In recent times many new technological advancements and new trends have entered the Insurance sector. Starting from AI as well as machine learning through cloud computing to blockchain digital innovations provide an exciting outlook to insurance businesses and have provided solutions to meet various challenges on the market.
One trend in the field of technology that has altered the landscape of the insurance industry is on-demand insurance.
The model of on-demand mobile apps in the insurance industry has opened up more opportunities for consumers and made it simpler for them to obtain an insurance policy according to their requirements. The variety of services’ speed, efficiency, and quality have made the on-demand apps a favourite among companies.
On-demand insurance apps haven’t just attracted customers; they have also enticed new insurance companies to invest in the development of apps. In order to begin using the services of insurance apps that are available on demand, it is necessary to pay the entire cost element.
The average insurance app on-demand development price is between $30,000 and $300,000, depending on your business’s requirements. However, before we divulge the value of the cost it is important to understand who you’re facing and to prepare yourself for the competition accordingly.
In this post we’ll take you through the various factors that impact the cost of developing an app on demand beginning with the different types of software, to the most important features that you should include in your insurance application. Find out how you can get the most of your developing insurance apps here.
Must have features in your on-demand insurance app
In order to develop an on-demand insurance application in the correct way be sure to incorporate simple and user-friendly features for your customers. Here are a few most important features to include in your insurance mobile application creation.
1. Pick a Category
Applications must offer insurance on more than 100 items and not only on vehicles like state farms & many more.
Some of the top selling insurance types that companies on-demand choose to utilize include:
- Health insurance
- Car insurance
- Mobile Insurance
- Life Insurance
- Automobile Insurance etc.
This feature provides users with an option to select the kind of insurance they’d like to purchase from hundreds of choices.
2. Secure Transactions and Payment Reminders
Your customers do not have to be unsecured while doing transactions or payments using your insurance application. So, make sure to include safe payment processor alternatives like net banking UPI transactions as well as debit and credit card transactions or digital transactions.
Payment reminders provide users with prompt reminders of when to fulfil the required requirements, in addition to other related services to payment.
3. Customized Insurance Policy
Users must have the option to modify the available insurance policy depending on the time period as well as other requirements. Users can also get several options for services within one tab and not have to go back and login credentials.
4. In-App Chat
Chat in-app is another option that needs to be added in the process of developing insurance apps. This feature lets users be in constant contact with agents via chatbots built into the system and to know the kind of insurance plan they need to invest in, as well as find solutions to other issues they’re facing.
5. QR Code Scanner
This is an absolute must in the application in terms of confirming the validity of any policies.
6. Currency Conversion
Another must have feature is the ability to convert currencies This allows users to change currencies from one type to another in real-time.
While these are the elements that must be taken into consideration when designing an insurance app that is available on demand However, it is important to be aware of the UI/UX design of the application to ensure you create an app that is profitable from the money you invested with regard to the costs to create an App.
To develop a successful app, it is important to consider various aspects such as the administrator and user panels, registration for both agents and users, and incorporating features like push notifications and the ability to upload documents. These features are crucial for enhancing the overall functionality and user experience of the app.
Once you’ve finished listing the most important attributes, you should not neglect the design aspect of developing your insurance app. It is necessary to have an experienced group of designers to help you navigate the latest popular app designs and interfaces.
How Much Does On-demand Insurance App Development Cost?
The cost of developing an insurance app is not yet specific. This is due to the price of mobile app development is contingent on the combination of various factors such as the app’s complexity, how many platforms you intend to use and the platforms you want to make the app available for and the place you want to target and the team of app developers you choose to hire, the kind of development and design tools you select, etc.
In general terms, you can select out of three insurance apps that are available on demand categories of development depending on the requirements of your app:
Simple insurance applications that are available on-demand
They have a basic range of features. As such, it’s a suitable method of creating MVP products. Simple insurance apps on demand come with a primary user interface and are developed for just one platform. The development costs for insurance apps vary from $30,000 to $120,000. However, this is an approximate estimate, and the exact estimate will depend on your requirements.
Medium-complex on-demand applications
These apps for insurance are more challenging to create. Mobile application development for medium complex apps requires sophisticated features like chat in-app support,payment gateway integration, custom UI designs etc. Thus, the development cost for medium-complex apps can be anywhere from $120,000 to $300,000.
Advanced on-demand applications
Developing a custom on-demand insurance application comprises advanced, high-level features like the ability to geolocate, BI tools and analytics, predictive market forecast, etc. These apps are designed to streamline business processes and range from $300,000 to $400,000.
The best method to determine the exact app development cost breakdown is to speak with your app development on-demand business.
This may aid you in gaining an idea of how much you’ll need to spend on the development of an insurance app on-demand process; let’s find out how you can earn that return on your investment.
Business and Revenue Model of On-demand Insurance Apps
Apps use different insurance models based on usage to generate profits. However, the three main strategies for monetization that they use are:
1. Advertising Model
Most on-demand insurance apps earn profits by allowing other businesses to post their ads on their platforms.
2. Subscription Model
A short-term, on-demand insurance application also has the possibility of a subscription model to earn money.
This is among the most effective monetization strategies that require users to pay a monthly subscription fee to access premium features of insurance apps for a specified period. After the period ends, the user must make the payment again.
3. Referral Marketing
Refer Marketing, which is the primary factor for e-commerce success. Insurance companies consider it necessary to increase their revenues and downloads by fulfilling customer demand.
The system encourages users to use the application by sharing it with others to earn a reward. In this way, it makes insurance companies more likely to meet an individual who is willing to be able to apply for insurance without too much effort.
This insurance app’s on-demand revenue model is appropriate for today but it’s not sufficient for the future. The main reason is that this model’s customers are millennials. They are looking for more traditional insurance options and better technology integration in the process, making it imperative to update your application’s offerings.
If you’re focusing in this direction, it’s essential to research the latest trends and tips to help you make your application “millennial-ready” in the present and shortly.
How BizBrolly can assist you in developing an on-demand insurance application?
BizBrolly, a well-known on-demand app development company, can assist you with the development of your on-demand insurance app. We provide customized solutions with various features such as social media integration, in-app payments, instant alerts, Geo-IP location, analytics, and more. To begin developing your insurance app, speak with our team of development experts in the insurance industry.
