What is the Future of Apps for Insurance Companies?

Insurance Companies

According to a J.D. Power 2019 Insurance Digital Experience Study, 74% of insurance brokerages offer apps as part of their service. All brokerages who take their work seriously, therefore, will have to come up with quality apps themselves only to keep up. Check out the text below to find out why insurance apps are so popular with both policyholders and insurance brokers, and how they can be expected to shape the industry. 

What Insurance Apps Can Do For Policyholders

The primary value insurance apps provide to policyholders is convenience. Even though apps for insurance are not a must-have, policyholders are encouraged to use them in order to have 24/7 access to all of the services that their insurance agents provide them. These apps serve  as a dedicated self-service portal for each policyholder, allowing them to perform a number of tasks independently of their insurance agents. For example, they can make regular payments for their policy, file claims and even keep track of their home inventor. It is worth mentioning that all of these tasks are performed online through a widget that can be integrated into the insurance agents website, or on-the-go through a mobile app. Another convenience includes allowing policyholders to upload pictures of car damage following a fender-bender – as well as taking down the details of the other driver’s insurance policy number, license plate and much more. This is only one example of how insurance apps can save policyholders thousands of dollars during legal proceedings. 

These mobile apps should serve as a complementary service which is offered to policyholders, alongside regular email updates about various parts of their. This is where email marketing comes into play. A pre-programmed set of email marketing campaign solutions can help policyholders navigate their way through the insurance landscape. A set of automated email campaigns fueled by insurance SaaS solutions the most knowledgeable insurance experts spent years developing. The goal is to keep policyholders informed regarding the latest developments regarding their policies. They provide information such as upcoming renewal dates, billing reminders, even cross-sell and upsell opportunities. Together, insurance apps and automated email campaigns improve communication between insurance brokers and policyholders, to their mutual benefit.

What Insurance Apps Can Do For Insurance Brokers

Other than helping them stay competitive in a fast-growing market, insurance apps save brokers time and money. By giving policyholders more independence to access the services they need online, mobile apps clear up brokers’ schedules, allowing them to focus on other tasks at hand. Instead of having thousands and more policyholders schedule one-on-one consultations every time they have a question, apps provide convenient alternative solutions. 

Mobile Apps Are Targeting Digital Natives

According to the latest report titled  Mobile App Trends 2021: A Global Benchmark of App Performance, app downloads have doubled from 2019 to 2020. The number of apps in use is only expected to grow in the years to come due to the ubiquity of smartphones in everyday life. The trend is not only unique with respect to the insurance world, but rather all industries across the board. The same report found that fintech apps achieved a year-on-year growth of 52%, and gaming apps reached new heights with a 43% year-on-year rise, compared to an average of 26% for all other industries. We can expect younger generations of policyholders to view highly convenient, well-designed, top-quality apps as a non-negotiable prerequisite to quality customer service. 

Insurance Apps and IOT Trends

One of the newest trends in auto insurance is closely linked to IoT technology. Metromile is a pioneer in pay-per-mile auto insurance policies that have proven quite useful during 2020, when many people have been forced to cut down on driving due to lockdowns. Instead of paying a fixed, annual price, IoT technology allows Metromile to track exactly how much distance each customer has driven per month, allowing policyholders to pay their premiums based on mileage. Smart driving apps can be a useful option for policyholders who rarely drive, saving them up to $500 per year.

Conclusion

Today, people rely on apps for nearly every aspect of their lives, encompassing everything from relaxation, entertainment, even something as mundane as creating to-do lists. Brokers will be forced to hold themselves to a higher standard, as policyholders increasingly expect convenient, user-friendly apps. 

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