One of the main trends of 2024 is business digitalization. The apps are attracting the attention of business owners across a variety of industries, including insurance. Insurance apps provide many benefits to both businesses and their customers. Customers gain quick access to insurance services, and insurance companies improve internal processes and are more successful in attracting new users. If you own an insurance business, the app will give you another competitive advantage and help you reduce costs. Learn how to create an insurance app with Sparkout Tech.
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- An insurance application allows you to increase your customer base, reduce operating costs and increase business efficiency.
- Your app should have a user-friendly interface, policy information, claims submission and tracking, payment processing, and customer support.
- It is also important to ensure compliance with legal regulations and safety measures.
- Development of the application will cost approximately 3,690,000 rubles and will take about 11 weeks.
Developing your insurance mobile app today? Contact us for mobile app development solutions to develop your insurance app.
Briefly about insurance applications
The insurance app allows users to manage their insurance policies and claims. Most often, such applications are developed for smartphones.
Through the app, you can quickly and easily apply for coverage, update your policy information, file and track claims, and communicate with insurance companies. Such an application often provides personalised recommendations and provides access to insurance-related resources.
Mobile app development company are introducing apps to provide convenience to customers and attract new business, thereby increasing revenue.
Why you should start developing an insurance application
The InsurTech (Insurance Technology) industry is a relatively new niche that combines insurance and technology. This fast-growing area has the potential to transform the traditional insurance system. The global insurtech market’s revenue was valued at $5.48 billion in 2019 and is projected to reach $10.14 billion by 2025 , according to a Businesswire report.
The InsurTech field goes beyond simple applications – it uses modern technologies : blockchain, artificial intelligence and machine learning. Blockchain provides a secure and transparent way to store and transmit data, while artificial intelligence helps automate and optimise insurance processes. Advanced data analytics and machine learning algorithms enable more accurate risk assessment. Thus, the latest technologies allow you to create a sophisticated application.
Applications in the insurance industry are varied, offering property, auto, pet, and life insurance. While most apps are designed to help customers manage their coverage applications, there are some that help insurance agents get better deals. As an entrepreneur, you can choose any suitable option and the market is ready to welcome new applications .
Advantages of a mobile application for insurance business
Let’s look at how the application can help if you are planning to open or already have an insurance business.
Increase efficiency. The application automates many tasks, such as processing applications. This increases operational efficiency and minimises repetitive manual labour, which means fewer people are required and reduces your costs.
Better understand customers. With the help of analytics tools, mobile app development solutions gain valuable insights into customer behaviour and identify key trends. They can make decisions based on this data and improve business processes.
Improve the quality of service. A mobile insurance app gives customers quick access to insurance information and allows them to manage it in real time. This increases the level of customer loyalty, and the number of regular customers increases.
Make money. The application can become an additional source of income for insurance companies. There are several ways, depending on the business model and target audience: premium accounts, commission on each policy sold, in-app purchases, data analytics and affiliate programs.
Overall, insurance app development gives service providers a competitive advantage and customers more convenient access to the service.
Contact us for mobile app development solutions to develop your insurance app today!
Top 5 Insurance Apps
As technology advances, more people are looking to manage their insurance online. Insurance companies are responding to this need by developing mobile apps. There are many insurance apps on the market, so identifying the best ones can be difficult.
In this section, we will talk about the 5 best apps for car, pet, health, real estate, and travel insurance.
Esurance is an insurance company that provides home, auto, life, and even pet insurance coverage. Users can choose the appropriate policy type or combine several services to save money.
Popular resource Investopedia recognized Esurance as the best insurance technology app due to its simple and user-friendly interface. The app is available in 50 US states.
Lemonade is a popular InsurTech app launched in 2015. Its developers have prioritised a unique client-oriented approach to insurance. Through the application you can insure your rental property, your own property and the health of your pet. The built-in chatbot helps users speed up the entire process of buying insurance policies and submitting claims. Lemonade lets you set up insurance, manage subscriptions, and make payments.
The app has a 4.9 rating on the Apple App Store and is ranked #1 among insurance apps on Google Play, Supermoney and Clearsurance.
GEICO Mobile is an app from GEICO, one of the largest auto insurance providers in the United States. Users can view insurance information, make payments, update personal information, submit and track coverage claims, view the status of claims, and get more information about insurance.
In Mobile app development services, customers can receive roadside assistance, track the location of a tow truck and take advantage of other services, such as car rental services and finding the nearest gas station or service station.
Cuvva is a British insurance company that began operations in 2015. The company’s unique selling point is its flexibility, offering auto insurance coverage on a short-term basis. Clients can purchase vehicle insurance for just an hour or a day, depending on their personal needs. You can also sign up for a monthly subscription or pay an hourly rate when you drive. This approach is called “pay-as-you-go”.
AlfaStrakhovanie Mobile is the leader among insurance applications in 2020 according to Markswebb. The Russian application from a leading insurance company collects data on all insurance policies in one place: CASCO and OSAGO, medical insurance, insurance for travelling abroad, property, investments and much more. Applying for insurance through AlfaStrakhovanie is quick and easy, and a personal assistant will tell you what to do if an insured event occurs. The company even added a “clinic appointment/doctor home call” service to make the service even more convenient.
Developing your insurance mobile app today? Contact us for mobile app development solutions to develop your insurance app.
Main functions of a mobile application for insurance
When choosing an application, users take into account several factors – convenience, accessibility and feature set. We’ve compiled a list of features that customers value most.
Profile
A profile in a mobile insurance application allows you to save all your personal data in one place: full name, address, phone number and policy information. Simple and intuitive user profile management is one of the main criteria for the convenience of the application.
Search function and filters
This feature is usually called “All Policies” or “Policies: All Categories”. The search function and filters help you find the right type of insurance faster. Search is based on keyword matching, and filters help you narrow your search results to highlight relevant options.
Detailed information about policies
A mobile insurance application should display detailed information about the user’s policy – what is insured, for how much, and when it expires. It is important for the user to see all the information about the policies in order to know which insurance coverage to choose.
Opportunity to apply
The ability to apply for coverage through your insurance company’s mobile app is probably the most useful time-saving feature. Users submit an application and track its status in the application. Firstly, electronic filing speeds up the process of reviewing applications, and secondly, the client always knows at what stage the review is at.
Payment Processing
Payment processing in an insurance app can be compared to online banking – it is a secure way to pay for insurance online. If you’re developing an app, add the ability to add payment methods, view payment history, and set up autopayments so users can control when and how much they spend. This feature helps avoid late payments.
Support
Many insurance apps include a customer support feature so users can contact the insurance Mobile app development company or expert directly through the app. This could be live, email or phone support. Technical support is a convenient way to get help in resolving any difficulties that customers may encounter. High-quality customer support is a sure sign that the application can be trusted.
Notifications
You can add the ability to send users reminders about upcoming payments, notifications about changes to their policies, or updates on the status of their claims. This helps users stay up to date. In addition, you can send notifications about discounts and new products that your customers may want to purchase, and this is another chance to earn money.
Technologies for creating an insurance application
App development is a complex process that requires a deep understanding of technologies that will provide the best customer experience. At Sparkout Tech, we have been creating MVPs for various types of businesses for over 8 years. Our developers prefer JavaScript frameworks. If you want to create an insurance app, here are a few options to consider:
Electron for desktop applications. Electron is a framework for creating desktop applications using web technologies – HTML, CSS and JavaScript. This tool allows you to develop cross-platform applications that can run on different operating systems, including Windows, macOS and Linux.
React.js and Node.js for web applications. React.js is a JavaScript library needed for developing advanced user interfaces. Node.js is a software platform that is used to develop server-side applications. Together, React.js and Node.js enable you to create web applications that can handle heavy workloads.
React Native for mobile applications. React Native is a popular tool for developing mobile applications for multiple platforms simultaneously. With React Native, developers write one source code and run it on different operating systems – iOS and Android. This saves time and resources and ensures that the application runs smoothly on all devices.
Insurance Industry Legal Compliance
Legal compliance is an integral part of insurance app development. Since any insurance app deals with a lot of personal data, it must keep it secure. Let’s look at the key rules to consider:
Privacy and data security. Insurance apps collect and store sensitive user data – personal and financial information. It is important to ensure the security of this data – the application must comply with the laws of the country in which it is used. Examples of such laws:
- Data Protection Act (DPA) for working in the UK;
- General Data Protection Regulation (GDPR) in the European Union;
- Health Insurance Portability and Accountability Act (HIPAA) in the United States.
Insurance industry rules. Each country has its own insurance rules that must be met. You must obtain legal permission to carry out insurance related activities in the country of interest.
Law on Consumer Protection. The Consumer Protection Law protects people from low-quality products and fraud. It regulates the relationships that arise between consumers and manufacturers/sellers when selling goods and providing Mobile application development services. In Russia, an example is the Law of the Russian Federation No. 2300-1 “On the Protection of Consumer Rights”.
To comply with legal requirements, app developers must work closely with legal experts. Failure to comply may result in legal action and damage to the company’s reputation. To prevent this, work with someone who has experience creating applications that comply with legal regulations.
6 steps to develop an insurance application
It is better to start developing an application with an MVP (minimum viable product) – a version of the application that includes basic functions. Creating an MVP is an excellent choice for those who want to test an idea on the market with a minimal budget and collect first feedback.
Our team has experience in creating MVPs with a focus on the end user experience. We’ve put together a short guide on the steps you need to follow to create an insurance app.
Step 1. Formulate your idea and main goals. Once you’ve decided on an idea, it’s also important to analyse your target market and industry. At this stage we can help with market research and then we will take care of the rest. But the owner of the product and the main creator still remain the customer.
Step 2: Determine the main functions of the application. Select a set of core features that you are willing to spend time and money on when launching the first version of your product. Check out the list of essential features above to ensure everything you need is included.
Step 3: Create a design. At this stage, you need to collect references for the future design. With our team of professional UI/UX designers, you will create an app design that is pleasing to the eye and easy to use.
We’ll start by creating a mindmap to describe the main features, then create a wireframe of the application, and finally put together a clickable prototype that you can show to investors and hand over to developers.
Step 4: Develop and test. At this stage, front-end and back-end development begins. Front-end development focuses on the interface – everything that the user can see on their screen. The backend is the server part of the application, its data structure, system and logic. Using the technologies described above, we will create the core of the product, install payment gateways and check that all functions work correctly.
Step 5: Launch the application. Once the design and coding are complete, you can launch your app on the App Store, Google Play, or any other app marketplace. Pay attention to reviews from your first users. In them you can find new ideas for improving the product.
Step 6: Provide post-launch support. After the release, everything is just beginning. Once you’ve collected feedback from early users, you can take the time to further update and improve it. If you work with us, we will provide
Developing your insurance mobile app today? Contact us for mobile application development services to develop your insurance app.
How much does it cost to develop an insurance application?
The cost of developing an application varies depending on several factors: the complexity of the application, the main functions and the set of technologies needed to create it. At Sparkout Tech, we estimate the cost of a project at the outset. We take into account the needs and desires of the client to create the ideal MVP with the necessary functions quickly and efficiently.
Here is the approximate cost and time frame for developing a mobile application for insurance with a basic set of functions:In total, application development will cost approximately 3,690,000 rubles. If you need more information about our services, please contact us.
If you are a company owner looking for a team to build an app, we can help. Sparkout Tech employs 190 professionals with 8 years of experience in mobile application development. To create a quality product, it’s best to work with professionals, so Contact Sparkout Tech for a custom quote.
