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How a Mobile App and IoT can Change the Insurance Industry

Posted at 10:20 in Mobile App Development by Nisha

Insurance Mobile Apps

In this digital world, we can't imagine a life without smartphones. Smartphones are really useful and have revolutionized our lives in so many ways. People have become more dependent on their mobile devices, so in order to kill the fears of customers and to make an edge over your competitors, it has become vital importance for the insurance industry to adopt new mobile technology with their customer's needs in mind. Mobile apps and IoT, therefore, the right choice for insurers to improve the ROI and empower you to gain their customers' trust.

Why Mobile Solutions?

Customer's expectations for mobile services are increasing, so in order to satisfy today's policyholders a strong mobile strategy is needed and this is the right time for you to invest in more informative and engaging customer-focused insurance mobile app.

Acquiring Customer:

The customer engagement is a key buying decision in the insurance business. If you engage better with a customer then you can earn their trust and further business. An insurance mobile apps can act as a mobile-based member engagement solution for your insurance business. Mobile App keeps customers connected and provides quick access to the information like claims-related documentation. It also reduces the waiting time for information to be delivered and processed and gives the opportunity to earn customer loyalty.

Customer Service And Retention :

Clients always look for services which take minimum time to process with efficiency. A single insurance app will make clients to operate multiple functions, like buy new policies, renew or upgrade existing policies. This will generate more revenue for your insurance business and customer retention.

Productivity And Revenue :

You can reduce the paperwork, like domestic and commercial claims, application forms etc with the use of the mobile app. Mobile forms with a standardized drop-down menu and the option for entering data in the mobile app can reduce paper use and help you to focus more on your clients and other high-value responsibilities. Thus a customer-centric mobile app increase revenue.

The IoT: why it matters in insurance?

What is IoT?

All you need to know about Internet of Things (IoT)

IoT means connected devices that can transmit data using Wi-Fi and Bluetooth. When the clients become more and more connected data should be needed to protect your policyholders and grow your insurance business. IoT can provide personalized protection to your clients. It will help you to store and collect data taken from the devices and sensors of insured people or policyholders and objects, in real time. Thus IoT can move insurance industry to the next level.

Mobile Apps For Insurance Companies

Following are some of the ways in which Mobile apps and IoT transform insurance industry:

  • Minimize or avoid potential claims.
  • Support comprehensive coverage.
  • Enable accurate usage - and risk-based charging.
  • Encourage modification of risky behavior.
  • Provide a platform for innovative new service elements.
  • More precise risk management.
  • Lower claim difficulty and frequency.
  • Increase sales efficiency growth.
  • Improved claim services.
  • Higher customer satisfaction ratio.
  • Reduce the time for printing, signing, scanning a pile paper by insurance apps digital signature.
  • Track client's activity and offer discounts or rewards for healthy and safe behavior.
  • Reduce risk and mitigate costs in other ways.
    • Encourage clients to install connected devices that warn of potential danger to properties.
    • Helps to predict future events, such as major weather patterns. This can help insurers better price policies.
    • Property insurance companies can use drones to assess damages after an incident has occurred.

Features that are included in an online insurance app:

  • Push notifications to send an unlimited number of messages directly to mobile devices of your customers.
  • History about your team and your agency. This will build more trustworthy and makes customers to use your services.
  • Geolocation for users to find your office and to help you to track customer's movements in mobile apps.
  • Integrated chat for instant communication between the customer and you.
  • Quick registration form.
  • In-app payment system to pay money upon deal conclusion.

Hence you realize the full potential of an insurance mobile app technology and IoT for your insurance business. The cutting-edge IoT technologies will help both the insurers and clients to use their insurance services in more advanced way and take most advantages from those services. To know more about this get in touch with us.

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