Why is It Important for Insurance Companies to Own a Mobile App?

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With the market being a client’s territory, it’s important for insurance firms to invest in mobile app development for personalized and improved experience for customers.

The mobile balloon is constantly inflating regardless of the industries, domains and societies. The world seems to be a smaller place since the time mobile apps have made their way to the market. Smartphone users have grown significantly in the recent past and this growth is estimated to remain in the years to come.

The companies look to stay abreast with modern techniques and trends, thereby ensuring they offer impeccable experience to their first-time users, loyal customers and agents. According to a report by Distimo, a research firm, out of top 250 publishers for iPhone apps in the U.S., only 2% are newcomers.

The stat above shouldn’t bother you because the app world brings along a bagful of opportunities and possibilities for businesses to excel. The only required factor in achieving the feat is the ‘execution’. How well and how efficiently you execute your plan is what makes the real difference.

Insurance companies haven’t been afar in adopting the mobile change. While many insurers have applied the new mechanism of operations leveraging consumers to pay their premiums or file claims or shoot a quick query to the team at work, there are many others who are yet to adopt the mobile fad and own a mobile app.

With the increasing number of smartphone owners and users’ tendency to do tasks while they are on the move makes owning an app an indispensable entity to possess. Referencing the same, the read highlights vitals you, as a business owner need to know.

A mobile app can benefit customers

A mobile app can help users know the intricacies of an insurance plan, its real benefits, the attached clauses and much more. There are lots of cases through which a user can be benefitted from. Few of them go as follows where the user can,

  • Learn about the plans and schemes offered by the company in the comfort of their couches
  • Submit an application along with the location in case of an accident
  • Learn about the compensation for the insured incident
  • Explore the plan of action in case of the insured incident
  • Contact the company through the SOS button
  • Learn about the purchased policy
  • Receive reminders for premiums and policy expiration
  • Experience the power of personalization and mobile

Adding value from the company’s perspective

A mobile app can not only cater a vast user base but adds a list of advantages for the insurance company as well. Hence, having an insurance app can prove useful for both, users as well as company owners. Following are some of the benefits company can draw out,

  • No more dependency on intermediaries

With the mobile app, everything can be made available to customers on the go and they are free to review their existing plans, explore new policies, compare them with the previously availed ones and a lot more. This diminishes the need for intermediaries allowing companies to save up to 15-20% of the total expenses.

  • Relaxed work culture

With mobile technology integration, a relaxed work culture can be adopted at work as most of the issues can be resolved over the network itself without arranging a meeting in person. Relationship managers can consider customers’ queries in a swift and a more productive fashion than earlier.

  • Paperwork can be avoided

A lot of paper is being used in making of forms, documents and other organizational procedures, which can be avoided to a certain extent with the inclusion of mobile app. Policy guides can be read by customers over the network via app while the forms can also be downloaded, filled and submitted back to the system through the app- saving paper, fuel to visit the customer and time.

  • Effective targeting and personalization

Insurers need to present tailored solutions and schemes to their customers, which can be tedious at times to analyze and target as customers’ desires, interests and wants keep on changing. With the mobile app and efficient data management, personalized schemes can be pushed to targeted audience in an efficacious manner.

The listicles can be appended with more pointers that can help users as well as companies in upscaling their operations and satisfying customers’ demands.

Final thoughts

Instead of just focusing on monetary methods, you could kill the competition by offering exceptional services, streamlining processes, improving and adding value to customers’ lives so that they have every reason to stay with you. For achieving this feat, you need to hire a capable mobile app development agency, which can transform your idea into reality.

What are you waiting for? Get on the ship and sail to the victory island before your rival does.

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About Author
Vipin Jain

Vipin Jain

Vipin Jain is the Co-Founder and CEO at Konstant Infosolutions and is in charge of marketing, project management, administration and R&D at the company. With his marketing background, Vipin Jain has developed and honed the company’s vision, corporate structure & initiatives and its goals, and brought the company into the current era of success.

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