Last Updated on January 16, 2023 by Salman Khan
One of the industries that continue to grow rapidly thanks to digitization is the insurance industry. According to the latest research, the Mobile Apps market revenue was USD Million in 2016, will grow to USD Million in 2021, and will reach several USD Million in 2026, with a great CAGR during 2021-2026.
In the era of mobile technology, choosing an insurance app development company in Houston to an Insurance mobile app development can be a turning point for a health insurance company’s business growth. This article provides complete details regarding insurance app development and costs analysis to create a top insurance mobile app. We have also mentioned the need to include insurance app features, types of insurance apps, their benefits for both customers and companies, and also a list of the top 7 insurance mobile apps in the world.
Why does an insurance company need to mobile app development?
People spend a lot of time on their phones these days. With 258 billion mobile app downloads in 2022, the latest statistics show that 90% of time spent on mobile devices is spent on apps. Insurance application:
- It improves communication between the company and its clients
- Automatically complete tasks for insurance agents and clients
- Eliminates the manual task of filling out policy documents
- It will help you get new clients
- It reduces operating costs and increases the insurance company’s revenues.
Benefits of mobile apps for insurance
Advantages of insurance applications for customers
- Insurance can easily be arranged anywhere and anytime
- Online consultation on the go in a few clicks
- Policy and discount expiration notices
- Quick access to information in seconds
Benefits for insurance companies
- Automation of processes through a mobile application
- Attract new customers
- Easy communication through mobile technology features such as chatbots
- Personalized offers for customers
- Ability to get quick feedback from customers
Let’s take a look at the 7 best insurance apps in 2023
Here are the 7 most popular insurance apps in 2022:
Ranked #76 in the App Store, the app provides quick access to the health information on the go and the ability to personalize and organize it. Features vary by the plan (medical, dental, pharmacy, vision, behavioral, disability, accident).
Ranked #45 in the Health & Fitness category on the App Store, this health insurance app allows you to book health check-up appointments at any location, as well as view and download health reports. The app also has cashless outpatient services that can be accessed by scanning a QR code.
Based in Madison, Wisconsin, the American Family Insurance Company offers health, life, auto, home, commercial, and farm/ranch insurance. It offers a wide range of features from scheduled payments to claim and incident support. Users can check the status of their payments in real-time, request a policy change, or connect with billing staff.
Blue Shield of California
Blue Shield of California (BSC) is a San Francisco-based health insurance company. Using the app, customers can manage their health from anywhere. It offers 24/7 service and features that range from plan information to urgent care search tools.
This app is known for offering fast claims processing with real-time claim statuses. The app has an E-Doc Vault that allows users to securely store policies and related documents.
Oscar Health is an American health insurance company. The Oscar app helps users manage policies and connects patients with doctors. Oscar Health’s main features include:
- Symptom, doctor, and drug search
- Doctor on Call function (free consultation with a doctor by phone)
- View plan information
- Online communication with the Concierge team
- Access to a digital ID card
- Reward system
HDFC Life Insurance App
One of India’s largest housing finance institutions! HDFC Life Insurance App allows users to browse various life insurance plans and analyze their benefits.
Select the insurance application you want to create
Building an insurance mobile app will vary depending on the area in which your insurance company operates. Generally, there are 4 main insurance app ideas for businesses to build:
- Health insurance application
- Car insurance application
- Life insurance application
- Travel insurance application
The features you will need to implement generally depend on the type of insurance business you are in. Provided that the specific functions are extra, the basic functions are generally the same.
General features required for the insurance application
Every insurance application has a profile section that displays information about the insured item or person.
In this case, a digital version of the policy is available in the application. You will also find all available policy information here.
Offer your customers the right prices by listing different pricing policies. It will help your customers easily assess their options.
Filing a Claim
This is the most important feature of the insurance app. Filing a claim in an emergency must be intuitive and easy. The application function in your application should be simple so that clients can easily and efficiently fill in all the details on a single smaller screen.
Smart and easy payment
Integrating a simple payment gateway into your Insurance app will save your customer time and effort. Eliminate the client’s physical visit to the bank thanks to in-app payments. Thanks to the smart payment system, you don’t need to go to your bank’s app and fill in policy details.
Push notifications allow you to reach your customers faster. Your policy clients are notified of upcoming payments, policy details or discount offers, etc.
Chatbots/AI for customer support
AI-powered chatbots accelerate policy identity verification, personalize application-to-client interactions, facilitate claims processing, and prevent fraud or other customer inquiries and support.
Upload a document/image
This feature is required to be included as users need to upload their documents related to personal/professional or photos of medical records, accidents with insured carports, etc. This will help them claim to process their insurance policy.
Also Read: How Allstate Mobile App Revolutionize The Market (App of the Week)
Approximate cost of a feature-rich insurance app development
The total cost of an insurance app development depends on aspects such as:
- Features included
- Preferred platform (iOS, Android, or both)
- A place to develop applications
- Number of hours invested
- The team you hire
Considering the above factors, the cost of an insurance app development for one platform (iOS and Android) will start from $30,000. In case you decide to develop both platforms, the price can increase from $50,000 to $60,000.
As we head into the world of mobile technology, it is widely predicted that more and more people are likely to prefer and manage their insurance policies through their smartphones.
The insurance app development market is growing rapidly and every insurance company is focusing on its own successful insurance app to offer its customers unlimited benefits on a single screen while attracting more and more customers.