Insurance is one of the most intensive industries when it comes to the clientele and their expectations. Insurance companies in India follow heavy paperwork, be it customer enrollment or insurance renewals, or redemptions. Insurance app development eliminates redundancy and elevates the customer experience.
The face of insurance is expected to change with the new digital transformation wave of 2020, along with the proposed liberalization in the Union Budget-2021. With the spike in FDI to 74% for the insurance sector, the capital influx is foreseen to bring huge developments in the sector. The BFSI sector is attracting investors in the insurtech domain of life, automobile, travel, property, and most importantly - health insurance.
The benefits of Insurance Mobile Apps
The three major stakeholders for any insurance company are the insurers that build the finserv products, the third-party service providers, and customers. The mobile apps provide a self-help platform to each one of these stakeholders. They ensure real-time interaction and allow customers and companies to engage in personalized services. There lies an opportunity for data collection, better research, and new customer acquisition.
Insurers can optimize the complete insurance cycle of their clients and invest time and money towards semantics. Mobile app development is an initial investment product and hence, reduces the overall operational costs with a greater ROI than traditional business models. The time-consuming activities of filling in policy details, their tracking, and renewals get automated and are transferred down as a smooth customer experience.
A user study suggests that people spend 90% of their time on applications when using their mobiles. It is to no surprise that people are becoming comfortable with chatbot communication and AI processes. It adds to the customer benefits by providing them online consultation and personalised insurance plans.
The insurance app development companies leverage the basic features of a mobile app like notifications and alerts to keep their customers up to date. The extended service of getting policy comparisons, policy updates, discounts, in-app payments reduce customer turnaround time. The top mobile apps in India include features to manage their admin panel, policy details, locate agents, pay premiums, file claims, document access, and customer support.
Tips for Insurance App Development
Implementation of an insurance mobile app can be challenging. While it is an effective tool to save time and money, development becomes tricky. Here are a few tips that enable maximum performance while building an insurance app -
- Make a smart application
Some of the top used apps in any sector do not require frequent calling or customer support requests. The insurance application must act as a mobile service - a place where users can get all the information and engage with the insurance company and their policies. Smart applications are more like personal assistants to the user.
- Simplify functionalities
A major factor to consider is functionality. Insurance app development doesn’t require complicated features because the industry itself is so complex. The application must simplify the daily operations - checking the policy, policy comparisons, applying for claims processing, and more.
- Hire a professional
While freelancers can work on other applications, a professional insurance app development company is your best bet for the app. Insurance apps require heavy scaling and need expert coders who can minify the code and deliver powerful functionalities. A professional already has experience with insurance applications.
- Cross-platform application
An insurance mobile app must not be limited. Building a cross-platform app ensures that both Android and iOS users are reachable. React Native is the perfect technology to build cross-platform user interfaces with the same elements. Insurance is a necessity for everyone - and cross-platform apps help reach more number of people.
- Quick support
Even though the application should clear all doubts, insurance is a tricky business. Customers often need support from professionals for queries related to their policies. The application must have handy customer support - installing a chatbot is the best option to understand customer questions and quickly provide answers to them.
Apart from these tips, an insurance app must focus on simplifying the user experience. It should have minimal features that fulfill the customer’s needs. A real-time insurance mobile app is an excellent choice to serve customers in the best possible manner.
Cost of Insurance App Development
The cost of an insurance application depends upon a lot of factors. The general cost can only be estimated when all these factors are carefully considered.
First of all - the type of insurance application matters the most. Is it a car insurance or life insurance application? It gives an idea about what features to build in the application. The features and functionalities comprise major costs. More elements entail more number of hours, which will add to the price of the application.
The second thing is the development team. Hiring a freelancer is cheap - but the work can’t be managed, and the quality would be substandard. A professional insurance company in India will provide an experienced team for the application. There will be a project manager, business analyst, junior and senior developers, quality analysts, and UI/UX designers. Hiring them separately would cost you much more than hiring a company that provides all these experts.
The best practice is to develop an MVP and then scale. All the upgrades and releases won’t cost as much as the first version of the product. A prototype will also provide an idea about where the application is lagging and how much needs to be spent to make it perfect.
In general, it would cost around $45,000 to $70,000 for building an insurance mobile app. Since it involves a lot of research & development, the cost can go up. However, depending on the features and capabilities of the application, the estimation can vary.
It is best to get a free estimation from multiple companies that offer insurance app development. After analyzing the different proposals, a general idea can be achieved as to how much the entire application will cost. Web apps are less expensive than mobile apps as they do not require cross-platform capabilities. Starting with a web-based insurance app and then scaling to a mobile app is also an excellent path.