The rapid and recent revolution in technology is no secret. It has revolutionized every industry that exists today, and the finance industry is no different. We see the finance industry introducing newer, more innovative digital solutions every day. These advantages of technology can be seen in the Insurance companies as well. Unlike the older times where customer enrollment included troublesome processing of detail-oriented stages and heavy paperwork, these digital solutions have made the enrollment process smoother, compact and brought it right to the convenience of people’s hands.
Insurance companies aim to protect people from different kinds of unfortunate circumstances, but the irritating hassle of going through the wholeprocess made this purpose entirely avoidable and annoying for many end users. But this the story of the past. Today, the new wave of tech advancement has enabled startups and insurance companies to explore the prospect of developing mobile applications. The insurance companies are hiring app development services to develop apps with a clean and user-friendly interface considering the diverse nature of services and operations they need to deliver diligently to their clients.
If you plan to get an app developed for the InsurTech sector, here’s all you need to know. In this article, we will discuss everything that your InsurTech app needs to have, but first, let us briefly tell you why your insurance company requires a mobile application.
Why Do You Need a Mobile Application for Your Insurance Company
Here is the most fundamental reason that you need to know from of technical point. Everyday more and more people are using mobile devices to help them out in solving a wide variety of daily issues. According to recent stats, users spend more than 85% of their time on the internet while using apps. This is understandable because modern smartphones and the internet can solve most of common day problems very conveniently, and unsurprisingly, people preferconvenience over hassle.
From a traditional point of view, insurance is generally powered by the middlemen. Mobile applications can provide B2C interaction between and customers and service providers without the unnecessary involvement of middlemen. Even though cutting them off entirely from the situation might not be possible, minimizing their involvement will naturally help you grow more profit. Technically, having a mobile application for the insurance company will benefit both the owner and the clients. Here are some potential benefits of hiring app development services to create a mobile application for your insurance company.
They Will Help You Reach Out To More Users:
Optimizing your customer enrollment process through an app can save a lot of time, which the insurance agents could then be utilized for targeting more significant client needs. On the other hand, if your existing clients enjoy your services, they would naturally work as business affiliates for you. These referrals will naturally help you get more clients quickly.
On top of this, with the presence of a mobile app, you can leverage the marketing power of other apps to cross promote your own app, thereby generating impressions and conversions through an altogether new medium.
Incorporating Consumer Ease:
The volume of online transactions have increased exponentially in recent years, mainly due to the convenience and user ease they drive. Next up in the innovation road were companies or sectors that still didn’t incorporate digital solutions in their mix to facilitate customers to a greater extent.
For e.g, the problem with the insurance services was that in an unfortunate event, it would become a struggle to reach service providers and then getting the process done. Having an online presence will cast you as a company that gives instant support in events of emergency.
It will also be a lot easier for registered policy holders to track existing policies and evaluate prospective polices through the medium of an app, allowing you to offer consumer ease in an area that was previously considered too complicated for any end user to easily navigate through.
Aggregated Data Profiling
Mobile app analytics can serve as a goldmine for insurance companies to leverage the data of existing and prospective customers in ways that serve them the best.
Apps can store and offer multiple data structures which can include identity based data which includes name, DOB, physical addresses etc. quantitative data like credit scores, payment schedules, bank information etc.
These data types can then be used to power a better level of customer service at all points of service.
Essential Features to Include In an Insurance App
Now that you know how important it is to have an application for your insurance company and how beneficial it could be, let us discuss some of the universal features you should include in your insurance app to make it useful and appealing.
The app should be attractive and clean enough; it should be designed with a synergy between color palettes and the strategic position of images and icons. Once you’re done with the design elements, you can shift your focus towards the feature sets you need to integrate with the app.
The Insurtech domain generally requires four major types of apps, namely Life insurance, Car insurance, Health insurance and Travel insurance.
While the app should look fine, its also important that the app is also technically sound enough to handle various changes and traffic spikes during its usage period.
Here are some of the primary and most important avenues that you must include in your Insurance app.
The Admin Panel
Admin panel is a kind of lead-in page that displays the basic information about your customer like the vehicle ID (if it’s a car insurance app). This page of your app should be clean and user friendly.
Moreover, this part of the app should provide the admin with clear insights into the profile of each user along with their policy details, their remaining payments etc.
Details of The Policies You Offer:
This is also an important aspect to have in your app these days. Users want to review different policies and what they cover, along with the benefits they can get if they subscribe to it.
The policy detail section could be segregated into tabs or have other types of navigation like a search bar to allow users to check easily on the details of the policy they are interested in.
So far, this is the feature that any insurance company should prioritize the most. In the past, customers had to run-around insurance agents to lodge their claims. This wasted a lot of their time. Filing claim option allows the users to click proof pictures from their phone camera and the entire process of claiming is done on a single page.
The insurance app will become even more beneficial for the user if it can offer a payment gateway to pay for premiums, penalties etc. For this, integration with popular payment platforms like Visa, Paypal or even Direct Debit, is required, which is not that difficult to create and run.
Also, such a feature will allow the company to run its cash liquidations in a faster manner as now payments won’t be delayed that much as they used to.
This feature makes the app what it is meant for. It is crucial to integrate an in-app call feature like request a call back in your app to connect with a customer who’s in a situation of emergency. This will truly serve the purpose of an insurance company of assisting customers stranded with broken vehicle (in case of car insurance).
You can include these features based on the category of your insurance app. These features will help you grow your insurance company as well as help your customers avail benefits that they pay for