One industry that continues to grow rapidly by digitalization is the insurance sector. According to the latest research, insurance and related activities contributed nearly $630 billion, or 2.9 percent, to the Indian GDP in 2019.
In the era of mobile technology, developing an Insurance mobile app can be a turning point for the business growth for a health insurance company. This article enlists the complete detail related to insurance 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.
Why Insurance Company Need to Develop Mobile App?
Nowadays, people spend lots of time on their phones. With 194 billion downloads of mobile apps in 2019, the latest statistics show that 90% of time spent on mobile devices is spent in 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 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 few clicks
- Notifications about the 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 in 2020
Here are the top 7 insurance app popular in 2020:
The app, ranked 76th on App store, 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).
- 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 view and download health reports. The app also has cashless outpatient services that are accessible by scanning a QR code.
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.
- 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 health from anywhere. It offers 24/7 service and features that range from plan information to tools for finding urgent care.
- Reliance Self-i
This app is known for offering quick insurance claims processing with real-time claim statuses. The app has a E-Doc Vault that lets users safely store policy and related documents.
- 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
- 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 Apps businesses seek to build:
- Health insurance apps
- Car insurance apps
- Life insurance apps
- 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.
Read this article for trending mobile app ideas…… Mobile App Ideas in 2020
General Features Required for An Insurance App
Every Insurance app has a profile section that displays the information about the insured object or person.
In this, a digital version of the policy is available in the app. You can also find all available policy information here.
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 time & efforts of your customer. With in-app payments eliminate your client’s physical visit to the bank. A smart payment system eliminates you going to your bank’s app & filling in the policy details.
Push notifications enable a 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.
This is a must to include feature since users need to upload their documents related to personal/professional or photos of medical records, insured car port accidents etc. This will help them claim the processing of their insurance policy.
Required Team Structure for Creating an Insurance App
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 designers
- 1 Android/iOS developer
- 1-2 frontend developer
- 1-2 backend developer
- 1-2 quality assurance specialist
Approximate Cost to Develop a Feature-Rich Insurance App
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.
As we are heading towards the mobile tech world, it’s pretty much predicted that more and more people would likely prefer & manage their insurance policies via their smartphones.
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 the 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!
Rashmi Kanti is a passionate content writer & a blogger having written numerous blogs for IT domain. Being into the Blogging world for the past 4 years, she is presently contributing technology loaded articles & blogs regularly to QSS Technosoft. Rashmi has a proficient knowledge of the latest market trends in the mobile & web applications and expresses herself a big technology geek.