Mobile Apps- The Game changer in Insurance Industry
Consumers are increasingly moving away from their computer screens and spending more time on their mobile phones. Mobile phone usage today has penetrated almost every demographic. An average user spends about 86 percent of their total time online on their mobile apps. For an insurance company, this means developing a mobile platform is not simply a nice-to-have feature, it’s critical to improving the digital customer experience.
Mobile programs are beneficial to both parties to the process: the insurance company gets a tool to attract customers, who, in turn, can communicate with its representatives when and how they like.
It isn’t just the end-customer that stands to benefit from insurance apps. The flexibility and ease of use that insurance apps offer can increase the productivity and efficiency of insurance carriers and insurance agents.
Mobile apps help the insurance industry in several ways, e.g., they help to increase efficiency, customer satisfaction, user engagement, loyalty, etc. Additionally, insurance companies can simplify complex processes and reduce paperwork to a greater extent.
But if you need some more specific reasons, here’s a list of perks an insurance app can provide.
- Make communication between a company and its clients faster, smoother, and more effective
- Automatically complete some tasks that insurance agents currently spend time on and allow clients to answer questions using live chat support
- Free up time that agents can spend on finding new clients
- Acquire new clients by advertising your app in other apps
- More opportunities to collect and process data
Challenges of customers solved by insurance apps:
Through in-built features like live chatbots, insurance apps allow a customer to get in touch with a support agent almost instantly (or a perceived agent, in the case of a chatbot). Since their past interactions and policy information is automatically stored on the app, they are also likely to get more personalized responses from the agent.
Personalization is exactly what mobile apps are built for. People are used to a digital customer experience that is tailored for their individual needs. It is impossible to achieve this through a traditional insurance process. Remembering their previous interactions, providing required information directly, providing instant pricing when they show interest in a specific insurance offer, or processing a claim in a few short steps — The possibilities are endless using automation in a mobile app.
An insurance mobile app is not Instagram. Most users will open it once a month to pay a bill. This means that the app must be optimized for infrequent usage and the best way to do it is through notifications.
Today, national general insurance apps are becoming more and more common, and a successful business cannot do without them. Moreover, experts predict that interest in them will keep growing in the coming years (approximately 5% annually). Source
Here are the lists of mobile apps benefits for both customers and insurance industries:
- Remote consultation. Today we’re used to getting services remotely (if possible). And your customers, too, will expect that they can contact you online (using chat, feedback form, and other insurance app features).
- Quick access to information. The user can access the data related to his insurance through his application (which is extremely convenient, since all the information is always at hand).
- Push notifications. Your smart insurance app is a great way to keep in touch with your customers in real-time. You get a tool to remind them of the need to renew insurance, announce bonus programs, etc.
- Simple drawing up of insurance acts. A client needs to make a few taps to get his insurance. A mobile app greatly simplifies the whole process.
- Well-timed instructions. Suppose there is an incident with a client that may require the use of his insurance, and he has no idea of what to do next. An insurance app for iOS or Android comes in handy in such cases: the user just needs to open your application and read the instruction section to get information on the actions he should perform.
- GPS location. Also, let’s not forget about a GPS feature, whose task is to determine the user’s geolocation (with his consent, of course). Thanks to it, your client gets the opportunity to call the agent to the scene of the incident (say, if the client himself is confused and has no idea of where he is right now).
Benefits for insurance industries:
- Providing information about the company
- Making the claim process simpler and easy
- Automated business processes
- Increased customer base
- Unlimited communication
- Limited paperwork
- Effective targeting and personalization
- Enhancing the knowledge of insurance agents
- Telematics for Usage-based insurance
- Saving operational costs
In a nutshell, there are numerous things that mobile apps could do to benefit both the providers and their customers like:
- tracking insurance claims
- enrolling for a particular plan or purchasing it online
- get an in-depth understanding of the company’s products
- learn ways to improve their health via healthcare & wellness apps (some of which are created by insurance companies) are just a few on the list.
The possibilities of services you can extend to your customers and agents through a mobile app for insurance are endless. As customers become more tech-savvy, reaching them through new touchpoints will become crucial to maintaining loyalty and acquiring new customers.
Are you ready to strengthen your business through mobile technology? Then reach out to us at email@example.com