With the pandemic, people have learned various things such as storage, savings, help, hygiene, and many others along with the right use of their smartphones. Right from ordering the groceries and medicines, to watching videos about healthcare and food and even, doing insurance with the help of mobile phones.
There is a lot of insurance apps that came into the light during the pandemic as people were feeling insecure about their life and wanted to do investment as their backup plan. There was a problem that they couldn’t go to the bank or anywhere due to the lockdown and at that time, these insurance apps helped the people.
On-demand insurance mobile apps are always there to provide services to people in terms of investing their money in the right way. As a businessman, if you want to have these services, then you must know about the insurance app development cost & features. Get all the details in the below article.
Table of Contents
Overview of Insurance Mobile App
Insurance mobile apps provide technological solutions to your investment problems with the proper convenience and ease. These apps also provide customers special offers and deals to grab their attention. If any person wants to take investment plans for their secure future, they can buy them via the app and they don’t need to go anywhere as they can submit all the documents over the app to the agent.
Working of On-demand Insurance Mobile App
Before having an insurance app development solution, you must know how it works so that you can get an app developed efficiently? Check out the following points to know its working:
- First, people must sign in to the app to get its services. They can sign up by entering the details such as name, number, email ID, and more.
- After signing in, they can start using the app and can choose among the various insurance plans existing into various categories.
- Once they lookout for the right plan suitable for them and go out the best, they can buy it through the app.
- If they find out any issue doing this or using the app, they can talk to the app support or can take online consultation to understand the app working in a better way.
Market Stats of Insurance Mobile App & Fintech Industry
However, nowadays people are aware of the importance of insurance but with the arrival of a global pandemic, they have become more alert about the security of their future. As per the reports, the global market of financial services is predicted to be at $26.5 trillion by 2022. From 2021 to 2025, this global fintech market is projected to grow at 23.58% CAGR.
Even, 96% of consumers worldwide are known to have at least one payment or money transfer FinTech service. These days consumers are getting more aware of the insurance apps and since January 2020, these apps are in high demand. Similarly, payment apps are also having higher growth that leads to the increasing importance of fintech services in people’s lives.
Why opt for On-Demand Insurance App Development?
Whenever a business invests in a particular sector, it must know about the benefits it will get. To get more benefits, sometimes businesses also get custom mobile app development services to fulfill the specific requirements of their targeted users. The more profit or benefits users & insurance companies will get through the app, the more revenue you will earn. Let’s find out what are those benefits?
Benefits for Insurance Companies
Check out these below benefits provided by insurance mobile apps to insurance companies worldwide:
- Integration of upgrades & the latest IT automation tools in the insurance apps facilitates the companies to automate their processes, less working stress, and reduce paperwork.
- There is a rapid growth in insurance mobile app users that provides a large customer base for insurance companies.
- Things get simpler and easier for the insurance holders and these apps work like a mediator between users and banks or companies providing services anytime anywhere along with easy communication.
- Users can avail different offers and lucrative deals via the app along with a personalized recommendation from an agent.
- The client can give feedback for a specific service or agent that can help companies to improve their services and keep the users satisfied.
Benefits for Users
Efficient insurance mobile app developed by top-notch mobile app development company doesn’t only provide benefits to insurance companies but also, to users. Here are they:
- By using insurance mobile apps, users don’t need to be technologically advanced as the app is easy to use with just a few clicks to get insurance done.
- Via real-time notifications, users will get all the updates and knowledge about the offers, promotions, and discounts.
- Users can get information about the nearest insurance company and their services, and they can also get online consultation in case of any issue.
- Both Android and iOS app developers integrated geolocation features into the insurance app so that users can call the agents to their homes by finding an easy route.
- In case of any incident where the user doesn’t know what to do, he/she can get instructions via the app.
Different Categories Included in Insurance Apps
People have a lot of precious things and want to secure them anyway. Due to this, they want to have insurance in case of any emergency. What are these top-selling categories? Look at them:
1. Car Insurance
We often heard about the accident of a bike or car. In this case, if the owner has insurance of their vehicle, they can claim it by clicking the picture or video of the accident but if they don’t have insurance, they must bear the loss.
2. Health Insurance
With the older age, our body gets a lot of pain and diseases and after that, people spend their remaining life visiting the hospital and paying the bills. Through health insurance, they can claim the money spent on their treatment. By taking a picture of medical bills, they can get the money back.
3. Travel Insurance
If the user is traveling, and he met with an unfortunate accident, then he can claim this insurance. Travel insurance is specifically used for purposes such as accident, baggage loss, medical emergency, and more.
4. Life Insurance
Businesses who want to get insurance app development solutions must include this category as it is the most preferred policy by users. This policy provides a claim to the user’s family after the sudden or premature demise of that person who holds this policy.
5. Mobile Insurance
Nowadays, people can bear anything but not the loss of their smartphones. Hence, this policy is for those people who have fear of losing or damaging their phones. This policy is also beneficial in case of accidental damage or theft.
Key Features of Insurance Mobile Application
Insurance mobile app developers you hire from leading app development companies should be experienced and skilled enough to provide you a rich-feature app to compete with the other apps. Let’s have a look at the features that must integrate into the insurance app:
User Panel
The user panel must include enough features to provide customer ease with every function along with a smooth working process.
App Registration
People must be registered with the app to get benefits through it. They can sign-up by entering their details or through any social media account.
Evaluation
Users can do the app evaluation to see what type of insurance they want and which company would be suitable for that.
Schedule Appointment
With this, users can schedule their appointments as per their convenience with the hired agent or insurance company.
Secure Payment Services
Users don’t need to be insecure while doing payment transactions through the app as insurance apps provide secure payment gateways such as net banking, PayPal, credit, or debit card, and more.
Feedback & Review
Users can lookout for a reliable company to get consultation or insurance from them. They can take the help of another user’s review and feedback for it.
Push Notification
This notification feature helps users to instantly know about the activity on their profile and get knowledge about the new offers, deals, and insurance benefits.
Agent Panel
All kinds of Fintech app development services, be it insurance or banking or others include this panel and add salient features into it to provide convenience to agents.
App Sign-up
Like customers, agents also need to register within the app to avail themselves of the services. They can do it via credentials, or other social media account login.
Select a Service
Through this, insurance agents can select one service among many of them as per the niche of their choice or preference.
Upload Documents
This feature helps the agent to upload the policy papers or other documents easily for the clients to see them without going anywhere or calling the client to their place.
Get Payments
Agents are allowed to get payments from the customers and accrued insurance commission via the app.
View Earnings
An agent can view all his past earnings received from selling the insurance policies and they can see the reports by applying filters of date or month.
Admin Panel
While having on-demand insurance app development services, businesses prefer an admin panel with a lot of useful features to control all the business processes:
Admin Dashboard
Admin gets all the requests from users, and tasks that are finished, assigned, or pending ones, he can see and evaluate them via the dashboard. Admin can also see the profiles of agents and users through it.
View Historical Reports
The top management including the admin can analyze all the reports regarding claims, policies, costs, and others.
Agents & Users Management
Admin can manage all the registered admins and users within the app i.e., can remove or add them if they are not legitimate.
Payment Management
Transactions made from both sides of agents and customers can be handled from the admin side. Admin has access to all the payment data records.
Price Management
The task of price management is done by the top management as they decide the different prices for different policies.
Advanced Features
Core features are the ones that are owned by every on-demand app development but what are the unique or latest features provided by your app to the users and agents? Let’s find out those:
Geolocation
This feature makes it possible for agents to find an easy way to reach out to the customer’s house to sell them policies after their consent. It also allows to track customer’s movements in mobile apps such as auto insurance, travel insurance, and many more.
Quick Registration Form
Through this, customers can register their insurance policy quickly and can provide a digital signature. They don’t need to go anywhere to buy the policy.
Integrated Chat
To provide users with ease by instant communication between the insurance agent and customer, this feature is integrated into the app. if customers want to do any kind of bargaining, they can do it in a second via chatting with the agent.
In-app Payment System
This feature is integrated into the insurance app using ready-made APIs. For this, users must select a suitable plan for them.
AI-powered Chatbots
AI-powered chatbots can benefit app users in terms of boosting up and improving the verification process, customizing interactions between clients and apps, preventing fraudsters, and settling claims.
Top Insurance Mobile Apps
There are various leading insurance mobile apps are available in the market that are providing insurance services to users for a long time but several of them don’t have proper safety in terms of payment and personal details of users along with inappropriate insurance claims. It can be an opportunity for you to enter the industry with a desired and proficient mobile app solution.
Hence, hire mobile app developers from a leading mobile app development company and get the app developed you want. Here are some of the top insurance mobile apps, you can take reference from:
Monetization Opportunities Offered by Insurance Apps
As a most lucrative industry, the insurance sector offers various monetization opportunities for businesses, it is the reason why businesses want to have insurance mobile app development services. Following are those opportunities:
1. Subscription Model
It is the most used way to earn money via insurance mobile apps. In this model, users must subscribe to the app by paying charges to avail the premium features included in the app. Customers can use these features until the subscription package expires. They can subscribe to the app on a monthly, half-yearly, or yearly basis.
2. Advertising Model
Through the advertising model, various insurance apps earn money and it is the best way to recover the cost to develop an insurance app. In this, apps permit other businesses to do their promotion by displaying the ads on their mobile app.
3. Commission Model
A commission model is a suitable option for the aggregator apps, where they permit the app users to choose among different insurance schemes. They can find out the company or policy that is the best suited to their needs. In return, apps earn commission charges from both insurance firms and users.
Essentials to Consider While Creating an Insurance Mobile App
While jumping to the insurance mobile app development process, you must be aware of some of the steps that are necessary for the progression. The mobile app development cost highly depends upon the step-by-step procedure and other factors such as app type, app platform, features & functionality, location & experience of the hired company, and team structure & tech stack.
Now, let’s find out the aspects to watch out for while having insurance app development services:
Step 1: Analyze the Market
If you know about the strength and weaknesses of your competitors, you can use it against them and can make your app the way you can grab more and more audience’s attention. You can also identify what were the challenges faced by other market giants while entering the industry and can avoid them.
Step 2: Find Out Your Strength
As a start-up, you must hire skilled and experienced insurance mobile app developers who can help you to work upon your problems and can take out the strength to make a strong position in the market via launching the app. An efficient on-demand insurance app must be developed without any hassle and should be able to manage all the tedious tasks.
Step 3: Policy Section for the Client
Keep the policy selection as easy as you can for the clients. Sometimes, clients go through a lot of difficulties while choosing a suitable policy for themselves. You can allow the clients to compare between more than one policy, verify the provided information, and offer them an appropriate plan via the insurance app.
Step 4: Solve Issues of Specific Sectors
Before providing any policy related to any sector, you must know about the relevant issues clients are facing previously. You must not include those issues in your developed app so that you can provide clients a suitable app with a lot of options and connect with them efficiently via the app. Above, we have already provided different categories of insurance mobile app, you can include for the clients.
Required Team Structure & Tech Stack
The team you choose and what technologies they integrate within the app also affect the overall insurance mobile app development cost. Therefore, choose wisely:
i) Team Structure
A dedicated team of expert designers and developers is a way to get success. Hiring only knowledgeable and limited members can keep your budget in control.
• Project Manager
• Business Analysts
• UI/UX Designers
• Front-End & Back-End Developers
• iOS App Developers
• Android App Developers
• QA Experts
ii) Tech Stack
An insurance app without any advanced features or technology is of no use for users. To cope up with today’s requirements, your hired mobile app developers need to integrate emerging technologies into the app.
- Application & Data: jQuery, Google fonts, Elementor
- Business Tools: WordPress, Font Awesome
- Front-end programming languages: CSS3, Bootstrap
- Back-end Programming languages: Python, Ruby, AngularJS, Django, JavaScript
- Cloud: AWS, Google cloud storage
- Location Tracking: Apple Maps, Google Maps
- Verification: Google, Facebook
- Utilities: Google Tag Manager
How Much Does it Cost to Develop an Insurance App?
The most asked question by business persons while having insurance app development services is how much does insurance apps cost? To answer this question, we must look out at the various aspects and factors that we have described above. The complete cost of insurance app development depends upon the app complexity, the number of platforms you want the app for, core and advanced features, integrated technology, team members, app design & development, and hiring the company’s location & working experience.
Based on these, we can estimate that the insurance app development cost would be around $20,000 to $50,000. If you want to have a mobile app with advanced features to target both Android and iOS users, then it would cost you higher than the estimated price.
Final Verdict
In the above article, we have provided you with all the knowledge and in-depth details about the insurance app development cost & features. The insurance industry has become a profitable sector, and businesses are looking interested to invest in the same.
Before it’s too late, don’t miss your chance to make a blasting entry with a competent Hybrid app. You just need to consider these above-mentioned points and hire a leading mobile app development company that can support you at every step.
