6 Insurance App Ideas to Enhance Operational Productivity and Streamline Processes
The insurance industry has been struggling to leverage technology for its benefit. The old paper-based processes are stoping the industry from growing at a faster rate.
The Insurance industry is already aware of the benefits that mobile apps will bring to their business. However, it is quite complex to put insurance app ideas into execution.
According to Research and Markets, The global smartphone insurance market was valued at $22.6 billion. It is predicted to grow at a CAGR of 9% during 2019-2024 and reach $38.1 billion by 2024.
Many insurance agencies are partnering with mobile app development services providers to convert their insurance app idea into reality. Mobile apps will help insurance companies to remain transparent and provide a user-friendly experience.
Insurance mobile apps can help you to eliminate the traditional customer care representative system with 24/7 assistance using a chatbot. It will not only help you reduce the cost of running a call center but also save your customers time.
Companies like China life insurance, AXA, Allianz AE, Zurich Insurance Group, etc. are one of the first insurance companies to implement insurance mobile apps.
Insurance App Ideas
In this article, we have covered the top six insurance app ideas that’ll help you deliver a fantastic customer experience and streamline your business operations.
Idea 1 – Claim Adjuster App
The job of a claim adjuster is mostly a field job. They have to investigate claims and by consulting the police, interviewing the claimant, examine the damage occurred, and check hospital records to identify the company’s liability to pay the claim.
However, with the claim adjuster application, you will be able to increase the productivity of your claim adjusters. Moreover, they will also be able to provide you the documents and details about a claim faster.
To fulfill all the tasks mentioned above, you need to incorporate below-mentioned features:
- Documents Library: The app must be capable of holding all the necessary documents and data. It should also allow them to access the uploaded documents on-the-go.
- Up-to-date Information on Claims: Claim adjusters should be updated with all the latest and old claims data. They must have a feature to update adjusters with push notifications.
- Photo Upload: Claim adjusters should be able to upload the pictures of damages directly to the cloud using their mobile phones.
- Customer Communication: There should be a built-in chat feature for claim adjusters to communicate directly with their clients on-the-go.
- Signature Capture: Claim adjusters should be able to take signatures of their customers using their smartphones or tablets. It will reduce a massive amount of paper-work, documentation, and scanning.
Customers are at the center of every business. Insurance apps can genuinely elevate the customer experience. Now, customers will have all the information related to the insurance companies, their policies, etc. on their fingertips.
Mainly, there are two types of customer mobile apps for insurance. Read further to get a better understanding of each of them in detail.
Idea 2 – Claim Submission App
Claim submission has always been a significant issue among customers. This app will help customers to submit their claims quicker and deliver excellent customer experience.
With the help of the claim submission app, customers can now submit the claims flawlessly while providing every possible information using their smartphone.
It also reduced the efforts of claim adjusters as they now don’t have to spend as much time visiting the incident site in-person as earlier. It saves their time and other expenses, as well.
Finally, the app will help customers to know the progress status of their claims directly.
Idea 3 – Car Insurance App
Since today everyone is taking vehicle insurance, and especially for cars, developing a car insurance app can grab customers’ attention.
To give you a few use cases, drivers can use their smartphone camera to take pictures of the scene, take insurance details of other drivers to submit all the information to the insurance company.
Besides this, you can also include features that help customers to monitor their cars. Give them tips to drive better and reduce the chances of accidents and other risks associated with the car.
Moreover, using sensors, you can also create an IoT app that allows them to monitor the amount of petrol left and other parameters such as breaks, accelerators, and more.
Idea 4 – News App
The job of a broker demands him/her to stay updated with the latest information on the environment, economics, and other aspects to give the best possible advice to his/her customers.
You can ask your analyst team from the office to send the latest information to the brokers on their smartphones. Sometimes, brokers get so busy that they are unable to read all the information and news sent to them.
Therefore, if you create a news app for your insurance company, it will help brokers only to receive the news and information, which is necessary.
You can use a broker’s calendar to identify when to send then the right information about their customers, such that it helps both the broker and the customer.
Idea 5 – Sales Support App
Since brokers mostly work on the field, they face many challenges related to capturing and accessing information.
A sales support app will help brokers to access all the marketing and sales-related documents and materials to capture and track leads and increase cross-selling.
The app must include the following features:
- Lead Tracking: The app must have a section, which provides all the information about customers so that the brokers know everything about a customer before setting up a meeting.
- Lead Capture: This feature will help brokers to save the successful conversions in the database that happened after every meeting. It will help them to save time transferring the information related to each lead.
- Material Access: The app will help brokers to access every material related to sales and marketing from anywhere at any time.
Idea 6 – Training Application
Today almost any company or businesses are adopting mobility solutions that allow their employees with broker training.
A mobile app can help to-be brokers to acquire knowledge in a personalized way. It will help your employees to get acquainted with all the practices and guidelines that they must abide by to deliver amazing customer experience.
Employee training app can be extremely convenient as it can help employees to learn by audio and video lectures. Moreover, employees can recall any lecture whenever they want.
You can also include gamification features in the app to further engage the employees. For example, you can include quiz-based learning. Give points on the completion of each lesson/quiz/training session.
Moreover, you can create leaderboards to promote healthy competition among employees and motivate them to work more effectively.
Implementing these six insurance app ideas can help you deliver excellent customer experience, manage various workflows, and streamline business processes.
We understand the insurance sector and the critical requirements of an insurance company. We also know features that can help your company to achieve new frontiers.
Insurance App Ideas – FAQs
1) How much does it cost to develop a health insurance app?
To develop a health insurance app for iOS and Android platforms take approximately $30,000 to $50,000. It will mostly depend on the amount and types of features you define.
2) How to develop an insurance app?
Below are the steps to develop an insurance app:
- Identify the problem in the insurance industry
- Perform market research
- Think of customer problems before listing down features
- Create a development team
- Develop and test every feature, one at a time
- Make relevant changes based on test results
- Deploy the final product
3) How to make a policy holder’s life easier through insurance apps?
You can make a policy holder’s life easier by including app features that allow them to:
- track insurance claims
- create an insurance card (digital)
- manage insurance policies
- create a home insurance inventory
4) What are the must-have features of an insurance app?
- Don’t create an app for the sake of creating it; bring value to your clients.
- Create an app with simple navigation and an intuitive user interface.
- App design should be responsive and should integrate well with every mobile device.
- Deliver personalized user experience based on demographics, user location, or user behavior.
- Do not overload your app with features; keep only the most important ones.