The Guide to Insurance App Development

Innovative and highly advanced digital technologies bring the insurance business of our time to a principally new level of functionality and reach. The specialized niche-focused software hitting the market shelves hard during the recent years already allows many insurance agents to avoid overtimes and professional pain points without affecting the customer-attraction rates (and even boosting them). So, let’s talk about the intricacies of how to create an insurance app according to all the trendy technological concepts and follow the main modern niche development rules.

Which issues an insurance app can handle?

Any ‘proper’ insurance industry-focused application serves to support constant communication between insurance agents and their clients. Agents get to keep in regular contact with the whole flow of clients, while clients get an ability to receive an immediate consultation or insurance help without having even to contact an agent directly.

The rates of competition in the industry grow by the day, with that in mind, such a time-efficient automated solution becomes a solid point of corporate strength for your business. Despite quite a felt cost to make an insurance app – the final product will not only boost the marketing efforts of your competition on the market, but it will also be an utterly well-thought-out and efficient try at monopolizing the market.

3 tech trends to transform your top insurance app

A set of multiple technological approaches can eliminate some of the main pain points – both the agents and clients – in the striving industry of insurance. The range of capabilities you will set out to cover will ultimately define the final pricing of your project. But a really helpful, advanced solution will help your establishment reach a higher level on a competitive scale.

1. Artificial intelligence and Big Data

Agaes is an insurance company that, in 2017, decided to involve artificial intelligence technology in the in-house insurance requirements’ processing. In a few months, another company – Aviva – did the same, conquering a wave of new clients and reinvigorating the trust of the old ones. AI and Big Data both make the completion of tasks related to systematization and processing of huge data volumes dramatically faster and more efficient as compared to the capabilities of the highest-end processors. In particular, these capacities can optimize decision-making during the consideration of private property insurance cases. You can achieve an utterly objective evaluation of the insurance payouts’ size – a payment required to be paid in order to restore the damages of a car accident, fire, pipe breakage, etc. (hi-tech-powered software can also be connected with live sensors to monitor the state of specific object in real time and capture any damages timely).

2. IoT

The above mentioned sensors can autonomously track and even control certain environmental conditions in the special space or, for instance, inside a car. The concept of the IoT is what will help you rapidly and easily organize a number of such sensors into a single, interconnected network. If you are planning to implement the Pay-as-you-drive car insurance model, you will have to equip an insured vehicle with a particular device connected to the onboard computer. It will monitor the different aspects of the ride: distance, continuity, route, weather conditions, and it also will capture speedings, abrupt decelerations, and starts, lane-changes, etc. Even indicate potential dangerous driving tendencies. There are various types of sensors that can be installed (smoke sensors, motion sensors, smart alarms, and doorbells, etc.). As for healthcare insurance, the vital data transmitted through wearables (like smart watches) and other specialized devices can be of the essence.

3. Blockchain

And, surely, the most hyped-up technological concept of modern times – blockchain. It will help you create smart contracts – digital deals that are protected and only can be submitted on both parties’ ultimate approval. The main advantage you get here is an absolute transparency guarantee: All the records concerning transactions and milestones of the deal are stored in the dedicated distributed ledger and cannot be changed or fabricated. Smart contracts can guarantee clients from both ends of the bargain that all the contract requirements will be fulfilled and followed by a respective compensation.

Read also: How to Hire Blockchain Developers

Several nuances of the insurance app development

While setting up your insurance mobile app development project, keep in mind the following pro tips to help you boost the technological efficiency of your solution on the market:

• private user data protection guarantees are necessary. If your target audience is based in the USA, you will need to make sure that all aspects of your software comply with the HIPPA policies. If you are targeting users based in the European Union countries, the GDPR compliance is required. Moreover, an online payment feature must be based on the payment gateway that has a PCI certificate.

• make your app stay enabled at all times. When it comes to the app development for insurance, the automation of regular professional routines is most important. A constant, autonomous push-notifications ‘newsletter’ will let your clients know about you and your professional activity on a regular basis.

• work on two separate versions of dashboards – one for agents, another for clients. You can enrich a client dashboard with a dedicated chatbot, providing the means of immediate contact with an insurance agent. There can also be integrated an insurance payout calculator and private data storage. Additionally, an integrated payment gateway will allow clients to pay for insurance services online. As for the agent’s dashboard – it requires a form of contact with clients, calculator, and access to the database of client-related info.

 

Summarizing our brief guide on the topic: “How to make an insurance app,” as you can see, the rapid growth of the insurance industry and technology sector make it difficult for eager market players to create something progressive and ahead-of-its-time. You will definitely need some seasoned experts with a good bunch of experience in the insurance mobile app development accompanied by the AI and Big Data technologies. Jelvix is the digital services company that combines the latest, most trendy and efficient technological tendencies to bring you the project that will stand out among the faceless competition without requiring you to spend all your budget and more. Contact us to find out how much your finished project will cost and how we will be working on it in detail.