With the growing use of the internet and smartphones all across the globe, developing a business application is no longer a luxury. Instead, it is a necessity. They provide a personalized user experience, add convenience to their lives and build loyalty. Having an insurance application would no doubt improve the customer journey.
That’s why different industries are prioritizing mobile-first technology. And the insurance industry is no exception. The demand for insurance applications and their installs is higher than ever before. Therefore, if your insurance company does not have an app, it’s high time to develop one.
In this article, we’ll discuss the need and best practices to build a successful insurance application. So, let’s begin.
What’s the Need for an Insurance Application?
Insurance application facilitates B2C interaction. It provides a platform for insurance agents and agencies to offer their best services in real-time to policyholders and potential customers. It reduces operational costs and addresses the insurer’s queries, such as filing claims, payment, and policy purchases, without a hassle.
Everything from communication to policy sales, an application can streamline every process, creating a win-win situation.
Type of Insurance Applications
As you might already know, there are different types of insurance catering to risks associated with daily life. You can create an application that serves one specific purpose, such as:
You can also develop an all-inclusive app that provides all the above services.
However, if you don’t want to make an entire “insurance-centric” application, you can select a particular service to develop a new program. For instance, you can create a Claim Adjuster, Policy Management, Quotation, and Payment App.
Of course, you need to understand each service’s demand and scope and decide the application you’d like to develop.
Strategies to Develop an Insurance Application
There are already numerous insurance applications on the market. You need to define the objective that makes your program different and better than others. Nevertheless, it should meet the market’s demand and customer’s requests and gain a competitive advantage.
It’s a no-brainer that you’ll need to conduct thorough research before the development of any product or service. It lets you learn about the market, competitors, customers, and financing. Accordingly, you can create a customer-oriented strategy.
Know that your research must provide you with the answers to the following questions:
- What are your target audience’s preferences?
- How do applications serve the policyholder’s needs?
- How to attract the target audience and encourage them to install the application?
- What will be the overall cost of app development?
- Who are your business competitors?
- What unique qualities does their application have?
- What features do consumers often use and/or demand?
It will assist you in laying the foundation characteristics for the application and defining your goal.
Determine App Business Model
There are different types of application business models, such as free apps, subscription-based, paid, or freemium (an amalgamation of free and paid features). Before commencing the development process, you need to determine the model. It is because you need to establish a balance between addressing the customers and making revenue from the same.
For this, you need to answer the following questions:
- What issues does your application resolve?
- Why will a policyholder download it?
- How will the monetization method work for this application?
- Do you want to establish a user base before earning money from this application?
It is also noteworthy that the business model can be determined during or after the app development. The prime aim of this step is to select the method of earning revenue from the application.
Design & Development
Now, it’s time to turn the vision into a reality by designing a user-friendly application. For this, you can create your own team of software developers. However, the cost of staff recruitment will be high and might affect your overall budget for app development.
Therefore, you may decide on an affordable alternative, i.e., Latam software outsourcing companies for app development. Outsourcing companies employ qualified software and data engineers. They can understand your needs and develop the product accordingly.
Additionally, with outsourcing, you need not worry about hiring different people for different services. Instead, one company can provide you with numerous services, from front-end development to quality assurance. So make sure to look for a company that can easily serve your different needs.
Create an MVP
After creating the product prototype, you need to make an MVP (Minimum Viable Product) to ensure that the existing, as well as potential policyholders, need the product. It will help you streamline the development itinerary.
Bear in mind that an MVP provides accurate results only if the prototype is created correctly. In other words, if an application is made in a rush without determining its real-life applicability can not evaluate the hypothesis. It’ll include major errors that can cause issues in the final design.
Moreover, a poor app prototype is likely to affect its reliability and stability. So, you must stay vigilant at every step and get constant feedback about the application. Fix every possible app error before presenting it to your customers.
After the release of your end-product insurance application in this scenario, you need to provide post-release support. That means you need to update the application regularly to keep it bug-free and provide excellent customer service.
Also, know that in the insurance industry, the market continues to grow and fluctuate. So, your app must add new features to keep suit with the changing needs. You may also get regular feedback from your users to learn about their app experience and make improvements if required.
Good post-release support ensures that new features are added to enhance the user’s experience and boost the brand’s scalability. You also need to keep an eye on the competitors to ensure that your app is better and exceeds the customer’s expectations.
The Bottom Line
What makes a successful business different from others? It’s the ability to forecast trends and adopt them. The upcoming generations of Gen Z, Gez Alpha, and beyond are likely to use mobile or web applications instead of using traditional methods of buying insurance. So, you must understand and cater to their needs and turn them into loyal customers.
Companies like Insurdinary are on top of the insurance and financial offers game. Insurance is a personal purchase and requires many moving parts to secure the right policy for each individual. The same applies to credit cards, bank accounts, mortgages and loans. Our phygital approach to all of those services allows customers to buy insurance or sign up for financial offers directly on our website. If folks prefer to speak with an agent, we can do that too. Our top-rated staff are experts in their field and have helped millions of Canadians achieve financial wellness in a variety of different ways. Ready to begin your journey towards getting the best rates, saving time and money? We look forward to working with you.