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How Much Does an Insurance App Development Cost?

  • December 15, 2021
  • 1.1K views
  • 5 minute read
  • Rene
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Thanks to the Covid-19 pandemic people have learned to manage a lot of things with the help of their smartphones. This fact has led to a boost in mobile app development.

Currently, there are a range of e-platforms available on Play Market and App Store: healthcare, food delivery, car-sharing apps, etc.

Covid has made people feel insecure in terms of life and property. Consequently, they wanted to invest money into their security. Since the vast majority of banks weren’t working because of a lockdown, insurance mobile apps became extremely popular.

Insurance mobile app development provides customers with high-quality insurance services available on smartphones or any other devices. Thanks to insurance applications people can invest their money properly.

Currently, they aroused great interest not only in customers but also in business owners. And such an interest is quite understandable. According to the latest research, the digital financial market is expected to reach $26.6 trillion by 2022.

If you think about building an insurance app, you must know how much it will cost you and what features are crucial. In this article, we will answer these and many other questions!

Kinds of Mobile Insurance Applications

Before getting down to business you must decide on a type of app you are going to build because there are a few of them.

1. Life Insurance App

This type of insurance app is the most popular one among customers and you, as a businessman, should remember it. The main idea is that if a person who has invested in life insurance suddenly or prematurely dies, his or her family gets financial support.

2. Health Insurance Mobile Apps

Health insurance software development becomes more and more popular in terms of the Covid-19 pandemic. The older people become, the more money they spend on buying medications and visiting doctors.

Thanks to medical insurance apps clients are capable of claiming money spent on their treatment.

3. Vehicle Insurance App

Car and bike accidents are quite common. That is why automobile insurance apps customers can entirely benefit from using them.

People paying for car insurance are capable of covering great expenditures by providing pictures or videos of the accident.

4. Travel Insurance App

This type of insurance app is highly needed for people who travel quite often. If any unfortunate accident while abroad happens, a person can get financial assistance. It may be done in terms of medical emergency or baggage loss.

5. Real Estate Insurance

Another popular insurance app type for those who want to feel that their property is safe. In such a way you won’t bear losses because of some inattentive neighbors.

Essential Features for Any Mobile Insurance Application

Well, your app may include all functions and features you want. However, there are some crucial aspects that are must-haves for a successful online insurance platform. 

The user panel is a basic feature that provides clients with fast and easy access to all other functions. It must include some profile settings and private information.

Policy management is another crucial aspect. It tracks the insurance records, fees, and a range of documents in digital form. What’s more, thanks to it policyholders are capable of browsing particular plans and obtaining quotes, etc.

Make sure money transactions within your app are possible. Thanks to the ability to pay for the services and make automated payments just from home, more people will opt for your product.

Mobile apps for insurance agents must include an admin control panel. Thanks to it, specialists will get access to a live dashboard and take control over the app performance.

It is essential to remember that insurance mobile apps contain private information about their users. Due to this, you must take care of security measures. It then becomes necessary to make the app reliable with all the security features. And also, this leads to opting for reliable mobile app development services that ensure these measures and features in the app.  Document archive feature will help you trace and store all the information which goes through your online platform.

Push notifications are also a must-have for any successful application. It will be entirely beneficial if people can get reminders about the beneficial deals and time to renew the old ones.

It is quite predictable that your app operation can’t run smoothly all the time and you must be prepared for all possible scenarios. All clients’ requests and complaints should go to the admin panel and be settled within a short period of time.

Moreover, it is a great idea to create chatbots for customer support. This may be done with the use of artificial intelligence. On the one hand, it will increase your expenditures, but on the other hand, you won’t be supposed to hire additional specialists for 24/7 client consultations.

It also should be underlined that AI helps increase the security of your app. If any unusual activity is detected, the system asks additional questions and blocks the account if necessary. It reduces the risks of identity theft and money fraud.

Insurance App Development Cost

It is almost impossible to tell the exact sum of money required to develop a mobile insurance application. The cost depends on a number of aspects.

The more sophisticated functions you want to develop, the higher the final cost will be. Will you hire a professional team or opt for freelancers? Even this decision will determine a lot.

Moreover, the chosen platform will also influence the final cost. Do you want to develop an application for iOS or Android? If you choose a cross-platform building, it will be much more expensive.

To develop a single device insurance app you will be required to pay at least $25,000. In case you need to build apps for two different platforms, it will cost you between $60,000 and $80,000.

Drawing Conclusions

Mobile insurance apps are growing in popularity and are expected to continue doing it. It is quite possible that one day online services can replace offline ones.

The more convenient and easy to use your product will be, the more people will opt for it.

As we have mentioned, the cost of an app developer will depend on the range of functions and style you want to offer.

However, it doesn’t mean that it is a good idea to save money on some crucial features. Manage your budget properly and make sure your insurance app is of high quality!

____________________________________________________

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