How to Launch an Insurance App? In Simple Steps

If you’re an Insurance Company, You Should Develop and Launch an Insurance App, TODAY!

Why not?

Here’s why: The as in terms of revenue is worth $5.7 Trillion in 2022, making it one of the largest industries in the world.

The technical aspect of the industry alone is expected to reach a global revenue of $10.14 billion by 2025, from $5.48 billion in 2019. Also to this, the global property insurance space is expected to be worth $395 billion by 2027.

The best part is that people are responding well to the digitalization of the insurance industry thus leading the growth to new heights. In the last 3 years, there has been a 20% rise in digital insurance claims by the insured person. Plus, customer satisfaction is at an all-time high.

Moreover, the average mobile user spends 88% of their screen time on apps, checking their phones 344 times per day.

Increased mobile usage and the introduction of insurance apps have led to a never-before-seen surge in insurance. So, we increased app downloads by 461% and monthly active users by 668%. Isn’t that amazing?

What is InsurTech?

InsurTech stands for insurance technology. Thus, it refers to anyone or the set of technologies that are used in the insurance world for the purpose of improving efficiency, revenue, and introducing innovation.

While the insurance field itself is a broad one engulfing: AI & ML Technologies, IoT, Blockchain Technology, Big Data Analytics, etc; we will be focusing on a specific part of it, as in. Insurance App Development.

As the name suggests, insurance apps can take different forms. But the main goal of the application itself is the digitization of insurance services and expanding the scope to a larger audience.

There are of things that can be done via these apps, but we will be discussing that later in the blog.

Insurtech is like Fintech App considering the fact that finance and insurance are sister industries. Thus, they share some similarities when it comes to technology, features, and working.

Like Fintech apps, Insurance apps generate amazing revenue. Something that attracts new clients.

Coming back, insurance is a large field in every aspect and there is a range of different niches within it. This gives rise to the different types of insurance apps.

Types of Insurance Apps

Before you learn how to develop and launch your own insurance app, let’s first discuss the different forms of insurance applications.

Some of the major ones are, as mentioned below:

1. Health Insurance Apps

Healthcare insurance is one of the largest fields of the industry. While there are some parts of the world where healthcare is free, there are some where it isn’t.

People often prefer subscribing to a health insurance plan instead of going bankrupt in case of emergencies.

Now, this mobile app removes the need for a middleman and digitalizes the documentation. Thus, the user can get insured on the go.

2. Car Insurance Apps

Well, it’s no secret that cars don’t come cheap. When they get into accidents, there is financial loss, not forgetting the possible loss of life.

And it can get even worse when the involved parties ask for a claim. Let us tell you, it can be hefty. This is why car insurance is important.

3. Life Insurance Apps

Life insurance is yet another major part of the industry.

As the name suggests, this is for end-of-life scenarios. Considering the current demographics, most of the family only has 1 breadwinner. God forbid it, no one wants to leave their family in financial ruin also to emotional trauma.

Thus, in case of unnatural death, the family of the insured person can claim the amount. This process is made easier with the help of mobile apps.

4. Travel Insurance Apps

There are some professions which require a person to travel a lot. Even apart from that, while traveling or family trip, tragedies can occur.

Travel insurance apps allow users to insure themselves at low prices in case any travel accident might occur. This is what makes them one of the top solutions in the industry.

5. Property Insurance Apps

Last but not least, the property insurance app.

Well, the real estate market is one of the largest in the world. And when you combine it with insurtech, the revenue skyrockets.

So, these are the different types of insurance app solutions that you can consider for your project. Moving on, we will be going through some of the reasons to build your own insurance app.

Why Insurance Company Need a Mobile App? Reasons to Build an Insurance App

Time for the real question: Why Should Your Company Build an Insurance App?

After all, mobile apps aren’t all that cheap, right? Well, yes, that’s true. But, there is plenty of benefits that outweigh the downsides.

In this part of the blog, we will be going through some of these:

► Better communication between the insurance company and the client.

► Allows the company to reach a wider audience base

► Automate lengthy and labor-consuming tasks.

► Allow agents to focus on other work as they don’t have to attend to the client on every occasion.

► Deliver more value to the client by enabling them to avail of services through the app.

► The mobile app provides opportunities to collect big data

► Better customer behavior analytics operations through the app.

► Improves revenue generation opportunities for the company as insurance is one of the largest industries in the world.

► Enables true 24/7 insurance-related services to the clients.

These are some of the reasons to build and launch an insurance app of your own. Now, let’s look at some of the popular examples of insurance apps.

Popular Insurance Apps

If your company wants to develop its own insurance app, it is a good idea to take inspiration from the best insurance apps in the market.

We will be going through the top insurance apps that now rule the market.

These are, as mentioned below:

1) LEMONADE

Lemonade is a leading peer-to-peer insurance app that was founded back in 2015. It is based in New York, USA, and offers a range of insurance services covering renters, condos, co-ops, homeowners, life, and pet health.

Also, something that makes this platform stand out from the rest is the fact that the unused premiums are donated to charities by the company.

Some of the top features of the platform are, as mentioned below:

• AI-enabled chatbot
• Personalized policies
• Choose a charity to donate unused premiums

2) METROMILE

As the name suggests, Metromile is a pay-per-mile car insurance app and one of the best at it. It was founded back in 2011.

Based in California, this leading app personalizes each specific insurance offering the most affordable prices to the user. This is what makes this platform unique.

Some of the top features of the platform are, as mentioned below:

• Customizable coverage
• Preview your rate with the Ride-Along feature
• Street sweeping alerts to avoid fines

3) OSCAR

Oscar is an insurance company that specifies health insurance. Founded a decade ago in 2012, it started in New York, USA, and spread across the USA.

Now, why do people love Oscar? Well, one of the main reasons is that it makes the entire process simple by getting rid of copays and coinsurance. Plus, it doubles as a telehealth app that allows insured users to consult doctors online.

Features of Oscar are, as mentioned below:

• Book an appointment
• Prescriptions and lab results
• Telemedicine

Here are some of the top insurtech apps on the market. Now, to make an app stand out from the rest, it needs unique features, as we saw above. We will discuss this in detail in the section below:

Essential Features to Consider When You Build an Insurance App

Features often depend on the type of insurance app you are developing. Also, some essential features should be included when you build an insurance app.

Why are features important? Well, the answer is simple:

First, features are the driving force behind user engagement and the real-world performance of the platform. With the right features, an app can capture customers and keep them engaged. On the other hand, a bad feature set can be the downfall of an app.

Secondly, the features affect the insurance app development cost. Simple features or in other words, basic features don’t take all that much effort to integrate. But we can’t say the same when it comes to complex and unique features; they are expensive and add to the total cost.

Now that you know why features are important, let’s look at some of the common and essential ones that you should include in your solution.

♦ Secure Registration & Login

This is an essential feature for any app.

The account registration feature allows the user to enter the account with cross-platform and cross-device synchronization.

Moreover, it can be done via phone number, email id, social security number, or a combination of them. The log-in can be enabled via biometric scans which are available on almost every mobile phone today.

♦ Insurance Online Marketplace

Well, online marketplace integration into the insurance app is a must.

Now, it depends on what type of app you’re developing. Also, in this marketplace, the user can explore various insurance deals and get the one that is best for them.

This is an absolute must-have feature.

♦ Buy Insurance

This feature allows the user to buy the insurance they like.

This is yet another must-have feature. Now, depending on the type of insurance, the process to buy the same can differ.

If it requires documentation and document verification, we have to include another feature for that.

♦ KYC & Verification

This is one of those features that will affect the Insurance App Development Cost. This is essential from both the user experience and the security point of view.

Getting insured depends on the related documents. While an agent can check the same during their physical visit, it can also be done through the mobile app.

KYC, which is short for knowing your customer, is one of the essential steps of getting something insured.

♦ Payment Methods & eWallet Integration

To pay for insurance and the monthly installment, payment gateway integration is a must.

It also comes in handy when the client or user is making an insurance claim as the money can be credited straight to their mobile wallet integrated into the app.

♦ Consult an Agent

Sometimes things can be confusing and users don’t know which insurance is the right fit. But the insurtech app comes with a feature that allows them to consult an insurance agent.

This feature is very useful. Thus, it should be included in every app.

♦ Claim Insurance

One of the major benefits that an insurance app offers is easy insurance claims.

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

♦ Customer Helpline

Last but not least, the customer helpline is yet another basic feature that users need.

After all, there are thousands of things on these technical platforms, and not every one of them is that obvious. So, it is a good idea to include this feature in the insurance app.

These are some of the basic features of an insurance app. Now, it’s time to look at some of the top examples of these apps in the next section.

Some of the basic features that every insurance app should have are as mentioned below:

How to Develop and Launch an Insurance App?

Developing a fintech app isn’t all that easy. But it isn’t rocket science either; it sits somewhere in the middle.

So, if you want to create your own app that generates millions of dollars, it is a good idea to understand the development process.

Let’s go through it, step by step:

Step 1: Idea

The first step is coming up with a fintech app idea.

Now, how do you do it? Well, pave your own path. Brainstorm, take inspiration from the market, solve people’s problems, or do anything that does it for you.

But try working on more than one idea so that you have a plan to fall back on.

Step 2: Research

With an idea at hand, it is time to conduct research around it.

Get to know your target audience, who are your competitors, what market opportunities you can grab, is your idea viable, and whether can you develop it. and so on.

Mobile app market research is an important part of app development. This is something you need to do before you consult an on-demand app development company.

Step 3: Monetization

This is the part where you monetize the app.

Some of the popular monetization strategies for financial apps are, as mentioned below:

• App Campaign
• Commission
• Processing Fees
• Big data

Apart from these, you can come up with your own unique methods of generating revenue.

Step 4: Choose A Platform

Since we are talking about app development, choosing the right platform is important.

Now, there are two major options.

• Native app development
• Hybrid app development

First, native app development. As the name suggests, native apps only run on the platform they are native to. Thus, giving you two major options in the form of Android and iOS App.

Moving on, hybrid apps are compatible with two or more platforms. React Native App Development Services allows you to create hybrid apps.

Now, both native and hybrid are good choices based on your project needs. Moving on, let’s discuss the tech stack.

Step 5: Tech Stack

Fintech app tech stack refers to the set of technologies that are used in mobile app development. This covers everything from programming language to framework.

MEAN Stack is a popular example of a tech stack.

Step 6: Hire Developers

Now that you have completed the platform and tech stack.

You can use the following methods to hire developers:

• Assemble in-house team
• Financial Outsourcing Development
• Hire Freelancers
• Hire Part Time Developers

With a development partner at your side, it is time to start the development process, which starts with….

Step 7: UI/UX Design

First comes designing, this is the part where UI/UX Designer creates the front-end design of the platform.

The design plays an important role in attracting and engaging the users to the platform, thus gaining leads. Plus, it provides an improved user experience to the existing users.

Also, once this is done, we can start with back-end development.

Step 8: Back-End Development

This is the part where developers write the source code and create the final version of the app.

Being the most important part, it is time-consuming and resource-intensive. Thus, it is recommended that you maintain good communication with the development side.

Step 9: Testing

With the final version of the app created, it is time to test the insurance app.

QA team uses a range of advanced tools and skills to test every part of the app. Once all necessary changes are made, it is time to launch the application.

Step 10: Launch an Insurance App

It’s time to launch the insurance app.

The deployment process depends on the platform. Besides, it is quick. Once the platform approves the app

With this, your own instance app is active in the market and ready to take over the competition, earning your business millions (or even billions!)

Cost to Build an Insurance App

How much does it cost to build an insurance app?

Well, the average cost of building an app ranges from $25,000 to $250,000 and any other depends on different factors. For instance, it includes platform, tech stack, size of the app, complexity, and so on.

Conclusion

Want to develop and launch an insurance app that can make your business millions?

Contact the best fintech app development company that can help you bring your ideas to reality.

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.