For a long time, insurance was never considered to be a top priority. One of the main reason was the lack of awareness among the consumers regarding the different policies available in the market. The second most important reason due to which consumers did not invest in policies was the inconvenience caused in buying a policy. Traditional policy buying methods were not convenient and involved a lot of hassles. Looking at the forms and the number of visits it took to the agent’s office and all the possible delays, the consumer stayed away from insuring most of the items.
Today, things have changed. One of the most important reasons for this change can be attributed to the new-age businesses that have adopted mobile app solutions to improve and enhance your experience.
In a recently held series B funding round, Cover a customer-centric insurance firm raised $16Mn from Tribe Capital along with Samsung, Y Combinator and Exor. The company aims to use the funds to remove the complexities that exist in the insurance sector and make it hassle-free for the users.
Let’s take a quick look at the Cover app and how it works in favor of the insurance segment:
- Based out of San Francisco and launched in 2016, the app allows you to insure all your items by taking a picture of it.
- The app is a marketplace that hosts insurance solutions from over 45 companies that dominate the different segments such as cars, homes, rentals, personal properties etc.
- The insurance app had earlier raised $8Mn in series A funding round from Social Capital.
- The idea of this app is to get insurance immediately and without any hassles. Simply click and get the item insured.
- You can access the best rates for the products you are planning to buy online, and the insurance solution will make identifying the rates and comparing them easy for you.
If you want to develop an insurance app for your business, then here are the major types of solutions you can create.
Develop On-Demand Insurance App Solutions
Claim Processing App: If you have been handling the claims for a while now, you know that the job is mostly done out of office. If you have a mobile solution to handle the job, you would be able to do it perfectly. The claim handling app solution requires the following features within the app:
There should be a documents library, which should be able to keep all the documents required for the claims processing, in one place.
The claims information should be made handy with the mobile app.
The app should allow the users to click and upload photos of the items that were insured
Easy chat facility and other means of communication should be incorporated into the app so that the consumer can connect with the claim handler easily.
Finally, the digital document signature is a must if you want to the claims to be processed easily.
The Sales Management Solution: With this solution, the insurance sales team can capably handle the sales of the policies and keep track of the accounts they are handling. The sales team needs to coordinate with the back office and keep them updated about the situation. This is possible when the app handles both the sales team and the coordination with the back office.
The documents library is a must for the sales management app too. It will keep the policy related material in one place.
The salesperson needs to track the cases they are handling and also know what’s happening in each case. This is possible with the app solution.
Individual Insurance App: There should be a separate app to avail car insurance, bike insurance, home insurance etc. These individual insurance apps will provide a complete detail about the insurance and will also make availing the insurance easy for the customers.
Now that you know the different types of solutions you can come up with for the insurance business, here are a few things you might want to consider before starting out with the development.
Mantras to Building Successful Insurance App
#1 Identify the Problem
You need to begin by identifying the problem that your audience is likely to face. When Cover started out, they knew they wanted to offer a single platform for the audience to know the policies and compare the prices. They wanted to offer a single click upload solution to avail the policy. They understood the hassles that existed in getting a policy and wanted to reduce the gaps. So, they identified their problem and gave a probable solution.
Similarly, you need to identify the problem that your target audience is facing, and come up with an app solution for the same. You will need to research the market, talk to the target audience, and connect with them over the problems, before you can identify the solution.
#2 How It Will Work?
You have identified the problem, and you know the solution, at least have an idea for the solution. Now, it is time to think about the ways in which the solution can be transformed into a mobile app. You will need to write down the method in which you are planning to solve the problem. This will take writing down the features, working on the app sketches and even giving a rough idea about how the movement along the app will take.
The wireframes for the app idea will give you more clarity on whether or not the idea and the solution you have planned will work.
#3 Create the Right Team
Once you have the wireframes or at least a rough idea to build your app, you need to get together a good team that can work towards accomplishing your app goals. Make sure you have a good team backing you up for the mobile app development. A good team can help you accomplish your goals with ease.
If you are not going in-house with the app development, make sure you have chosen a good team to outsource your app development too. This will help you get the app out in the market before the scheduled time.
Finally, make sure you have met with the legal team, and worked out the possible points before you release the app.
Developing an insurance app solution requires not just a good idea, but also a team that will convert your user experience goals into reality. You can successfully go to the market within the stipulated time if you have the right idea, the perfect strategy and capable team partnering with you.
If you have an idea, Coruscate will partner with you to provide you with the right strategy and the perfect tech team to build your insurance mobile app. Connect with us via email or phone, and talk to our team about the limitless possibilities for your app idea.