With so much happening around the globe every day, we all want an assurance of a little security. This need for security has increased the mushrooming of general insurance apps. Insurance and finance companies are investing in insurance app development.
Fintech app development companies are also working to bring more innovation to the insurance mobile app development process. With umpteen insurance mobile applications in the market, deciding which one to choose is tough.
Digital insurance has been in the market for a while now, and they have survived the market so easily because security will always be a cause of concern for most of us.
- How Does the Insurance App Work?
- What Are the Top-selling Categories of Insurance Apps?
- Why Insurance Companies Need to Develop an Insurance App?
- What Types of Apps are built for Insurance Agencies?
- Insurance Mobile App Business Models
- How to Monetize the Insurance App to Make Money?
- Feature Set of Your Insurance Mobile Application
- Top Insurance Mobile App Available in the Market?
- Lemonade Insurance
- Challenges of Insurance Mobile App Development
- Technology Stack To Develop Insurance Mobile App
- Insurance Mobile App Development Cost
- How Octal Can Help in Insurance Mobile App Development
- Wrapping It All!
The general insurance mobile application transformation here bridges the gap between insurers and policyholders by providing fast and seamless solutions. The policyholders can review and check their insurance information on the go with insurance mobile apps. With every business needing to go digital more than ever, even well-established insurance agencies need to explore the need for insurance mobile app development.
As a result, it’s time to cooperate with an experienced insurance app development company to digitize your insurance operations and processes.
Better Safe Than Sorry!
With a general insurance app that is laden with features, things become easier and more sorted. If you want to lead the market, hire mobile app development experts who are well acquainted with the industry and can deliver solutions that your audience would like.
How Does the Insurance App Work?
Insurance apps typically function as digital platforms, allowing users to conveniently manage their insurance policies through their smartphones or other devices. Users can download the app, create an account, and input their insurance policy details. The insurance mobile application provides a user-friendly interface for policyholders to view policy information, make premium payments, file claims, and track the status of their claims. Some insurance apps also offer features like policy renewal reminders, digital insurance cards, and tools to calculate insurance premiums based on specific factors.
Many insurance apps incorporate customer support chat or virtual assistance to help users navigate the app and address inquiries. Insurance apps streamline the insurance experience, making it more accessible and efficient for policyholders.
What Are the Top-selling Categories of Insurance Apps?
Before diving deep into insurance application development, Let’s look at top-selling insurance categories on insurance mobile applications.
Why Insurance Companies Need to Develop an Insurance App?
Developing an insurance mobile application for any insurance firm has multiple benefits. Let’s go through why insurance needs to develop an insurance mobile application.
Policyholders may access their policy information, pay their premiums, and file claims from their cell phones by using an insurance app. Higher levels of consumer satisfaction and loyalty may result from this ease.
Real-Time Information Access
In real-time, Policyholders can obtain pertinent data, including coverage and policy details, using an insurance app. Customers benefit from this transparency as it builds confidence and keeps them updated on their insurance status.
Claims Processing Efficiency
Insurance applications can potentially expedite and enhance claims handling efficiency. Through the app, users can file claims, upload required papers, and monitor their claims’ progress, eliminating paperwork and streamlining the whole claims procedure.
Possibilities for Marketing
The mobile app may serve as a venue for focused advertising campaigns. Insurance firms may customize marketing campaigns depending on user behavior, cross-sell or upsell other products, and provide personalized recommendations using data from the app.
Get Competitive Edge
An insurance firm may differentiate itself from its rivals in the digital era by having a well-designed and functional insurance app. It exhibits a dedication to both customer-focused service and technology innovation.
Real-Time Data Analytics
Insurance applications produce useful data that may be examined to learn more about users’ habits, preferences, and trends. Strategic decision-making may be aided by this data, which can also be used to improve marketing and customer service tactics.
What Types of Apps are built for Insurance Agencies?
Though there could be multiple internal mobile applications in an insurance company, given below are the few most common applications deployed in an insurance company.
Apps for Policyholders
These applications are made for policyholders or consumers. They provide consumers access to digital insurance cards and the ability to examine policy data, pay premiums, and file claims. The objective is to offer a practical and intuitive interface for managing policies.
Apps for Processing Claims
Apps for processing claims automate the processes for submitting and processing claims. Users can file claims, add supporting documentation, and monitor the real-time progress of their claims. This facilitates a quicker resolution of claims.
Insurance Agent Apps
Insurance agent productivity apps are designed to increase efficiency. These applications are for monitoring sales leads, organizing customer data, and getting access to policy specifics. Several applications incorporate functionality related to customer relationship management or CRM to enhance client interactions.
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Quotation Comparison Apps
These insurance applications let consumers and agents get insurance quotes and compare quotations from various providers. These applications could utilize machine learning algorithms to provide customized quotations based on past performance and user input.
Insurance Mobile App Business Models
There are two types of business models to consider during insurance application development.
Aggregator Insurance App
Aggregator insurance apps typically aggregate insurance policies from various insurance providers. Users can compare different policies and choose the best fit their needs.
Aggregator apps often earn revenue through commissions or referral fees for policies sold through their platform.
The dedicated app promotes the insurance company’s brand and policies. The brand-centric insurance mobile app is a direct channel for selling the company’s insurance products to customers.
How to Monetize the Insurance App to Make Money?
Before we proceed with insurance mobile app development, App monetization is one important aspect that needs to be discussed.
Commission from Policy Sales
If your app is an aggregator, you can earn commissions or referral fees from insurance providers for policies sold through your platform. This is a common model for comparison and aggregator apps.
Direct Policy Sales
For dedicated insurance apps, you can generate revenue by selling insurance policies directly to users. Direct Policy Sales involves charging premiums for policies offered by your company.
Consider offering additional features or premium services within the app for a fee. In-app purchases could include services like expedited claims processing, personalized policy recommendations, or access to exclusive insurance offerings.
Implement a subscription model where users pay a regular fee to access premium features or receive enhanced services. Subscription Models can be particularly effective if your insurance app provides ongoing value, such as continuous risk monitoring or personalized insurance advice.
Monetize your insurance mobile app by providing leads to insurance agents or brokers. Insurance professionals may pay for access to leads generated through your app, especially if these leads are prequalified and more likely to convert.
Renting out space to other businesses to showcase their goods and services on the insurance mobile application is profitable. Ads could be tailored to an individual based on their choices, behavior, or profile.
Feature Set of Your Insurance Mobile Application
Here we will be talking about the feature set that is available for the end users. These features are designed by the insurance mobile app development team to engage the customers and make sure that they can find the solution to their issues easily.
This is the major section of the app where the user will land. He can register with the aid of social networking or email account credentials.
View Insurance Profile
The users can view the profile of the insurance agents and the relevant services and solutions provided by them.
Add Agents and Policies to Favorites
Users can maintain their favorites list and add the appropriate agents and policies as per their requirements.
Select Relevant Services
Under this section, users can check different insurance policies related to health, vehicles, saving plans, and much more.
Send and Confirm Request
Users can send requests to the desired agent to avail of policy services. They can also confirm the appointments with the agent as per their requirements.
Schedule for Later
The users can schedule the appointment with the agents for the upcoming dates in advance. This would make it easier for them to manage their functioning and operationality.
Rating and Review
Users can assign the rating and reviews as per the services delivered. They can even post reviews about their appointment session according to the agent’s qualifications.
The users can make payments via integrated payment models such as PayPal, Net Banking, Credit/Debit Cards, etc. We make it a point that the solutions delivered to you are interesting and high-earning.
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Next in the line is the agent who would be offering the services. Significantly, the agent panel is well sorted and designed so that things are better to affirm that the solutions are rewarding.
This is similar to the user section. The agent can sign in via social networking or email account credentials. With an easy registration process, things become quite easy for the service providers to explore.
The agents can upload the details of the policies and the experience certificates. They can also upload documents related to their expertise to attract users.
Select an Area of Services
The agents can select the areas they want to serve. This way, it becomes easy for the users to select their agent as they require.
Manage Booking Calendar
The agents can manage their booking calendars as well. They can update the date on which they are occupied along with the time or the scheduled appointments.
As per the number of the requests already aligned up and the insurance policies and the services users seek to avail, the agent can accept or reject the user request. Thus, managing the list and the requests becomes easier for the agents.
The agents can also view their earnings, as per the number of appointments. This way they can check the payments made by the users weekly or monthly. Our insurance agent app development team delivers solutions that make things easier for the agents to record their data and calculate their income.
View Rating and Reviews
The users can view the ratings and reviews assigned by the users and can take necessary steps for improvisations. Also, they can check for any discrepancies that may hamper their work process.
Agents can receive payments from the user through the online payment models or via COD. We integrate ewallet app development methods that make it easier for the solution providers to continue with the work.
The agent can set the price for the appointments, policies registration, and submission of amount handling forms, etc as per the market standards.
Our mobile app development for insurance agents is designed in a way that helps you make a strong presence in the market. We have been delivering interesting and engaging solutions and ensure that the solutions dropped to the clients are high ROI generating.
This panel is designed for you. You can check what the aspects need to be considered and how difficult things would be. We make it a point that the solutions that are dropped to you are technologically advanced and can help you earn the best output.
All the assigned, completed, and the admin can view pending requests. Accordingly, the admin can also check the associated user and the related policies.
Manage Agents and Users
All the agents and users attuned to the app are managed and verified by the admin. You can stop the services for the people you think aren’t good for your profile.
All the reports related to the incoming users’ requests, the peak hours when the maximum requests are fetched, the request category, monthly earnings, etc can be viewed by the admin in the form of real-time reports and pie charts.
Accept/Reject Agent Registration Request
The admin can accept or reject user requests depending on the agent profile, past working experience, and records.
Manage Ratings and Reviews
All the ratings and reviews that the users assign can be managed and monitored by the admin. The solutions that are dropped to you must be interesting and engaging.
Under this section, all the price standards for the different insurance policies can be managed and monitored by the admin. This makes it easier for the agents and the users to manage their needs.
The admin can verify all the transactions within the On-demand insurance agent mobile apps. We understand the confidentiality and security concerns and affirm that transparency doesn’t compromise confidentiality.
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These are some of the most dominant features that you need to include in your Acko, like a digital insurance app to make sure you can lead the market confidently.
Well, there are a few challenges that we, as a mobile app development firm, face when working on your solutions.
Along with these features there are a few more advanced features that make it easier for the solution providers.
Select Reliable Policies with One Tap
With the help of the stated feature, users can select reliable insurance policies and the appropriate agents by simply applying filters in the app. This helps make the user search more re-defined and also helps to showcase the exact policies according to the service category specified by them.
Customer Relationship Management
CRM integration allows the agents and the admin to connect with the users in a very convenient way. This way, both the agents and the admin can grab an idea about services and the policies the user seeks to avail thus helping the users to make more appropriate decisions.
The integrated payment model allows the users to make payments via different online models such as NetBanking, Credit/Debit Card, etc. Adding the payment gateway is a very important feature of an On-demand insurance agent finder app and helps make the payments hassle-free and secure.
The users can make a comparison between the different policies that are attuned to the same category. For instance, users can view ample policies for health thus they can compare all the benefits, associated time period, and registration process in an easy way.
Global Positioning Services
The role of GPS (Global Positioning System) is quite countable when we are talking about developing an On-demand insurance agent mobile app. With the help of GPS, the users and agents can locate each other and choose the most optimized route to take. MapKit and Google Maps can be used for iOS and Android-based apps respectively, for navigation purposes.
Implementation of cloud technology comes as a great deal in managing all the data in a much more secure manner. All the related data corresponding to the users, orders, detailers, payments, and, policies are stored on the cloud to make the business workflow very seamless.
Heat Map View
The heat map basically shows the busiest time in one location. It also helps users see the real-time locations of the insurance agents, allowing them to make better decisions with their on-demand insurance agent mobile app.
This feature allows the agent to take the online signature of the users upon the policy registration. It greatly helps in making the overall app operations very secure and flawless plus also assures user document safety.
Online Policy Selection
The users can select online policies from the On-demand insurance agent mobile app. Users can pick the best policies and can find all the associated terms and conditions before processing for registration.
Notification and Alerts
While developing an extraordinary app, you certainly cannot miss push notifications. Well, push technology greatly helps in keeping the users engaged. All the messages related to the payment, request, discount, and app updates are sent to the users. These are some of the most important features that need to be worked on. We have been working on these solutions for years and make sure that the solutions dropped to you cover the loopholes your competition may have.
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Top Insurance Mobile App Available in the Market?
Lemonade is a disruptive insurtech app renowned for its user-friendly interface and innovative approach to insurance. Specializing in homeowners’ and renters’ insurance, Lemonade utilizes artificial intelligence and chatbots to streamline the policy application and claims processes. Users can easily manage policies, file claims quickly, and experience a digital-first insurance experience.
Geico Mobile Insurance
Geico Mobile, offered by the prominent U.S. insurer Geico, is a comprehensive insurance app that empowers users with policy management tools and on-the-go access to critical information. The Geico insurance app allows users to view and manage their policies, obtain digital insurance cards, and even file and track claims seamlessly. Geico Mobile also features a range of additional functionalities, such as providing a virtual assistant for policy-related queries and facilitating the process of obtaining insurance quotes.
State Farm Insurance
State Farms mobile app is a robust tool for policyholders, offering a range of features to manage insurance needs efficiently. Users can access policy details, submit claims, and connect with local agents for personalized assistance. State Farm app also incorporates features like Drive Safe & Save, allowing users to earn discounts based on their driving habits. State Farm emphasizes a user-friendly experience, making it easy for customers to navigate through policy-related tasks and stay informed about their coverage.
Allstate Mobile is a comprehensive insurance app that caters to the diverse needs of policyholders. Users can manage their policies, access digital insurance cards, and initiate claims directly through the app. Noteworthy features include Drivewise, a tool that monitors driving behavior for potential discounts, and quick access to roadside assistance services. Allstate Mobile aims to provide a seamless and efficient experience for customers interacting with their insurance policies and taking advantage of additional benefits.
Admiral’s Insurance app is a user-centric platform offering policyholders a convenient way to manage their insurance needs. With features for policy management, claims submission, and access to driving behavior monitoring for potential discounts, Admiral focuses on providing a holistic and user-friendly experience. The app caters to users in the UK and emphasizes a digital approach to insurance, empowering customers with the tools they need to navigate and interact with their policies easily.
Challenges of Insurance Mobile App Development
When it comes to discussing insurance application development in any way, a few things need to be taken care of. You have to go the extra mile and be more alert when working on applications that deal with sensitive topics like these. We have been working on solutions that are easy to use, safe, and secure. The major challenges that developers and businesses may face are:
Financial Fraud Prevention
Protecting against financial fraud, including identity theft and unauthorized access, is a critical challenge. The insurance app must implement robust authentication mechanisms, encryption, and monitoring systems to detect and prevent fraudulent activities.
Adhering to various regulations and anti-fraud compliance standards in the insurance industry can be complex and requires thorough understanding and implementation.
Data Security and Privacy
Handling sensitive customer information demands robust security measures to protect against data breaches and ensure user privacy.
Integration with Legacy Systems
Many insurance companies have existing legacy systems. Integrating a new mobile app with these systems can pose challenges, requiring careful planning and execution.
Insurance Product Complexity
Different insurance products come with varying levels of complexity. Designing an app that caters to multiple insurance types while keeping the user experience seamless can be demanding.
User Experience and Education
Designing an insurance mobile app with an intuitive and user-friendly interface is critical. Additionally, educating users about the app’s features and how to navigate insurance processes digitally is essential.
Complex Business Logic
Insurance processes involve intricate business logic, including policy underwriting, claims processing, and premium calculations. Translating these into a user-friendly mobile app can be challenging.
As a team, we would have to deal with these challenges when working on insurance mobile application development.
Technology Stack To Develop Insurance Mobile App
Based on the users’ proximity sensors the mobile app can track the current location of the user on a real-time basis. For Android, Google Maps has all the needed functionalities, and for iOS – Apple maps is the best solution to go with.
Amazon data servers or Google cloud storage can be used for safely storing the data and information in a secured form. SMS, Voice, and Phone Verification – For authenticity and for keeping spambots at bay. The app developer can use Facebook SDK or Google sign-in for that.
The solutions that are deployed must have a technical edge. Our experts deliver solutions designed to bring an interesting and engaging experience on the screen.
Insurance Mobile App Development Cost
It isn’t easy to calculate the exact cost of developing an app. However, the cost of developing an On-demand insurance agent finder app depends upon 3 factors the complexity & size of the app, the number of platforms you want your app to run on, and the country you select as your mobile application development center. This is because different countries have different hourly charges, for instance: U.S. based developers: $50 to $250 per hour Eastern Europe-based developers: $30 to $150 per hour India based developers: $10 to $80 per hour. Let’s break down the costs for different activities:
- Technical documentation (40 hours: $1000 to $2000)
- UI/UX design (60 Hours: $1500 to $3000)
- Front-end and Back-end development (400 Hours: $10,000 to $ 20,000)
- MVP testing (80 Hours: $2000 to $4000)
- Polishing and bug fixing (40 hours: $1000 to $2000)
So, if we add all the above overhead expenses, a reasonable On-demand Insurance Agent Finder app will cost around $10,000 to $15,000 for a single platform (either iOS or Android). However, spending around $18, 000 – $22,000 guarantees your app to stand ahead in the competition.
How Octal Can Help in Insurance Mobile App Development
As you want to enter the market with a highly rewarding and secure insurance mobile application, you must hire mobile app developers who can cater to your insurance business needs. Choosing the right Insurance mobile app development company is a challenge.
At Octal IT Solution, we have worked on various methods researched different aspects, and derived the most easily used and engaging solutions. Our insurance app development company brings on the screen an experience as per business domain and needs. Our experts deliver designed and developed solutions and Community website development services, with great user experience and self-intuitive user interface providing you full ownership rights to a custom solution.
So, if you are looking forward to taking your business to the digital domain, we are here!
- Round-the-clock Availability
- Reliable Testing Team
- Technically Advanced
- Scalable Solutions
- Dedicated Team
Wrapping It All!
Over the years, digital insurance has made a comfortable place for itself in the market. Our mobile app development team builds custom solutions that reflect your brand identity in the digital space. Our experts have been delivering similar solutions and are well-acquainted with your target customer base.
We are just a click away if you look forward to building an insurance mobile app solution with the best results!