Mobile App Benefits for Insurance Companies

Mobile apps are the basis for any mobile or smart device and take these devices beyond simple communication tools. People want information at their fingertips, and mobile apps provide the means to achieve this instantly, anytime, anywhere. There is probably no field or industry for which mobile apps have not been developed. Mobile apps help increase efficiency, user engagement, and customer satisfaction and reduce time spent on premium payments, paperwork & even claims to file. It is no longer possible for the insurance sector to ignore the benefits and advantages that mobile apps offer.

And while the insurance industry has traditionally been associated with paperwork, lengthy processes, and face-to-face interactions with agents. However, with the advent of digital technology, the industry is undergoing a significant transformation. Most insurance customers don't have elaborate needs. They are generally looking to choose from a selection of policies at reasonable prices; they want clear transparent information and enjoy a smooth, hassle-free interaction. When customers file a claim, they expect their chosen insurance company to help alleviate their anxiety and process it. So, where does a mobile app fit in this equation? A mobile app is a powerful tool that helps create an ecosystem for customers to use quickly and without issues. Insurance companies now leverage mobile apps to offer better customer experiences, streamline processes, and improve their bottom line.

This article will explore why an insurance company needs a mobile app and how it can benefit the company and its customers.

Categories of Mobile Insurance Apps:

• Health Insurance
• Life Insurance
• Vehicle Insurance
• Property Insurance
• Travel Insurance

Benefits of Mobile Apps for the Insurance Sector:

• Electronic ID storage- Providing insurance details in times of emergency or a routine need was always stressful. With the advent of mobile phones and apps, storing electronic ids and policy details is simple. Electronic id allows clients to access their insurance accounts 24/7 without needing paperwork. Insurance apps installed on mobile devices enable access to information related to a particular person or even the family's insurance details. It helps save time and money. Today, electronic ids have gone mainstream, and a digital policy is the same as having a physical stamped copy.
• Automation- Apps enable automation and simplify manual processes that are time-consuming such as premium payments, routine policy renewals, claim processing, generating payment receipts, and more.
• Interaction- A swift and immediate response can be the key to customer satisfaction. Mobile apps can allow clients to contact their agents or the company almost instantly using the call facility feature built into the app itself or through chatbots.
• Revenue- Mobile apps can help eliminate expensive and cumbersome processes and reduce overheads. Mobile apps developed for agents can help serve more clients and generate more business and revenue.
• Competitive advantage- When good customer service is paired with the convenience of mobile apps, it gives such insurance companies an edge over their competitors. Insurance apps offer helpful features like treatment history and prescriptions, and clients can schedule medical appointments. These services provide convenience to the clients and give insurance companies offering such apps a competitive advantage.
• Notifications and reminders- Insurance apps can send information and reminders from within the app and via text messages regarding upcoming policy renewals, policy updates & premium payments in advance. Claim processing and its progress and updates can be notified through the apps.
• Claim processing- Mobile apps help ease the claim filing process, which can lead to faster claim processing. In the case of cashless claims and hospitalization, claimants needed a pre-authorization from the insurance company. Now, claims can be filed directly from the mobile app & details can be shared instantly with the insurance company, which helps the insurance company to respond faster. Errors are eliminated since more information related to the policy and the client is already available in a digitized format within the app. Mobile apps make it convenient & the process becomes customer friendly, reducing or eliminating the stress of claim filing, resulting in enhanced customer experience.

• Analytics- Data collection and analytics go hand in hand. The app's user interaction data is a treasure trove of information and can be used for analytics.Analytics helps insurance companies process data like transactional information, payment information, bank details, and claim request frequency, insurance add-on requests to target clients with more personalized insurance offerings.

Analytics can be of various types-

1. Identity data - Identity data is mainly personal data like name, date of birth, address, contact details, social media links etc
2. Quantitative data - This is transactional data like bank details, credit card information, payment frequency, positive payments, etc
3. Descriptive data - Contains details of the insured property, vehicles, health, profession etc
4. Qualitative data - Data on subjective and behavioral habits like food, sports, etc

To summarize the advantages of mobile apps for the insurance sector-

• Mobile apps help keep the insurance company in the public eye.
• Mobile apps can increase brand loyalty and retention.
• An app enables insurance companies to showcase their products, services and offers.
• Apps give a better customer experience.
• Data captured by apps helps generate informative analytics that enables making informed decisions.
• A mobile app replaces physical catalogs or brochures.

In conclusion, insurance companies are still struggling to provide customers with the value they seek. In a market where the products and the prices are similar, there are few ways and opportunities to stand out. But an experienced mobile app development services company that can churn out a well-developed and tech-advanced mobile app can put an insurance company ahead of its competition.