INSURANCE APP: FEATURES AND DEVELOPMENT COST
Mar 09 2021
Mobile apps have become relevant and popular in every industry, and insurance businesses are no exception. Digitalization made a lot of processes more efficient. The recent research by Deloitte shows that insurance companies all over the globe choose technological advancement and cybersecurity as their priorities for 2021. Do you want to learn more about mobile and web apps for insurance companies? We’ll discover their types and best examples, must-have features, and development process. Let’s dive in.
Table of contents
WHY DOES AN INSURANCE COMPANY NEED AN APP?
Mobile applications may become powerful tools that improve connection with clients and boost sales. These days, insurance companies of almost all sizes and specializations actively use mobile apps for customers and employees. Why? Communication benefits:
- reach your clients effectively;
- get timely feedback;
- provide better customer support via live chats and other tools;
- help choose the right insurance plans and offer new products;
- attract a wider audience through advertising on more popular apps
- enhance your credibility and brand recognition.
Data processing benefits:
- make routine tasks automatic;
- save much time for insurance agents;
- reduce human error;
- use in-app statistics to collect and analyze valuable data.
Many reasons to build an insurance app for your business
An insurance app is no longer a trend to draw attention to a company’s services. It’s a fully-fledged marketing tool that can change all your work processes and make the insurance agents’ communication with clients more effective. If you want to build an insurance app for your business, we advise you to study the best examples on the market.
TYPES OF INSURANCE APPS
People can choose to insure anything that matters to them. The most popular causes are life and health insurance. You can also build the general insurance app, working with a property like homes or cars. Some companies allow adding coverage for jewelry, art, electronics, etc. The other popular product is travel insurance, for which you can also create exciting mobile apps. Let’s discover some prominent and famous examples of each type.
The main types of insurance apps
Health (MyCigna, Oscar, EuroAccident)
These insurance apps enable a wide range of activities, including but not limited to:
- access to personal, family, and children insurance information;
- personal health information storing and management;
- healthcare-related products and services;
- appointment booking or cancellation;
- prescription refill;
- drug search;
- integration with banking services, etc.
“Examples: MyCigna by a leading American insurance company Cigna Oscar by the American company Oscar Insurance EuroAccident by the Swedish company EuroAccident ”
Life (Ladder Insurance, CLIC)
These apps allow you to purchase and use different life insurance programs very conveniently:
- using an in-app calculator;
- scanning and uploading documents;
- buying a life insurance policy quickly;
- viewing insurance history;
- receiving updates and special offers;
- changing your coverage, etc.
“Examples: Ladder Insurance by the US-based company Ladder CLIC by Columbus Life from the United States”
These insurance apps provide all services and functions that travelers might need:
- convenient purchase of a travel policy, including documents upload and progress tracking;
- customers support via chatbots and hotline;
- real-time information on flights and boarding;
- access to emergency phone numbers in any country;
- map integration to find medical facilities in the area;
- built-in translator for the first-aid vocabulary, etc.
“Example: TravelSmart by the German company Allianz Travel”
Car (Geico Mobile)
These apps provide quick purchase of insurance policies for cars and other vehicles. The features include:
- convenient purchase of car insurance policies;
- adding and removing vehicles from an app;
- assess to car’s service history and maintenance schedule;
- online booking for mechanics;
- fast ordering of roadside services;
- chatbots and virtual assistants to answer FAQs.
“Example: Geico Mobile by the American company Geico”
These insurance apps provide quick access to insurance services for homeowners and renters:
- requesting a quote and purchasing a policy;
- transparent information about policies, premiums, and coverage;
- filing a claim and uploading documents;
- changing coverage options easily;
- donating money leftover for charities.
Some apps also provide insurance for pets, which is quite popular among policyholders.
“Example: Lemonade by the American insurance company Lemonade working in several European countries as well”
MUST-HAVE FEATURES TO BUILD FOR AN INSURANCE APP
As three parties are involved in insurance services, there may be three connected apps: one for a policyholder, another for an insurance company, and one more for an organization that provides specific services (e.g., a car repair center, a medical clinic, etc.). In some cases, you’ll only need two applications. Why are separate apps better for your business than an all-in-one solution? First of all, it’s simpler for users to navigate – no need to choose a role during registration. Besides, a single app requires much fewer resources on a smartphone (free space, processing power, etc.) – users will be more likely to download it from the store. Some functionality is a must for any kind of insurance app. Let’s find out more.
Read also: How to Create Your Own Crowdfunding Platform
Insurance Agent’s App & Admin panel
This software aims to simplify insurance agents’ work, connect them with customers, and help you monitor your employees’ activity. An insurance agent’s application can be mobile (native) or web-based. The latter is good enough when a company has an offline office. However, if you have a network of agents working from smartphones or tablets, consider building a mobile app for them. Here are some basic features for an agent-side application:
- sign-up and log-in systems;
- profiles for agents;
- a list of clients with detailed information about each;
- available policies;
- claims (in-process and history);
- notifications, etc.
A web-based admin panel will give you information on both agents and policyholders. You’ll be able to view all activities, statistics, transactions, history, and other information. This is a special area for a business owner that requires permission for access. It’s possible to build a separate admin panel in addition to a native mobile app for employees. As an alternative, you can have an administrator profile on a web-based application.
Data Protection for Insurance Software
Dealing with sensitive data is an integral part of insurance agents’ work. You must apply safeguard measures, including the following.
The ways to protect valuable data on the insurance app
- Сomplex, multi-layered cybersecurity frameworks.
- Good antivirus software.
- Up-to-date security certificates.
- Data encryption.
- Information monitoring.
- Control policies for portable devices.
- DLP (Data Loss Prevention) tools.
- Compliance with country-specific regulations.
You need to study the local legislation. For example, insurance companies in the United States are subject to HIPAA. Learn more about it from our article HIPAA Compliance Checklist. For payment information protection, there is international standard PCI DSS and legislation like GLBA and SOX. In the USA, insurance software must be compliant with them.
Common Features for Clients
Health insurance, car insurance, travel insurance – it doesn’t matter, as some functionality is vital for any type of app.
|User profile||A personal space for a user where they can manage all information about them or insured objects.|
|Policy info||A digital version of insurance policy, often in addition to a printed one.|
|A list of policies with search||This feature allows browsing all available insurance plans and using search filters to find a policy with suitable parameters.|
|Quote examples||This feature guides users through available options and pricing. It helps assess what kind of policy you can get before contacting an insurance agent.|
|Recommended policies||The list of policies selected according to information about a user’s income, family, age, health, insured property, etc. It allows users to change their insurance plans or purchase new policies.|
|File a claim||It’s the most useful feature for your clients. Filing a claim should be intuitive and quick – one screen to enter the necessary information and attach photos. For property insurance app, it’s suitable to allow taking pictures in-app.|
|Payment gateway||Integrated in-app payments will help users save time. Make a payment procedure secure, transparent, and convenient. Automatic payments may be an additional feature.|
|Customer support||Live 24/7 chat, preferably with chatbots to answer common questions. In-app calling is also convenient.|
|Notifications||A convenient way to let your customers know about claim processing, notify them about upcoming monthly payments, offer discounts, etc.|
These features enable smooth communication between your clients and agents. Developers will build such functionality for any kind of insurance app. What about some industry-related features? They will be different when you create a car insurance app, travel insurance app, or some other type. Let’s look closer.
Specific Features for Clients
When it comes to using insurance services via a mobile app, your target audience will also have specific needs. You know your clients better – we’ll simply give you several examples of the features you can implement.
|Car insurance||CARFAX integration with access to a car’s service history
Google Maps integration to search gas stations, mechanics, etc.
Geolocation to notify about an accident
Car maintenance schedule
Driving behavior sensors (careful drivers get discounts)
|Health insurance||A symptom checker that offers which specialist to see
Search a doctor (filters will be useful)
Search a pharmacy
Book an appointment
In-app calendar with notifications
Integration with other apps for travel information (flights, transport schedule)
There are much more features you can possibly add. Pick them yourself after the client audience research or hire a business analyst. Alternatively, you can rely on a qualified project manager from the development company.
TRENDS IN INSURANCE SOFTWARE DEVELOPMENT
What trends will be relevant for insurance apps in 2021? There are a lot of technologies, and big companies in the industry have already implemented some of them.
Popular features and integrations for insurance apps
Artificial Intelligence and chatbots guide users through common issues, speed up the initial processes like registration and identity verification, make client-app communication more personalized, provide faster claim settlement, help with fraud prevention, etc. Predictive analytics, traditionally used to collect various data about each client and predict their behavior, can also help with risk assessment, sorting out claims, fraud recognition, finding trends in the insurance industry, etc. Internet of Things (IoT), including wearable devices, automobile sensors, components of smart homes, and other technologies that can exchange data with an insurance app to provide better pricing and avoid risks. According to recent market research, the IoT industry is rapidly growing and expected to reach the significant value of $42.76 billion by 2022. Drones can shape the nearest features of many industries, including insurance. They have already been successfully used to collect data and assess damage for farmer insurance programs. It isn’t necessary to use all of these trending technologies in insurance app development. Still, it’s good to be aware of your possibilities if you decide to extend the app’s functionality.
HOW TO FIND DEVELOPERS FOR AN INSURANCE APP?
One of the best sources for hiring developers is LinkedIn. To find a reliable team, you can also check some customer review websites, like Good Firms and Clutch. Read clients’ reviews, watch developers’ portfolios, and ask specialists about their experience with software for the insurance industry. You can also choose an IT company and send a request to select developers for your project.
App development experts
After studying all your requirements and business specifics, a whole team will be working on a mobile insurance app:
- a project manager;
- a UX/UI designer;
- 1 iOS developer or 1 Android developer (depending on which platform you’re planning to launch);
- 1-2 frontend developers (they’ll build the app’s client side);
- 1-2 backend developers (for the app’s server side);
- a QA tester (for quality assurance during the development process and before launch).
HOW MUCH DOES IT COST TO CREATE AN INSURANCE APP?
The project scope will define the pricing for application development. As a rule, companies start with an MVP – Minimum Viable Product. It enables the fast launch of your app and allows you to see the audience’s reaction. Such an app has the basic functionality that you can expand later. How much is it for a client’s app?
- MVP – from $30,000 per platform (iOS or Android)
- extended product – from $55,000
An insurance agent’s app will cost around $40,000 as it generally has fewer features. If you wish to build a web-based app for agents and an admin, it’s simpler and cheaper – about $15,000. If you tell us about the specifics of your business and client audience, we’ll be able to give precise estimates on the costs of insurance app development.
Mobile applications are the future of the insurance industry. They allow you to effectively communicate with the client base, collect and analyze data, and manage all work processes. In addition to a client’s app, you’ll need one for insurance agents or a web-based admin panel for you and all your employees. Insurance apps can speed up your work processes and make them more efficient. Here at Exceed Team, we provide solutions of any complexity to fulfill your business needs and address challenges. Tell us about your insurance business, and we’ll build a smoothly-working and cost-effective solution for you.
Most popular questions
What are the main reasons for any insurance company to make a mobile app?
There are two key benefits coming with mobile apps and digital platforms: better management of all your information and more effective communication with clients, both existing and potential.
What are the most popular types of insurance in 2021?
Customers often prefer these options: Home insurance; Life insurance; Travel insurance; Health insurance; Pet insurance; Car insurance; Property insurance.
What are the must-have features for any insurance app?
We advise you to build the following functionality: User profiles; Policy info; Search policies; Quote example; Recommended policies; File a claim; Payment gateway; Customer support; Notifications.
How much is it to create an insurance app?
You can start with an MVP (Minimum Viable Product) that costs around $30,000 per platform if you hire developers from Eastern Europe or Russia. An extended product with more features and sophisticated design starts from $55,000 per platform.
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