Whether you work for an insurance company, or you’re an insurance customer, chances are the thing that takes up most of your time when you’re dealing with claims is paperwork. This is bad for the environment and bad for processing times. Also, physical paperwork that’s in motion (either in the office or in the mail) is prone to damage and loss. Sometimes it is even leading to severe delays with claims processing or setting up new accounts.
What does attract insurance app users?
At this point, very few insurance companies have their own mobile app, and uptake by customers is low. Insurance is something that people don’t tend to think about unless they’re looking for a new provider or there’s a problem. Traditional insurance apps only have a 5% uptake rate.
However, that uptake rate is set to grow 4% in 2019. The main reason people gave for not installing their insurer’s app is that they couldn’t see themselves getting much use out of it. So, just what are some of the things a mobile insurance app should do to attract more users? How can we add value for customers and employees alike?
The perfect mobile insurance app features
The right features can make a real difference to your company and your customers. Now that better smartphones are more commonplace, advanced features are more accessible to users of every age.
What features can add value for users?
Automation and digitization of document processing
By including a secure scanner with data extraction and document recognition properties, insurers can do away with the slowest and least reliable part insurance purchase and claims handling procedures. Add dedicated scanning and data extraction of medical certificates and EHIC (European Health Insurance) cards to your health insurance app.
This is a facility that helps customers and claims handlers alike, giving instant access to vital documents and other claims evidence. Losing important paperwork in the post becomes a thing of the past. What’s more, automation can reduce the cost of a claims journey by up to 30%. Making the right features available in a mobile app is a great way to automate document handling.
Scanbot offers a secure scanner that can recognize medical and EHIC certificates, extract data from government ID, and parse data from other documents. Scanbot makes document processing safe and straightforward. Check out our case study to see how we can help your insurance company to develop the right app.
Automation also makes it easy to produce and audit trail, with times, dates, and even locations built into every procedure.
Option to offer novel or flexible pricing structures
With the right app support, insurers can provide flexible policy pricing, where customers can pick and choose options to suit their budget. It’s also possible to offer pay-as-you-go for products like motor insurance, by combining an app with a black box telemetry device.
Improved customer experience:
Live claims tracking and improved new claim procedures are easy to build into a mobile app. Giving customers a better experience when dealing with the stress of the events leading to their claim. Include self-service tools so customers can manage their accounts on the fly.
Develop additional features to add value for customers:
Not all features need to be centered around claims. Additional features targeted at your customer’s related needs can boost app use and build customer loyalty. Why not help car insurance buyers work out running costs for their new car? Or support home buyers figure out what their utility bills might be?
With GPS, car insurance customers can pinpoint the location of an incident and call for recovery services. Claims for items like stolen bicycles and even professional indemnity insurance can also be pinpointed to within meters of the incident.
If your jurisdiction allows it, adding e-signature capabilities can rapidly speed up the purchase and claims processes.
By adding a portal to access discounts from related services, customers can be encouraged not only to keep using the app. But can enjoy features and services that help them reduce their premiums and other associated outgoings. A health club tie in could offer reduced healthcare insurance rates. Or could give discounted access to museums and events could encourage travel insurance users to keep the app to hand whilst traveling.
Additionally, insurers can use their app as a portal to access other services as part of an ecosystem of services related to their type of insurance.
Bigger Features Mean Bigger Data
Adding features like GPS location and access to other services adds to the types of data your company can collect from your apps. Insurance pricing is all about predicting what you think your customers will do.
Once you have a mobile app installed on your customer’s phone, you can take a lot of the guesswork out of those predictions. You can even use the same features to benefit the customer. For example by offering health insurance discounts for customers that take up your health club offer and stick with it month after month.
Insurance App Development: Add value to your customers
Insurance companies and app developers should take advantage of improvements in technology to offer apps that add value. Both in the event of a claim and in everyday life. Modern smartphones all come with good enough cameras to add document scanners and automated claim photo handling. Today’s users are happy to spend most of their smartphone time in apps, as long as they have the right features.
It’s time for insurance apps to offer their customers more than just a purchasing platform. And Companies should take advantage of and see the app more than just a way to gain new customers. Start thinking of how you can add value to your customers with advanced mobile app features today.