Why do we need a Mobile App for Insurance Company

Quick Summary: Haven’t you developed a mobile app for your insurance company yet? In that case, you are neglecting a big chunk of the population. 

50% of the world’s population uses smartphones and prefers mobile apps for their needs. The benefits of a mobile app are irresistible to the insurance industry, just like they are to any other sector.

However, customers and insurance providers still need to discover an insurance app’s entire range of advantages. Insurance companies often avoid investing in developing a mobile insurance app.

Upsquare technologies is a leading provider of insurance app development services, enabling insurance companies to engage more customers and boost sales. This blog discusses why there is a need for mobile app development in the insurance sector. 

Why Do We Need Mobile Applications in the Insurance Sector?

Insurance mobile apps help speed up the entire process of getting an insurance policy. Earlier, the policy agents had to visit each user and explain the details of the policy. They had to spend hours convincing people to purchase an insurance policy. 

With a mobile insurance app, users can find all the insurance policy details online in the app. In addition, they can compare policies and offers from other insurance companies and claim a policy. Thus, it eliminates the intermediaries, enhancing customer satisfaction. The reduced involvement of intermediaries benefits both policyholders and insurance agencies.

A custom insurance app can be beneficial in many ways:

  • Mobile apps enable better communication and exchange of information.
  • Digitization automates tasks and thus makes the entire process faster. 
  • It reduces manual work and the involvement of mediators.
  • With an easy and quick process, it is easier for insurance agencies to attract more new customers. 

What are the Benefits of Mobile Applications in the Insurance Sector? 

People prefer a mobile app nowadays for every service or need. Purchasing an insurance policy is much easier and quicker than the traditional process. Let us look at the various benefits it offers:

Better Communication

As per Saleslion, 81% of people first research online about the product before purchasing it. Purchasing an insurance policy is a critical decision; thus, people look for detailed information about it. Moreover, they also look for recommendations or reviews from other policyholders. 

A mobile insurance app enables users to find detailed information about the policy. In addition, they can compare the prices and offers of various insurance companies and read reviews from other people.

Increased Reach 

With an insurance mobile, insurance agencies can expand their reach to more users online. The mobile app breaks the physical barriers and allows reaching out to more customers. In addition, it is affordable for insurance companies to promote their services. 

They can make new customers, turning their existing users into affiliates thanks to referral programs. Thus, your loyal customers will use the power of word of mouth and bring in new customers. 

Customer Insights

To convince more customers to purchase policies, you must know their details. What kind of policy are they looking for? What is their credit score? 

Knowing the answers to all such queries is crucial to increasing your sales and growth. Insurance companies can get insights into customer data and information via the insurance app. They can get the following data:

Identity Data

Instead of repeatedly asking your users to fill out physical forms, you can get their personal and identity data through the mobile app—for example, name, DOB, address, contact details, email id, etc. 

Quantitative Data 

Information like bank account details and credit scores are sensitive data and require enhanced security. With the online insurance app, agencies can securely gather information related to credit scores, income, etc. 

Descriptive Data 

Insurance companies need detailed information on users’ property details, education, job details, etc. They can quickly gather all this data via the insurance app.  

Facilitate Convenient Services 

The pandemic outbreak has made people more conscious of their health and the expenses related to health. The demand for insurance policies among users has increased post-pandemic. 

Insurance agents must frequently visit clients’ places for background checks or routine information updates. However, people tend to avoid in-person meetings after the pandemic. The insurance app provides insurance companies with sufficient facts about their customers. They can acquire required consumer data through simple forms on the insurance app. Thus, insurance app development has a significant role in the growth of the insurance business. 

Simplifying Claims Processing

Insurance apps make the claiming process much easier and hassle-free for users. They can initiate a claim without visiting the insurance agency or relying on middlemen for assistance. The process via apps is quite simple and quick. In addition, it also reduces the burden or workload of insurance agents, freeing enough time for them to engage with new customers. 

Security

Insurance apps are developed with security technologies and APIs to protect the confidentiality of the exchange of sensitive data. Instead of the traditional method, where you put all the confidential information on forms, the digital way is much more secure. There is a greater risk of data loss or theft, posing privacy risks. 

What are the different Types of Insurance Applications?

There are different insurance types and, thus, a specific mobile app for every insurance type. 

  • Health insurance apps
  • Car insurance apps
  • Life insurance apps
  • Travel insurance apps
  • Property insurance apps

What are the Key Features Of An Insurance App?

  • Profile Management: Users can create their profile by adding contact details, submitting claims, and more.
  • Policy Management: The insurance shows the digital policy with details of past payments, benefits, and more. In addition, policyholders can also search for other available policies and sign up for policies as per their needs. 
  • Premium Payment: Insurers can pay premiums via the online insurance app using multiple payment gateways. 
  • Claim Management: Customers can use the insurance app to file and track their claims in real-time. For instance, they can upload pictures of an accident or theft with documents to initiate the claim.
  • Help and Support: The in-app chat support allows users to connect with insurance agencies for any queries in real-time. 
  • ID Scan: Users can scan and upload the necessary documents, like identity proof, on the app. 
  • Notifications: The insurance app notifies people about the claim process, discounts, approaching payments, etc. Thus, they can stay updated about their claims via push notifications. 

How much does it cost to develop an Insurance Application?

Now you know that an insurance app can help you grow rapidly. So, the next concern will be the cost. How much will it cost you to build a custom insurance application? 

It is possible to find the exact answer to this question by knowing your app budget, features, rate of the app development team, etc. The complexity of the insurance application will lead to a rise in app development costs. 

For limited-budget app development, launching an MVP is the perfect option. In addition, you can outsource your project to an offshore insurance app development company. In countries like India and Ukraine, the hourly developer rates are much cheaper compared to the USA or Europe. 

If you go for a cross-platform insurance application, the cost will go down and range between $20,000 to $75,000. The native insurance app will cost between $40,000 to $150,000.

You can hire our dedicated mobile app developers at flexible and budgeted rates to build a top-notch insurance application under your budget. 

Conclusion

The digital wave leaves no sector alone, including insurance. With so many advantages, insurance companies must step ahead to develop an insurance app to accelerate their growth. With a custom insurance application, they can automate and streamline workflows and enhance customer satisfaction. 

If you are bothered about finding a top insurance app development company, stop worrying. Upsquare technologies has a dedicated team of insurance app developers to develop and deliver the most dynamic, secure, and reliable insurance app development services.

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