Over the years, technology has marked its presence in almost all industries. The insurance sector is no exception to the trend. It has adopted new technology so much that a new term emerged, “Insurtech.”
With fintech app development companies, the insurance sector is coming up with solutions to quickly and seamlessly fill the gap between policyholders and insurers. The need for insurance comparison App development has also surfaced with the emergence of various policy businesses. It allows users to make intelligent decisions after studying their insurance information from various service providers.
- 1. Help Users Make Smart Decisions
- 2. Bring Potential Service Providers Under One-Roof
- 3. Earn as You List Sponsored Policies
- 4. Build Customer Reputation
- 5. Collect User Data That Works Right
Insurance Industry in Numbers
The size of the worldwide insurtech market was estimated at USD 3.85 billion in 2021 and is anticipated to increase at a CAGR of 51.7% between 2022 and 2030.
The most frequent insurance claims handled globally are for auto, life, and homes. 36% of American survey participants intended to get life insurance in 2021, according to a 2021 study by the Insurance Barometer.
One of the critical elements enhancing the market expansion is the rising number of insurance claims around the globe. The entire client experience is improved due to insurance companies increased investments in digital technology, which also helps them cut costs and increase efficiency.
Why Build an Insurance Comparison Mobile App?
The digital transformation has made it compulsive for businesses and startups in the insurance industry to invest in mobile applications. In light of this, it is mindful of entering the market with a solution that helps users pick the right insurance service provider. The main advantage of entering the market with a reliable solution are
1. Help Users Make Smart Decisions
With an Insurance comparison Mobile app, you can help your users make suitable investments. Let them explore various alternatives available and select the one that fits their budget and needs.
2. Bring Potential Service Providers Under One-Roof
You can build a multivendor marketplace for policy service providers. This would help your users check the premiums, monthly charges, benefits, and other aspects of the policies under a single roof.
3. Earn as You List Sponsored Policies
With sponsored policies, you can make extra money. Let the competition between two service providers be a win-win game for you. As you list some policies sponsored, earn as the user chooses to register for these.
4. Build Customer Reputation
With a comprehensive solution to such a significant problem, you can gain popularity among your customers. This would help your customers make wise decisions and spread your popularity.
5. Collect User Data That Works Right
You can collect user data and help insurance providers reach the right audience. Make sure any spamming or unexpected messages from you can ruin years of effort.
These are some basic reasons why we profess the development of an insurance comparison website. With little market competition, we ensure that you reach your audience correctly.
Read Also: Cost to Build an Ewallet Mobile App
Things to Consider for Insurance Comparison App Development
When working on a new product, our startup development team affirms researching and studying the market. The major mistakes that most startup owners make are:
- Not Researching Legal Requirements
- Not Mindmapping the Concept of the Business
- Not Creating a Marketing Budget
We share here the issues and the problems that you as an organization may face when working on your insurance comparison application.
Understand Legal Compliance
The insurance sector abides by the rules and compliances of the fintech industry. In the UK, the service is under the Financial Conduct Authority, and in Canada, it is under the Office of Superintendent of Financial Institutions.
Regardless matter where you conduct business, adhere to this advice to stay inside the law:
- Before beginning development, get the advice of a legal eminence.
- Have a legal compliance team on staff for your financial and insurance services.
- Only collaborate with development firms that can ensure data security.
Consider Your Business Objective
When developing a product, clarity is essential. Make sure you concisely describe the kind of insurance comparison app you want, your target market, and the goal you hope to achieve for customers using your product.
The following should be done before developing:
- Gather your team for observational sessions.
- When developers work on your insurance comparison mobile app, discuss the features that should be included. Examples include biometric authentication, authorization, OTP; chatbots; preferred payment gateways; etc.
- Look at what your target market is thinking.
Set a Budget for Marketing
According to Forbes, one of the top 10 reasons companies fail is the lack of a marketing budget. Startups in the insurance sector frequently ignore marketing in favor of product development. You will be left with a fantastic product that no one will buy. As you work on your insurance comparison website, ensure your marketing budget accurately reflects your company’s objectives and that you have the financial resources to support the marketing plan required to reach your target audience.
Your marketing budget should be two to three times what you spend on development.
“Speak to your audience in their language about what’s in their heart.” — Jonathan Lister, VP Global Sales Solutions, LinkedIn
To meet the extensive demands of the insurance sector, you can surely invest in developing an insurance comparison web application that helps you stand out. Partner with the best finance app development company that can help you and guide you to stay ahead of your competition with cutting-edge technology.
How Do Insurance Comparison Mobile Apps and Web Portals Work?
- Collect User Details
Let users share their basic information like name, gender, age, income, occupation, etc. Based on the information shared, let your advanced application fetch recommendations with the best premiums for the user.
- Compare and Choose Plan
Your users can compare the prices of various policy providers and choose the best that fits their needs. With an in-built policy calculator, users can further calculate how much each policy would cost them and what the returns would be.
- Pay and Get Policy
You can enter the market with any of the two types of applications. You can either build an application that only compares the policies and further redirects the user to the platform they choose to buy a policy from. Or, you can let them buy policies from the particular service provider via your application, like an aggregator.
To assess risks, speed up claims processing, and automate the underwriting process, insurtech companies heavily rely on Artificial Intelligence-based solutions. With the latest technology, customized experience, quicker user authentication, and fraud detection are all made possible.
Internet of Things
Consumers are now more eager to divulge pertinent information about their driving, exercise, and health habits to receive customized insurance offers and lower rates. Insurance companies can gather information from the sensors in users’ smart homes, wearable technology, and automobiles.
In the case of automobile insurance, insurers offer two alternatives. One is based on the miles covered, and the other on the driving pattern. Users can choose the one to compare their needs and move ahead.
Risk aversion is something that the cyber insurance industry constantly aims for. When creating a mobile app, many tests are frequently started that may completely or partially alter current business procedures. However, a few changes are made securely while maintaining customers’ confidence.
Making an insurance app secure is one of the biggest insurance comparison app development challenges. Since your application will hold your customers’ most sensitive information, such as their social security number, driver’s license, credit cards, medical records, and test results, cybersecurity technology must be integrated into the app from the start.
Along with these dominant technologies, various other technologies ensure the insurance comparison website we deploy to you earns you a great reputation in the market.
Features of Your Insurance Comparison App
Existing insurance comparison companies and startups now look into the demand for increased mobile application growth due to the digital transformation drive. The moment has therefore arrived for you to partner with a qualified business development provider to digitize your insurance workflows and processes. Think about the essential elements of dependable insurance mobile applications.
Customers can access a simple-to-use app with the following features:
Users can view their data, including contact details, claims lodged, and more.
Record of Policies
It keeps track of insurance records, one-time costs, and digital copies of current and previous policy paperwork. It lets users search for new qualified plans, get quotations, and enroll in coverage that matches their needs and budget.
Check for Premium
This module allows insurance companies to collect premiums using various techniques, which also provides an automated payment gateway. They can set up automatic payments and warnings for upcoming premium installments here.
Admin Control Panel
The admin panel offers a 360-degree picture of your market and is included as a standard component of our insurance software development services. It also gives you the ability to add and change application features.
You can explore, add, and track profiles for agents, clients, and business and personal data here. Depending on their situation, customers can also access various features of the mobile insurance app.
The module allows it to upload, store, and manage electronic copies of documents such as identity cards, insurance policies, and claim settlements.
Controlling Policies and Claims
Admin users will collect and adjust the law knowledge for individuals, businesses, corporations, and associations. They will also manage insurance workflows, track renewals, and cancellations, handle policy laps procedures, and process and evaluate claims, among other things.
You may handle customer repeat billing, set up commissions for agents and brokers, and provide quick payment receipts. Additionally, we support implementing different payment methods that let customers pay via mobile wallets, credit/debit cards, or online banking.
General Conditions for Insurance Application Management
The profile section of every insurance application comprises information on the person or thing covered.
Information on the Policy
Let users access all the policies available that would help users build a strong presence in the market.
By including many rules with quotations, give customers the correct rates. It will make it straightforward for customers to consider all of their options.
Submitting a Claim
Claim submission in an emergency must be simple. Customers should easily be able to enter the relevant information on a smaller device with your app’s claim filing capability.
Easy & Practical Payment
Your client will save time and money by including a straightforward payment portal through the Insurance comparison app. With in-app transfers, your consumer won’t need to go to the bank in person.
You can communicate with your customers faster with push alerts. Your policy details, forthcoming fees, and special offers are all communicated to your policyholders.
Artificial Intelligence/Chatbots in Customer Support
Chabot, powered by artificial intelligence, speeds up insurance identity verification, personalizes user and client communications, expedites claim processing, and aids in preventing fraud and other consumer inquiries and support.
The ability to upload files and photographs is essential since customers must provide personal and professional information and images of their medical records, insured carport injuries, and other things. They can process their insurance application with the help of this.
These are some of the not to miss features that help users interact with the insurance comparison mobile app and get results as required.
Top Insurance Comparison Applications Available in the Market
You begin by entering your ZIP code, vehicle specifications, and driver information. The next decision is whether to include comprehensive and collision insurance. To match you with available discounts, Insurify asks for information such as your name, birthdate, and other details.
A few questions regarding your driving history and if you are currently insured are also asked on the form. The next step is to provide your email, phone number, and address to speed up the process and receive precise rates from leading insurance providers like Liberty Mutual and Nationwide.
Over 200 insurance providers, both local and well-known national names, are partners with Insurify across the country. Within minutes, it can match you with tailored discounts and insurance options. Both desktop and mobile browsers are compatible with the website.
The Zebra is another website for comparing car insurance rates. With real-time quotes, it wants to make insurance more understandable. The Zebra is also cost-free to use, just like Insurify.
The website collaborates with more than 30 major carriers and offers quotations in all 50 states, so you may acquire coverage wherever you live. Auto insurance was the company’s first business. But you can also use it to contrast condo, renters, and home insurance coverage.
Your zip code must be entered before requesting quotes from The Zebra. The next step will ask you to input further details, including whether you have auto insurance or own or rent your property.
Online insurance marketplace Policygenius is similar to Insurify and The Zebra. You may compare vehicle insurance plans from several providers with this. You can save a lot of money on house, disability, and renters insurance in addition to auto insurance with the assistance of the comparison website.
According to Policygenius, drivers may save an average of $435 per year on auto insurance. Customers who club their house and auto insurance through the website’s platform save an average of 35%.
You begin by providing your ZIP code when you buy on the Policygenius marketplace. You can combine your homeowners’ and auto insurance policies if you wish to receive further discounts.
Compare.com is a website for online comparison shopping, despite not being an insurance broker. The website claims to partner with more than 50 auto insurance providers to help you get the best deal. Nationwide, USAA, Travelers, and Elephant are just a few partners.
When drivers use Compare.com to compare prices, they often leave positive evaluations. This comparison tool differs significantly from others because it uses your data differently.
Your consent to receive marketing calls and/or SMS text messages, including the use of pre-recorded messages, is granted when you enter your phone number and click the “Continue” button, according to the company’s terms and conditions.
Simply said, Compare.com gives your phone number to its staff members, vendors, and business associates. All Web Leads, QuoteWizard, MediaAlpha, and Hometown, are among the companies on the list of the company’s partners.
Beyond auto insurance, SmartFinancial provides other services. Additionally, you can obtain commercial business, life, health, and Medicare insurance.
More than 200 insurance providers collaborate with the business. To get the best prices and any available discounts, SmartFinancial promises to search across all 200 providers.
To access your rates, you must enter a working address and phone number after selecting your vehicle type and responding to questions about your driving history.
It took only a few minutes to complete the online form. Regarding websites that compare insurance quotes online, it is one of the most user-friendly possibilities.
These are some of the best insurance comparison web applications available. When working on your mobile app, our experts explore and study these websites to find the loopholes and the most rewarding features that help us build an insurance comparison app that stands out from the crowd.
Tech Stacks to Create an Insurance Comparison Mobile App
- Database – Redis, MySql, and MongoDB
- Backend – Laravel, Express.JS, and Node.js
- Server – NGiNX
- Hosting – Vulty, and AWS
- Mobile Development – Kotlin for Android, Swift for iOS, React Native, and Flutter for cross-platform applications.
- Management – Confluent, Jira, and Slack
- UI/UX design – Balsamiq, Figma, and Principle
How Much Does It Cost to Develop an Insurance Comparison App?
If you have decided to enter the market with an Insurance Comparison portal, one thing you must consider is the investment. Since you need to integrate banking APIs with your insurance comparison mobile app, the investment would be slightly higher.
The final cost to develop an insurance comparison application depends on the following factors:
- The geographical location of the development team
- Features and third-party integrations
- Members of the team
So if you are looking forward to developing an insurance comparison App, connect with our team, and we can help you build a designed solution.
Wrapping It Up!
Insurtech is one of the fastest-growing industries, and with advanced technology, there are various alternatives in the market. If you want to enter the market with a solution that helps your audience make wise decisions and build your reputation in the competitive market, connect with the experts with your business idea.