Mobile apps have proven to be game changers for every domain and the insurance industry is no exception. Mobile apps in the insurance industry bridge the gap between insurers and policyholders through seamless and fast solutions. It allows policyholders to access their insurance information on the go. And they enable insurance agents to improve productivity by processing claims faster.
The wave of digital transformation has created the need for established companies and startups in the insurance market to explore the need for mobile app development. That's why it's time to digitize your insurance workflows and processes by partnering with an experienced software development vendor.
Moon Technolabs Software supports organizations in the BFSI domain with multipurpose mobile app development services. We offer the creation of custom insurance mobile applications that enable better customer service, reduce operating costs and increase ROI. If you are an insurance company and want to an Insurance mobile app development, this blog is for you.
Mobile app development for the insurance industry - a necessity rather than a choice
The mobile application eliminates the need to use traditional channels where agents and brokers can reach target customers. Even business leaders recognize the need to integrate mobile app technology into their operations.
Also Read: How Allstate Mobile App Revolutionize The Market (App of the Week)
Types of Mobile Insurance Apps
The ideal insurance mobile app development solution covers the following categories of apps that can be developed in the insurance domain across the categories below:
- Life insurance
- Health insurance
- Car insurance
- Property insurance
- Travel Insurance
Features of the mobile insurance application
Let's look at the essential features of robust insurance mobile apps.
Customer panel
It allows customers to get an easy-to-use self-service interface with the options below:
- Profile Management: Users can manage their data through this module, including contact details, submitted claims, and more.
- Policy Management: Displays a digital version of policy details, past payments, and current/past policy documents. In addition, it allows policyholders to use the insurance mobile app features to search for other available policies, get quotes and sign up for policies that suit their budget and interest.
- Premium Payment: With an integrated payment gateway, this module allows insurers to pay premiums through available methods. They can set up automatic payment instructions and reminders for upcoming premium payments here.
- Claim Management: Customers can file and track their claims in real-time through this module. For example, in cases like an accident or a home robbery, they can quickly take a photo and upload it with the required application documents.
- Help and Support: We are activating in-app calling and live chat support. It allows customers to connect with service personnel for their queries regarding policies, premiums, claims, and more.
- In addition, we implement other features including advanced search, ID scanning, online signature capture, one-touch emergency assistance, service center locator, and more.
Admin Panel
As an integrated part of insurance mobile app development services, we offer a secure admin panel that provides a 360° view of your business through a live dashboard. In addition, it allows you to add and modify the features of the application.
- User Management: Here you can view, add and manage agent and customer profiles with the company and personal information. Role-based access to users further allows them to use various features of the mobile insurance application.
- Document Storage: The module allows you to upload, store and manage electronic versions of documents related to registration forms, policies, claims settlement, and more.
- Manage policies and claims: Administrators can set up and customize policy information for individuals, businesses, enterprises, and groups. They can even manage policy workflows, control cancellations and renewals, expiration processes, claims assessment and processing, and more.
- Payment Management: Allows setting commissions for agents/brokers, managing recurring billing for customers, and generating instant payment confirmations. We even help implement different payment methods to allow users to pay via online banking, credit/debit cards, or mobile wallets.
- Reporting: In this module, we integrate third-party systems like CRM, ERP, and others. It allows for easy generation and download of custom reports related to company performance, segmentation of reports by region, customer profiling, and more.
In addition, we are implementing other admin-side modules as part of our focus on insurance mobile app development. It includes bid and notification management, alerts and push notifications, geolocation management, insurance telematics, appointment scheduling, and more.
Cost analysis of insurance mobile app development
There is no one-size-fits-all solution when it comes to app development. To estimate an insurance mobile app development budget, it is essential to understand elements such as features, demographics, project complexity, business size, and more.
At Moon Technolabs, we understand your business requirements to provide you with optimal solutions. Our development process follows a specific proprietary strategy and method by adopting a customer-oriented approach. The cost of an insurance mobile app development would largely depend on:
- Project goal
- Function types
- Choosing a development platform (iOS, Android, or both)
- Number of hours invested
- Project size
- Type and number of integrations
As an experienced mobile app development company in Houston, we can help you choose a cost-effective model that suits your needs.
Conclusion
Mobility will undoubtedly be the driving force of the future of the insurance industry. We expect mobile devices to drive almost all financial transactions for this BFSI vertical.
As an experienced mobile app development company in Houston, Moon Technolabs is your reliable partner for building custom mobile apps by covering the global insurance ecosystem. We even help enable AI-based features in the insurance app like chatbots, speech-to-text components, voice analyzers, and more to increase app adoption.
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