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Revamping Auto Insurance Business with Smartphone App

The statistics from 2016 indicate that the number of registered vehicles in the US reached 268.8 million. Researchers forecast that the current figure should be around 281 million if the growth rate remained the same. The year 2016 also recorded over 34 thousand fatalities besides 2.2 million minor and major injuries in car crashes (Statista, 2017). Consequently, the governments and state administration are ensuring that vehicle insurance is mandatory for the owners in every state. The insurance providers and consultation firms can further enhance their business by incorporating an auto insurance app.

The states where driving an uninsured vehicle is not illegal are arranging alternate ways which prompt every owner to purchase an insurance plan. Considering the significantly higher number of accidents, every state in the US either makes insurance mandatory or enforces massive penalties. For instance, in New Hampshire and Arizona, the drivers have to pay hefty fines in case the vehicle hits a person or damages property.

Thus, auto insurance and associated industries will keep on flourishing. With increasing competition, the apps for business development will be inevitable.

Why is Mobile App Essential for Auto Insurance Business?

One of the primary objectives of car insurance companies is the facilitation of customers. Owing to the growing state of competition, customer experience varies directly with business growth. Technology is revolutionizing every industry. Insurance carries a massive potential to increase the size of profits by integrating technology.

With auto insurance apps, businesses in this industry can facilitate their customers in the following ways.

1. Insurance customer can save a considerable amount of time by making payments through mobile phones.
2. Customers do not need traveling to the office of insurance provider for updating their insurance plan. Instead, they should be able to make updates through a smartphone app.
3. Instead of perusing insurance documents for small information, both customer and admin can access online information in few taps.
4. The process of starting and proceeding with a claim should be performed without having to meet the insurance agent in-person.

An app does not only facilitate customers. Car insurance administration has to deal with huge amount of data. It includes records of vehicles, owners, and billing receipts, expiry dates. The introduction of digital database to maintain these records was a great relief for staff. However, the ever increasing data and the current state of competition among insurance plan providers demand robust incorporation of technology.

With a comprehensive mobile app, the administration is able to acquire business-specific details. Staff in entire employee hierarchy can view the data pertaining to their job. Besides, executives can analyze app traffic and optimize the operations by finding the flaws in it.

Auto Insurance App Specifications

It is baseless as well as unrealistic to find out the best auto insurance app features. There are specific needs of every organization which result in drastic differences among various apps. However, every mobile app for car insurance should offer some fundamental features.

Remote Access to Documents

It would be foolish to use physical documents for scrutiny despite living in the current age of technology. Both customers and administrations can exchange documents through app. Customers can revisit their insurance details at any time through smartphone. The staff of service provider can inspect documents either through mobile or web. The option of data access from web is essential so that the administration can verify the documents.

Comparing Insurance Plans

Choosing the best plan for insurance is a significant decision for every vehicle owner. Being wise in the decision-making process enables them to ensure effective financial management. Thus, there should be a feature which allows app to compare auto insurance and displays the results. These results should assess customer’s financial history and previous record of insurance to recommend the best plan.

Auto insurance app does not only assist insurance service providers. Some third party insurance consulting firms can also utilize it. They can share insurance plans with consulting parties along with quotations. Hence, the customers can find out various insurance companies and the plans that they offer from anywhere.

Invoice and Payments

Almost every auto insurance company offers payment via credit card or another online payment method. The customer receives invoice via email or a text message. However, most businesses provide these features through the website. At times, sites have unresponsive design which causes inconvenience while viewing at different mobile phones. Moreover, websites take longer to perform tasks as compared to efficiently built smartphone application.

Customers can receive an invoice, upgrade and pay for the plan all in one place. The high portability of smartphones and their compatibility with various operating systems enable customers to perform these tasks comfortably.

Business Analytics

The display of concern from business owners about performance is a usual activity. Recent years have seen remarkable developments in business intelligence. Managers can evaluate performance through various metrics. They can view the amount of traffic and the percentage of conversion of leads through data visualization.

Furthermore, data scientists can also determine the causes which prompt the customers to acquire an insurance service while declining another. This predictive analysis makes the enterprise highly efficient with time.

Software Efficiency

The forgery of documents is a problem for some companies because software is unable to verify the documents correctly. This problem persists in inefficient software which is not sufficiently trained. The apps of top insurance providers are effectively using artificial intelligence to eliminate the chances of forgery.

Besides AI, inefficiency in predictive analysis can produce dire consequences. If the quality of prediction is not adequate, the subsequent response from administration would be unyielding. The processing speed and compatibility with different handheld devices are also significant factors. Shortcomings in any of these will not only result in annoyance of user but will also fail to increase customers.

Move Ahead

Only a fool would fail to recognize the significance of technology in the insurance business. By incorporating an app, the administration will be able to streamline most of the essential business operations. Besides, they will also facilitate the customers and attain remarkable profits in the process.

Contact us today so that we can assist you in developing a highly productive auto insurance business app.

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    A data science and marketing professional with an insane passion to explore AI, Cyber Security, Quantum Computing, and future of mobility. Also carries an incredible amount of flare to write about things that he barely knows.