On-Demand Insurance App Development: Highlights, Benefits and Key Features

Mobile apps offer relevant solutions for every industry, and the insurance business is no exception. With the rising digitalization, there is growth in the insurance sector.

Moreover, the pandemic made people more aware and helped them realize the importance of insurance applications. There must always be a backup plan, and ever since the pandemic, there’s been a boom in insurance applications.

The apps offer services to people in terms of investment the right way. If you are in the business, it is high time to digitize your insurance workflow. Collaborate with an efficient mobile app development company.

Want to learn more about insurance app development? The blog helps you discover the types, needs, benefits must-have features, development costs, and more.

Insurance Apps: Becoming the necessity

Mobile app insurance applications have gained popularity because of the pandemic and the ease it offers for users. From registering to payments, the entire process is simple. The apps have eliminated the middleman and allow customers to reach out to agents and brokers on their mobile phones.

The mobile apps display several categories where the user can select their preferred policy. They can make the payment via the app itself. As the apps have now become necessity business leaders acknowledge the need for these solutions in their operations. These statistics represent the share of health insurance application users in the US.

Benefits of Insurance Mobile Applications

Both businesses and people are leveraging the benefits of insurance applications. Here is a list of the perks of these applications.

Benefits for users

1. Offers Ease

The apps are simple to use, and the user does not need to be well-versed with the insurance acts and technology. Mobile apps offer them convenience.

2. Access to Information

The application helps the user with all their queries. Whatever information the user wants, they can find it on the app instantly.

3. Online Consultation

There is no need for people to make physical appearances. The app allows them to consult about anything they want.

4. Notifications

Notifications keep the user updated with all the information, latest updates, offers, and more.

Benefits for Companies

1. Automation

The app offers automation and simplifies processes. There is no need for paperwork, and there is reduced stress.

2. Convey all Details

With the mobile application, the company can convey all the details to the customers.

3. Customer Base Growth

To attract and retain users, a mobile app is crucial. It gives you a competitive edge.

Business Models of On-Demand Insurance Mobile App

1. Dedicated Business Model

A dedicated business model is for a specific company. The app offers different types of insurance plans and all other details. The users can choose the desired policy as per the requirement.

2. Aggregator Business Model

The aggregator model lists several insurance companies under a single mobile application. The user can compare the deals, and offers and select the qualified plan as per the requirement. The app owner (aggregator) charges a commission to the users and companies for listing the app on the platform.

Types of Mobile Insurance Applications

If you want to develop an ideal insurance mobile application, here we have listed all the categories you can choose from:

1. Health Insurance

Health insurance application downloads exponentially increased after the pandemic. It helped people realize that there must be a backup! It allows users to claim the money for the treatment they avail. Whenever the user visits a hospital for their treatment, they can claim the money spent from the health insurance company.

2. Car Insurance

It is another crucial insurance. In case, your bike or car has an accident, the user can claim the amount needed for the repair. They get the repair estimate, and it covers everything.

3. Travel Insurance

Travel Insurance is also vital, and whenever the user is traveling or has an emergency, accident, or baggage loss, the insurance protects and covers all of it.

4. Mobile Insurance

People nowadays are spending a lot on their mobile phones and want insurance for the same. In case the mobile is damaged or lost, the mobile insurance policy has got your back.

5. Life Insurance

The user avails the life insurance policy to offer financial benefits to the dependent after their death. The beneficiary can claim the amount and still be able to lead a secure life.

Top-Notch Names in the Market

1. Religare Health

2. myCigna

3. Oscar Health

4. Reliance Self-i

5. HDFC Life Insurance App

Monetization Opportunities offered by the App

The insurance application makes money in several ways. Here is a list of monetization strategies that you need for every on-demand insurance app.

1. Advertising Model

The app owner can showcase different ads on their platform and earn commission on every ad click.

2. Subscription Model

It is another strategy where the user has to pay the subscription fee to avail of the extra features the app offers. The users can subscribe on a monthly, quarterly, or annual basis.

3. Commission-Based Model

It is suitable for aggregator applications. Here the users can compare the schemes and find out a suitable plan. The user and the companies pay a commission to the aggregator.

Features Required for An Insurance App

The application features must be unique and generally depends on the type of insurance business you operate. Here is a list of all the features you must integrate to develop a robust app:

1. Signup/Sign-In

The app should offer easy sign-in. The user fills in the details that include mobile number, email, and others. The users can also sign in via their social media accounts that are quick and easier.

2. Different Insurance Categories

The feature allows users to filter and choose the best categories with a tap on their mobile phones. Users can select from multiple categories and select what suits them the best.

3. Compare Policies and details

There are many policies available in the market. So the user must have details of all the policies so that they can compare them to avail of the best deals. The feature helps the user to know all the benefits of different policies.

4. Quotes

A screen on the app with all the details and quotes will help the customers to access the best options easily.

5. File a claim

Filing a claim process must be intuitive and convenient for the users. It is one of the reasons users download insurance apps.

6. Live Chat Consultation

The live chat feature allows the user to chat with the consultant comfortably and resolve all queries. The feature makes consultation a lot easier.

7. Search and Filter

With this feature, it becomes easier for the users to investigate and know details about their interests.

8. Push Notifications

The feature sends all the alerts and updates to the users and keeps them updated. It is a must-have feature in all applications.

9. In-App Calculator

The feature helps the users to execute the required calculations related to the policies. It enhances the user experience of the customers.

10. Real-Time Analytics

You can track user activity in real time with this feature. Also, it boosts the app experience.

11. Loyalty Programs

The feature allows users to opt-in for discounts, coupons, and other offers available on the app.

Cost to Develop a Feature-Rich Insurance App

Well, there is no one-size-fits-all for any app development. The cost of app development depends on several factors, and it becomes essential to understand them all. Here are a few factors that influence app development costs.

1. Types and Complexity of Features

2. Aim of the project

3. Geographical Location/ Hourly Rates

4. Preferred Platform

5. Third-Party Integrations

However, to provide a rough idea, the app will cost around $20,000-$30,000. Whereas integrating the advanced functionalities boosts the app cost.

Challenges solved by an Insurance App Development

Insurance software applications help users to enhance and improve their association with insurance companies. Let us dive deep into the main issues that customer insurance apps can solve. They are:

  • The Omnichannel Gap
  • Insufficient Data Protection
  • Data Sharing and Access
  • Inaccurate Forecast
  • Slow Underwriting and Claims Processing

Let us explain all the above-discussed points in detail.

The Omnichannel Gap: Insurance companies hire agents or brokers to connect with target customers. Even though they are not allowed to offer a personalized experience and stimulate profitable growth. But in today’s technical world, app development allows insurance companies to reach out and engage with their customers.

Insufficient Data Protection: Insurance data is sensitive and needs high security. To protect data from hackers, it is necessary to partner with an experienced insurance app development company. It helps in reducing the risk of fraudulent activities and data leaks. Professionals follow the latest safety measures such as authentication & secure SSL connection protocols, biometric authentication & more, and ensure that the data stays safe.

Data Sharing and Access: During emergencies, sometimes the insurance portable goes down, compromising the reputation of the company. To avoid such issues, an insurance app development company can help you by proving you with an uninterrupted operationally reliable platform.

Inaccurate Forecast: Due to the vast data availability, it becomes challenging to organize and analyze it. To infer the meaning from the data, app development companies use powerful technologies such as the Internet of Things (IoT), Machine Learning (ML), and data analytics. These technologies help companies understand, visualize, and analyze data. It enables accurate forecasting and prediction for fast and effective decision-making.

Underwriting and Claims Processing: Insurance processes involves a great deal of manual work that leads to error-prone paperwork. It delays underwriting and claims processing. Insurance software automates many repetitive procedures, hence making the service accurate, efficient, and speedy.

Technical stack for Insurance Mobile App Development 

The technical stack used in Insurance Mobile App Development depends on the development approach. Also, it depends on the developer’s choice of libraries, programming languages, development toolkits, and more.

Native

Android: Java, Kotlin, Android Studio, Android UI

iOS: Swift, Objective C, Xcode, UIKit

Cross-Platform

  • React Native
  • Xamarin
  • Flutter (Dart)
  • Java Script
  • Ionic

Insurance Application Development Process

Here are the six steps that are involved in the Insurance Application Development Process:

Strategy and Planning:

  • Know the needs and expectations of the target market.
  • Understand the pain points
  • Do a complete competitor analysis
  • Develop a wireframe of the final product
  • List the basic and advanced features

Business Model Determination:

  • Define the monetization model i.e. paid, subscription-based, or sponsorship.
  • Understand how the model will address the pain points.

UI/UX Design:

  • Planning the UX
  • Determine the architecture
  • Preparing a prototype
  • Design the user interface

Development:

  • Develop an MVP
  • Finalize the key features, tools, and capabilities
  • Test the system and collect the feedback
  • Evaluate key performance indicators

Quality Assurance:

  • Test the app for usability, compatibility, stability, and safety.
  • Check if there is any bug or any other issue.
  • Find and fix all existing and potential features.

App release and Post-launch Support:

  • Ensuring the app works perfectly on all platforms and devices
  • Add new features for improved user experience.

Winding up!

The world is heading towards digitalization, and it is pretty much clear that people prefer managing their insurance via mobile phones. Nowadays, most financial transactions across the insurance industry vertical are governed by Insurance apps on mobile phones.

We hope the article has convinced you about the importance of apps and the massive industrial growth.

If you are planning to have your insurance application and give customers unlimited benefits on a single screen, you have landed on the right page! Hire a leading mobile app development company, ToXSL, and get support at every step.