The Benefit of On-demand Insurance Mobile Application

Posted by Arka Softwares on October 14th, 2021

Introduction

In unprecedented times like covid-19, everyone wants to have some financial security. That’s the reason insurance companies are exploding since the beginning of coronavirus. Though these companies are in the market for a long time and they were always in the demand because of security reasons. 

 Though, it has been witnessed that despite knowing the perks of healthcare insurance, people still avoid it because of the long and tiring process. But, the emergence of insurance mobile applications can be a game. Also, the on-demand application helps insurance companies to scale their business to a great extent. The on-demand insurance mobile applications offer a way for customers to resolve their financial problems. In this blog post, the aspects related to the on-demand insurance application. 

How Does the Insurance Mobile Application Operates?

Insurance on-demand mobile applications are highly popular among people because of the convenience these applications provide. Here, the complete process is simple for the users as they just have to download the application and sign up to start utilizing it.

Once they sign in, they can move ahead and choose the insurance plan of the appropriate companies which is listed on the application. Once the users find a suitable policy that matches well with your life, then they can move ahead and buy the insurance. Well, if they find any confusion, they can select the insurance plan of their suitable choice. 

Types Of On-Demand Insurance Mobile App

There are two types of on-demand mobile insurance applications are: 

1. Dedicated Insurance Mobile App

In this particular category of application, when an insurance company decides to launch their application where they can directly sell their insurance plans to their customers. 

2. Aggregator Insurance Mobile App

In this app section, the users can compare the insurance plans of companies. Here, the app company earns the commission from the users and the insurance company listed on the platform. 

Advantage of On-Demand Insurance Mobile Applications for the Customers

A large number of customers feel content using insurance mobile applications for a long time, so let’s figure out what are the perks they are enjoying most. 

1. Simplicity

To use the insurance mobile application, it isn’t like that users need to be well informed about the technical terminology or the insurance act. The applications should be easy to navigate so that users can easily get the insurance in just a few clicks. 

2. Online Consultation

People nowadays are busy, so they don’t have time to visit the insurance company for a consultation. Therefore, the application lets the customers book an online consultation session with the agent via feedback, online forum, and chat.

3. Notifications

One of the key benefits which customers get using the on-demand insurance app is that once they take the insurance plan, then also insurance company will keep on sending the updates like rewards, referrals, offers, and discounts via regular and push notifications.

4. Data Storage

The application provides storage capacity to the users where they can store their data easily. 

5. Access To Quick Information

Through the applications, users can easily learn detailed information about the insurance company in real-time. They can find out the nearby address of the office, company’s working hours, all other contact details and other features that are offered. 

6. Find A location

Well, the geolocation features are available in the Ios and Android applications, which help customers to contact the insurance company agents immediately. The map makes it easy for customers to reach out to the clients.

7. Detailed & Timely Instructions

One such prominent feature of the app is it will take immediate actions which give customers instant answers.

So, these were the above perks of the insurance application to clients. Now let’s take a look at the perks which insurance companies leverage via on-demand applications. 

Benefits Of Mobile App For The Insurance Companies

Among the many perks these insurance companies provide, let’s take a look at them:

1. Automation Of The Processes

With the use of advanced IT tools and techniques, they can streamline the entire business model, which reduces the level of stress, paperwork by the insurance company.

2. Provide Company Information

With the emerging on-demand insurance application, the company can easily share significant details about the company in good marketing words to the customers, which helps them generate huge ROI. 

3. Customer Base Growth

With the transit of best mobile applications ideas, the number of insurance mobile application users is skyrocketing. Despite that, companies like to attract more users. To attract more users, it is important to timely update the app features and follows what’s trending in the market. 

4. Regular Communication

Having an on-demand application for your insurance business is great and comes with many benefits. But the most significant benefit is to be in constant touch with the clients and be able to communicate with them anytime, anywhere. Also, if the agents are not available, chatbots can quickly resolve their queries. 

7. Feedback From Clients

The application lets the insurance company deal with the hurdles faced by the clients in less time, which develops trust for the company and keeps the customers satisfied. 

So, now you have understood the perks of on-demand insurance applications, from both the insurance company perspective and customers. So, now let’s talk about the type of insurance mobile app available in the market. 

Top On-Demand Insurance Categories

Health Insurance

Users can claim the money by using the health insurance application. The users who have opted for the healthcare insurance policy and can get to the hospital for the treatment. In the beginning, users need to pay the bills, and then later they can claim the amount from the insurance company.

Car Insurance

In the particular case, the bike or car is involved with the users’ accident, then users need to click pictures, or maybe need to record the video of the accident place to claim the amount from the insurance. The users will get the estimated repair amount. 

Travel Insurance: When the user is traveling, for suppose, he requires a medical emergence or he met with an accident or he lost his passport and belongings, then travel insurance can protect him in such emergencies. Travel insurance has your back. 

3. Mobile Insurance

Nowadays, people spend a hefty amount of money on buying smartphones. If the mobile phone gets lost or damaged, it leaves a dent in their pocket. So, the mobile insurance policies provide a complete package, even with theft or accidental dame to the phone’s screen. 

4. Life Insurance

One of the most popular insurance is life insurance. Life insurance is taken by the people who want to give financial perks to the users’ nominees upon premature death. Numerous people have leveraged the perks of life insurance. With the help of on-demand life insurance, the nominee can easily apply for the claim in minutes. 

Why it is best to Invest in the Insurance On-demand App Development in 2021?

Since the beginning of the year 2020, the investment company is booming rapidly. The insurance payment applications have witnessed significant growth. According to the report, the growth is increased by 49% across the globe by 75 % in Japan, and 49 % in Germany.

The total revenue of Fintech across the globe is 33.9 USD billion. Recently, in the last quarter, the valuation of Fintech across the world is USD 50.6 billion. Based on the report, the investment will increase in the fintech industry is by 56% in countries.

Monetization Opportunities Powered By The On-Demand Insurance App

The insurance works on different types of insurance revenue models to generate money. Here I have mentioned the top three common monetization strategies which need to be opted by the on-demand insurance applications

1. Advertising Model

In this particular model, most applications earn revenue by enabling the business to run advertisements on the application.

2. Subscription Model

Another way these insurance applications earn money is the subscription-based model, customers need to pay a decent amount of subscription to leverage the advanced features powered by the application in real-time. Here the customers need to pay on a monthly, annually basis. As soon as the duration of the subscription ends, the users need to pay the amount again. 

3. Commission Model

Well, the commission revenue model is best suited for the aggregator type of application where they let people compare the insurance plans and schemes of numerous companies to find out which one is best suited for them. Additionally, the aggregator application gets the commission from both the customers and the insurance company. 

This model is almost similar to the referral marketing method, where they aim for a high number of downloads to generate revenue. The mode of earning motivate customers to share their application with other people to get some rewards or discount. Thus, it helps insurance apps to have more users which are looking for insurance.

What Is The Cost To Create An Insurance Mobile App?

The price of developing an mobile app development company relies on numerous factors such as the platforms you are developing your application form, app features, and functionalities, UI/UX of the application, application complexities, desired location. Additionally, the price depend on the hourly charge of the project manager, Android app developers, Ios app developers, designers, quality analysts, and front and back-end developers. 

Though, it isn’t possible to find out the exact price that you need to invest in an on-demand insurance application. However, if we guess the approximate price, it’ll cost 000-000 for a basic application for one platform. But if you want to develop an application with advanced features, functionalities for numerous platforms it’ll cost around 000-000.