Insurance Mobile App Development: Benefits, Types & Features (2024)

Mobile applications have emerged as the game-changer for every domain, and the insurance sector is no exception. Mobile apps in the insurance industry bridge the insurer and policyholder gap through seamless and swift solutions. It allows the policyholders to have on-the-go access to their insurance details. And they enable insurance agents to improve productivity with faster request closures.

The digital transformation wave has created the need for established companies and startups in the insurance market to explore the need to develop mobile applications. Therefore, it is time to digitize your insurance workflows and processes by partnering with an experienced software development vendor.

Rishabh Software supports organizations in the BFSI domain with multi-purpose mobile app development services. We offer custom insurance app development that allows customers to file a claim, contact a consultant, and renew their policy from their pocket with minimal effort. This blog is for you if you are an insurance business looking to develop a mobile insurance app.

Here’s What We’ll Cover;

• Why You Should Invest In Insurance App Development
• Challenges That An Insurance App Development Can Solve
• Type Of Insurance Apps
• Insurance Application Development Process
• Tech Stack For Insurance Mobile App Development
• Factors That Influence The Cost Of Insurance Mobile App Development
• How Rishabh Can Help You With Insurance Enterprise App Development

An insurance app enables quick and easy communication between an insurance company and its customers. It automates tedious manual processes and eliminates paperwork. Even business leaders acknowledge the need to integrate mobile application technology into their operations. Let’s look at the benefits of insurance apps for both insurance companies & end clients:

Here are some key stats that substantiate the fact that insurance applications are a great business idea:

• The global InsurTech proceeds are expected to hit $10.14 billion by 2025.
• An insurance market analysis indicates that the sector will expand at a CAGR of 7.2% from 2022 and reach USD 1,223.5 by 2030.

Benefits for customers

• Easy access to insurance services
• Checking their policy eligibility on-the-go
• Online consultations anytime, anywhere in just a few clicks
• Filling out forms and making payments on-the-move
• Automated reminders for policy renewals
• Instant notifications about changes in terms, benefits, and discounts
• Easy access to location-sensitive help

Benefits for insurance companies

• Seamless communication via chatbots
• Process automation & simplification of routine workflows
• Real-time data collection and processing
• Personalized offerings for customers
• Instant feedback from customers
• Enhanced productivity and sales efficiency
• Faster deal closures

You would agree that an insurance software application helps users to simplify their association with the insurance company. Let’s look at the main issues that the customer insurance app can address once and for all:

• The Omnichannel Gap: Insurance companies often employ agents and brokers at key touchpoints to connect with potential clients. However, they cannot offer a personalized experience and stimulate profitable growth. For today’s tech-savvy customers, developing an app allows insurance companies to reach out and engage their customers most conveniently.
• Insufficient Data Protection: Insurance data is sensitive and needs to be protected. Conventional systems & practices might offer some room for hackers to steal this information. Partnering with an experienced insurance app development company would ensure proper protection of data. It would enable lowering operational risks and avoid fraudulent activities & data leaks. Skilled software developers follow the latest safety practices through modern technologies. It would include multi-factor authentication & secure SSL connection protocols, biometric authentication & more.
• Seamless Data Sharing & Access: When the insurance portal is down in case of an emergency, and there’s no alternative solution, the company’s reputation takes a significant blow. To avoid such issues & ensure uninterrupted business continuity, your insurance app development company can help you with an operationally reliable platform. They can help you choose from reliable cloud services providers like Amazon Web Services or Microsoft Azure – based on your business needs.
• Inaccurate Forecast: Insurance companies collect vast data from disparate sources, making it challenging to organize and analyze. The influx of data is daunting, and policymakers need sophisticated analytics platforms to turn this data into actionable insights. When leveraged with powerful technologies such as the Internet of Things (IoT) or Machine Learning (ML), data analytics can make it easy to collate, visualize and analyze data. It would enable accurate forecasting & demand prediction for fast and effective decision-making.
• Slow Underwriting and Claims Processing: Manual insurance processes involve a great deal of error-prone paperwork. It hampers underwriting and claims processing. Insurance software automates various standard repetitive procedures, allowing you to make your services accurate, efficient, and speedy.

Insurance app development solutions will vary based on the niche your insurance company serves. Here are six common categories of mobile apps that are developed in the InsurTech domain:

Life Insurance

A life insurance app streamlines all routine processes, such as:

• Helping customers choose the right policy
• Review terms and conditions
• Fill in relevant data online
• Make all the payments online
• Receive instant notifications
• Automatically calculate the rate of interest
• Contact support service via a bot

Health insurance

This application simplifies navigation for policyholders to:

• Browse through different medical disciplines
• Select their preferred doctors
• Book appointments
• Access documents and fill out forms
• Search for suitable health plans
• Compare the rates for doctors and pharmacies

Vehicle Insurance

Vehicle insurance is a real digital savior on the road that allows the user to:

• Take pictures of the accident site
• File a claim on the spot
• Receive a repair estimate
• Upload images, videos, locations, and relevant data
• Quickly access documents
• Get instant information about repair services

Property Insurance

This app is for insuring jewelry, real estate, artwork, expensive equipment, and other types of properties with self-service options for:

• Choosing a policy
• Filing claims
• Receiving maintenance reminders
• Tracking a property for damages, breakdowns, leaks, and so on

Travel Insurance

This app works like a safety net that minimizes your risk in emergencies by:

• Covering unexpected medical expenses
• Accident & sickness medical expense reimbursem*nt
• Guarding policyholders against luggage loss and trip cancellations
• Protecting the insured person in case of loss of travel documents
• Making instant help accessible across the border

Business Insurance

This app safeguards significant business investments against huge risks by allowing policyholders to:

• Select a suitable package based on business size & nature of risk
• Easily purchase a policy
• Minimize losses by quickly settling an insured event

The features you need to integrate largely depend on your business’s insurance segment – life, health, vehicle, or property. While the basic insurance mobile app features will be standard, we have also listed niche-specific features.

Common Insurance App Features

Customer Dashboard

It allows the customers to get an easy-to-use self-service interface with the following capabilities:

• Manage Profile: Users can manage their data, including contact details, submitted claims, and more, through this module.
• Policy Management: It displays the digital version of the insurance details, past payments, and current/past policy documents. Besides, it allows policyholders to use the insurance mobile app features to search other available policies, get quotes, and opt-in for policies that suit their budget and interest.
• Premium Payment: With an integrated payment gateway, this module allows insurers to pay their premiums through available methods. Here, they can even set instructions for automated payments and reminders for upcoming premium payments.
• Claim Management: Customers can submit and track their claims on a real-time basis through this module. For instance, in cases such as an accident or a house robbery, they can quickly take a photo and upload it with the app’s required documents.
• Help & Support: We enable the in-app calling feature and live chat support. It allows the customers to connect with service staff for their policies, premiums, claims, and more queries.

Admin Panel

As an integrated component of insurance app development services, we offer a secure admin panel that provides a 360° view of your business through a live dashboard. Besides, it allows you to add & edit app functionalities.

• Manage Users: Here, you can view, add, and manage the agent & customer profiles with corporate & personal details. Further, role-based access to users allows them to avail themselves of various features of the mobile insurance app.
• Document Repository: The module allows the upload, storage, and management of electronic versions of documents related to registration forms, policies, claim settlements, and more.
• Policy & Claim Management: Admin users can set and customize policy information for individuals, enterprises, corporates, and groups. They can even manage policy workflows, check cancellation & renewals, policy laps processes, claim assessment & processing, and more.
• Manage Payment: It will allow setting up commissions for agents/brokers, managing recurring billing for customers, and generating instant payment receipts. We even help implement various payment methodologies to enable payment through net banking, credit/debit cards, or mobile wallets by users.
• Reporting: We integrate third-party systems such as CRM, ERP, and more in this module. It allows easy generation & download of custom reports related to company performance, the region-wise breakup of reporting, customer profiling, and more.

Besides, we implement other admin-side modules as part of our insurance mobile app development focus. It includes offers & notification management, alerts & push notifications, geolocation management, insurance telematics, appointment scheduling, and more.

Advanced Niche-specific Features

Depending on the nature of your insurance business, you will need to integrate additional features that cater to the needs of your target market.

Vehicle Insurance

• Automobile-specific service listings to make informed decisions faster and receive on-demand insurance services
• Geolocation for policyholders to instantly notify the insurance agent of their location in case of an accident
• Integration with a mapping service to immediately track repair services, gas stations & other related help
• Sensor-led tracking the vehicle’s speed, braking pattern, and driving behavior to provide alerts & further support claim procedure

Life Insurance

• The mobile app development for insurance agents would cover policyholder profile with all the essential information of the insured person or object
• For the end customer, list of policies to browse all available options and make an informed decision
• Usage of policies detailing all the usage scenarios with terms and conditions
• On-demand insurance activation & deactivation in case the user wants to upgrade, switch or discontinue.
• Geolocation

Health insurance

• Search functionality for finding the right specialty and doctors
• Book appointments with an integrated calendar and receive reminders
• A symptom checker to determine which doctor to visit
• Pharmacy search if the insurance policy covers drugs

Property Insurance

• Reminders for periodic maintenance of assets
• Telematics to track leakages, breakdowns, and impending failures that can result in costly damages
• Push notifications to optimize the consumption of gas, power & water

Travel Insurance

• Travel guides with documented itineraries for offer a holistic user experience
• Service listings for seamless and hassle-free explorations
• In-app map to safely venture around new places
• In-app chat to tackle situations like baggage loss, flight delays, hospitalization, and more
• Language translation to make trips easy, fun, and safe
• Claims tracker for transparent and stress-free claim processing

Business Insurance

• Quick quotes with details on what is covered
• Robust authentication to verify user identity & credentials
• User-friendly dashboard to familiarize with all policy features
• Intuitive search functionality to find relevant information quickly and easily
• Automated claim processing for effective management of risk

Additionally, we also help implement advanced features, including;

• Advanced Search,
• Multilingual assistance
• Claim Filing Automation
• Hospital Mapping
• Medical History Tracker
• And more

If you want to digitalize your insurance management process, meet consumer expectations and stay competitive, below is a six-step process. As an experienced company for insurance mobile app development, we can work with you across all the steps.

Strategy & Planning

• Understanding the needs, and expectations of the target market
• Determining their pain points and preferences
• Competitor analysis to form a unique value proposition
• Creating a wireframe of the final product
• Listing the basic and advanced features

Business Model Determination

• Defining the monetization model (paid, subscription or sponsorship).
• Determining how it will address the pain points

UI/UX Design

• Planning the UX
• Determining the architecture
• Preparing a prototype
• Designing the user interface

Development

• Creating an MVP
• Finalizing the key features, tools & capabilities
• Testing the system and collecting feedback
• Evaluating key performance indicators

Quality Assurance

• Testing the app for usability, compatibility, stability, safety, and bugs
• Finding & fixing all existing and potential failures

App Release & Post-launch Support

• Ensuring the app works flawlessly across platforms and devices
• Adding new features for improved user experience

The choice of libraries, languages, frameworks, development toolkits, and programming methods for an insurance app depends on the development approach and preferred platform.

Native

• Android: Java or Kotlin, Android Studio, Android UI
• iOS: Objective C & Swift, Xcode, UIKit

Cross-Platform

• React Native
• Xamarin
• Flutter (Dart)
• Java Script
• Ionic

There is no one-size-fits-all solution when it comes to app development. To estimate the budget for developing an insurance app, it is essential to understand elements such as features, demographics, project complexity, business size, and more.

At Rishabh Software, we comprehend your business requirements to provide an optimal solution. Our development process follows a specific custom strategy and method by adopting a customer-centric approach. The insurance app development cost would heavily depend on the following:

• Project aim
• Types of features
• Choice of development platform (iOS, Android, or both)
• Number of hours invested
• Project size
• Type and no. of integrations

We can help you pick a cost-effective model that suits your needs.

Our custom mobile app focuses on enabling the agents and brokers to streamline the insurance process workflow by helping them to:

1. Engage in real-time for insurance policy and claim management to meet the customers’ expectations
2. Walkthrough the information related to new and revised insurance programs, policy rules, and more with advanced analytics
3. Provide claim status updates with quick assistance to customers using their smartphones
4. Reduce paperwork to improve document management by speeding up the process for everyone

We expect mobile devices to govern almost all financial transactions across the insurance industry vertical. Insurance applications are attractive to businesses. It helps them to increase the number of users and align with market trends & demands while outperforming competitors and ultimately generating revenues. So, if you want to create a successful app, ensure it is an end-to-end solution. Your app should seamlessly guide your clients from purchasing a new policy to processing the claim to renewing it with just a few taps on their smartphone screen!

As an experiencedmobile app development services company, Rishabh Software is your reliable partner in building custom mobile apps by covering the global insurance ecosystem. We assist you with enabling AI-based features in the insurance app, such as chatbots, speech-to-text components, voice analyzers & more, to drive higher app adoption rates.