In recent years, the trend of on-demand applications has taken over the global market. These apps deliver a wide range of flexibility to the users and a huge range of profitable parameters to the business launching the said app. One such category is the on-demand insurance apps. People always need to insure a variety of things, including health and property, to avoid any risks. The insurance sector has been growing at a great pace in the last few years. A mobile app that helps the users in getting insured or renewing their insurance within seconds is definitely a promising project.
The on-demand category of apps has significantly sparked interest in various entrepreneurs to invest in the development of such apps as they generate prominent profits. These apps are highly capable of attracting users towards them due to their advanced features and functionalities. The global insurance technology market has been valued at 2.72 billion USD in the year 2020, and it is projected to grow at a CAGR of 48.8 percent by the year 2028. If you are thinking of developing a mobile insurance app, this is the right time; all you need is a strategic approach and a trustworthy development partner.
In this blog, we have explained the working and the development process of an insurance mobile app.
Let’s dig in.
Working of Insurance Mobile Apps
The working of an insurance app is not as complex as you might think. It works like any other on-demand app for food delivery or taxi booking; the only difference is that you’ll be ordering or renewing your insurance.
The user needs to start by registering themselves on the app by providing a few basic details and creating a profile. The next step will involve setting up a profile that will include app settings, user preferences, and more. After the profile is completed, users can now browse the catalog of various insurance policies available on the app and select one that fits their requirements. Selecting a policy is considered a tricky task; hence it should be done wisely as they are subjected to market risks. The final steps include reviewing the policy, paying for the policy, and downloading the policy confirmation.
On the other hand, while claiming the insurance, the users have to select the insurance they want to claim and select the reason from the list. The app will ask for the proofs for the said cause and process their requests further. The users will receive a system-generated TAT and receive their solution as per the said company’s policies.
Other insurance apps offer a variety of policies for automobiles, property, health, and more categories. As a business, you have two options, either you can target a single niche, or you can make an app that facilitates the insurance of every category. Let’s get to know the various types of insurance apps that are available in the market.
Types of Insurance Mobile Apps
Insurance mobile apps come in various shapes and sizes; you can select your niche as per your business requirements. The insurance market has a number of fields under its wings that avails security to the users against various market risks. Here are some of the common types of insurance mobile apps prevailing in the global market.
Vehicle Insurance Mobile Apps
Vehicle insurance mobile apps deliver the insurance for any category of motorized vehicles such as cars, motorbikes, industrial vehicles, and more. These apps deal especially with motorized vehicles and issue claims in case of accidents, thefts, and a number of other causes. The users can also renew or purchase new vehicle insurance on such an app.
Life Insurance Mobile Apps
These apps are designed to deal with various types of life insurance policies and deliver users a wide variety of plans. In case of any accident or term completion, users or their nominees can collect the insured amount against the policy. Life insurance mobile apps are widely popular in the global market due to the significant numbers of new policy registrations.
Property Insurance Mobile Apps
Properties are subjected to a variety of risks, including natural calamities, fire, electrical damage, and more. Hence, they are required to be insured with an insurance company, and property insurance mobile helps them in purchasing a new policy, renewing them, or collecting the insured amount.
Health Insurance Mobile Apps
The most common type of insurance app in the global market is the health insurance app. With more than 50,000 health insurance apps present on the Google Play Store, it is one of the most-used apps. People need to be insured against various diseases and to cover their hospital bills. These apps definitely provide an extreme level of feasibility to the users. Users can simply purchase a new policy, renew their plans, fill their premiums, and more on these apps.
Steps to Develop an On-Demand Insurance Mobile App
The development process of a mobile insurance app can be complicated depending on the requirements of the company. You need to clarify some of the parameters that are required to develop the application, such as the potential prospects, the development platform, the technical stack, and more. In addition to the app’s functionality, you should have a clear budget, team requirements, and more. The cost of developing an Insurance mobile app is one of the concerns of various companies, but it should be considered an initial investment for the benefits to come ahead.
Know the Global Market
Any new project development that involves a large investment should start with thorough market research and analysis to get an affirmation that your idea is ideal for generating sufficient sales. The success of an Insurance mobile app depends on how many users it receives or is able to attract. It is recommended to research the market to find the characteristics of your target audience and other insurance mobile app trends.
Create a Roadmap
The next step is to implement these data sets to create a detailed roadmap that helps you in the complete development process. The planning of the app should consist of everything from design to tech stack.
For better results, it is recommended to plan the entire mobile app, from its layout, home screen, features, and more. It will not only help you in better visualization of the app but also help the development team to better understand the scope and value of the project.
Because the development process of each mobile application integrates the technical stack for which the application was created, here is the general technical stack that is common to most insurance mobile apps.
Features to Consider
When any business launches an app, the first thing users analyze is the features and the functionalities of the app that it delivers. The features of your insurance mobile app should be exquisite and problem-solving that makes the user spend more time and capital on your app. Here are some of the features you should consider in your insurance mobile app.
| Catalog | Allow users to browse through the types of insurance policies made available to them by the service provider. |
| In-App Chat | Allow users to interact with the customer service experts regarding any query related to the insurance policy. |
| Reminders | Allow users to get alerts when their policy payments are due or any offer is announced by the service provider. |
| Custom Options | Allow users to design their own policy as per their requirements to avail certain benefits. |
| Currency Conversion | Allow users to convert currencies on the app for exact local prices of the selected policies. |
| QR Code Scanner | Allow users to scan the documents for purchasing new policies or any other processes. |
| Claim Management | Allow users to manage their claims against their insurances policies. |
| Compare Policies | Allow users to compare various types of policies on the app to find the best one. |
| Search, Filter & Quote | Allow users to filter out the best policy for them with advanced search features. |
| In-App Calculator | Allow users to calculate the premiums and the final price of certain policies on the app. |
| Loyalty Programs | Allow users to get reward points whenever they purchase any policy or renew their policies. |
Technology Stack to Consider
Here is a generic tech stack that most of the insurance app uses. However, you can use your market research data or ask your development team to integrate one for you.
| Application and Data | Python, NGINX, MySQL, Redis, Amazon EC2, Kafka |
| Utilities | Elasticsearch, Twilio |
| DevOps | Ansible, Grafana, HAProxy, Consul, PagerDuty, Packer, Apache Mesos, Apache Aurora |
| Business Tools | Jira, Confluence, HipChat |
Design & Testing
The next step in the development process timeline is design, development, and testing. Ask your insurance app developers to design the interface by analyzing the whole concept of the app and proceed accordingly. After completing the final development phase, the application must be submitted for quality assessment to ensure its smooth operation. Once the quality control has been performed, test documentation shall be established specifying the test requirements and the number of test equipment required.
But even after these steps, the development process does not end there. You need to put together the perfect marketing team to plan the launch and promotion of your app. In addition, you need to use the support and maintenance services of your insurance mobile app development company in case of any issue.
Ready to Develop an On-Demand Insurance App with Matellio?
The insurance mobile app development market has a promising future ahead with great opportunities for businesses. Every sector, be it healthcare or outsourced services, is booming with the perfect application. If you are interested in questions like what is the cost of insurance app development, what company can develop my insurance app exactly as per my vision, etc.? Matellio has all the answers for you.
With decade-long years of work experience and learning, Matello can turn your idea of developing an insurance mobile app into reality. We understand your needs and offer customized services that fit your business needs perfectly. Our selection of recruitment models offers feasibility in terms of the cost of the development process. Book a 30-minute call with our experts, and we can get started right away!
