Tips for On-Demand Insurance App Development to Hit the Big Time

Modern problems require modern solutions, that is why on-demand branch of mobile market is so important nowadays. We have already discussed what on-demand applications are, their types, core features, illustrated with bright example of delivery field.

Today focus of attention lies onto insurance sphere, due to its relative novelty on mobile market and FinTech growing popularity.

In this post, OpenGeeksLab will tell about key factors and core features vital while insurance mobile app development.

Points of Interest Regarding On-Demand Insurance App Development

1. What Characterizes Target Marketplace?

Contemporary finance, especially FinTech, marketplace is focused on convenience and high-level security. These objectives determine individualization priority, high-quality struggle, faster client-assistant interaction (either AI or human support). Thus, deep market analysis enables business owners get all necessary information (types, essential features, challenges) in advance, so they can cope with problems before they even emerge.

SWOT analysis is another important part of progressive insurance mobile app building, as far as it allows to prevent unexpected problems arising out of ignorance in field. While designing own on-demand application, companies should pay attention to its advantages (profound data analytics, complete control option, integration perspectives, automation) and disadvantages (cybersecurity issues, staff training expenses, technical problems, non-payment/debt write-offs problem) as well as consider future perspectives together with possible pitfalls.

2. Top KPIs

Success of any startup depends largely on top KPIs of the field. There are several basic components to be aware of: performance/efficiency management, cliental base stability, high-security level, income increase, processing acceleration, expenses reduction (including staff training, on-demand app development cost), etc. Having these principal constituents well balanced, you may count on fast growth and high productivity of the initial idea.

3. SMEs and User Protection

Security issue is among the most dubious things in mobile services. Even big influential companies are concerned about their clients’ data protection, let alone SMEs. Cybersecurity occupies top positions in Fintech trend lists for several years, thus entrepreneurs strive for higher level of services supply and fraud prevention. Besides, user protection deals also with customer retention and stable cliental base building. Companies try to reduce customer turnover offering personalized solutions, profitable terms of cooperation, etc.

On the contrary, SMEs also require protection in terms of non-payments and bad debt write-offs. This issue leads to profound risks analysis, payout and invoice solutions to avoid economic decrease of small companies and monopolization of market.

Successful examples include car (GEICO Mobile, Allstate Drivewise), property/real estate (Allstate Digital Locker, Lemonade, Indio Technologies), life (Anthem Anywhere, Aetna Mobile, AgencyBloc), travelers (Revolut, RoamRight) and even pet insurance like Waggel.

Features Essential in On-Demand Insurance App Development

1. Detailed Info and Change Possibilities

Precise description of the current policy is very important to have always nearby. With digital copies inside their phones, customers are not obliged to carry the paper copy all the time, which reduces risks of document loss or their damaging.

Besides, opportunity to switch between two policy options without waiting in queues is really loved by clients who can spare their time and nerves. Full range of available variants, special offers, sales, etc. are also welcomed by users.

2. In-Built Payment

Payment gateway is another way to make user experience easy, fast, comfortable. With in-built payment system (either native or third-party/API) clients do not need other programs or actions — all are integrated and feasible in a few taps.

3. Activity Record

List of previous activities is essential in insurance card app because customers prefer having full payment history, policy terms changes, accident data, etc. Such feature helps not only control current events via mobile program but also contributes to security issues through detailed operation analytics.

4. Customer Support

Any time available support feature (through chat or call center) is vital. Accidents do not have working hours, so your clients should be assured that they will receive help around the clock. Besides, AI/robotic implementation simplifies support chatting process to great extent: customers quickly receive necessary info due to automation process while owners reduce expenses onto salaries.

5. Individualization

Individual approach is essential in on-demand app because it determines efficiency issue. Convenient design made regarding contemporary UI/UX standards contributes to user’s intuitive usage, thus increasing positive experiences. Profile settings (personal info, policy terms, special requirements/preferences, etc.) help adjusting service supply up to specific client’s liking that includes relevant info, sales, special offers, etc.

6. Data Storage

Data storages serve as additional security warranties both for owners and customers, as far as they contain policy documents, statements, notes, accident records, etc. Besides, they are handy while data recovery or inquiries.

7. Notifications

Push notifications keep customers in picture about current state of affairs, policy terms changes, data/security issues, special offers, etc. They are beneficial both for clients (activity tracking, quick info receiving) and company owners (easy information spread).

8. Camera Access

In-built camera function plays a leading part in cases of emergency (car accident, robbery, etc.) for quick evidence-making, or serves consultation purposes.

Create Your Unique Commerce Insurance App

Innovative and productive on-demand app solutions are welcomed on contemporary finance market, so hit the big time — consider crucial factors and given examples to create your unique commerce insurance app or contact us to make a prominent example out of your idea together.

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This post was originally published on the openGeeksLab blog.