The Future of Insurance: How mobile apps are revolutionizing the industry
As the use of mobile devices continues to increase, insurance companies must consider how they can adapt their channel strategies to meet the needs and preferences of potential customers.
One way to do this is through the development of a mobile app.
An insurance mobile app can provide numerous benefits for both the company and its customers. For the business, a mobile app can streamline and automate various processes, such as claims handling and payment. For customers, an insurance app offers convenience and ease of use, particularly when it comes to accessing and managing their policies. A significant portion of insurance research is already being conducted on mobile devices.
In this article, we will explore the reasons why insurance companies should consider developing a mobile app and the key features, costs, and tips for successful app development. By offering a user-friendly and convenient mobile app, insurance companies can improve customer satisfaction and loyalty, ultimately leading to increased business success.
Here are four key benefits:
Improved communication: An app allows insurance companies to communicate with customers in a fast and efficient way, providing a direct and responsive platform for communication. In addition, chatbot integration services can enable 24/7 communication with customers through the app.
Simplified processes: Insurance app development has become much easier in recent years, with many processes becoming automated. For example, customers can use the app to quickly report an accident and request coverage, or ask questions and get support through a live chat feature.
Convenient data storage: As more people turn to insurance mobile apps, insurance companies have the opportunity to collect and process valuable data through customer profiles, which can be used to offer tailored insurance services.
Increased customer engagement: In addition to saving time and providing convenience, a mobile insurance app can also be a valuable marketing tool, as it can be advertised to potential customers through other apps and platforms.
There are several types of insurance mobile apps available, depending on the type of insurance that a company offers.
Here are three common types of apps:
Car insurance: Mobile apps for car insurance allow customers to easily manage their policies and report accidents or other issues.
Life insurance: Life insurance apps can help customers manage their policies and keep track of important documents and information.
Health insurance: Health insurance apps can provide tools and resources for managing healthcare needs, such as finding a doctor or tracking medical expenses.
Regardless of the type of insurance app, they typically include similar core features that help customers manage their policies and access important information. In this article, we will explore these features and discuss how they can be customized to meet the specific needs of an insurance company and its customers.
Developing the right features is crucial for creating a successful insurance mobile app.
Some key features that can attract and retain customers:
Quick registration: A user-friendly registration process that allows users to easily enter and update information about themselves or the insured object is important for attracting new users.
Live policy: A feature that allows users to easily view and update their policies online can help improve understanding and engagement.
Push notifications: Keeping customers informed and updated with push notifications is a good way to retain their loyalty.
Seamless payment system: Integrating a payment gateway into the app can make it easy for customers to pay for their policies and reduce the need for them to switch to a separate financial app.
AI chatbot: Chatbots powered by artificial intelligence can improve communication between customers and insurance agents, providing an efficient way for customers to ask questions and get assistance.
File a claim: The app should make it easy for customers to file a claim in the event of an insured incident, with an intuitive process for entering the necessary information and uploading relevant documents or photos.
Insurance companies can also benefit from developing a mobile app or progressive web app specifically for their employees, such as insurance agents.
Such an app could include the following features:
Signup/login: A secure login process for employees to access the app.
Agent profiles: A profile for each employee, with information such as their name, contact details, and role within the company.
List of policies: A list of all the policies that an employee is responsible for managing, with details such as policy numbers, coverage amounts, and expiration dates.
Quotes: A tool for generating quotes for potential customers, based on their coverage needs and preferences.
Notifications: A notification system that alerts employees to important updates or events, such as policy renewals or customer inquiries.
History of all claims: A record of all claims that an employee has handled, including those that are currently being processed and those that have been resolved.
Client profiles: A list of all the clients that an employee is responsible for, along with detailed profiles that include information such as contact details, policy information, and claims history.
Information on claims: Detailed information about individual claims, including the type of incident, the coverage being claimed, and any relevant documents or communication.
Library of documents: A centralized repository for all relevant documents, such as policy agreements and claims forms.
eSignature capture: A feature that allows employees to securely capture electronic signatures from clients, streamlining the process of completing and submitting documents.
An admin panel is an important feature to consider when developing an insurance mobile app for employees. This panel allows management to monitor and manage their employees, as well as access exclusive data about both agents and customers.
A web-based admin panel can be particularly useful, as it allows for more advanced management capabilities and can be accessed from any device with an internet connection.
It is also important to prioritize security when developing an insurance app, as there is often sensitive data involved in the insurance process. Investing in the latest security certificates and data protection measures can help ensure that this data is kept safe and secure.
There are several factors that can impact the cost of developing an insurance app, including the complexity of the features you want to include, the platforms you want to support (such as iOS or Android), and the partners you choose to work with. To get an estimate of the total cost of app development, you can use the following formula:
Total App Development Cost = Estimated Time x Hourly Rate
At Konstruktor, we offer customized estimates for app development based on your specific needs and requirements. Before providing an estimate, we will first sign a non-disclosure agreement to protect your information and ideas. We also work closely with our clients to provide guidance and support throughout the development process.
Groupe Mutuel, the Swiss insurance provider stepped up its game:
Groupe Mutuel, Association d’assureurs is the leading health insurance provider in French-speaking Switzerland with 1.45 million clients insured by its six healthcare insurers and two private insurers. Groupe Mutuel is also one of the leading insurers in all of Switzerland.
In collaboration with Swiss Tomato, our software engineers have developed Groupe Mutuel's self-service mobile application. Using our application, Groupe Mutuel is offering to their insured members a new online service that will provide them with quick and secure access to information on their health insurance coverage.
To meet extreme security standards, we worked with Groupe Mutuel's engineers to implement a bank-grade security protocol.
By providing multiple needs and services, Konstruktor is here to ensure your technology project as a successful element of your omnichannel strategy.
We have expert Project Managers and Engineers who have delivered the best products to customers in several countries. As a leading mobile development company in Hungary, we have huge experiences in many fields including e-commerce, health care, manufacturing, and many more.