factors, such as vehicle make, model, and year, as well as driver age, driving record, and location.
Alternatively, if you specialize in Health Insurance, you may want to include features such as:
- A provider search tool that allows users to find and review healthcare providers in their network.
- A symptom checker that allows users to check their symptoms and get advice on whether they need medical attention.
- Telemedicine options allow policyholders to connect with medical professionals virtually.
- Integration with fitness trackers and wellness apps to promote healthy lifestyles.
- Access to health and wellness resources such as diet and exercise plans, mental health resources, and stress management tools.
Similarly, Life Insurance applications should include the following features.
- A potential feature set for a mobile app designed to assist insurance agents might include a comprehensive policyholder profile that contains all the essential information about the insured person or object.
- Additionally, the app could offer an easy-to-use interface for customers to browse available policies and make informed decisions about their insurance needs.
- To help users fully understand their coverage, the app could also provide detailed policy information, outlining all possible usage scenarios and associated terms and conditions. This would give customers a better understanding of their options and the limits of their coverage.
- The app could also include on-demand insurance activation and deactivation, allowing users to quickly upgrade, switch, or discontinue their coverage as needed.
- Finally, geolocation capabilities could enable the app to tailor policy offerings and other features to specific geographic regions, providing customers with the most relevant and up-to-date information about their insurance options.
We can literally go on and on to describe the possibilities of features that you can incorporate. However, let us decide together on features when we discuss your project possibilities.
In summary, it’s essential to understand your target audience’s unique needs and preferences when designing an insurance app. By incorporating features that cater to your audience’s specific needs, you can improve customer satisfaction, and loyalty, and ultimately grow your business.
Moving forward to the next segment, which is technologies you can use for developing an insurance application.
Technology selection for insurance applications is again a very subjective topic. It depends on the specific needs and requirements of the application. Let us list out some of the common technologies that you can use for insurance app development.
As they say, Insurtech companies have a pool of data to process and assess. This means there is a high possibility of putting these data stacks at risk and security is always a concern.
By using Artificial Intelligence to process data and speed up the verification process, you can actually create more secure processing. AI can also assist you in detecting fraud which helps you mitigate the risks.
Internet of Things:
The Internet of Things (IoT) has revolutionized the insurance industry, providing an opportunity to develop innovative insurance apps that use real-time data to improve customer experience, reduce risk, and prevent losses. With the help of IoT, insurance companies can collect data from various devices and sensors to assess risk more accurately and provide personalized insurance products.
IoT-enabled insurance apps can provide real-time monitoring of insured assets such as homes, cars, and health. For example, a car insurance app can use data from the vehicle’s onboard sensors to track driving behavior, monitor the car’s health, and provide maintenance reminders. This data can help insurers personalize policies based on the customer’s driving habits, reducing the risk of accidents and claims.
IoT data can also help insurers prevent losses by detecting and responding to potential risks before they turn into claims. For instance, a home insurance app can use sensors to detect water leaks, fires, and other hazards. The app can alert the homeowner and the insurer in case of potential danger, allowing for immediate action to prevent damage and mitigate risk.
In addition, IoT can help insurers improve customer experience by providing a seamless and personalized insurance experience. With real-time data, insurers can offer tailored products, pricing, and support to their customers. For example, a health insurance app can use data from wearable devices to track the customer’s health and provide personalized advice and incentives to stay healthy.
Insurance apps are a massive collection of data. Which means it is at the highest risk of trickery. Hence, it is of paramount importance to secure insurance app data as much as possible. You can use cybersecurity technologies like personally identifiable information, social security number, medical records, licenses, etc., to protect data against any theft.
You also have access to the following tools to ensure the security of the insurance app.
- Cloud encryption;
- Defensive artificial intelligence;
- Regulations and Legalities;
- Behavioral Analytics;
- Multi-factor authentication;
- Context-aware security;
- Manufacturer Usage Description.
There is a lot more stored inside the concept of building an insurance application. You can connect with our technical support team and grab more insights on the topic.
Moving on to the next topic,
Technology Stack for Insurance App Development:
In addition to the aforementioned cutting-edge technologies utilized in app development for insurance agencies, there exists a technology stack primarily related to the backend aspect of the development process that we would like to discuss.
Our team of skilled developers recommends employing the following tools for servers, hosting, storage, database management, payment gateways, and other related functionalities. Please refer to the table below for a detailed list of our preferred technology stack:
|Server||Apache, Nginx, Microsoft IIS|
|Hosting||Amazon Web Services, Google Cloud Platform, Microsoft Azure|
|Storage||Amazon S3, Google Cloud Storage, Microsoft Azure Storage|
|Database||MySQL, PostgreSQL, MongoDB, Cassandra|
|Payment Gateway||Stripe, PayPal, Braintree|
|Other||Git, Jenkins, Docker, Kubernetes|
|Android||Java or Kotlin, Android Studio, Android UI|
|iOS||Objective C and Swift, XCode, UIKit|
By leveraging these robust tools, our developers can ensure that the backend of your insurance agency app is equipped with the best possible resources for optimum performance, scalability, and security.
Digging deep into the topic further,
What is the insurance app development process?
The development process plays a pivotal role in confirming the success or failure of the application. It is the secret recipe of the mobile app development company that helps in ensuring the success of the insurance application. Here is our six-step mobile app development process, that we follow no matter the niche.
Strategy & Planning:
In this step, you’ll conduct market research to understand the needs and expectations of your target market. You’ll also analyze their pain points and conduct a competitor analysis to define your unique value proposition. Finally, you’ll create a wireframe of the final product and list out the basic and advanced features you’ll need to include.
Business Model Determination:
This step involves defining your monetization model, whether it’s through paid subscriptions, sponsorship, or other means. You’ll also determine how the app will resolve the issue addressed above in step one and also generate revenue.
In this step, you’ll plan the user experience and determine the app’s architecture. You’ll prepare a prototype and design the user interface to ensure that the app is intuitive and easy to use.
This step involves creating a minimum viable product (MVP) and finalizing the key features, tools, and capabilities. You’ll test the system and collect feedback to refine the app’s functionality.
In this step, you’ll test the app for usability, compatibility, stability, safety, and bugs. You’ll find and fix any existing and potential failures to ensure that the app works flawlessly.
App Release & Post-launch Support:
Finally, you’ll release the app and ensure that it works flawlessly across platforms and devices. You’ll also add new features and functionality to improve the user experience and provide ongoing support to ensure that the app remains up-to-date and secure.
Now that we have mentioned the business model for insurance applications, let us elaborate a little more about the same.
Business Model for Insurance application:
A business model for an insurance application is a plan that outlines how the application will generate revenue and create value for its users. Here are some key elements that are typically included in a business model for an insurance application:
- Revenue streams:
One needs to identify the ways they want to generate revenue through the application. Do you want to charge your customers for allowing them to access premium features or do you want to take a commission on various policies sold through the application?
- Marketing and advertising:
One way of making money is by allowing third parties to showcase their product or services on your application and charging them in return. This way you can cover a broader range of audience and attract them through your services.
- Key partnerships:
Another way of bringing in money is by partnering with other businesses to enhance offerings and have access to newer markets.
Overall, a successful business model for an insurance application will depend on delivering value to users, building strong partnerships, and generating revenue through multiple streams.
The next relevant question here is, the cost of insurance app development:
What is the cost of developing an insurance mobile application?
Again, this is a very subjective question. The cost of developing an insurance app can vary significantly depending on various factors, such as the app’s complexity, project aim, features, design, platform, project size, and the development team’s hourly rates.
Generally, the cost of developing an insurance app can range from $30,000 to $500,000 or even more. A basic insurance app with limited features may cost around $30,000 to $100,000, while a complex app with advanced features and customization can cost up to $500,000 or more.
Other factors that can impact the cost of development include the development platform, the cost of app store deployment, and ongoing maintenance and support costs.
It is important to work with a reputable and experienced development team to ensure that the app is developed within the estimated budget, on time, and with high-quality standards. A reliable team can help you determine the most cost-effective options and provide accurate cost estimates based on your specific requirements.
In summary, the cost of developing an insurance app can vary greatly depending on several factors. It is essential to do thorough research, set a realistic budget, and work with a reputable development team to ensure the successful and timely completion of your project.
Potential Types of Insurance Applications to Enter the InsurTech market
- State Farm: The State Farm app enables customers to manage their policies, make payments, and file claims. The app also offers tools to help users manage their finances and plan for the future, including retirement and education savings.
- Allstate: The Allstate app provides policyholders with features such as mobile bill pay, policy management, and claim filing. The app also offers access to roadside assistance, personalized insurance recommendations, and even a tool to help estimate the value of a damaged vehicle.
- MyCigna: With the MyCigna app, users can easily access information about their healthcare plans, track their health and wellness goals, and manage their health-related expenses. The app allows users to view their benefits and coverage details, find in-network providers, and search for nearby pharmacies. Users can also view their claims history and check the status of their claims.
- MyAmFam: This one is another great application on the list that helps users to check their policy status in real-time. Users can raise the request to change the policy information, or amend the period for the policy using the application. It also helps in scheduling payments or extending incident support.
- Progressive: Progressive application provides a wide range of features from policy management and bill payments to claims to files. One can also auto-generate quote insurance using the app. It enables users to track their driving habits using Snapshot programs exclusively at lower rates.
Developing an insurance application is no joke. You need a smart and experienced mobile app development company that can help you integrate all the nitty gritty requirements.
With the help of the right development team, you can create a successful insurance application in any niche. Kody Technolab takes care of all the aspects be they technical or non-technical and helps you craft a reliable app solution. For any queries regarding the topic, feel free to connect with our executive. Thanks for reading.