Mobile technology has changed the way people go about their everyday activities. According to the eMarketer’s Mobile Time Spent 2018 research, US adults spend on average 3.5 hours on mobile devices. Statista too confirms this statement with its data:
The same eMarketer’s study claims that by 2019, mobile will surpass TV as the medium attracting the most minutes in the US.No wonder, insurance companies start looking for new growth opportunities with mobile insurance solutions. Click To Tweet
In 2017, Comarch surveyed 70 leading insurance companies across Europe for an industry report Insurance in the Mobile-First Era. In loads of insightful data that the company has uncovered, there are several key takeaways that reveal mobile trends in the insurance industry.
Mobile insurance solutions are offered by 43% of insurers, while another 20% of them are developing mobile insurance apps at the moment.
— Insurance in the Mobile-first Era
Insurance Mobile Solutions Classification
Insurance business revolves around many parties: an insurer, reinsurer, insurance agents and brokers, affiliate partners, and last but not least — customers. All these parties have their interests and stakes, and from here we can identify two major types of mobile insurance solutions:
- Customer-facing insurance apps
- Insurance employee-facing apps
Let’s discuss how these types of mobile insurance solutions can help both sides of the insurance equation: the parties that provide insurance services and the insured.
Insurance Apps for Customers
We have come to rely on mobile apps for the ease of use, availability, and interactive features they offer. This functionality is exactly what your customers will be looking for in your mobile insurance solution. Let’s take a look at the feature set that insurance companies can pack into a mobile insurance app.
The convenience of reporting a claim from anywhere and at any time can be hardly overestimated. When all it takes to submit a request is to snap a photo and add some description or record an audio message right at the site of an accident and send these details to the insurer via an app, the need to deal with an insurance company suddenly doesn’t seem so scary anymore.
An obvious functionality in a mobile insurance app is the ability to manage insurance policies. Things like coverage details, a policy number, due premiums, and an option to prolongate a policy seem like a safe bet for including into an insurance app.
Customers who are just browsing your app to find an appropriate insurance product for their needs will appreciate an interactive Chatbot that can offer personalized advice.
Based on the customer’s app browsing history, location and other parameters, a Chatbot module can help the customer purchase the right insurance product, or it can hand off the conversation to an insurance agent.
Industry News and Guides
Another feature that can help your insurance brand stand out among other mobile insurance solutions is publishing news and step-by-step guides for your app users. The customer might need directions in case of an accident to make the right decisions and provide the necessary materials, such as photos, in an emergency situation.
Push notifications, in turn, with news about your company or the insurance industry will keep your customers loyal and may help you grow profits by offering add-on insurance products.
We use mobile devices to make payments every day. According to Acapture, the total number of mobile payments users will surpass 1 billion in 2020. So it’s only natural to enable premium payments via a mobile app.
Your insurance customers will be able to add a credit card to the app and make recurring payments. The biometric authorization methods offered by modern mobile devices will ensure the security of this sensitive data.
These features cover only tip-of-the-iceberg functionality that insurance companies can implement into their mobile insurance products for better user engagement and loyalty.
Insurance Apps for Employees
Apart from customer-facing mobile solutions, insurance companies can also benefit from deploying mobile insurance solutions for internal usage by their employees. Let’s take a look at tasks such insurance applications may solve for an insurance business.
Mobile CRM Solutions
Policies and other add-on insurance products don’t sell by themselves. Therefore developing a mobile CRM app can help push sales quotas a little further. Agents equipped with a mobile CRM optimized for the insurance sales process have more chances to serve the potential clients and convert them into customers.
Onboarding new personnel takes a lot of time and resources, especially in such an intricate industry like insurance. Training apps featuring best practices, explaining insurance company’s workflows to new employees may turn out very helpful. They can even include tests for monitoring freshmen’s success during the onboarding process.
Claims Adjuster Apps
Claims adjusters spend most of their working hours outside the office, so enterprise mobility is the perfect solution to empower them to be more productive and access resources wherever they are.
A claims adjuster app can be developed to fit adjusters’ exact needs, with features including:
- Information on claims
- Library of documents
- Communications with customers
- eSignature capture
Organizing communication flows between an insurance company’s agents and other employees can go a long way. A mobile app with built-in live chats and video calls can serve as a seamless link between all involved parties. Therefore deploying a communication-enabling mobile solution can give a huge competitive edge to an insurance company.
Like claim adjusters, brokers know pretty well the struggles of working away from the office and the difficulties of accessing and capturing information. A broker app with sales support features can help brokers in many ways, but mainly by making it as easy as possible to access sales and marketing data, to track leads and to cross-sell across insurance services and providers.
Mobile Insurance Solutions for Your Business
As we can see, there are plenty of use cases for mobile insurance apps to enhance customers’ user experience and empower employees of an insurance company. Velvetech has over 10-year expertise in custom insurance software development and has worked on several prototypes of insurance apps that are being tested in the field by an insurance company. Get in touch if you’re planning to deploy a mobile insurance solution.