How Much Does an Insurance App Development Cost?

So, What Is the Insurance App Development Cost?

This is a common question that clients ask. But the answer isn’t all that simple. You see, the cost of developing a mobile app is not easy to predict. And there are various reasons behind it.

But if you want to find out the cost of developing an insurance app, well this blog is for you. Here, we shall be going through the insurance app development cost as well as types, features, development process, and everything related to it.

So, read this blog till the end and find out the cost of making an insurance app of your own.

InsurTech, The Mega Trend

What is InsurTech?

Like how when you combine finance and technology, you get fintech app, when you bring technological advancements to the world of insurance, you get insurance.

Referring to Insurance Tech is the technical aspect of the insurance industry. An industry that generated $5.7 Trillion in revenue in 2022. These numbers make it one of the largest industries in the world.

Right now, insurtech alone is expected to generate more than $10.14 billion in revenue by 2025.

These mobile apps have changed the world of insurance both for companies and clients. These apps have made it easier for clients to access insurance-related products on the go.

Also to this, it is more convenient, cheaper, and faster for companies to process things via an app than through an agent as it happened traditionally.

Consequently, digital insurance claims by insured persons have risen by 20% in the past three years, and customer satisfaction levels have boosted, reaching an all-time high.

The widespread use of the insurance application doesn’t come as a surprise considering the fact that the average phone user spends 88% of their screen time on apps, checking their phones 344 times per day. Not to mention, the mobile app market itself is worth billions.

The success of insurtech means there are companies in the industry that are generating millions in revenue with the help of insurance apps. And it goes without saying that, this has attracted a lot of other businesses and potential start-ups from across the United States of America and the rest of the world.

They want to build their insurance apps. Moreover, this is a good idea considering the fact that Global InsurTech investment for VCs reached $10.5 billion in 2021 alone.

Examples of Insurance Apps

So, some of the best insurance apps in the market are, as mentioned below:

With all said and done, it’s time to look at the average insurance app development cost in the next section of the blog.

Average Insurance App Development Cost

The average insurance app development cost ranges from $25,000 to $250,000.

Now, it is not possible to predict app development costs. The reason is that there are various factors involved in the app development process which affect the cost.

Speaking of which, let’s look at the various factors that affect the total cost of developing an insurance app in the section below.

Factors That Affect the Cost to Build an Insurance App

Mobile app development costs are hard to predict without learning about the project specifications. The reason is that there are of factors that can affect the total cost.

Therefore, to get a better understanding of the cost to build an insurance app, one must understand these factors and how they affect the cost.

1. Development Platform

To create a mobile app, you need to choose a platform.

Now, there are two major platforms to choose from, these are iOS and Android app development. Both of these are native platforms. On the other hand, you can go with the hybrid option.

Coming to the cost part, contrary to popular belief, android apps are more difficult and expensive to develop when compared to iOS. This is due to the fragmented nature of the platform.

On the other hand, hybrid apps are even cheaper than iOS apps for various reasons.

2. Complexity of Insurance App

This is one of the biggest factors that affects the cost of building an insurance app. But the big question here is, how?

The answer is simple. A basic app will have basic features and a generic design as well as a back-end. So, it doesn’t require much effort or expertise.

So, to deliver more value to the customers, you should ask mobile app development services to include the latest features and insurance claims analytics system in your solution because this is the soul of the insurtech.

The flip side is that complex apps require more of everything, which makes them more expensive. So, the cost to develop the app goes up by a long shot.

3. Developers’ Location

Location affects the cost of hiring Android app developers.

Well, every region has different average wages, local currency, competition, and so on. So, the cost to hire developers in different parts of the world is different.

A table depicting the same is as mentioned below:

4. Type of Insurance App

As we discussed at the beginning of this blog, there are different types of insurance apps.

These insurance apps are different from each other based on both niche and development. So, the cost to develop these apps is very different.

Moving on, mentioned below is the cost of developing different insurance apps.

This is an estimated cost, for more details on the same, contact a mobile app development company.

5. Mode of Hire

How to Find an App Developer?

Well, there are various ways to find developers. And the one you choose can have a big effect on the cost. Thus, the cost to hire developers via different methods is, as mentioned below:

These are the factors that affect the cost to develop an insurance app. Now, let’s look at the development process required to develop an insurtech app.

Conclusion

Insurance app development is growing in popularity with the rise of insurtech. With this, some businesses are generating millions and billions in revenue.

While many are interested in this, people often ask, what’s the Insurance App Development Cost?

This blog gave answers to all that. Thus, if you are someone who wants to learn more or wants to build an insurance app, all you need to do is reach out to the Fintech App Development Company.

Niketan Sharma

Niketan Sharma is the CTO of Nimble AppGenie, a prominent website and mobile app development company in the USA that is delivering excellence with a commitment to boosting business growth & maximizing customer satisfaction. He is a highly motivated individual who helps SMEs and startups grow in this dynamic market with the latest technology and innovation.