“If one day the speed kills me don’t be sad because I will have died smiling.” – Paul Walker
Death is the most tragic accident that no one can get over. Whether it is a natural death or accidental death, it is painful for our near and dear ones.
The accident with Paul Walker, Whitney Houston, Dale Earnhardt, and many other celebrities are a few examples of mishaps that can happen anytime. However, the celebs are much more protected than a common man in terms of financial needs (not everyone).
They have savings and insurances to ensure that their families are taken care of even after they passed away. However, being a common man, it can be a bit difficult to have a lot of savings, but insurance can be a good guarantee for a good future.
Here are stats that showcase the insurance employees’ data in the USA from 1960 to 2018.
However, we all had such a hectic life that it can be extremely difficult to get in touch with the insurance agents or get actual insight on what to consider. Although, mobile app development company has made lives easier through mobile application development as compared to traditional insurance companies.
Now, getting it to touch with the insurance agent is just a few clicks away to get a detailed understanding of insurance. Not only this, but insurance companies can also interact with customers on digital devices and seal the deal with them.
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 the clients and companies making it effective, smoother, and faster.
- One can live chat with agents or customers.
- It is saving a lot of time for agents on finding the 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 has 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.
- Feedbacks – Any complaints can be handled instantly and smoothly.
- Company’s Information – One can easily get details about the company in an app.
- Interaction – The apps allow constant connection between the customers and insurance companies around the clock.
- Personalization – Apps can collect data and compile it in an effective manner 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 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.
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.
What is the Cost of Insurance On-Demand App Development?
On a general level, the cost of insurance app development is around $91,000 as a whole that 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.
There are other factors that are included such as project manager, UI/UX designers, iOS developer, Android developer, frontend developers, quality assurance specialist, 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 mobile app development company that deals with similar apps. There are different components that have a huge effect on the total cost of insurance app development.
Let us give you an insight into the major components that are affecting the cost of on-demand insurance app development.
What Are The Types Of Insurance?
There are different types of insurances that one must include in the list of types of insurances. The fact is that there are customers that insurance all the things out of which some can be extremely funny.
The niche of the 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.
#1 User Panel (Insured)
The mobile app development for 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 are able to access their profile along with checking out the latest policies. In addition to this, the on-demand insurance agent mobile app is connected with the users so that they can check the profiles before selecting the type of services offered by them.
Even the appointments 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.
#2 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 about 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.
#3 Admin Panel (Service Provider)
The admin panel controls agent and user sections including payments. The major task of 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 that 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 a number of features of the user, admin, and agent panel as mentioned below.
Apart from this, there are advanced features for all the platform that includes:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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 a time period, benefits, and registration process.
- 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.
- 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.
- Notification – This must be included in all the three types of app to send out alerts and account related notification. 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 in the 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 the three parties since they will depend upon each other. The agents are the bridge between insurer and service provider that offer 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 with each other that 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 user and service provider. This will allow employees to send a request to reply to the inquiries promptly.
What Is The Tech Stack For On-Demand Insurance App Development?
Get Started With On-Demand Insurance App
The past two years have been a revolutionary addition in 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 own on-demand insurance app then get in touch with us.
A young entrepreneurial technocrat who is the Co-Founder & CEO at Appventurez Mobitech. After completion of his masters in Computer Application, he dived into the world of technology as an iOS developer. As a CEO, he firmly believes teamwork and collaboration are the essential tools for any company’s success.
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