Why Insurance Companies Must Adopt a Mobile App to be Successful

Mobile apps have become an essential part of many industries, and insurance is no exception. Insurance companies that want to remain competitive in today’s market must adopt mobile apps to provide their customers with better services and experiences. With over 86% of the world’s population owning smartphones, customers expect to access information and services on the go making a mobile app the logical digital step for insurance companies.

According to a survey conducted by J.D. Power, 74% of customers have downloaded their insurance provider’s app, and 69% of those customers use the app at least once a month. The same survey found that customers who use insurance apps are more satisfied with their insurance provider than those who do not. As the popularity of insurance apps continues to rise, customers are increasingly relying on them for various insurance-related tasks and tend to prefer the mobile app customer experience and service over other touchpoints.

Benefits of Insurance Apps for Customers

Insurance apps provide a convenient way for customers to manage their insurance policies, file claims, and access resources anytime, anywhere. Insurance apps also provide real-time updates and notifications, making it easier for customers to stay informed about their policies.

Here are some of the biggest benefits for Customers:

1. Convenient access to services and resources: With an insurance app, customers can easily manage their policies, view policy documents, track claims, and contact customer support anytime, anywhere.
2. Real-time updates and notifications: Insurance apps provide real-time updates and notifications, making it easier for customers to stay informed about their policies, claim status, and other relevant information.
3. Bill payment and reminders: Customers can make payments through the app and set up automatic payments. The app can also send reminders when payments are due and provide a history of previous payments.
4. Electronic ID storage: Customers can store their insurance ID cards and other important documents in the app, making it easier to access them when needed and eliminating the need to carry physical copies.
5. Improved customer experience: Insurance apps offer a more seamless and user-friendly experience than traditional methods of managing policies. This can improve customer satisfaction and retention.

Benefits of Insurance Apps for Providers

For insurance providers, mobile apps are an excellent way to improve customer engagement and satisfaction. Apps can help insurance companies collect customer data, which can be used to provide personalized services and offers. Insurance apps also help streamline internal processes, reduce costs, and increase revenue.

Here are some of the biggest benefits for Providers:

1. Increased customer engagement: Mobile apps provide a direct channel for insurance providers to engage with their customers, providing personalized services and offers.
2. Improved data collection: Insurance apps can help companies collect customer data, which can be used to provide personalized services and offers, as well as inform marketing and sales strategies.
3. Cost reduction: Insurance apps can help reduce costs by automating certain processes, such as claims processing and policy updates.
4. Increased revenue: Insurance apps can help companies increase revenue by providing additional services and offers through the app, as well as by improving customer retention.
5. Competitive advantage: Insurance companies that provide a high-quality mobile app experience can gain a competitive advantage in the market and attract more customers.

5 Must-Have Features of Insurance Apps

Customers who use mobile apps to manage their policies are more likely to renew their policies with the same provider, according to a survey by Insurance Journal. The survey also found that customers who use insurance apps are more likely to recommend their provider to others.

To provide the best possible service to their customers, insurance apps should include the following five must-have features:

1. 24/7 Access to Resources: Customers should have access to their policies, claim information, and other resources 24/7 through the app. This includes the ability to view policy documents, track claims, and contact customer support.

2. Bill Payment and Reminders: Customers should be able to make payments through the app and set up automatic payments. The app should also send reminders when payments are due and provide a history of previous payments.

3. Electronic ID Storage: Customers should be able to store their insurance ID cards and other important documents in the app. This makes it easier for customers to access their ID cards when needed and eliminates the need to carry physical copies.

4. One-Tap Policy Updates: Customers should be able to update their policies with one tap through the app. This includes adding or removing drivers, changing coverage limits, and updating contact information.

5. In-App Claim Reports: Customers should be able to file claims through the app and receive updates on the status of their claims. The app should also provide a history of previous claims and the ability to upload photos and other documents related to the claim.

Conclusion

By providing a high-quality mobile app experience, insurance companies can improve customer satisfaction, increase customer retention, and gain a competitive advantage in the market. Today, insurance apps are becoming more prevalent, and a successful business can’t do without them. According to MarketWatch, the insurance mobile apps market size is projected to reach multimillion USD by 2029, in comparison to 2023, at an unexpected CAGR during the forecast period (2023-2029). Don’t get left behind! Contact the expert team at Bryj today to understand how we can help you overcome the technology and privacy challenges and deliver an enterprise-level app on time and on budget.