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Useful Components for an Insurance Mobile Application

Smart devices have become embedded in our lives and many of our daily activities are dependent on the apps running on these devices. These mobile devices are no longer used just for calling and texting purposes but used for waking up to daily alarms, checking emails, watching movies and sports, and listening to music & education. Attractive UI and the sheer usefulness of these apps have given a different dimension and experience to people’s lives. The global insurance industry is at the forefront of the digital landscape and it is expected to reach approximately USD 6.4 trillion by 2025.

Apps are made for almost every domain

The apps are developed for and used in almost every field and domain. The insurance sector has also jumped into the fray and the digitization of this sector has helped in

  • Increasing Efficiency
  • Increasing Customer satisfaction, engagement & communication
  • Increased loyalty
  • Has made it easy to pay premiums, renew policies, and file claims
  • Reduced and simplified the paperwork and processes along with the reduction in costs and increased revenue
  • Opportunities for data collection for the insurance company
  • Automation and Simplification for most processes and business workflows

Insurance mobile apps can be developed for all categories like:

  • Health Insurance
  • Life Insurance
  • Vehicle Insurance
  • Property Insurance
  • Travel Insurance

The Covid-19 pandemic saw a steep uptick in mobile app usage from banking to insurance. The use cases of insurance mobile apps are:

  • Checking claim status- This is perhaps the most used option in the mobile insurance app
  • Connecting with the insurance agent and the company
  • Storing policy documents
  • Claim filing

Some of the most essential features of the Insurance mobile app

Customer profile module- Any Insurance mobile app needs this module

  • This feature manages the general profile of the user including contact details, claims submitted for processing, payment, etc.
  • It would also provide access to the policy documents, payment receipts, etc.
  • It can contain details of any appointments taken by the insured.
  • It would also give the necessary contact details of the agent and the insurance company helpline, enabling the policyholder to call directly from the app.
  • Health and fitness are the main aspects of any health insurance. The app can allow third-party fitness apps to be connected with it to monitor the fitness routine of the insured. Discounts can be offered if the insured completes certain criteria on a monthly or yearly basis.

Claims Filing and Tracking module- Physical claim filing is a thing of the past

  • The app can provide an easy and faster way to file claims since customer or insurer verification is already on the app records connected with the insurance provider’s server. There can be options to seek advice and directions from the agent or the insurance company before filling the final claim.
  • Tracking becomes easy and the progress can be monitored via the app and through notifications.
  • Documentation required can be uploaded through the app including photographs etc.

Policy renewal and purchases

  • All insurance apps must have the option to renew and also purchase new policies. Once requisite details are fed into the app, the policy can be issued.
  • Remembering renewal dates can be difficult and to ensure that policies don’t lapse, the app can send renewal text notifications and also flash renewal reminders when the app is opened.
  • Easy renewals via the app increase customer engagement and loyalty. Simple easy processes promote more business for the insurance company through word-of-mouth marketing.
  • Payment portal integration is a must, both for premium payments and also to ensure that the claims are paid into the account that is linked to the policyholder in the app. This helps in reducing fraud.

Support

  • Chatbots are increasingly being used to address routine queries and give updates. An insurance app can integrate an AI chatbot to perform basic functions and also book appointments etc.
  • Support mechanism via text and voice or video calls for appointments with the agent or the insurance company eases the insured anxiety in times of need.
  • AI chatbots can collect information that is useful for analytics.

Insurance mobile apps help in Analyzing customer data

Besides the usefulness for the insured, the Insurance mobile app helps the insurance company in studying and analyzing customer data. The data breakup can be seen as-

  • Identity data- This data includes name, date of birth, physical address, contact number, email address, social media links, etc,
  • Quantitative data- Transactional data like bank details, credit card information, payment frequency, etc.
  • Descriptive data- Details of insured property, vehicle(s), health data, profession, etc.
  • Qualitative data- Subjective and behavioral data like food habits, sports interests, etc.

Such data and its analytics help the insurance companies target customers for offering custom-built insurance plans and also in risk analysis.

Mobility via apps drives businesses today and the insurance sector is no exception to this. And the efficiency of any business including the insurance business depends on the features they offer offline and through their apps. Using an experienced mobile and software development company for quality assurance app development gives an insurance company advantages in developing streamlined apps that focus on the policyholder(s), agents & the company while simplifying the process workflows. Such an insurance app development company will focus on developing apps that engage in real-time policy issuance and claim settlement without glitches. It would ensure the flow of information related to revisions and new policy guidelines and analytics while reducing paperwork and optimizing document management.

Written By

A professional and security-oriented programmer having more than 6 years of experience in designing, implementing, testing and supporting mobile apps developed. Being techno geek, I love to read & share about the latest updates in technology including but not limited to IoTs, AI, application development, etc. In my free time, I like to play football, watch movies and explore new places. I have been learning mobile app development since 2012. With having a good understanding of programming languages, I develop native as well as web apps for both iOS & Android using latest tools & technologies. I am also having experience in both front-end & back-end development.

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