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How new insurance companies can thrive with custom apps

Johannesburg, 11 Sep 2023
In the realm of insurance, convenience reigns supreme.
In the realm of insurance, convenience reigns supreme.

In a world driven by digital transformation, industries are witnessing a remarkable shift towards leveraging technology to offer customers unparalleled convenience, customisation and transparency. The insurance sector is no exception to this trend, with established players such as MiWay, King Price, Dial Direct and OUTsurance leading the way. The rise of insurance companies creating apps to cater to their customers' needs is reshaping the landscape. In this era of innovation, it's time for new insurance companies to recognise the immense potential of digital platforms in enhancing customer experiences and ultimately driving business growth.

The digital bonus for new insurance companies

In the realm of insurance, convenience reigns supreme. New players in the market have a unique opportunity to leapfrog the competition by strategically integrating technology into their operations. The introduction of mobile apps tailored to meet the specific needs of policyholders can significantly elevate customer satisfaction and retention rates.

  • Convenience redefined

Imagine a world where policyholders can manage their insurance needs at their fingertips. From purchasing policies to filing claims and tracking their status, a well-designed app can streamline these processes, saving customers time and effort. MiWay, for instance, has successfully capitalised on this by providing a seamless interface that empowers customers to control their insurance portfolios on the go.

  • Personalisation at its best

Personalisation too has become a hallmark of modern customer experiences. Insurance apps enable insurance companies to customise their coverage, adapt their policies as circumstances change and receive tailored recommendations. King Price's app demonstrates how customisation can lead to increased engagement, as customers feel more in control of their insurance journey.

  • Unlocking transparency

If you have insurance, you probably appreciate some form of transparency as it builds trust. Insurance apps can empower customers with real-time access to policy details, coverage limits, premium breakdowns and claims history. This transparency cultivates a sense of trust and credibility, as exemplified by Dial Direct's commitment to clarity and openness.

  • Conversations with AI powered chatbots

There is no doubt that the integration of AI-powered chatbots into insurance apps are revolutionising customer service. These virtual assistants are available 24/7 to answer queries, assist with claims and provide instant support. OUTsurance's app showcases how AI chatbots are enhancing customer interactions, providing quick resolutions and alleviating concerns.

How can the role of market app platforms assist your business?

As new insurance companies embark on their digital journey, platforms such as HUAWEI AppGallery and other marketplaces serve as invaluable catalysts. These platforms provide a ready-made ecosystem to distribute apps by expanding the reach to a broader audience. The accessibility and visibility offered by such platforms can fast-track the growth of insurance apps and, ultimately, the customer base.

Navigating the digital frontier

In an age marked by rapid technological advancements, new insurance companies have a golden opportunity to carve their niche by embracing digital innovation. The success stories of MiWay, King Price, Dial Direct and OUTsurance are a testament to the transformative power of insurance apps. By leveraging the capabilities of AI, personalisation, transparency and market app platforms, emerging players can position themselves at the forefront of customer-centricity and resilience.

Digital innovation through tailored apps not only meets the evolving needs of insurance holders, but also reinforces the insurance industry's fundamental promise: protection and peace of mind. The journey to success in the digital age begins with a single step, the creation of an app that empowers and protects.