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Thanks to advanced mobile technology and tools, several aspects of day-t-day life and businesses are simplified and convenient than ever before. Just like other industries around, the insurance industry has predominantly benefited from the advancements in mobile technology. Both software and hardware development in mobile tech have made insurance processes a lot easier for both insurers and customers. Successful integration of mobile technology into the insurance business process ensures satisfied clients who are likely to do business with the company and refer their friends too.

Here you can read about some proven ways mobile technology is transforming the insurance industry and improving customer experience as well.

Convenient Digitized Processes

Whether they want to purchase a life insurance policy or apply for general liability cover, modern customers like to visit the insurance company website, get a quote, and purchase insurance instead of interacting with traditional insurance agents. All they can do it conveniently, with help of fully digitized processes even without dealing with any paperwork. Insurers are increasingly leveraging the latest mobile tools and technologies not only to provide excellent customer experience but to streamline their internal business processes. From analyzing customer information to providing quotes, all can easily be done over mobile devices.

Simplifying The Claim Process

Mobile apps are extremely useful and invaluable assets for insurance companies when it comes to insurance claims. Apps allow customers to capture and transfer data quickly in real-time to make the claim process a lot easier and faster too. As a result, customers are able to make claims without facing the time-eating fuss linked to the traditional form filling process. It helps both customers and insurance providers to collect, communicate and collaborate data and information in real time. Customers can use cameras of their mobile devices to capture images of an accident and immediately share them with the insurers using instant messaging apps like WhatsApp or Messenger. It makes the entire claim process efficient and easier than ever before.

Quick Access to Information On-the-Go

We are living in a digital world where people use the internet to access information and details, they need. This is the reason, insurance companies should be available and easily accessible on the web. This is where building a robust digital presence comes in handy. Insurers can build and establish an online presence with a responsive and mobile friendly website. Creating social media profiles is another best way to make sure your customers can easily find you when they are checking their feeds for the best insurance options and deals. Insurance companies can also incorporate other mobile tools and technologies like e-signature to increase their overall operational efficiency. It will allow customers to sign insurance related documents easily even when on the go.

Insurance-Specific Software Solutions

In this modern world, software developers have developed software solutions specifically designed to meet the individual needs of insurance companies. The use of such software help insurance companies do a lot of their jobs more efficiently and quickly. Most software can be used on mobile devices like smartphone or tablet PCs to increase mobility. They can also integrate other solutions like CRM systems to manage customer details and information in the best possible way. Insurance companies can also invest in custom software development services to get software developed for their specific needs and requirements.

Multiple Communication Channels

Every consumer in this digital world has different communication needs and wants. Everyone wants easy and quick access to information they need in a way that is not disruptive. Thanks to the availability of multiple communication channels like a responsive website, social media profiles, and mobile apps, insurance companies are now better able to communicate with their customers whenever they want. However, they must also provide their customers with other contact details such as telephone, email, and text, etc. Chatbot or live chat option is another best way to provide your customers with useful information and details in real time.

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Ways Mobile Technology Is Transforming the Insurance Industry - News Concerns

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Thanks to advanced mobile technology and tools, several aspects of day-t-day life and businesses are simplified and convenient than ever before. Just like other industries around, the insurance industry has predominantly benefited from the advancements in mobile technology. Both software and hardware development in mobile tech have made insurance processes a lot easier for both [...]

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Home > Blog > Insurance Mobile App Development - Why You Need It

23 Feb 2021

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Insurance App Development - Types, Features And Cost

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Home > Blog > Insurance Mobile App Development - Why You Need It 23 Feb 2021 Our team helps connect your app idea with a good business app using the right tools and technologies. Rishabh Software builds tailored web & mobile applications that accelerate the growth of an insurance business We use cookies We use cookies to improve your experience.

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Digital transformation is a term you've likely already encountered. It has transformed countless commercial industries - from manufacturing and retail to hospitality and healthcare. The insurance industry has traditionally been slow to modernize, but it is now clearer than ever that the time is now for insurers to embrace digital transformation.

Insurers today have had to digitize various aspects of their operations to keep up with the demands of insureds. Any business that wishes to stay competitive in today's marketplace must meet customers where and when they need something. The digital transformation of insurance - powered by artificial intelligence, machine learning, predictive analytics, mobile service, live chat, etc. - is enabling insurers to do just that, and will keep changing the industry for years to come.

How Digital Transformation is Changing the Insurance Industry
There are countless examples of how the digital transformation of insurance has changed the industry. Operations are streamlined, customer interactions are done via chat, claims can be processed automatically, and brokers can aggregate all their information to work faster and more accurately. But the real impact of digital transformation on insurance can be summarized in four benefits:

1. Efficient - The first and most obvious effect of digital transformation on insurance is the efficiencies it enables. Primarily powered by AI and its related technologies of machine learning and predictive analytics, almost every facet of insurance operations have been optimized for speed. Claims can be processed via an app instantly, and policy writing can be done in less time with machine learning capabilities. Digital transformation is also speeding up customer service, where live chat and digital assistants are helping customers in their most important times of need.

2. Personalized - Customers today expect service and attention where and when they want it. They also expect it to be suited to their needs, and personalization is now the status quo across all industries. Digital transformation is empowering insurers with the tools they need to give customers excellent service without overextending their resources. AI and machine learning create a seamless personalized experience for customers and brokers alike. Customers can pay bills, view policies, and file claims via an app, and brokers can receive and process all information on their end under one system. No more waiting on the phone, wondering if your claim is received and being processed; digital technologies are giving customers instant feedback and helping brokers do their jobs more efficiently and effectively. Digital transformation in insurance is also helping to personalize marketing efforts. Robust data analytics and AI systems can tailor and target marketing efforts for insurers, using the power of social media to reach audiences they can truly impact.

3. Scalable - The digital transformation of the insurance industry is also helping it to become more nimble and scalable at both the front end and back end of operations. While insurance historically could be a bit "clunky," technology today has made it flexible to current demands. On the customer-facing front, insurers today offer service everywhere and anywhere via self-service dashboards and apps and can collect valuable data from customers via IoT-enabled devices and even wearables. On the back end, this technology is collected and helps brokers and insurers make more accurate decisions on underwriting, policies, new product offerings, and more.

4. Agile - Digital transformation is also helping insurers "future-proof," as these technologies will undoubtedly continue to evolve and create more advanced opportunities for years to come. The foundation that is being laid by AI, machine learning, blockchain data, data analytics, and predictive analytics will help insurers grow and adjust with new insurance technologies and capabilities.

These technologies are just the tip of the iceberg for the insurance industry. To be prepared for a digital future, insurers today must adopt the tools of digital transformation and find creative ways to optimize all areas of their operations. 90% of insurance executives today state they have a coherent, long-term plan for technology innovation in place.

The digital transformation of insurance operations is reshaping the current and future state of the industry. At Inmediate, we build sophisticated, customized insurance platforms using the latest technologies such as Artificial Intelligence, Distributed Ledger and NLP. We can also provide insurance processing fast, cheap and flexible. That makes for better processes, lower costs, improved time to market and new revenue opportunities. Our digital solutions help insurers create the features, functionalities, and applications they need to stay competitive in this market. If you would like to learn more about how Inmediate can help with your insurance solutions, please reach out to us on our website.

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The Benefits That The Insurance Industry Is Getting From Digital Transformation

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Digital transformation is a term you've likely already encountered. It has transformed countless commercial industries - from manufacturing and retail to hospitality and healthcare. The insurance industry has traditionally been slow to modernize, but it is now clearer than ever that the time is now for insurers to embrace digital transformation.

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Consumers are increasingly moving away from their computer screens and spending more time on their mobile phones. Mobile phone usage today has penetrated almost every demographic. An average user spends about 86 percent of their total time online on their mobile apps. For an insurance company, this means developing a mobile platform is not simply a nice-to-have feature, it's critical to improving the digital customer experience.

It isn't just the end-customer that stands to benefit from insurance apps. The flexibility and ease of use that insurance apps offer can actually increase the productivity and efficiency of insurance carriers and insurance agents. Not convinced? Well, let's look at it from both sides - the consumer and insurance carrier.

Challenges an insurance app solves for customers

Consumers' and policyholders' expectations have changed. They are accustomed today to the ease of quick information and 24/7 self-service and they look for the same from their insurance providers. Webforms and phone calls are giving way to mobile apps and messaging. If an agent is not available to service a claim or provide a quote, the customer is highly likely to look for another provider. Mobile apps, to a great extent, are an answer to these challenges.

It's no secret that fast response times are the key to a satisfied customer. If a customer has had to wait for their phone call to be attended to or their email acknowledged, they are going to perceive their experience with your company as negative, regardless of how well their issue was resolved.

Through in-built features like live chatbots, insurance apps allow a customer to get in touch with a support agent almost instantly (or a perceived agent, in the case of a chatbot ). Since their past interactions and policy information is automatically stored on the app, they are also likely to get more personalized responses from the agent.

Claims cause the most anxiety and customers burn a phone line with calls for an update. The best way to prevent this is by sending them a weekly notification through the mobile app, even if there is no change in the update. Letting them know that the insurer is working to process the claim, removes much of the anxious waiting.

Collectively, this makes a customer feel like they are communicating with a single person who understands the entirety of their enquiry. Preventing information silos is the biggest advantage of customer conversations when done right.

Personalization is exactly what mobile apps are built for. People are used to a digital customer experience that is tailored for their individual needs. It is impossible to achieve this through a traditional insurance process. Remembering their previous interactions, providing required information directly, providing instant pricing when they show interest in a specific insurance offer or processing a claim in a few short steps - The possibilities are endless using automation in a mobile app. Ecommerce platforms have utilized similar opportunities to drive up their ROI. The insurance sector is now becoming more aware of the opportunities for better customer interactions.

An insurance mobile app is not Instagram. Most users will open it once a month to pay a bill. This means that the app must be optimized for infrequent usage and the best way to do it is through notifications. Insurers should proactively let them know if a consumer's plan is expiring soon or if a payment is due. Notifications are usually about Payment confirmations, Payment reminders, Payment plan updates. Billing and payment alerts. This negates the need for an agent to follow up manually and prevents late fees.

Also read: How Insurers Can Get the Most Out of Their Insurtech Partnerships

Benefits of insurance apps for insurance carriers and agents

The digitization of insurance platforms is revolutionizing the way insurance agents work and interact with customers. However, mobile apps need not always be customer-facing, insurance carriers can also benefit from deploying mobile insurance solutions for their employees and agents.

Insurance agent apps can help automate several time-consuming processes. Tasks such as order processing, recording of bills, and making or receiving payments can be easily done through an insurance mobile app. SimpleSolve's Adjustermate Mobile App is an example of an app that has been built for claims processing.

Manual processing isn't just inconvenient, it can also be more expensive in the long run. Without a scalable solution like an insurance mobile app, your agent headcount and overheads will have to keep increasing with growing demand. On the other hand, a mobile agent app, allows the same number of agents to service a higher number of consumers, enabling you to remain agile.

Insurance agents can stay connected to their offices through the mobile platform and complete their work either traveling or waiting for clients. The biggest advantage is that they can access a carrier's systems in a secure environment and thus managing their customers is easier, anywhere and anytime.

Considering the competition, insurance agents have a higher percentage of success when they can conclude a deal at the first appointment. Insurance apps help agents to calculate the price instantly and also allow customers to sign documents in digital form or make payments through an integrated payment system.

An agent app that serves as a single source of truth empowers agents to deliver superior personalized customer support. Cross-selling and up-selling also become easier through in-app notifications and detailed customer behavior reports.

While the industry has been online for years, this last year has shown its advantage where in-person meetings and training procedures went completely online. While most access still remains on laptops, some functions are adaptable to a mobile app experience. For instance, trainers can upload teaching materials either written, audio or video, that can be accessed by agents at their convenient times.

This list is far from being exhaustive but without a doubt, insurance app development is one of the ways to improve your capital.

Also read: Why CIOs Say They Will Spend 3.7% of Premium on Tech in 2021

Mobile Applications across Key Insurance Sectors

Digitization of insurance is an ongoing process across all segments within the broader industry. Here are three sectors in which insurance mobile apps can improve digital customer experience.

Automobile insurance apps

Car insurance apps have a number of uses. A customer can open an insurance policy plan directly through the app by submitting their documents and registration details online. Many car insurance apps also offer real-time accident support, by connecting the customer with an agent immediately. Claims can also be processed by sending images of any damage to an agent on the car insurance app. This reduces the time required to file claims, verify them, and process payments. An example is the Geico mobile app.

Property Insurance Apps

Property damage can cause serious financial strains on families and individuals, making property insurance one of the most sought-after forms of insurance. Providing your customers with a seamless mobile app experience can help your company edge out the competition.

Property insurance apps for mobile can include features like property inventory for consumers to log in items they currently possess. This can make validating damage claims easier since they serve as proof of ownership. Customers can also easily submit claims, apply for upgrades and renew plans on the app without depending on an agent to do it.

Health Insurance Apps

Health insurance is one of the most time-sensitive forms of insurance. A long claims submission process can result in serious delays in getting quality medical care. A mobile platform for health insurance can simplify the entire process. Customers can access important documents and submit claims in a few clicks. Some health insurance apps, like the Anthem Anywhere App, also help customers find the nearest hospitals from their location, call an ambulance or book a consultation,

The possibilities of services you can extend to your customers and agents through a mobile app for insurance are endless. As customers become more tech-savvy, reaching them through new touchpoints will become crucial to maintaining loyalty and acquiring new customers.

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Is it important for Insurance Carriers and Agents to have Mobile Apps?

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Consumers are increasingly moving away from their computer screens and spending more time on their mobile phones. Mobile phone usage today has penetrated almost every demographic. An average user spends about 86 percent of their total time online on their mobile apps.

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Over the years, mobile applications have been gaining more importance in our lives. With over 2.7 billion smartphones worldwide, it's no surprise that the mobile app industry is thriving. App usage and smartphone penetration are still growing at a steady rate, without any signs of slowing down soon. Indeed, the mobile app market is expected to generate over 9935 billion U.S dollars by 2023.

Mobile applications have emerged as the game-changer for every industry, and the insurance sector is no exception. With the advancement of technology and the continuously increasing customer expectations, modern customers are already used to buying and managing everything with their smartphones - and insurance products are not different.

Mobile apps help the insurance industry in many ways, for instance, they help to increase efficiency, customer satisfaction, user engagement, loyalty, etc. Additionally, insurance companies can simplify complex processes and reduce paperwork to a greater extent. Let's dig in some of the benefits the insurance companies can get from mobile apps.

Benefits of a mobile application for insurance companies

Automation of processes

Modern digital platforms automate and therefore, simplify all the business processes. For instance, the Moflix Interaction Platform offers the opportunity to automate processes such as taking orders, processing bills, collecting payments, etc.

Increase revenue opportunities

Using mobile apps in an organization offers the opportunity to simplify expensive and cumbersome processes, saving companies a great amount of money. Besides, great mobile products paired with attractive services can easily deliver a competitive edge improving customer retention and loyalty.

Digital customers - catering to new generations

Modern customers are used to buying and managing everything with a smartphone, and they expect to have an outstanding customer experience while doing so. Once customers commit to an insurance provider, they expect to be able to use mobile technology to make payments, access and manage their accounts.

As consumer demands will continue to increase, digital mobile platforms become the perfect ally for meeting these demands by making interactions with customers much more meaningful. A good mobile application can keep customers' attention for longer and encourage them to use more products.

Personalized offers - deliver what customers want

Apps allow companies to collect information on each client. This becomes handly when improving the quality of personalized offers. Providing your customers with a unique offer based on the data received can improve customer retention and loyalty.

Seamless digital customer experience

As mentioned before, the modern buyer expects to complete everything online. Offering your customers a seamless converge between traditional and digital interactions, will win their hearts and transform them into loyal customers.

🚀 Check: Being truly digital in the telecom industry: BSS automation 🚀

Benefits for users

Online consultation - Excellent digital customer experience

A person cannot always find the time to visit one of the insurance companies in person to consult on a matter of interest. Having the information and tools to get the desired services at a fingertip away, will make a difference for users when choosing an insurance provider.

Real-time customer service

One of the greatest benefits of technology is the real-time communication. Mobile apps enable businesses to interact with a customer instantly and offer them a more personalized experience. One of the best ways to connect with your customers and enhance customer experience is by being there whenever they need you.

Convenient data storage

Another advantage of the mobile apps is that all neccesary information can be stored in a single interface and accessed at anytime.

A Versatile Mobile Platform For Insurance Providers

There are so many other benefits insurance companies can get from having a mobile platform for digital services. Thanks to tech-advanced mobile applications, companies can serve better their customers and stay a few steps ahead of the competition.

The Moflix Interaction Platform is a fully app-based solution created for companies that courageously seek out modern solutions for customer onboarding with strong identification, in highly regulated environments. Our onboarding solution can be integrated to existing architectures in record time. Some of the key features of the Moflix platform are:

The Moflix interaction platform is designed to cater to the modern buyer. Through the app, users can set-up and manage their accounts and subscriptions, manage their entire onboarding process, receive real-time assistance (support channel based on existing instant messaging platforms, such as WhatsApp) and make payments, all at a fingertip.

Interested? Contact us and start transforming your operations into a future-proff business.

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The Game-Changer For The Insurance Industry: Mobile Apps Targeting Digital Natives

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Over the years, mobile applications have been gaining more importance in our lives. With over 2.7 billion smartphones worldwide, it's no surprise that the mobile app industry is thriving. App usage and smartphone penetration are still growing at a steady rate, without any signs of slowing down soon.

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With the advent of the COVID-19 pandemic, the mobile industry has emerged as a lifeline, enabling many business activities to continue and numerous industries to transform successfully. The insurance sector is no exception.
Customers at the heart of (r)evolution
Empowered consumers expect more from businesses than ever before. We're no longer compared to our peers but to whoever sets the benchmark for a great experience in our lives. If my airline can do this, why can't you? If my grocery retailer can do this, why won't you? Whoever is to credit for customers' heightened definition of value and experience is here to stay. And ignoring it isn't an option.

Owning a car doesn't necessarily hold the allure it once did, particularly for the younger generations. Millennials, the world's largest demographic cohort, have greater freedoms than any previous generation and are shunning the traditional path to car purchase and historical patterns of transport usage. Insurers are either going to adapt to their needs and expectations, or they'll simply vanish from the market, says Marijan Mumdziev , CEO of Amodo, one of the top five insure-tech companies worldwide.
Almighty smartphone
Advances in connectivity, data reliability, and the wide penetration of smartphones mean the traditional black box is no longer the only option for insurers and drivers seeking a fairer, more accurate approach to assessing risk and setting premiums. As smartphones in just a couple of years went from communication device to essential tool that helps us better understand (and regulate) our lifestyles, this opened insurance providers a huge opportunity to exploit technology that virtually everyone owned to reduce their costs, making user-based insurance (UBI) even more attractive to both providers and consumers.

Now, insurance providers can get even more insight into driver habits than ever before while reducing the costs of their policies and becoming even more competitive in the insurance Marketplace. What's more, app-based smartphone telematics are creating an opportunity to lift the motor insurance sector out of the margin-eroding, price-focused situation that aggregators have helped to create; to change the conversation with drivers from price to value, from savings to safety.

The Amodo platform enables insurers to develop new products based on behavior and usage data. The platform collects data from smartphones and other connected devices to build holistic customer profiles, providing better insights into customer risk and customer product needs. Amodo's technology and methodology are used by insurers around the world.
The full version of this article is available in the About Amodo XPRIMM Motor Insurance Report
Amodo is an insurtech company on a mission to disrupt the insurance industry. By turning users' smartphones into powerful telematics sensors, Amodo Connected Insurance Platform enables insurers to deliver tailor-made products by gathering and contextualizing behavioral data. Over the past eight years, Amodo launched more than 40 different Connected Insurance Products worldwide, with some of the leading companies such as AIG, Porsche Insurance, BNP Paribas Cardif Insurance, UNIQA, and many others. Amodo was named by Financial Times as one of the top 5 Insurtech companies globally, is a winner of a prestigious Digital Insurance Agenda Diamond Award in 2020, and has been named by Frost and Sullivan as the Best Practice Leader in the Usage-Based Insurance market in 2021.

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Mobile Apps: Game changer for the insurance industry

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With the advent of the COVID-19 pandemic, the mobile industry has emerged as a lifeline, enabling many business activities to continue and numerous industries to transform successfully. The insurance sector is no exception. Customers at the heart of (r)evolution Empowered consumers expect more from businesses than ever before.

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With the increasing growth in the number of smartphone users all around the world, more and more people are using mobile apps for a variety of purposes, and buying insurance policies is no exception. In the recent couple of years, advanced mobile tech has totally changed the way insurance companies manage their operations and sell policies. With help of agility and convenience offered by mobile applications, insurance companies are more likely to reach their target audience effectively and generate more leads. From insurance applications that make the claim process easier, to insurance agency productivity apps that help agents stay connected to their companies, mobile apps can play a significant role in the success and growth of insurance agencies.

There are several benefits of going mobile in the insurance sector and here is a detailed insight on some of them.

Instantly Generate Insurance Quotes & Finalize Deals

With the help of insurance mobile apps and insurance-specific proprietary software solution, insurance agencies can quickly generate quotes and close more deals while interacting with their customers. In this way, insurance agents can create multiple quotes as per their individual needs. When customers are responded in real time and are provided with relevant information, they are more likely to purchase insurance from your company. As a result, insurance companies are better able to grow a loyal customer base.

Simplifying Claims Processing

Whether it is the matter of general contractor insurance or health insurance policy, mobile insurance apps make the claiming process easier and hassle free. It not only eliminates the stress for insurance customers but reduces the workload of insurance workers as well to free up more time for productive things like acquiring new customers. Consumers can use their mobile devices like smartphones or Tablet PCs to capture images in case of an unforeseen event or accident and send it to the insurance provider to kick start the claim process. Furthermore, inventory management apps are also used by insurance companies that allow customers to take pictures of their inventories and assets to create the catalog to provide product details with price info. These details are used by insurance companies in claim processes when assets or products are damaged.

Improved Knowledge of Insurance Agents

Since mobile devices are easy to carry and use, insurance mobile apps can be used by insurance agents to educate customers regarding insurance benefits, quotes, and claim processes etc. Companies can upload training materials and other data to mobile apps so agents can easily access them anytime anywhere depending on their needs and requirements. Insurance agents can use their smartphones or tablet PCs to open apps and use the materials to educate customers accordingly in real time.

Usage-Based Insurance (UBI)

Telematics is an advanced technology used by insurance providers to get real time data of customers to provide them with policies and offers as per their usage and habits. For instance, auto insurance providers can install a sensor on a customer's vehicle to get insights about the driving habits and behavior of auto insurance customers. The insurance customers found to drive perfectly and sensible to get best auto insurance details with lowest premiums through mobile insurance applications. It encourages the customers to drive carefully to get the best deals and helps insurance companies to save a lot of bucks on a reduced rate of compensation.

Competitive Edge

We are living in the modern era of technology where consumers want required information and details right on their mobile devices. They usually use search engines or mobile apps to get data or information they need in day-to-day life. The same goes with the insurance sector. Modern consumers want online insurance quotes on their smartphones. This is where investing in mobile insurance apps can come into play. When customers get required information from your side whenever they want, they are more likely to stick to your brand. It helps you stand out from competitors to secure more leads and convert more. By providing an excellent and consistent app experience, you can grab the attention of more insurance customers to sell more policies.

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5 Benefits of Mobile Apps for Insurance Companies

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With the increasing growth in the number of smartphone users all around the world, more and more people are using mobile apps for a variety of purposes, and buying insurance policies is no exception. In the recent couple of years, advanced mobile tech has totally changed the way insurance companies manage their operations and sell policies.