How to Develop an Insurance Agent Mobile Application? Type Features & Cost

Insurance sighs relief and assurance of security that you have got something for difficult times no matter what happens. During the Covid-19 pandemic, health insurance has become a need of time, and the business of insurance companies is booming like never before.

A recent study has revealed some shocking details about why people are afraid of insurance, and one of the biggest reasons is the tiresome and lengthy process. But insurance companies have come up with a solution in the form of a mobile insurance app through which one can effortlessly purchase a policy in a few steps.

Below is a step-by-step guide to developing your insurance agent mobile application. First, we need to learn the advantages of mobile apps for both users and insurance companies before making any decision.

Benefits of Insurance Agent Mobile Application

Insurance agent mobile apps benefit both policyholders and insurance agents. Below are some uses for users.

1. Benefits of On-Demand Insurance Agent Mobile App for Users

2. An insurance app is easy to use even for beginner-level knowledge about technology, as mobile apps are simple and easy to use. Although the app is simple if you are stuck at some point, online consultation is there to help you with features like online chat to solve the problem you are facing off.

You can turn notifications to revive alerts about all the latest insurance policies and discounts on your favorite policies to prevent missing important updates. Search for a nearby insurance agent using your current location and meet them in person if you are experiencing difficulty choosing the right policy for you.

2. Benefits of On-Demand Insurance Agent Mobile App for Insurance Companies

3. With Mobile insurance apps development, insurance companies can automate many processes by reducing paperwork. Instead of sharing the information about all the available policies with each customer one by one, the company can store the information on their mobile app, and everyone can access it with a single tap.
4. Companies can watch their performance to learn about their bestselling policies and work on remaining policies to attract new users. Get regular feedback from customers to know what features they like to add to the app and remove any bad features.

Types of On-Demand Insurance Agent Mobile App

Based on their functioning, there are two types of on-demand insurance mobile apps available in the market today, and below are some more details about each type.

• Dedicated Insurance Mobile App
• Aggregator Insurance Mobile App

1. Dedicated Insurance Agent Mobile App

2. The dedicated insurance mobile app features multiple insurance policies by a company to select an insurance policy according to your needs.

2. Aggregator Insurance Mobile App

3. Aggregator insurance mobile apps feature tools to help you compare multiple insurance policies offered by various companies to select the best insurance plan. You can apply filters to sort insurance policies based on pricing, duration, etc.

Important features of Insurance Agent Mobile Application

If you plan to develop your insurance agent mobile application to tap the Trillion-Dollar insurance market, here are the features that you can ask the Insurance App Development Company to add to your mobile app to make it successful.

• Easy Sign-in and Sign Up
• Policy comparison
• Dashboard
• Multiple insurance categories
• Live chat
• On-demand Consultation
• Advanced search with filters
• Policy calculator
• Document Scanner
• Loyalty program
• Easy Claim Processing

1. Easy Sign-in and Sign Up

2. Customers should create an account to synchronize their data and access all their other smart devices by logging in to their accounts. They can also use their social media accounts to login into the app with a single touch or enter their email and password for a safer approach.

2. Policy comparison

3. There are hundreds of insurance policies available nowadays, and it is challenging for customers to select the right policy for them as they have zero knowledge about the industry. The policy comparison feature comes into action here as customers can compare various policies and buy the right policy at the best rate.

3. Dashboard

4. The user dashboard features all the insights about customers’ activities with details about policies they have bought, their current balance, premium date, receipts, and favorite policies.

4. Multiple insurance categories

5. It is safe to assume that insurance policies are available nowadays for most scenarios, and insurance companies divide them into various categories. Your app should be a one-stop solution to all the insurance problems of your customers so they can buy all the insurance policies that they want.

5. Live chat

6. Live chat with an insurance agent to ask them all the questions related to your insurance policy and share multimedia files with them as attachments. The live chat feature is best for those who are hesitant to speak with the agent on the phone.

6. On-demand Consultation

7. You have the option to request a call-back from an insurance agent who will clear all your doubts regarding an insurance policy. The app will automatically arrange the call back for you as soon as you request it.

7. Advanced search with filters

8. Instead of going through the list of all the available policies to select the right policy for you, you can enter a keyword on the search bar to search for the policy and apply filters to sort search results.

8. Policy calculator

9. Users can calculate the premium of the insurance policy and all the other minor calculations without leaving the app and share the data with their insurance agent to understand them better.

9. Document Scanner and Document Manager

10. Scan all the relevant documents using your phone’s camera to buy a policy and save all the documents on an online server to access them later. Built-in document managers can save a lot of effort for policyholders as they don’t have to search for documents and scan them again and again.

10. Loyalty program

11. With Loyalty Program, you will be able to give discounts, coupons, and offers to your policyholders based on their performance to tell them that you care about increasing your sales. Customer relationship management is easier with a loyalty program as you can interact directly through the app.

11. Easy Claim Processing

12. In the past, users had to physically file an insurance claim with the help of an insurance agent, but they could easily file a claim through the insurance app in a few steps. The insurance company will process their claim faster because it is automated to a large extent.

Steps to Develop an Insurance Agent Mobile App

Here are the steps you can follow to develop an insurance agent mobile app from scratch and launch it in the market.

• Market Research
• Build a Prototype
• Develop an MVP
• Test the app
• Choose the Distribution Model
• Keep the app updated

1. Market Research

2. Research the insurance market before Insurance App Development to get an idea about your audience’s needs. Conduct surveys to ask users what problems they are facing and give the ultimate solution to all their insurance problems.

2. Build a Prototype

3. Now that you know everything about the targeted audience and what they expect from your insurance agent app, it is time to hire a Web Development Company and build a prototype of your app. Share the prototype with some users and ask them to review its features.This way, you can finalize features you will add to your insurance app and share those features with the development company to start working on the app.

3. Develop an MVP

4. MVP stands for a minimum viable product that you can develop and release quickly to get into the market and then start working on the complete project to release the insurance agent app with all the latest features. MVP development is a crucial step of the Mobile Application Development process as you can get feedback from customers.

4. Test the app

5. Test the app for bugs by releasing the beta version to allow a small group of users to download and use the app. You can hire quality testers to take the testing to a whole new level, but it will cost you some money, so the best thing to do is release the beta version.

5. Choose the Distribution Model

6. Now that you have tested the insurance agent website, it is time to choose the distribution model for your app to release in the market. Upload your app to the Android and iOS app stores so anyone can download it with a single click.If your app is for employees only, upload it on a private server and share the link with them through social media handles to let them download it.

6. Keep the app updated

7. After releasing your insurance agent mobile app, you need to constantly add new features to it to keep it in the good books of users. Listen to what users say about your app and work according to their feedback.

Cost of Developing an Insurance Agent Mobile App

A team of project managers, user interface designers, developers, front-end developers, back-end developers, QA specialists, and developers for various operating systems is required for Android App Development. When it comes to the development cost of the insurance app, there is no exact figure, but below are some things that will impact the development cost.

• Project aim
• Types of features
• Development platform (iOS, Android, or both)
• Number of hours invested
• Project size
• Variety and no. of integrations
• The team you hire
• Location

Based on the above factors, developing a minimum viable product will be somewhere between fifty to sixty thousand US dollars, but it may change based on features you want to add to your app. Web-based apps are cheap as compared to mobile apps. A basic insurance agent mobile app will cost you around thirty thousand dollars, but you will need to update it soon.

Do you have an Idea?

Conclusion

Mobile apps are undoubtedly the insurance industry’s future because of all their benefits, including satisfied customers, data analysis, and management. Experts have predicted that policy owners are more than ready to manage their insurance policies on their mobile phones as it doesn’t require little to no paperwork.