Building a Digital Insurance Product: A Customer Perspective

The relationship between insurance providers and their customers has come full circle. In the past, most people had to choose from the few options that insurers gave them. Today, they are spoilt for choice and can switch providers in a few clicks.

Millennial and Generation-Z customers are clear about what they want — Speed, options, customization, and control. And if your digital insurance platform can provide these, whether it’s your website or a mobile app, you’re already ahead.

Users should be able?to

1. View, compare, buy, and manage all their insurance plans on an app.
2. Get registered and authenticated, quickly and securely.
3. Submit claims and get full visibility.
4. Describe an incident quickly by submitting pictures and videos taken with their mobile phones.
5. Add their cards or e-wallets, and renew their insurance with an auto-payment option.
6. Access their digital insurance card and easily review all their policies on the go.
7. Share their location in the case of an emergency and get quick help from emergency services.
8. Ask questions and make complaints by chatting with a bot or speaking to a live agent.
9. Get notified about upcoming payments, pending documents, and claims status updates.
10. Access interactive content that helps them become smarter and more responsible policy holders.

This sort of experience not only makes the user’s life easier but also makes them want to come back for more. Let’s take a look at some core features your insurance product must have.

Some features a digital insurance app must?have

1. Claims management

Being able to submit a claim on an app in the event of an accident is one of the main attractions of a mobile insurance app. The app should allow the user to describe an incident — quickly and accurately, by submitting pictures and videos.

The insurance app should also be able to track the user’s location and automatically notify emergency services.

2. Quick access to policies and cards

The user should be able to access and easily review all their policies on the go. Also, with your insurance app, the user shouldn’t need to carry a proof-of-insurance card, as it will be stored and accessible on their phone.

3. Payments

A simple and easy payment process on your app would prove very useful. It should feature a payment section where they can add their cards or wallets and set up an auto-payment option.

4. Knowledge base

You also want to feature interactive content that will help educate your users to become smarter and more responsible policy holders.

Other features you should include in your digital insurance app are an AI-enabled chatbot, a “Book an appointment” feature, and a “Prescriptions and lab results” feature.