Mobile apps these days have become a necessity for everyone’s everyday life needs. More so, these apps have allowed us as humans to be smarter and more efficient. That is why all organizations are now going towards a digital transformation by developing apps for their business. Not only does the app enhance customer engagement, but it also allows the brand to reach a wider audience. And that is why the mobile app development scene is at its highest.
More so, according to a report, “The revenue earned in the enterprise app development market is set to reach more than US$292 billion in 2024.”
With every organization looking to develop its app, the revenue is bound to increase. The same goes for insurance companies wanting to develop an insurance app for their business from a creative app development agency. If you have a business insurance app idea and are looking to hire mobile app developers for Insurance mobile app development, then this guide is for you. This guide will help you navigate through the main steps of Insurance mobile app development. More so, it will help you with things to consider during the development. So, without any further ado, let’s get right into it.
How Much Does It Cost to Create an Insurance Application?
The cost of developing an insurance mobile app can range from $10,000 to $100,000 and upwards. But it depends on the app’s complexity and features. The estimated insurance app development cost is around $10,000. That is, if you keep the app simple with basic features. However, the costs can vary depending on a few factors, such as the platforms for which the app is built.
That is because developing apps for both Android and iOS and ensuring optimization for smartphones and tablets increases complexity and costs. Another factor that determines the insurance mobile app development cost is design personalization. That is because highly customized and appealing UI and UX design and visuals based on brand guidelines take more time and budget. Also, team size matters a lot because the size of the iOS and Android app development teams impacts effort and price.
An MVP Approach
To control initial costs, many insurers start by developing a Minimum Viable Product (MVP) version of their app. They choose to go with essential features and functionality. More so, they do it to establish product-market fit before enhancing the app. Then, after that, they take customer feedback and improve the app by adding new app features based on feedback. However, it is only possible by choosing an agile app development methodology that can facilitate this iterative building approach.
Factors to Consider Before Starting Insurance Mobile App Development Process
There are a few factors that you will need to consider before starting with the insurance mobile app development, and they are:
Different Types of Insurance Apps to Choose From
Insurers need to be clear about what kind of app they want to develop. That is because there are many types of insurance apps available. Those insurance apps include a general information app, a customer portal for policy management, and an app focused on insurance purchases. Moreover, there are also dedicated apps for claims reporting and processing, as well as a full-service app providing end-to-end insurance services. This decision would inform functionality choices. Apart from that, there are a lot of different kinds of insurance for the app that can work.
These insurances include auto insurance, liability insurance, and mobile insurance. Also, vehicle insurance apps and car insurance apps are the best types of insurance apps. And if you want to develop an app for property, then you will need to get property insurance app development for that. However, the most common insurance type is life insurance. And that is why life insurance app development services are much easier to get than others.
Research the Insurance Industry
You will need to conduct thorough market research for the global insurance market before beginning with the app development for an insurance app of yours. That is because researching is crucial for understanding what the demand for insurance products is. It will also help you analyze which app features can enable better engagement. More so, it will give you an idea of the latest industry trends and help you analyze the market competition that exists.
This way, you can understand target customer demographics better. Also, you can identify gaps in customer services and know customer pain points. You can take advantage of those weaknesses in competitor’s apps by adding those features into your app for insurance. This way, you will be able to create an app that will stand out. And that, in turn, will help with the success of the insurance app.
Go For Agile and End-to-End Insurance App Development Process
When doing product development, you will need to go for an agile and iterative approach. That is because it works best instead of a big-bang launch. You will need to work with a developer that offers end-to-end support. That includes from ideation and testing to launch and post-launch support. The agile development methodology allows quicker prototypes, incorporates customer feedback faster, and facilitates regular app enhancements post-launch, bringing flexibility. So, it is a win-win situation for everyone doing insurance mobile app development.
Decide Features of an Insurance App
When you build an insurance app, you will need to make sure that the app has varied features. More so, ensure those features are relevant to the insurance sector. These features include customer login, insurance policy purchase facilitators, premium payments, automated policy renewal reminders, claim intimation and claim document uploads, claims’ status tracking, insurance education, and customer support.
However, you can also add more features based on the specific objectives of your insurance agency. But you will need to keep in mind that adding lots of features to an app can complicate things. More so, it will make the app less reliable. So, going with an app for insurance offerings basic features is recommended. Also, it will lower the app development for insurance costs.
Technology Architecture
You will need to make sure that the infrastructure stack for the app’s frontend and backend development is up to the mark. More so, the tech stack needs to provide stability, security, and seamless integration with existing core insurance systems. It must also have the scalability to support large transaction volumes and end-user growth. This will enable insurance mobile app development full of quality and make your app a great one.
Choose Insurance Mobile App Development Method
There are three different options on how to get the Insurance mobile app development done:
Develop an Insurance App Yourself
The first method that you have is to develop the app yourself. Most insurers with in-house dev teams choose to build everything on their own from the ground. That includes designing, coding, and testing insurance mobile apps end-to-end on their own while retaining IP ownership and saving costs. But for those lacking development skills, it can prove to be a tough challenge as developing an app requires high effort and expertise.
Hire Freelance Mobile App Developers for Custom Insurance Software Development Services
The other option is to hire freelancer developers. Building apps for insurance for mobile app developers can be tough nuts to crack. But, hiring freelance developers from freelance platforms like Fiverr and Upwork can be a cost-efficient option for you. More so, it will give you more control compared to agencies. However, it may compromise the quality, accountability, security, and scalability of the insurance application.
Partner With a Development Firm for Your insurance Mobile Application Development
The last and the best option is to partner with a reputed and experienced insurance software development company such as Linkitsoft. Linkitsoft’s insurance app development solutions have revolutionized the insurance industry. More so, they are also a fintech app development company and have the right framework, skill sets, team of developers, and compliance to create a robust mobile app for your business. They interact with their insurance providers and will also work closely with you to tailor the insurance app to your specific business needs. Therefore, partnering with Linkitsoft, which has development capabilities across technology and domains, brings optimal outcomes. Apart from app versions for both Android and iOS platforms, Linkitsoft also ensures the app integrates well with existing backend systems. It also ensures that it meets security, scalability, and performance needs. More so, their insurance software solutions include support after the Apple App Store and Google Play launch.
Therefore, by allowing Linkitsoft’s team of expert developers to build your app, you will see the benefits of insurance app development for your business. Linkitsoft will create a mobile app that offers insurance coverage and give users policies directly from the app. The app will also connect customers with an insurance agent who will help them with the insurance process. The agile development methodology is chosen by the dedicated insurance app development company. And building a robust insurance app will help your insurance business. More so, an app for insurance protects your business. Also, the app will help it grow and reach a wider audience. While partnering with Linkitsoft’s mobile app development company has a bit higher upfront costs compared to freelancers, the long-term benefits on performance and enhanced ROI make it worthwhile to develop an app from them.
Final Thoughts
Developing a mobile app is imperative for insurance providers today. But getting the insurance mobile app development right and on time and on budget is just as important as getting it done in the first place. So, by reading all the tips and considering the factors we have mentioned in this guide, we hope you can navigate through the insurance mobile app development process easily. If you had a good time reading this guide and want to read some more, you can head to the blog section on our website.
