How Much Does On-Demand Insurance App Costs?

“If one day the speed kills me don’t be sad because I will have died smiling.” – Paul Walker Death, an irreparable tragedy, leaves an indelible mark on those left behind, be it a result of nature’s course or an unforeseen accident. The untimely loss of figures like Paul Walker, Whitney Houston, and Dale Earnhardt […]

Updated 19 January 2024

Ajay Kumar
Ajay Kumar

CEO at Appventurez

If one day the speed kills me don’t be sad because I will have died smiling.” – Paul Walker

Death, an irreparable tragedy, leaves an indelible mark on those left behind, be it a result of nature’s course or an unforeseen accident. The untimely loss of figures like Paul Walker, Whitney Houston, and Dale Earnhardt underscores the unpredictability of such incidents. Celebrities, cushioned by financial safeguards, exemplify the security that comes from proactive measures. This is where awareness about On-Demand Insurance App Costs becomes crucial.

Unlike the general populace, celebrities often possess substantial savings and insurance coverage, ensuring their families’ well-being beyond their departure. For the average person, amassing significant savings may pose challenges, but insurance serves as a reliable anchor for a secure future.

Navigating the complexities of insurance can be daunting amid our fast-paced lives, where connecting with agents proves cumbersome. However, the advent of mobile app development, particularly by on-demand app development companies, has revolutionized this landscape. Now, reaching an insurance agent requires just a few clicks, providing users with comprehensive insights into insurance plans.

Digital platforms facilitate seamless communication between insurance companies and customers, transforming the once intricate process into an efficient and user-friendly experience. The role of an on-demand app development company in simplifying this interaction is pivotal, bridging the gap between individuals and their insurance needs.

The market trends are going to a new level with the introduction of on-demand insurance apps for agents and users. The major reasons for opting for the on-demand insurance mobile apps are:

  • It is bridging the gap between clients and companies making it effective, smoother, and faster.
  • One can live to chat with agents or customers.
  • It is saving a lot of time for agents on finding customers when they are just a few clicks away.
  • More opportunities for data collection and processing.
  • Automatically completion of basic tasks.

Why Opt For Insurance On-Demand App Development?

The insurance service provider and insurer have different aspects when it comes to on-demand insurance apps. Both have their own sets of advantages and disadvantages of using such general insurance apps.

Hence, before going for the on-demand mobile app development for the insurance industry, it is essential to know the reasons.

Why Must An Insurance Company Have A Mobile App?

  • Process Automation – The agents can use automated tools to complete the tasks.
  • Customer Growth – Insurance companies can attract many customers to grow their user base.
  • Insurance Deals – With the help of mobile programs, attract users with exciting insurance deals.
  • Feedback – Any complaints can be handled instantly and smoothly.
  • Company Information – One can easily get details about the company in an app.
  • Interaction – The apps allow constant connection between customers and insurance companies around the clock.
  • Personalization – Apps can collect data and compile it effectively for agents to understand.

Why Must A User Have An On-Demand Insurance Mobile App?

  • Insurance Acts – With just a few clicks, it is easy to draw up the insurance order.
  • Push Notification – No insurance program will be missed out on that includes promotions and discounts.
  • Timely Instructions – No unfortunate incidents or events will be missed out.
  • Consultation – Users can easily consult with the agents without visiting the office.
  • Information – The users can get all the details about the company while mapping every aspect.
  • Data Storage – The mobile insurance apps contain all the data at a single interface.
  • Location – With the geolocation function, users can easily find out the location of the branch as per their locations.

These are the major reasons that are making insurance service providers opt for app development. As a result, the demand has gradually increased since the uninsured rate was 10.4% in 2018 as shown in the graph. 

uninsured polpulation rate in 2018

If we compare the rate then there is a wide difference in the rate in the past decade and we will see a major change in the coming years.

How much does On-Demand Insurance App Costs?

On a general level, the cost of insurance app development is around $91,000 as a whole which is divided into three major components. It will cost approximately $37,000 for consumers, $30,000 for service providers, and $24,000 for admin. This is the cost breakdown of insurance mobile app development.

Other factors are included such as project managers, UI/UX designers, iOS developers, Android developers, frontend developers, quality assurance specialists, and backend developers.

The values can be different as per the features and domains added by the company. It is best to hire an on demand app development company that deals with similar apps. Different components have a huge effect on the total On-Demand Insurance App Costs. 

Let us give you an insight into the major components that are affecting the On-Demand Insurance App Costs.

What Are The Types Of Insurance?

There are different types of insurance that one must include in the list of types of insurance. The fact is that there are customers that insure all the things out of which some can be extremely funny.

The niche of mobile insurance apps can vary as per the services offered by the company. It can be:

  • Car insurance
  • Life insurance
  • Health insurance
  • Home Insurance
  • Travel Insurance

Or some might offer all sorts of insurance under a single company’s name. This will include different types of features and aspects in the apps which can or cannot be niche-specific. However, the core features of the general insurance apps are mostly similar in the app.

What Are The Functionalities Of An On-Demand Insurance App?

The functionalities of the insurance apps will include three major components such as admin, user, and service providers. While developing an on-demand insurance mobile app, one has to keep these components in mind to simplify the process.

User Panel (Insured)

Mobile app development from the user perspective is extremely different than others. The user-side apps include a registration process, login process, credentials, personal information, history, and so on.

It is essential to make sure that users can access their profiles along with checking out the latest policies. In addition to this, the on-demand insurance agent mobile app is connected to the users so that they can check their profiles before selecting the type of services offered by them. 

Even the appointment request can be sent out by the agent to users to know the availability. The booking options are also included in such an app to simplify the whole process of payments in transparent mode with online integration.

Agent Panel (Insurer)

Similar to the user panel, the agent panel also requires logins and document upload to showcase the reliability of the agent. The booking can be done with the help of the calendar or a meeting request can be sent out. 

The areas of expertise are also mentioned in the app to make the user more comfortable with the whole insurance perspective. To simplify the work, the agent can reject or accept the inquiries along with the management of payments on the on-demand insurance agent apps. 

Admin Panel (Service Provider)

The admin panel controls agent and user sections including payments. The major task of the admin is to select the agent that will perform the job for a user. In addition to this, the admin has the report of agents and monitors it regularly for the performance chart.

The insurance policy price is also managed by the admin side only which works on the fluctuation. The procedures follow up the payment mode to manage the user ratings as well. 

What Are The Features Of On-Demand Insurance App Development?

There are several features of the user, admin, and agent panel as mentioned below.

Apart from this, there are advanced features for all the platform that includes:

  1. Reliable Policies – The users and browser through several policies and select the reliable one as per their plan. They can easily put the filter to refine the choices and get the exact policy or agent.
  2. Convenient Payment – The users must have an integrated payment model to help the users to pay easily. The online models must be added to the list along with secure payment gateways to have hassle-free payment.
  3. GPS – Global Positioning System is essential for agents and user-based mobile insurance apps to measure that they can locate each other. Google Maps are used for Android and MapKit is used for iPhone users to enable the location.
  4. Heat Map View – This is the major component that is added to the map that can show the busiest time in a specific region. The location of agents is visible through which users or agents can make decisions.
  5. Policy Selection – The users can easily browse different policies and select one from the agent app. In addition to this, the policies contain all the terms and conditions to make it easy for users to process.
  6. Customer Relationship Management – This system is mainly to integrate the admins and agents to connect with the users. The major focus is to help the customers out as per the policies and services to make decisions.
  7. Compare Policies – This feature is user-oriented through which it is easy for them to compare policies as per the category the major factor checked is the period, benefits, and registration process.
  8. Cloud – Cloud technology is becoming an essential part that is used to secure data storage. The data of orders, users, payments, detailers, and policies go to the cloud for a seamless workflow.
  9. On-Screen Signature – The online signature is also essential when it comes to policy registration. It includes the flawless and secure operation of an app for document safety.
  10. Notification – This must be included in all three types of apps to send out alerts and account-related notifications. This helps in enhancing user engagement with the app allowing service providers to send out discounts, requests, updates, and payments.

How To Develop An On-Demand Insurance App?

Insurance is not an easy thing to grasp and can be more frustrating to add it to mobile apps. As mentioned above, there are three major actors added in the on-demand general insurance apps that include insurer (agent), insured (user), and service provider (admin). 

It is a circle for all three parties since they will depend upon each other. The agents are the bridge between the insurer and the service provider that offers services to the users as per their insurance policy. 

The on-demand insurance mobile app development depends upon the category of the app. This will include the problem for which the app is developed along with the motive behind the app development.

Apart from this, the three apps must be connected which can be done easily with multiple feature sets. The insurance mobile app must include recommendations that are a vital part of a hassle-free process for the user, admin, and agent.

There is another way to come around the whole development process with the web app for the employees and a proper app for users and service providers. This will allow employees to send a request to reply to inquiries promptly. 

What Is The Tech Stack For On-Demand Insurance App Development?

On-Demand Insurance App Costs technology stock

Get Started With On-Demand Insurance App

The past two years have been a revolutionary addition to the world of on-demand insurance. This remarkable change has altered the way we use to complete the insurance process and purchase models. The motive is just to offer a better experience to the users with flexible pricing.

Hence, it is becoming essential to embrace the on-demand insurance mobile app development world to give a competitive edge in the market. These are just small factors that hold a lot of importance in the market when it comes to on-demand apps for the insurance industry. The on-demand apps are shaping the world while taking it to a new level.

The trends are only going to increase with time so make sure that you invest in it now. If you want to build your on-demand insurance app then get in touch with us.

Ajay Kumar
Ajay Kumar

CEO at Appventurez

Ajay Kumar has 15+ years of experience in entrepreneurship, project management, and team handling. He has technical expertise in software development and database management. He currently directs the company’s day-to-day functioning and administration.

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