Many of our daily activities depend on apps that run on smart devices. Smart devices are now embedded in our lives. These devices can be used to call and text, but also for checking emails, waking up, setting alarms, listening to music and education, as well as watching and analyzing videos and sports. These apps offer a new dimension to people's lives through their attractive UI and sheer utility. Global insurance is at the forefront digital landscape. It is expected to be worth approximately USD 6.4 trillion by 2020.
Apps can be Made for Nearly Every Domain
These apps can be used in nearly every domain and field. The digitization of the insurance industry has also helped.
- Increasing efficiency
- Increasing Customer satisfaction, engagement & communication
- Loyalty increases
- It is easy to renew your policy, pay premiums, and file claims.
- Simplified and reduced paperwork, processes, and revenue.
- Data collection opportunities for insurance companies
- Automation and simplification of most business processes
All types of insurance apps are possible to be created, including:
- Health Insurance
- Life Insurance
- Vehicle insurance
- Property Insurance
- Travel Insurance
Mobile app usage rose sharply from banking to insurance during the Covid-19 pandemic. These are the most common insurance mobile app use cases:
- The most popular option in mobile insurance apps is checking claim status.
- Contacting the insurance agent and company
- Storing policy documents
- Claim filing
The Insurance Mobile App has The Following Essential Features
This Module is Required for Any Insurance Mobile App.
- This feature allows you to manage your general profile, including contact details, claims, payments, and other information.
- It could also give you access to policy documents and payment receipts.
- It may include details about any appointments made by the insured.
- The app will also provide the contact information of the agent as well as the number for the insurance company helpline. This allows policyholders to call the company directly from the app.
- Any health insurance policy should cover both your health and your fitness. Third-party apps can be connected to the app to track the insured's fitness. If the insured meets certain criteria, discounts may be available.
Claims Filing and Tracking Module - Physical Claim Filing is Gone
- Because customer and insurer verifications are already stored on the app records linked with the insurance provider's servers, the app can make it easier and quicker to file claims. Before you submit your final claim, there are options to get advice or directions from an agent.
- It is easy to track your progress and you can monitor it via the app or through notifications.
- You can upload any documentation required, including photos and other images, through the app.
Purchases and Renewal of Policies
- All insurance apps should offer the ability to renew or purchase new policies. The policy can be issued once all the necessary information has been entered into the app.
- It can be hard to remember renewal dates. To ensure policies don't expire, the app can send renewal SMS notifications and flash reminders whenever the app is opened.
- Customers are more likely to be loyal and engage with the app when they can renew their insurance easily. Easy processes encourage insurance companies to do more business through word-of-mouth marketing.
- Integration with the payment portal is essential for premium payments as well as to ensure that claims are paid into an account linked to the policyholder via the app. This reduces fraud.
Support
- Chatbots are being increasingly used to answer routine questions and provide updates. An insurance app could integrate an AI chatbot in order to perform basic functions, book appointments, and so on.
- In times of emergency, the insurance company or agent can provide support via voice and video calls.
- AI chatbots are able to collect useful information for analytics.
Insurance Mobile Apps Allow for The Analysis of Customer Data
The Insurance Mobile app is not only useful for the insured but also assists the insurance company with studying and analyzing customer data. Data breakup can be described as:
- Identity data - This data includes name and date of birth, physical address, contact numbers, email addresses, social media links, and more
- Quantitative data - Transactional data such as bank details, credit card information, and payment frequency.
- Descriptive data - Information about the insured property, vehicle(s), and health data.
- Qualitative data - Subjective and behavior data such as food habits, sports preferences, etc.
These data and their analytics allow insurance companies to target customers and offer custom-built insurance plans.
Today, mobility via apps is driving businesses. The insurance industry is no exception. The features that they provide offline and via their apps are key to the efficiency of any company, including insurance businesses. An insurance company can benefit from the expertise of a mobile and software development company to develop quality assurance apps. This allows them to focus on their policyholders, agents, and company while simplifying the process workflows. An app development company for insurance will concentrate on creating apps that allow users to instantly issue policies and settle claims without any glitches. It would allow for the smooth flow of information regarding revisions, new policy guidelines, and analytics. The app also reduces paperwork and optimizes document management.