Five things insurance companies should know about building apps

However, the time is ripe for the insurance industry to start producing mobile apps that are on par with this standard and the expectations of consumers. We spoke to One Loyalty, who create loyalty and incentive programmes and have vast experience in multiple industries, about tips for those looking to create mobile apps for the insurance space.

1. Partner up with like-minded companies to create engaging and enduring mobile strategies

Insurance companies should look to partner with like-minded companies, such as One Loyalty and Digital.co.za/ Realm Digital, that intimately understand and specialise in the insurance industry and Digital.co.za/service/custom-development/ software development to provide flexible solutions that dovetail with their overall Digital.co.za/service/digital-strategy/ business strategy. They should consider whether the company they partner with has a client-centric approach to business and whether they have the capacity and know-how to deliver the solution on time and on budget. Time-to-market and innovation will set your company apart from the rest.

Furthermore, it's also important to partner with a company that makes it their business to understand your customers and business like you do so that they have their fingers on the pulse and intuitively offer new and innovative solutions and value-added products that consistently 'surprise and delight' their clients.

2. Offer a mobile app that becomes integral to their lives

The key to a successful mobile app is that it must form an integral part of a business' strategy to connect with their customers. An app is not a once-off marketing initiative or gimmick - it is a 'live' and interactive tool that not only allows seamless interaction with a company, but even more so, provides intelligent data, reduces claim costs, educates policy holders and contributes to building a more precise customer profile to steer business decisions.

An app must be marketed properly and consistently to new and existing customers in a simple, but effective way, highlighting unique features and showing how much 'fun' it can be to do business with you. An app must offer ongoing value, new enhancements/improvements and streamlined ways to interact with your company to keep customers 'hooked' to your innovative business.

Apps that have a high adoption rate are user-friendly, intuitive and intelligent. They offer real value on-the-go and becomes a customer's preferred way of doing business with a company.

3. Give policy-holders what they want, an unparalleled experience on mobile

Policyholders are looking for a fun, interactive and simple customer journey with a user-interface that is intuitive and easy-to-use. They expect a 'stickiness' like gamification or competitions.

Policy holders expect at minimum the following core functionality: The ability to lodge a claim with incident specific photos, to access emergency services quickly and easily, to view policy details and add/update details, and assistance with the latest FSB legislation as part of TCF (Treating Customers Fairly).

Important to consider is that policyholders' overall expectation of service levels increase with the use of an app and therefore it's not only the app that must be fast, simple and intuitive, but also the service provided by the emergency service providers, claims processing staff etc.

4. The functionality and content must make it easier to interact with your business

Content, as they say is king and it is true in the app world. Content that adds value to a policy holder's life thrives on mobile apps, this includes, risk notifications, crime alerts, push notification updates during the claims process and/or any assistance to ensure a client has the best cover for an insurable risk. Policyholders appreciate positive communication that assists them to prevent claims, mitigate high claims costs and ensure that they are fully covered for any eventuality.

5. Seek inspiration for your app from other industries like retail and banking

The key is to be ahead of the pack by having your ears on the ground. Insurance companies can learn from other industries who have doing exceedingly well in the app space for a number of years i.e. retailers. It is not about reinventing the wheel necessarily, but about understanding your customer's needs and thinking smarter when implementing such strategy solutions.

Conclusion

The focus is moving away from traditional loyalty and going towards building loyalty by offering a seamless customer experience, great value for money and good content. There is a renewed emphasis on new and innovative value-added services that mitigate risk.

Digital.co.za/page/contact-us/ Contact Realm Digital if you'd like to build an app; if you'd like to build your brand loyalty strategy contact One Loyalty.