Importance Of A Mobile App For Your Insurance Business

App Development

15
Oct 2020

2044 Views 5 Minute Read

importance of a mobile app for your insurance business

In today's times, a mobile app for your insurance business is essential. Why is this? This is because more and more people are using smart devices and thus using mobile apps. As per stats, users spend around 86% of their internet time on mobile apps. This is because modern smartphones can resolve most of our problems efficiently. This applies to all business segments, and insurance is no exception. Thus, insurance app development is a wise decision.

Advancements in mobile tech have altered the working pattern of the insurance businesses in the last ten years. Insurance service providers have become well-known due to the ease and the movability rendered by mobile apps. Mobile programs are advantageous to every participant in the process: clients, owners, and insurance companies' staff. We will cover this in detail in this article.

Insurance Mobile App Development Demand

Before applying the mobile tech to your insurance business's work, you must first understand the demand level to discover if the risk will pay off.

Online insurance apps weren't so famous until 2016. It was stated in the KPMG global report, 2016, the insurance industry had overused obsolete technologies and wasn't somewhat ready to alter. But in 2017, the demand for national insurance mobile apps had risen, mainly at the expense of emerging markets. No doubt, several drawbacks needed to be overcome, but they were accompanied by the latest excellent business development opportunities.

The situation got better in 2018, and the predictions for the next year are rosy. The popularity of national general insurance mobile apps is assumed to grow by at least 4% in 2019.

Advantages the Insurance App Users Get

Let's explore why your clients will want to become users of a progressive insurance app.

1. Easy Insurance Process

A user only needs to make a few clicks to get insurance through a mobile app.

2. Online Consultation

Not everyone can make time to visit insurance companies in person to advise on a matter of interest. Thus, they'll appreciate such a feature on the insurance app like online chat, feedback, and so on.

3. Notifications

The app will make sure to remind users about the end of the insurance program. Also, it will inform them about promos and discounts.

4. Suitable Data Storage

Due to the smart insurance app, all the essential information is stored in one interface.

5. Receiving Information Promptly

A user can learn everything about the business in minutes. Besides, they'll find your closest office on the map, list of services rendered, know your working hours, etc.

6. Ascertaining the Location

The geolocation function rendered by the mobile insurance app for Android and iOS will assist the user in calling the agent to the incident's location.

7. Thorough and Timely Guidance

In an adverse event, the customer can instantly get details on the actions he should perform.

Advantages for the Insurance Companies

Let's understand that why creating a mobile app would be lucrative for your insurance business.

1. Automation of Process

Modern IT tools automate all your business procedures.

2. Rendering info. About the Company

Alongside the progressive insurance mobile app, you get the chance to communicate info about your business and in a positive light.

3. User Base Growth

The number of people utilizing mobile apps & web services of insurance businesses is increasing rapidly, to attract new users, you must keep up with the times.

4. Continuous Communication

Insurance app development by top app development companies costs will indeed pay off because such a mobile app renders a continuous connection with the customer and the ability to interact with them around the clock. And even though your operators are not available, a chatbot is definitely available.

5. Ease of Procuring an Insurance Deal

As beneficial it is for the customer, so it is for the insurance company during the time of registration through a mobile app.

6. Customized Offers

The insurance app permits you to gather info on each user and compile a special offer based on the data received.

7. Ability to Receive Feedback from Users

If a client reports a complaint from the app, you can promptly respond to his claims and smooth things over.

There are several types of mobile insurance apps; let's discuss a few.

Property Insurance App

Property insurance is a chance to safeguard yourself from unfortunate financial expenses caused by flooding, theft, fire, etc. All these troublesome episodes would bring not only a lot of trouble but also screw the family budget.

There are already numerous property insurance companies, and it can be challenging to convince a client to choose yours. The property insurance app can come to your rescue. It simplifies the insurance process and becomes an extra communication channel, and augments user engagement.

The examples are Lemonade, Allstate Digital Locker, and some others.

Life Insurance App

Life insurance is a financial protection tool that promises long-term assistance, thus avoiding the consequences of an accident and preserving a decent living standard in the light of force majeure.

The task to convince people to order such a costly service is challenging, and a mobile insurance app is beneficial for prospective clients. The examples are Anthem Anywhere, Aetna Mobile, etc.

Travelers Insurance App

Tourists typically know the importance of insurance before traveling abroad. People who travel without a tour operator have to deal with insurance policy requirements on their own, and many do so with the help of online booking on-site insurance companies.

But even you might agree that doing the process on the app might be even easier. It means the number of satisfied users will increase, and your insurance company will prosper.

Moreover, these gadgets are handy when you want to communicate with your client on their whereabouts.

The examples are Revolut, RoamRight, and so on.

Conclusion

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