How Insurance apps are disrupting traditional industry

For an insurance company getting an app will be such a game-changer. If an insurance company has an app of their own, you will be able to shop their rates and see if you can save money by switching to that insurance company conveniently.

 

You are more likely to compare interest rates with other companies and get updated with the latest changes in the market. And the most accessible devices for such quick checks is a smartphone – something that people carry with them at all times. This is the reason why insurance apps will increase the number of your potential customer that can download the app on the go.

Let’s have a look at some of the best insurance apps that are seizing market share.

  • Allstate Drivewise

Allstate Drivewise released its insurance app to the public and the company has been rewarded with not only a slew of new customers but happy customers who stay because of the convenience the Allstate Mobile app delivers. The app provides instant support in case of an accident. They have also made paying premiums easier for the users. Allstate Drivewise is available on both Android and iOS devices.

  • The General Insurance Services

In regard to producing amusing offbeat insurance commercials, The General is no exception. Now that The General has his own insurance app ready for download, his orders are more likely to be followed. With The General Insurance Services app, the applicant can get through the application process faster knowing that their family is protected.

  • GEICO

GEICO is an insurance app where applicants can see if they are eligible for coverage. They can also get complete information about the rates and different coverage amounts. Long-established insurance companies like GEICO are rolling out insurance apps and seizing market share. The GEICO app is available for both Android and iOS users.

  • Lemonade Insurance

Lemonade Insurance app uses artificial intelligence and chatbots to sell insurance to Homeowners and renters. This app handles claims for its customers through both iOS and Android systems. Insurance brokers, if any who are in the insurance business, are nothing short of a revelation with Lemonade leveraging A.I. to create efficient and multi-purpose chatbots. These chatbots give the user a complete insurance experience. You can buy an insurance policy on Lemonade’s app. If there’s a claim that needs to be submitted, the chatbots are programmed to handle that as well.

  • Finserv MARKETS App

The insurance plans available on Finserv MARKETS App come with affordable premiums. These premiums are provided with extensive coverage, easy premium-paying options & the assurance of hassle-free claim settlement. The Finserv MARKETS App has an easy online process that promises quick policy issuance. You can simply log in to your one key account and avail customized offers, raise service requests, access your shopping cart & order history. The App also has a friendly BOT – YARA. The bot functions efficiently and offers prompt & non-stop assistance for all your account and payment related queries.

The disruption of the traditional insurance industry by mobile app creators has created a new channel that has the potential to offer every customer a purchase path and a client experience that is convenient and can be trusted. However, it’s unclear whether these insurance apps will one day be the only channel for a customer’s insurance needs. But there can be no debate that this is now a crucial channel of business growth heading into 2020.

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Author: Chakraborty

Dr Chakrabarty is the Chief Innovation Officer of IntuiComp TeraScience. Earlier she was Assistant Professor of Delhi University, a QS ranked university in India. Before that she has held research positions in IIT Mumbai, IIT Chennai and IISc Bangalore. She holds 2 patents and over 20 research publications in her name which are highly cited. Her area of research is in smart technologies, integrated devices and communications. She also has a penchant for blogging and is an editor of Business Fundas.