In most countries, insurance policies are made mandatory for employees, vehicles, and even properties. In fact, it has been a deciding factor for many people when selecting an organization for jobs. Insurance agencies are of all types including motor vehicle, property, healthcare, personal or professional, pet, and many more.
Each sector of insurance has always grown for the past several years unless the unprecedented pandemic attack worldwide. But, the research giant Statista quotes that the insurance sector bounced back quite quickly from the coronavirus (COVID-19) pandemic. Today, all insurance sectors are making considerable business and that is why more and more entrepreneurs want to venture into the insurance agency business; however, the first concern is what is the cost to develop an insurance agency application? This guide shall help you with that.
Myriad services are offered by insurance companies. It is just beyond preventing financial loss but also staying upright and avoiding any legal consequences. Here are some of the major services provided by an application for insurance agencies or companies.
Viewing and managing policies
Customers can make payments or can renew, cancel or view policy details separately. It is also possible to update their personal data on the app.
Filing and tracking insurance claims
Customers, through this service, can file insurance claims online by uploading supporting documentation. Later, they can also track their claim progress and if needed can communicate with the concerned department or executives.
Comparing plans and getting quotes
Users can easily compare plans from different insurance companies as per their needs. Furthermore, they can also ask for quotes or calculate their estimated premiums through online premium calculators. By comparing the prices or premiums and services or insurance coverage, they can select the company.
Finding agents with their locations
Through this service, users can easily find insurance agents along with their locations. Insurance agencies’ phone numbers, email addresses, addresses, and other correspondences can be viewed and used through these services.
Accessing resources and getting tips
Insurance education is possible through various services such as providing free eBooks, and keeping insurance awareness campaigns through online meetings, webinars, and education materials. Tips on how to save taxes through insurance and where it is beneficial are common tips.
Business benefits of building insurance agency applications
There are many startup app ideas for young entrepreneurs and established businesspersons. The insurance agency apps business could be a very fruitful venture that can improve your prospects and chances to lead the market. You can approach a fintech app development company to build bespoke insurance solutions to streamline your business operations, improve sales and revenues, and build solid customer trust.
Here are the benefits to glance:
More customers: Customized applications for an insurance company or business can get you more clients as you will be able to reach them through mobile devices. Other online digital marketing strategies such as push notifications, loyalty programs, referral bonuses, and the like can help you get a wider customer base.
Improved user experience:Insurance apps can enhance customer services as they provide convenient and personalized services and recommendations to users. The latest software features such as chatbot, Artificial Intelligence, and Machine Learning can help your company provide the easiest claim processing, policy management, and secure payment gateways to your esteemed clients.
Streamlined operations: Insurance companies have lots of internal and external operations and documentation. A customized software solution can get you everything smooth and easygoing. Various tasks can be performed in a jiffy that would otherwise take dozens of human hours. Document management, customer care services, appointment scheduling, data analysis, and other services in the app can do wonders.
Increased revenue: Everything in businesses boils down to profit or revenues. It is proved that tailor-made insurance software solutions can increase revenue significantly by providing astounding services and an unparalleled user experience. With the latest technologies and highly interactive and engaging UI/UX can assure you that the cash flows in quite smooth.
How much does it cost to develop an insurance agency app?
When you have set your mind to building a fintech startup that deals with an insurance business, the cost is the major factor to consider. The cost to develop an insurance agency application depends on many factors including the number of features, the degree of complexity, UI/UX design intensity, and the size of the app. Based on these factors, broadly, we can divide three levels:
A simple app is one with basic features like user registration/login, profile management, and getting different quotes from insurance agencies plus a secure payment gateway. A simple insurance app would take around 3-6 months to develop and would cost you approximately $20000 to $50000.
A medium application is one with a bit more advanced features added to simple app features. It may include chat support, alerts or notifications, analytics, social media integration, and feedback. A medium-sized insurance agency app would take around 6 months to a year and may cost you between $50000 to $100000.
A complex insurance business app would have custom features the way business owners want. Customization has no limits as it can include simple features to the most advanced ones using Artificial Intelligence, ChatGPT, Machine Learning, voice recognition, biometric authentication, and the like. The cost to develop an insurance agency app with such complexity may exceed $100000.
Other than these three types, the cost to build insurance agency apps can be divided into two parts – whether you want to develop an insurance app from scratch or you want to go for an insurance app clone of a popular brand.
Knowing the Insurance app development cost for an App built from scratch
As stated above, the total insurance app development cost shall fluctuate in the range between $20000 to $100000 or more depending on the complexity, number of features it has, the security layers you implement, and UI/UX. When you hire app developers for insurance agency app development from outsourcing hubs such as India, the cost is quite low compared to mobile app developers in the US or other first-world countries.
The time taken to build an app from scratch shall also have a heavy impact on the total cost because it may take a few months to even a year. You can have detailed information on a mobile app development guide to pursuing the required knowledge about your project development.
Cost to build Clone insurance agency app
The State Farm clone app or Kaiser Permanente -clone application are insurance agency applications based on cloning or inspiration from these famous apps. Mobile app development companies have a predefined model of a typical insurance company software tool where they have everything defined including scopes, features, and facilities. In other words, they have most coding ready with them in inventory.
Clone insurance app development cost for renowned apps such as State Farm and Kaiser Permanente shall range from $10000 to $30000 because it requires little workforce and quite a short time to build the entire product. The product can be further customized according to your business or company needs, but it may come with additional costs.
Types of insurance agency apps
Insurance agencies are of many types. In other words, there are many insurances that exist in the market – from personal insurance to professional or job to a lot more entities. Various insurance policies cover an individual to a group of individuals and a company to the entire event or products.
Nevertheless, here we shall talk about the five major types of insurance agency applications.
Life insurance apps: it is used to apply for life insurance that pays money to beneficiaries in case of the death of an insured. The apps ideally ask for personal information, medical history, lifestyles, and beneficiary details.
Health insurance apps: quite popular after the pandemic struck the world, health insurance apps or medical insurance covers all the medical expenses in various settings and periods. such apps may have features for uploading documents, health history upload, current medical issues, medications, etc.
Auto insurance apps: in many countries, vehicle insurance has been made mandatory along with third-party insurance. Personal information, driving license, vehicle registration, and other official documents are required as features in this app.
Property insurance apps: this app is used to get property of all kinds (residential or commercial) properties insured. Such apps provide insurance services that cover losses or damages to properties. Apps with these facilities should have features such as uploading property documents, ownership documentation, and security.
Travel insurance apps: a mobile application for travel insurance would cover several risks and expenses related to travel including accidental medical expenses, flight delay, lost baggage, trip cancellation, and many more things. Features you may think of in travel insurance app development include policy details, claim filing, customer care, and so on.
Must-have features for insurance apps
Insurance applications can be customized and tailored to your business needs and project scopes. Here are some of the must-have features for your product that would make it usable and popular:
Admin panel: this feature allows administrators of insurance apps to monitor and control most of the operations within the app. It may include adding, viewing, editing, or removing profiles, documents, policies, and all types of account settings and control over feedback.
Policy details: policy detail feature enables policyholders to access detailed information about their plans and products. Also, they can learn about the policy regulations, limitations, benefits, exclusions, and other information.
Filters and quotation: a professional insurance app would also offer their customers filters to search for a proper insurance agent or policy type. Filters can narrow down the results and get the cream to the users. Quotation features shall provide users with different quotations from different insurance companies and agents.
Filing a claim: the feature of insurance claims would enable insurers to file for a claim and get the status in time. This feature may also include uploading and saving documents and talking to or contacting a customer care executive at insurance companies.
Secure payment gateway: one of the most crucial features any app for insurers would have is the assurance of security while paying online. A secured payment gateway will help users or customers pay online and get their policies instantly. Payments could be in different forms such as eWallets, Internet banking, Wire transfer, credit/debit card, and so on.
Customer support: insurers hate delayed responses. If you want to excel insurance business, you must include the best customer support for insurance claims of all kinds. The faster the reply, the better the service – this helps you to lead the market with more customers seeking your policies.
Push notifications: the feature of push notifications allow insurance agents and companies to send timely notifications and alerts to their customers so that they don’t miss a crucial update. Notifications in regard to policy collapse, documentation, claim rejection or acceptance, premiums on time, and deductions of all kinds shall be quite helpful to customers.
Document uploads and saving: the feature of uploading and storing important documents such as identity proof and residential proof along with common citizen number etc. help customers validate their policies online. Such features could have encryption-based security to provide data theft or breach.
Popular Blogs on App Development for Entrepreneurs
Why do you need an expert to build an insurance app?
Building a customized insurance agency app isn’t a simple task as it involves dozens of steps and technical concerns. Hire an app development company that professionally and dedicatedly works on your project to make a powerful software solution adhering to your business objectives and company goals.
FAQ for Insurance app development cost
How much does it cost to develop an insurance app?
A Costs vary greatly based on app complexity, platform, and developer location. A simple insurance app development cost may approximately range between $20,000-$50000, while feature-rich apps can cost hundreds of thousands.
How long does it take to make an insurance app?
The time to develop simple an insurance app varies greatly, typically ranging from 3 to 6 months, depending on complexity, features, and the proficiency of the development team.
With in-depth knowledge in International Business Management and Information Technology, he can effectively craft business enhancement strategies and can skillfully untangle technical complexities. This has laid the path for him as the Co-Founder and MD of Prismetric . Writing about the new age technology and sharing his thoughts on the continuously evolving business trends keep him content.
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