A Complete Guide to Insurance App Development

In the era of mobile technology, choosing an Insurance app development company for developing an Insurance mobile app can be a turning point for the business growth of a health insurance company. This article enlists the complete detail related to insurance mobile app development and the cost analysis of building a top insurance mobile app. We have also listed the must to include features of an insurance app, types of insurance apps, their benefits to both customers & companies as well as the list of top 7 insurance mobile apps in the world.

One industry that continues to grow rapidly through digitalization is the insurance sector. According to the latest research, the Insurance Mobile Apps market revenue was a Million USD in 2016, grew to Million USD in 2021, and will reach Multi-Million USD in 2026, with a magnificent CAGR during 2021-2026.

Why does Insurance Company Need to Develop Mobile App?

Nowadays, people spend lots of time on their phones. With 258 billion downloads of mobile apps in 2023, the latest statistics show that 90% of the time spent on mobile devices is spent on apps. An insurance app:

• Makes communication better between a company and its clients 
• Automatically complete tasks of insurance agents & clients
• Eliminates the manual task of filling out policy documents
• Help you acquire new clients
• Lowers operational costs and increases revenue for an insurance company.

Benefits of Insurance Mobile Apps

Benefits of insurance apps for customers

• Easy to get insurance anywhere anytime
• Online consultations on the go in a few clicks
• Notifications about policy expiration & discounts
• Quick access to information in seconds

Benefits for insurance companies

• Process automation via a mobile app
• Attract new customers
• Simple communication via mobile technology features like chatbots
• Personalized offers to customers
• The ability to receive fast feedback from customers 

Let’s Have A Look at the Top 7 Insurance Apps

Here are the top 7 insurance app popular in 2023:

1. myCigna 

The app ranked 76th on the App Store and provides quick on-the-go access to health information and the ability to personalize and organize it.  The features differ based on the plan (medical, dental, pharmacy, vision, behavioral, disability, accident). 

2. Religare Health 

Ranked #45 in the Health & Fitness category on the App Store, this Health Insurance app allows booking appointments for health check-ups at any location as well as viewing and downloading health reports. The app also has cashless outpatient services that are accessible by scanning a QR code. 

3. MyAmFam

Based in Madison, Wisconsin, American Family Insurance offers health, life, vehicle, homeowners, business, and farm/ranch coverage. It offers a wide range of features from scheduled payments to claims and incident support. Users can check their payment status in real time, request a policy change, or get in touch with billing staff. 

4. Blue Shield of California

Blue Shield of California (BSC) is a health insurance company based in San Francisco. With the app, customers can manage their healthcare from anywhere. It offers 24/7 service and features that range from plan information to tools for finding urgent care.

5. Reliance Self-i

This app is known for offering quick insurance claims processing with real-time claim statuses. The app has an E-Doc Vault that lets users safely store policy and related documents.

6. Oscar Health

Oscar health is an American health insurance company. The Oscar app helps users manage policies and connects patients with doctors. Primary features of Oscar Health include:

• Symptom, doctor, and drug search
• Doctor on Call feature (free consultation with a doctor via phone)
• View plan info
• Online communication with the Concierge team
• Access to a digital ID card
• Reward system

7. HDFC Life Insurance App

One of India’s biggest housing finance institutions! The HDFC Life Insurance App allows users to browse different life insurance plans and analyze their benefits.

Choose the Insurance App You are Seeking to Build

Building an Insurance mobile app will vary depending on the niche your insurance company operates in. Generally, there are 4 main insurance app ideas for businesses seeking to build:

1. Health insurance apps
2. Car insurance apps
3. Life insurance apps
4. Travel insurance apps

Features you’ll need to implement generally depend on the type of insurance business you operate in. Provided that the niche-specific features are extra, the core features are generally the same.

General Features Required for An Insurance App Development

Profile

Every Insurance app has a profile section that displays information about the insured object or person. 

Policy details

In this, a digital version of the policy is available in the app. You can also find all available policy information here.

Quotes

Offer your customers proper pricing by listing different policies with quotes. It will help your customers assess their options with ease.

Filing a Claim

This is the most essential feature of an insurance app. Filing a claim in case of an emergency must be intuitive and easy. Your App’s filing a claim feature should be simple so that clients can easily fill in all details efficiently within a single smaller screen. 

Smart & Easy Payment 

Integrating an easy payment gateway into your Insurance app eases down both the time & effort of your customer. In-app payments eliminate your client’s physical visit to the bank. A smart payment system eliminates you from going to your bank’s app & filling in the policy details. 

Push Notifications

Push notifications enable faster reach to your customers. Your policy clients are notified about the approaching payments, policy details or discount offers, etc.

Chatbots/AI for Customer Support

Artificial intelligence-powered chatbots speed up policy identity verification, personalize interactions between apps and clients, facilitate claims settlement, and prevent fraud or other customer inquiries & support.

Document/image uploading

This is a must to include feature since users need to upload their documents related to personal/professional or photos of medical records, insured carport accidents, etc. This will help them claim the processing of their insurance policy.

Required Team Structure for Creating an Insurance App Development

Hiring a good Insurance App Development team to create your feature-rich insurance app for your business is not as easy as it looks. The most recommended team for building such an app comprises of:

• 1 project manager
• 1 UI/UX designer
• 1 Android/iOS developer
• 1-2 frontend developers
• 1-2 backend developers
• 1-2 quality assurance specialist

Approximate Cost to Develop a Feature-Rich Insurance App Development

The total cost of an Insurance app development relies on aspects like:

• Features included
• Preferred Platform (iOS, Android, or both)
• Location for app development
• Number of hours invested
• The team you hire

Considering the above factors, the MVP cost for a single platform (iOS and Android) insurance app development cost will start from $30,000. In case, you choose to develop for both platforms, then it may go up from $50,000 to $60,000.

Note- The price will go up as you add complex features & high-end functionality.

Conclusion

As we are heading toward the mobile tech world, it’s pretty much predicted that more and more people would likely prefer & manage their insurance policies via their smartphones.

The insurance mobile app market is growing rapidly and every insurance company is focusing on having their own successful insurance app so as to offer unlimited benefits to their customers on a single screen as well as attract more and more customers. 

We hope this article convinced you of the vast benefits of insurance app development and massive growth in this particular industry. So, are you ready to take off your dream mobile project? 

Contact us for a free consultation about your project!