Insurance mobile apps revolution
The insurance market is an unusually dynamic and valuable sector for all its users. Insurers all over the world are experiencing a great rise in their income. US market’s value, for example, has exceeded an amount of over 700 bln USD, as OECD analysts report. In Q4 2018 it will be almost 800 bln USD.
The customer at your fingertips
Development of the market is dependent on a few essential factors. Obviously, among others, the most important are the price, quality, and scope of the service. Secondly, as the topic of hereby text tells you, it is all about reaching out to customers that means to be specific, measuring the usage of new technologies and dedicated mobile apps. To be even more precise – the growth of cyber insurance is one of the most strategic trends. The market for cyber insurance is evolving year by year. The reason that caused the development of this market is The IoT revolution. It means more or less, that a huge volume of data can be accessed directly from mobile screens. According to the Insurance Journal, the focus now seems to be on customer engagement and a growing demand for greater customization of insurance products. It is driven by the sharing economy, Millennials and a desire for single-asset coverage. More and more insurance companies websites are using data to identify gaps and niches in the insurance market.
Mobile apps usage is constantly increasing in the insurance business sector. The most important aspect of it is the possibility of direct contact with a customer. Communication through the software interface instead of middlemen and agent significantly lower insurance companies’ costs. Insurance apps enable a quick presentation of the offer, policy and contact options with the insurance company. All of these are available now 24/7, 365 days a year.
Trends that should be taken into consideration
The great furor has been made by mobile apps which act as a browser and enable comparing every available insurance offer. Advantages of such a solution are rather evident. Especially, the option of financial optimization should be highlighted. Presentation of aggregated, complex offer means not only lower costs for the customer but also higher margins for the insurance company. Another plus is an opportunity for the use of analytical tools. Analytical tools in apps allow collecting precise personal data, and therefore, personalizing the offer according to customers’ preferences and requirements. As noted at Cloudblogs.microsoft.com the use of IoT devices, surprisingly, allows insurers to develop new products. Insurers can provide, for example, individuals products like travel health insurance good for a fixed number of days abroad. Using the customer’s smartphone with GPS, the insurer can start the clock on the policy when the customer leaves the country, stop the clock when the customer returns to their home country.
Creators of InsurTech apps have implemented additional, innovative functions on their products. For example, it may be a facility which allows customers to emergency calls using an app. If customers find themselves in trouble while being abroad, they may communicate with the Help Center. They can do it directly by sending a text message, email or through Skype connection. Those applications automatically send coordinates, allowing appropriate services to give assistance. A person, who had an accident, may quickly call for help and then declare harm to the insurance company.
Another functionality is a possibility of making a doctor appointment – only for owners of insurance policy. In such a case, the customer has an access to a list of doctors, health centers and concrete specialists. It may be done online or via mobile phone. Also, contact with a call center may be requested and everything can be determined via phone call.
Lastly, it is worth to point out one more, important asset of insurance apps. Despite all of the above, it is an excellent promotion for the company. Brand, which endorses such a product, is perceived as reliable, innovative and friendly. These are the brands that customers are looking for.