mobile.SimbirSoft has Released a Mobile Account for Insurants
We have created a ready-made solution for purchasing and managing insurance products. White Label version of the product can be implemented in 29 days. In this article we will talk about how we have designed the solution and how it can help insurance companies.
We had a thought about a ready-made solution for insurance companies in 2018 for the first time. Working with financial technology and banks, our experts clearly saw the need to mobilise all financial services.
Users of insurance services need rapid remote regulations of their tasks, as in mobile banking. At the same time, a service delivery is affected by the regulator’s frameworks. It maintains all processes.
Insurance market leaders are aimed at meeting their clients’ needs. Clients can choose services, pay for them and have an online consultation through their apps. Other companies also need similar solutions, but are often afraid to invest in developing an app from scratch.
We overcame the myth: “A mobile app is too expensive for mid-level insurance companies”
We were aware of business’ need for high-quality and affordable IT products, so we accepted the challenge of the market and set a goal: to make mobile app development transparent and accessible for all companies.
The task was obvious: to realize financial technology development experience in a convenient retail software solution for insurance.
Step One. Analysis of the Needs
To implement the idea, we gathered our team of professionals with extensive experience of financial technology development.
Where we’ve started:
- competitive analysis of insurance applications;
- users’ needs research;
- study of market and legislation.
At SimbirSoft we created an approach which helps us to comprehensively study the market and IT products. We consider three interrelated factors: users, technologies, and business.
Users
Nowadays, the proportion of young people as consumers in the digital segment is 5%, but it will rise to 20% in 2020. Generation Z — young people who are actively using messengers, apps and electronic products (games, movies, tickets). They often do online shopping and prefer to watch videos from the internet. This generation representatives are mobile, not tied down and travel a lot. Their key value is getting information and services online and remotely. Other generations are also rapidly becoming involved in the consumption of digital products: such products are faster and easier.
The development of remote banking has created a significant customer experience in receiving remote services: opening an account, ordering a card, purchasing currencies, assets, paying utilities and other and to be consulted. This trend shows that insurants are ready to use services remotely.
Technologies
Digital transformation increases and develops the level of service quality for clients. As an example, our solutions for Rusfinance Bank and CarPrice have automated the vehicle inspection and evaluation process. Appraisers can immediately fill in information to the database and remotely confirm the state of a car.
Technologies are irreplaceable when combining different systems into a single IT infrastructure and interacting with third-party companies. Car owners buy electronic policies through chatbots, and hospital patients make an appointment to a doctor using electronic document management of clinics.
Business
Implementing IT solutions requires investments and improving business processes. At the same time, leading insurance companies are already engaged in digitalization and setting a high bar for competitors. Convenient mobile apps are a must-have for insurance companies that want to keep up with the market.
Today, 37% of insurance companies rate their digitalization 30%. According to a survey held by the “Expert RA” rating agency, 80% of insurers plan to implement new IT products or to improve current processes in coming years.
Despite the tightening of legal issues and strengthening of insurance supervision, the number of products is growing and new client’s requests and consumption patterns are being formed.
Step Two. Verification and Confirmation of Hypotheses
To make hypotheses about the key functions of the product, we used the expertise to create and develop fintech apps for clients. Also, we held benchmark market research, and looked at users’ experience.
When considering a functional for insurants, we assumed, that they want to buy and renew insurance policies, as well as regulate insured events remotely. A chat with an insurer, help and instructions section are necessary for immediate support.
Functions hypotheses for insurers concerned the rapid realization and implementation of an app. It has to be integrated into the infrastructure without significant backend improvements. The system should open a space for experiments based on insurants’ experience and be 100% safe and independent.
We have concluded that the solution should have a unified set of functions for quick launch in any insurance company and should commercially succeed on the first try. And the most important thing is usefulness and convenience for the insurance company client.
Step Three. Implementation
It took our dedicated team several months to analyze, design and develop a White Label solution. We have created an application that allows users to perform a number of actions without visiting service points based on confirmed hypotheses. Finally, in August 2019, we released our product.
The insurant mobile account includes:
- client’s personal account (for Android, iOS);
- admin panel for an insurer;
- backend;
- an adapter for integration with insurance company’s information system.
Users can get an information about products, order a new product, find out current policies status and a payment schedule at any time. All details can be clarified on a chat with an employee, and instructions are available even offline.
An app provides a detailed sequence of actions in case of a stressful situation when an insured event occurs, such as injuries or accident. There are instructions and answers to frequently asked questions, and a possibility to contact an employee directly on online chat.
Traditionally, contacting the insurance company doesn’t evoke any delight for a customer.
First of all, some of insurance products may bring negative emotions as clients are forced to purchase them. Secondly, insurants ask for compensation in a case of unpleasant situation. We have built on the idea of comfort, 24/7 service and safety. With our application an insurance product is always pleasant to purchase and utilize. User’s experience already equaled the values of digital and material products, so keeping your digital insurance policies in a mobile application is not just convenient, but also useful and pleasant.
Konstantin Shakurov, Project Manager at SimbirSoft
The need in such projects gets higher. In 2018 insurance premiums raised from 69,1 to 77,6%.
Our solution meets industry trends, as well as positively positions insurance services and the company itself. Finally, we have changed the culture of insurance products usage.
Konstantin Shakurov, Project Manager at SimbirSoft
Meeting the market and law requirements, we integrate White Label solution and quickly create a mobile app with minimal budget. Integration usually takes 29 days in average. Contact us to learn more details about the development.
SimbirSoft is a modern IT-company, specialising in the implementation of end-to-end software & mobile development projects. Within 19 years, we have developed more than 620 IT solutions: enterprise automation systems, highly loaded systems, mobile applications, Machine Learning & Data Science solutions, embedded software. Today we collaborate with many international companies such as ABBYY, Burger King Russia, and Rosbank. Our full portfolio is here.
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