Why Do You Need a Mobile App for Your Insurance Company?
A mobile app for insurance is a real must-have nowadays, and it’s not just words. We can prove it.
The thing is that every year more and more people are switching to their mobile devices. The trend is warranted by the facts: according to statistics, users spend about 86% of the Internet time in their apps. And it's a small wonder because modern smartphones are able to solve most of our problems! This applies to all business areas, and insurance is no exception. Therefore, insurance application development is a very reasonable step.
Mobile programs are beneficial to each participant in the process: both clients and the owners and employees of insurance companies. Not convinced? Well, let's discuss the issue in order and in detail.
In our article, we're going to explain why the idea to develop a mobile app for an insurance company is a cool and profitable one.
Insurance app development demand
Implementing the mobile technology into your insurance business’ work, you first need to understand the level of demand to find out whether the game is worth the candle — that is, whether the risk will pay off.
The answer is yes, but this wasn’t always the case.
Until 2016, online insurance apps weren't so popular: as stated in the KPMG global report, 2016 (The Pulse of Fintech), the insurance industry had long used outdated IT technologies and wasn't quite ready to transform. However, in 2017, the demand for national insurance mobile apps had increased, especially at the expense of emerging markets. Of course, there were still many pitfalls needed to be circumvented, but they were accompanied by new excellent business development opportunities.
And that was just the beginning. In 2018, the situation improved even more, and the forecasts for the next year are rosy: by the most modest estimates, the popularity of national general insurance apps is expected to grow by at least 4% in 2019.
So if your company doesn't have an app for insurance cards yet, it's high time you created one.
Benefits the insurance app users get
Before moving on, let's see why your customers will be happy to become users of a progressive insurance app. What benefits will they get?
In fact, there are quite a few reasons, but we’ll focus on 7 main ones:
Simple drawing up of insurance acts. A client needs to make just a few clicks in order to get insurance through a mobile application.
Online consultation. Alas, not always a person can find a time and visit one of the insurance companies in person to consult on a matter of interest. Therefore, he'll appreciate various insurance app features such as online chat, feedback, and so on.
Notifications. The application won't allow the client to forget about the end of the insurance program; also, it'll inform him on discounts and promotions.
Convenient data storage. Thanks to the smart insurance app, all the necessary information is stored in a single interface.
Getting information quickly. A client is able to learn everything he needs about your company in minutes. Among other things, he'll find your nearest office on the map, know your working hours and the list of services provided, etc.
Determination of location. The geolocation function provided by the insurance app for iOS and Android will help the user to call the agent to the scene of the incident (say, if the client himself is confused and has no idea of where he is right now).
Detailed and timely instructions. Again, in the event of an unfortunate incident, the client can immediately get information on the actions he should perform.
So, now you know your clients' benefits, and it's time to think of what you’re going to get. Also, it'd be useful to sort out the main types of these applications. We hope our analysis will give you a couple of fascinating insurance app ideas.
Benefits of a mobile application for insurance companies
Let's first discuss, in general terms, why and how building an insurance app would improve your business processes.
The insurance agent mobile app will help you get:
Automation of processes. Modern IT tools automate (and therefore simplify) all your business processes.
Providing information about the company. Along with the progressive insurance mobile app, you get the chance to convey complete information about your company, and in a favorable light.
Customer base growth. The number of people using mobile applications and web services of insurance companies is growing rapidly, and in order to attract new customers, you need to keep up with the times.
Constant communication. Insurance app development costs will undoubtedly pay off since such a mobile application provides a constant connection with the client and the ability to communicate with him around the clock. And even if your operators are unavailable, a chatbot will come to the rescue.
Simplification of drawing up of the insurance deal. We've already mentioned such an advantage when discussing customer benefits. However, you also win thanks to the registration of the insurance act through a mobile program.
Personalized offers. The insurance application allows you to collect information on each client and compile a unique offer on the basis of the data received - the offer which he won't be able to abandon (since it’ll be created to the needs of a particular person).
The ability to receive feedback from customers. Let's say if a client can report a claim from the app, you'll be able to respond to his complaints very quickly and smooth things over.
So, you know the benefits, but what about the types of mobile insurance apps? There are a lot of them, and we should discuss the key ones.
Car insurance apps
It’s a very beneficial option for insurance applications since all car owners ought to insure their cars. And they'll certainly be happy to simplify such a tedious process with mobile software.
There are even more benefits. Mobile applications can be used as a means to effectively manage risk (your benefit) and reduce the cost of the insurance policy (the driver's benefit). In addition, it’s a tool to improve the convenience of interaction in general. Let’s just say, in the USA and the UK, insurers check a car online and obtain information on the existence of insurance claims from databases. In the user account, the whole process is being settled (including the payment transfer).
So if you have a company, which indemnifies against damage to car owners, think of the need to create an insurance app for Android and iOS. You'll obviously attract new customers and increase the loyalty of the old ones; moreover, you’ll achieve the goal without making extra efforts.
And now let’s take a look at a few examples of existing insurance software applications of the sort.
Allstate Drivewise is owned by Allstate Insurance Co, a company that has gained a high reputation thanks to its reliable insurer services. And the time came when Allstate Insurance Co decided to automate its business processes with a progressive insurance app. Such a smart decision led to an even greater influx of customers and expanded the target audience.
By the way, among the features of the insurance app, there is a very interesting option, namely, bonuses rewarding responsible drivers. The reward is usually a certain percentage of the refund (up to 25%) after the client has been attentive at the wheel during a specified time interval (say, six months).
GEICO Mobile belongs to a very well-known GEICO company that offers a wide range of insurance services, and auto insurance is only one of them (but the most sought-after).
This smart insurance app is simple and clear, its functionality offers nothing superfluous, and the interface is intuitive, user-friendly.
By the by, there is an interesting nuance: GEICO Mobile is available not only to the company's clients but also to other users. Though, of course, they can take advantage of a limited set of insurance app features.
Property insurance app
Property insurance is an opportunity to protect yourself from unforeseen financial expenses in the event of flooding, theft, fire, and so on. Otherwise, all these unpleasant incidents would not only entail a lot of trouble but also bust the family budget.
Unfortunately, there are already a lot of property insurance companies, and convincing a client to choose exactly yours is a task of increased complexity. The home insurance app can be a great argument in your favor! On the one hand, it simplifies the insurance process, on the other, it becomes an additional communication channel and increases user involvement.
As proof, we offer a look at examples of several competitive insurance house mobile apps.
Allstate Digital Locker is created by Allstate Insurance Company. The program is free and serves as a good help in property insurance when it's really important to understand exactly what you have.
So, in fact, the insurance house mobile app in question is focused on helping the client to make a complete inventory of his property (in case of damage). Thanks to Allstate Digital Locker, the user will always have proof of what he had and in what condition. Information is stored in the cloud database and available anytime and anywhere.
The home insurance app with the bright name Lemonade is aimed at those who own or rent housing and want to take care of their property. It belongs to Lemonade Inc.
Lemonade Inc. insists on its own uniqueness and assures that it offers the most comfortable insurance process. Forget about the papers and unnecessary fuss, trust the Lemonade application, the company’s agents say. And it works, the client base keeps growing.
Life insurance app
According to experts, life insurance is a financial protection tool, which guarantees long-term moneyed assistance and allows avoiding the consequences of an accident and maintaining a decent standard of living in the event of force majeure.
Of course, the task to persuade people to order such an expensive service isn't very easy, and a mobile app for insurance is another leverage over potential customers. “Secure your future with affordable money and just a few clicks!” - you must admit, the slogan sounds quite convincing!
Anthem Anywhere is owned by the American company Anthem which aims to provide its customers with quality medical services. And health insurance is one of these services.
In fact, Anthem doesn't offer medical assistance but helps people find suitable specialists to solve their health problems. And the insurance application is another way to achieve a worthy goal.
As you can see, Anthem Anywhere offers not only insurance app features, but also medical ones, which is understandable taking into account the specifics of the company. But it makes the application more unique and popular among people (by the by, the app managed to attract more than 1 million users in the USA alone!)
Aetna Life Insurance Company is a renowned and highly respected organization whose history began back in 1853. However, with its commitment to proven traditions, the company tries to be suited to the times. That's why it decided to create an insurance app for Android and iOS - Aetna Mobile.
Aetna Mobile's goal is to simplify the provision of services to its customers, to bring work to a new, more efficient level.
As you see, in this case, medical and insurance services go hand in hand, complementing each other.
Travelers insurance apps
Tourists usually know about the need to get health insurance while traveling abroad. However, those who organize their trips through tour operators don't think of it because a standard travel package necessarily includes a medical insurance policy.
On the other hand, people who prefer to travel independently have to deal with such issues themselves, and many do so with the help of online booking on the website of insurance companies. But agree, to organize the process through the app for travel insurance is even better! It means the number of satisfied customers will increase - the factor which owners of insurance companies will definitely find more than appropriate.
In addition, our gadgets are always at hand, and you, as one of these owners, can communicate with the client wherever he is. And another important bonus: modern smartphones are able to determine their location, which also opens up the abyss of new unique opportunities. By the way, the Revolut application has found a good way to use the geolocation function, as you'll see after reading our brief overview of this travelers insurance app.
The British organization Revolut specializes in providing alternative banking services. And the Revolut application also helps to handle money. However, the company didn't want to limit itself to such a simple task and transformed the program into a travelers insurance app based on geolocation by adding the Pay-per-Day feature.
If the user activates this feature, the application starts tracking his location and automatically issues an insurance policy when the traveler crosses the border of a new country.
However, the program won’t issue a new policy every time if a client travels across the continent and crosses several countries during a short period of time (say, traveling from France to the Netherlands through Belgium). Also, the user can cancel the payment within eight hours.
Of course, Revolut still operates with money, moreover, it helps travelers to more effectively manage their funds during being abroad. The previous functionality had been supplemented with a few innovative features, and the mobile platform became a new insurance app oriented to tourists.
Creating an application for tourist and insurance companies, you should also pay attention to RoamRight. The app belongs to the worldwide Arch Insurance Company which is mainly focused on travel insurance.
RoamRight not only helps with travel insurance but is also aimed at providing tourists with comfort during their trips.
BTW! In 2014, the travelers' insurance app received a special award which marked the company's achievements in the field of online tourism. So RoamRight became a Silver Winner (Travel Weekly Magellan Awards).
Pet insurance app
Pet care insurance apps are also gaining popularity.
But what is pet insurance?
As insurance agents claim, this is reliable care about your pet, be it a cat, dog, hamster or even a guinea pig.
According to the pet insurance help company Liberty Seguros, Europeans (especially Spaniards) constantly indemnify their dogs and cats against loss, attacks of other animals, as well as various diseases. And if such protection of cats throughout Spain is voluntary, the situation with dogs is more complicated: in Madrid insurance is required not only from owners of large, potentially dangerous dogs but also from those who have innocent and little Yorkshire terriers and Chihuahuas.
And it proves that the need in the service is growing, and therefore the question “How to make an insurance app?” can be the particular concern of the company which provides it.
Among best pet insurance companies, we should mention Waggel, a British startup. This is an application that offers animal insurance assistance with digital technology.
Have we convinced you of the benefits of the insurance software applications? Are you ready to strengthen your business through mobile technology? Then follow our blog and read another article in which we're telling you how to create an insurance mobile app. I