Insurance Mobile App Development: Gateway towards InsurTech Solutions

Blog Overview: Insurance mobile app development has been gathering good responses among the banking and insurance horizon. From the customers to the insurance organization, Insurtech mobile apps are centralized platforms for managing policies and claims. Its business model is quite profitable and has solid income sources. For your in-depth knowledge, explore the article on how to build an insurance app and its future trend.        

The insurance sector is a slightly underrated area which drives a huge impact on society. However, its importance is recognized only when such damages occur and there is no source to recover. But with gradual awareness, now people are taking insurance solutions seriously. A recent study says that the digital insurance platform market share is projected to reach USD 229.07 billion by 2029. The insurance sector has extensive market demand in upcoming years.    

With the increased practices of online platforms, Insurance organizations have also considered the tech revolution. Accordingly, Insurance apps are widely popular today. It enables users to smoothly handle their insurance policies, file claims, and access relevant information instantly on their mobile phones. If you want to reap the benefits of insurance apps, don’t forget to read through the article till the end. 

What is a Mobile Insurance App? 

The mobile insurance app is built to establish the proper links between an insurer (company) and the policyholder. So, it efficiently handles the process of insurance policies and allows users to control their premium payments. 

Moreover, the mobile insurance app increases productivity and processes administrative tasks smoothly. It also helps with automating the claim procedure. Thus, building an insurance app is the need of an hour and will be highly appraised for driving business growth. Unlock the type of insurance apps and how insurance apps work. 

Types of Insurance Mobile App

1) Vehicle Insurance Apps

The vehicle insurance app types are essential for the insurance agencies to provide coverage. It includes cars, motorcycles, trucks, and other road vehicle insurance. Also, in this insurance type, the insurer and policyholder have agreed on the terms for vehicle security. 

Users can pay a premium online via app which can be incurred if any damage occurs to the vehicle as the claim amount. In addition to that, having a vehicle insurance app centralizes the information related to vehicle maintenance, repairs, reporting damage, and locating the service center.

2) Travel Insurance Apps

This insurance app type has been effective in protecting against risks or uncertainty that happen during travel. Hence, it offers coverage during trips and makes the services available smoothly if any financial loss situation happens.

3) Property Insurance Apps 

The property insurance apps are focused on homeowners or property owners to insure the sum value of their property. It basically allows users to claim their amount for damage to property due to any natural calamities or uncertainty. Moreover, property insurance apps structure the process of claim management and decrease the hassle for both parties. 

4) Life Insurance Apps

This is the most common form of insurance app type, which covers the life and disability of the insured person. Also, users can compare policies, calculate premiums, and manage policy purchases through the app. An insured person needs to pay a regular premium for the predetermined tenure. After its completion, the user will receive the whole amount. However, in any unforeseen case, then the nominee can claim the insured sum.     

5) Health Insurance Apps

The health insurance app works for Mediclaim’s and healthcare-related services to manage their hospital and medication expenses. While it offers coverage for uncertain health risks by incurring the bills. Thus, health insurance apps are the best way to file claims during emergency health cases quickly.   

Moving into some of the reliable and popular insurance apps in the market today. It will even inspire you to build an insurance app like these for thriving results.

Top Insurance App Examples 

• Oscar 
• Lemonade
• Metromile
• Cuvva

Necessary Features to Develop an Insurance Application

The feature set to build an insurance app is curated by our experts who have delivered extensive experience to develop fintech applications. In addition to that, we have also analyzed the recent demands. So, get the insights to shortlist for your startup project.  

• Smooth Registration 

Every new user on the app needs to be welcomed with a proper profile creation process. No matter which type of insurance app you offer, your customers will judge your services based on their first impression of your app. So, it should be well-structured and compelling with quick steps for registration.

• Data Security & Privacy 

Users’ data security and privacy are of the utmost solution your app must encompass. So, it is one of the most vital features of insurance apps for users’ data safety. With increased cyber threats, apps should have a shield of good security patches. Also, confidential details, user authentication, and authorized admin access play a key role in privacy matters.   

• Policy Comparison

When you develop an insurance app, integrating the policy comparison feature attracts users. As they can easily compare and evaluate the best policy for themselves. Thus, it increases the app’s potential to satisfy users’ needs.

• Documents/Image Uploading

Allowing users to scan and upload relevant documents such as medical records, images of car damage, etc. So, it starts the claim process faster, and the image works as proof for the instant claim process.

• Alerts & Notifications

As long as users applying for or have already applied, they will receive notifications on the claim process and details. They will get alerts for OTPs and payment due dates from the mobile app. Also, it is an important feature to keep users updated about their policy status and even allow policy providers to perform message marketing.

• Premium Payment

Insurance apps have been developed with some basic motives, one of them being online premium payment. It should simplify the task of users to make payments through different modes. So, this is how the insurance app works. Such features enable you to have secure payment from mobile devices.

• Customer Support

Live and 24/7 customer support to users has been a critical feature that focuses on user satisfaction. Additionally, instant access to the support team for any query enhances their trust in your company.

• Claim Management

The comprehensive breakdown of claim details gives a proper preview of the policy type. Therefore, the company can maintain transparency by effectively handling claims-related decisions.       

• Policy Management

As the insurance application, the primary function of your app should be to oversee and manage the policy of customers. Updating the details on a real-time basis and managing the modifications are administrative tasks. So, the admin panel features to manage and communicate with users.    

• Premium Calculator

The in-app premium calculator lets users remain well-informed about the insurance and premium amount. Such a feature gives users an overview of the tenure of premium payable, assured sum details. Therefore, they will get clarity on their policy.  

• Policy Renewal 

Above all, users cherish having an app that offers an instant and smooth renewal process. Eliminating the paperwork and getting the policy renewed in a matter of a few clicks captures users’ loyalty. So, it helps to make the long-term relationship between business and customer.

• Personalized suggestions 

Depending on the user’s account, search history, and preferences, your app can deliver personalized suggestions. Accordingly, such functions shorten the user’s policy selection process and enhance your insurance app’s credibility.

The above list of features can be integrated with extended technological skills and programming solutions. Additionally, to make it simplified for you, refer to the table given below.   

Technology Stack for Insurance Mobile App Development 

As you have got the insights on tech stack for insurance mobile app development, you can further start with a guide. Moreover, making robust insurance applications demands thorough consistency as mentioned in the next section.

How to Build an Insurance App – 7 Steps Guide 

Insurance app development is a fundamental step-by-step process. For your clear understanding, we have drafted them with the help of our business analysts and app experts. Let’s dive into it.

• Strategize your app requirements

As you decide on the insurance mobile app development, your planning and discovery stage begins. To develop an insurance application with a far-sighted edge, you have to think out of the box. This step also includes market research, competitor analysis, and a comprehensive study of targeted audience behavior. Also, you can’t miss out on future trends. Hence, you have to build a strategy for your app development by undertaking a 360-degree outlook.

• Hire Mobile App Team 

Secondly, with clarity of your app idea and features, you have to make essential decisions on hiring mobile app developers. Whatever app type and structure you are looking for, can be developed and deployed by an experienced team. So, you have to research a good app development company. There are in general various platforms like Clutch and Upwork where you can get the right talent. For better results, you should also hire a dedicated development team by interviewing candidates.  

• Eye-Catching UI/UX Designing 

App designing is an emerging and ever-evolving stage with new trends in the market. From grabbing the audience’s attention to converting them into prospective customers, your app design will be like a pathway for them. Therefore, building an insurance app with a logo, color palettes, engaging templates, and efficient app navigation becomes even more crucial. Also, it lights up the customer journey among app pages and leads to an increased engagement rate.

• Insurance App Development

Now, proceed to the frontend and backend development process. Using the native frontend libraries and frameworks, developers make unique insurance applications. The server-side programming is also considered to develop robust backend architecture. Thus, experienced app developers will manage this technical stage. 

Additionally, the integration of relevant APIs is also there. It increases app scalability and manages real-time request exchange among the software applications. Accordingly, your app coding and system setup are managed at the development step.

• App Testing & Bug Fixing

Next, obviously, you have to double-check the code and app’s performance. A good quality checking and analysis of your insurance application. Accordingly, QA testers oversee applications and troubleshoot errors. From bug fixing to page load speed, your insurance mobile app development will get polished and validated with full-proof testing.

• Insurance App Launch

After the complete quality assurance and testing, it’s time to proceed with insurance app deployment. Launching the app on your determined platform i.e., Android or iOS has a different submission process. However, you can also deploy on both (if you develop a cross-platform app). Based on the guidelines of the app stores, app developers should ensure a smooth launch and efficient access to users.

• Post-Release App Support 

Lastly, the everlasting step needs to be performed at daily intervals as per the changing market dynamics. The insurance industry is affected due to various factors. Therefore, with every new trend and technological advancement, your insurance app should be updated with high-end features. 

You have to create an insurance app with several business goals to accomplish. It also includes deciding the prior revenue source and business model for insurance apps. Based on the recent market scenarios and app needs, you can customize your business model. Moreover, it will be even more beneficial for other trending fintech software. Likewise, you can check out the blog on BNPL app development as well.

What is the Business Model For Insurance Application? 

Deciding on the business model for insurance applications enables you to have an analysis of income streams. So, look at the reliant models to structure your application. 

• Pay-per-use

This model can be used for car or vehicle insurance applications. It calculates the policy coverage for the miles of driving. So, such a policy integrates floating premium rates strictly to adhere to the usage.

• Freemium 

The freemium model gives customers access to free services for policyholders and asks for premium membership for other insurance beneficial solutions. So, it makes passive revenue for your business.

• Commission 

The commission-based model of the insurance mobile app generates income for agencies from the third-party sold of insurance policies. 

• In-App Purchases 

This is the common way of making money when you develop an insurance app. Allowing users to select other policies from the app is the easiest approach to increasing their earnings. Thus, it eliminates paperwork and opens the policy with online mode.

You must have started imagining the money-making power of your insurance app, but wait! Here’s bursting your bubble by giving estimates on a budget to make an insurance app first. 

Related Guide: How to Hire Developers for Your Insurance App?

How much does it cost to develop an insurance app?

The insurance mobile app development cost is highly dependent on a range of parameters. The major consideration is the type of insurance application. Health, Life, Car, Property, etc. Insurance app types have a different set of requirements. As a result, their tech needs slightly differ. Let’s have a list of primary factors that affect the cost to develop an insurance application.

• Feature Set 
• App Size
• App Platforms
• Technology solution
• Development Team
• Duration of Project
• Location of developers

Thus, you have to make the right decisions after examining them. However, you can reduce development costs by opting for IT outsourcing. It fits well for mobile app development projects with an hourly rate of $25-$39 for app developers.

You can also hire a dedicated development team for fixed project costs which range between $10,000-$30,000. Furthermore, you should partner with an experienced custom app development company to gain better solutions. Thus, your project budget would be extensively impacted by proper choices while hiring app developers.

Best Upcoming Tech Trends for Your Insurance App Success

Insurance app development is the most intriguing task that involves in-depth analysis. Like every business, if you want to take a great leap in the market, you have to implement modern aspects and tools. Such latest solutions are also termed Insurtech mobile apps. Furthermore, it has future-driven advantages that furnish your business with long-term goals. The following trends will dominate the Insurtech or insurance sector in the future. 

• Telematics  

It is majorly related to IoT devices and compliments wearables, particularly for car insurance. Telematics is a good solution to remain real-time updated with different mileage and other driving natures.

• Artificial Intelligence

AI-based chatbots and support assistance give users urgent access to file claims. It fastens the claim processing and increases their trust. 

• Blockchain

You can develop an insurance app with the benefits of blockchain technology. It organizes the workflow and claim management seamlessly. Moreover, it secures the user’s data from any fraud and automates tasks with optimal data privacy.

Join Forces With Our Custom App Development Company

The booming insurance market and its far-reaching awareness generate diverse opportunities for progress. If you have taken the first step today to develop an insurance application, it will drive early-launch edges. You can hire full-stack developers and begin the process right away. The article has explained thoroughly about the insurance mobile app development steps. However, consulting the developers will simplify your business idea to the creation stage. Schedule a call to discuss your software needs!

FAQs

How do Insurance Apps Work?

Insurance applications are the streamlined solution to make the claim processing hassle-free. It keeps the agency and policyholder updated about the claims and accepts premium payments online. In short, the insurance app works to control the policy-related tasks on the secure platform swiftly. 

What is the purpose of developing an insurance app?

• Digitize the manual tasks and eliminate paperwork
• Quick claim management and processing
• Maintain transparency between both parties
• Increases direct communication via application
• Timely updates about the due dates of premium