The term Insurtech is made of insurance and technology. Insurtech refers to a bunch of digital innovations with ranges like customer platforms, booking tools, big data analysis, or intricate internet of things (IoT) systems. It means the insurance industry uses advanced technologies to progress efficiently and assess risk accurately. InsureTech apps open the gate of opportunities for insurance companies and agents that deal with millions of customers online. Basically, insurance agents need a mobile insurance application to automate claims processing, offer on-demand insurance services, optimize support costs, and promote self-service among customers. Read here more on the growing importance of Insuretech apps and insurance app development.
The Growing Utility of the InsureTech App
According to the finding of a 2020 report on the usage of insuretech apps by insurance agents in India, about 63 percent of Indian insurance agents used a platform or insurtech app to contact their customers. More than half of the agents managed insurance renewals online. Moreover, around 15 percent of agents preferred an app for offering and receiving insurance policy-related training virtually.
The insurer, 3rd party agents, and end-users are three components associated with the insurance business. Insurance is powered by insurance agents who play a communication link between the insurance companies and people. When you go for insurance services, mobile apps offer real-time B2C interactions. The insurance company needs a mobile app for the following reasons. These include:
- Establishing customer contacts
- Facilitating convenient services
- Increasing user reach
- Studying quantitative, qualitative, and descriptive customer data
Insurance App Features
Auto insurance – Geo-location, single-step sign-in, payment gateways, human aided customer support, and claim filing, vehicle database, telematics, policy status, and multi-lingual assistance
Health insurance – Appointment scheduler, telemedicine, one-click ambulance call, hospital mapping, video conferencing, quotes, and medical history tracker, ePrescription, medication reminder, and wearable device integration
Travel insurance – Travel itinerary generator, local tracking, weather forecast, world clock time converter, currency converter, SOS In-app calls, quotes, 3rd party app integration, public reviews, and social media messages and status updates
Key Features of Insurance App Development
All insurance companies sell different insurance products services for insuring people and things associated with them. More or less, all insurance solutions deliver specific services with the same features. Insurance companies deal with different categories of products, so developing an application largely depends on multiple features that make communication easy.
User Profile
Every insurance app offers a user profile showing details of customers using insurance services or interested in buying insurance products. A user profile will help insurance agents understand the user profile and their preferences.
Policy Information
Accomplished insurance solutions offer details of insurance policies on the dashboard. This detailed information lets you get policy status and reminders to renew the policy.
Claims Filing
Insurance apps let customers file claims on insurance apps by offering adequate information. They also allow the customer know the exact status of their claim at different claim processing stages.
Payment Mechanism
Customers prefer to pay their insurance premium without facing any hassles. That is why payment mechanism features let customers any fees or recurring charges of existing or new policy through the app.
Push Notifications
Push notifications help insurance companies keep their audience updated. When you think of insurance app development, notifications help companies send alerts frequently regarding insurance products and updates.
Customer Service
Insurance solutions with chatbots remain active 24/7 as customer support and service representative. Chatbots offer you the right information you need to make a decision or clear any confusion on insurance products and services.
Summing Up
If you want to accelerate the growth of your insurance business, the best thing you can do is build web and mobile applications. InsureTech app development companies can help the insurer get customized health, travel, and automobile insurance solutions.
Always opt for a feature-rich app that conveniently solves multiple issues.
