Top insurance agents are prioritising financial software development. So as the world moves towards driverless cars and digital doctors, along with other tech innovations marking daily life, going mobile in insurance is merely a baby step.
In 2020, the top 10 Insurance software vendors accounted for nearly 48.7% of the global Insurance applications market (Life Insurance, P&C Insurance and Specialty Insurance), which grew 5.7% to approach nearly $16.8 billion in insurance licence, maintenance and subscription revenues.
Salesforce was the market leader with a 15.1% market share in licence, maintenance and subscription revenues, followed by Microsoft, Roper Technologies Inc, SAP, and Guidewire.
We ask the simple question: Who’s buying Insurance applications from whom and why? And we provide the answers – supported by decades of research – to our clients worldwide. (Sample from our Apps Database)
Smartphones have become vital to our everyday lives because of their efficiency and convenience. They make it easy for users to do tasks on their devices concurrently and anytime. That’s why every business now wants to deploy a mobile app to engage better and serve customers.
The insurance industry has the potential to be among the biggest beneficiaries of the love people have for their smartphones. By deploying an agency-branded mobile app, independent insurance agencies like yours can leverage the convenience and efficiency of the smartphone to streamline communication with clients, improve quality of service, and provide easy access to carrier service while remaining the point person of the customer relationship.
- 1 Oscar Health
- 2 Religare Health
- 3 Lemonade
- 4 Humana
- 5 SBI Life Insurance
- 6 HDFC Life Insurance Company Limited
- 7 WeCovr Insurance
- 8 Kinsu Insurance
- 9 TATA AIG Car Insurance
- 10 United India Insurance
- 11 Conclusion
Oscar health is an American health insurance company founded by Mario Schlosser and Josh Kushner in 2012. Oscar was among the first insurance companies to understand the value of and implement a mobile technology solution for health insurance. The Oscar app helps users manage policies and connects patients with doctors. It has over 250,000 users and partners with over 3,500 doctors. Every member gets a dedicated concierge team made up of care guides and a nurse who is ready to help.
Religare Health Insurance Company Limited is an Indian health insurance company created in July 2012. Religare Health is an app designed to help users manage their Religare health insurance policies. With this app, people can book appointments for health check-ups at any location and view and download health reports. The app also has cashless outpatient services accessible by scanning a QR code. Religare Health is ranked #45 in the Health & Fitness category on the App Store.
are a digital insurer founded in 2015 offering homeowners, condo, and renters insurance to residents of over 30 states.1 Customers can buy insurance directly online without using an agent? Lemonade is not your typical insurance company. The company keeps a set amount of your paid premium for operating expenses and uses the rest to pay claims. Any unclaimed premium can go to a nonprofit of your choice.
The company uses artificial intelligence in chatbots to handle claims and provide insurance policies. The app “A.I. Jim” handles policyholder claims, and while you are filing a claim, the app reviews and processes, cross-references against the policy and either approves/disapproves a claim. Policies can be purchased, and claims are often paid within a few minutes or less. Lemonade has an “A” financial strength rating from the insurance rating organisation, Demotech.
Humana is a health insurance company based in Louisville, Kentucky, in business since 1961.
The Humana mobile app gives customers access to their health information on the go, allowing them to manage their healthcare needs and schedule visits to doctors. Users can review their latest claims, including summaries and detailed information. They can search for a doctor or a pharmacy by speciality, provider, or zip code.
Ladder Insurance is a digital insurance agency that has partnered with Fidelity Security Life to offer life insurance without using agents directly to consumers online without charging fees. The online process of purchasing a policy can be done in as little as five minutes, and you can sign any documents necessary for coverage with an E-signature.
As of 2019, the company has an “A“ AM Best rating.5 Policyholders can purchase term life insurance coverage up to $8 million in coverage in varying amounts. The company offers fast and straightforward coverage for almost any amount of coverage. However, there are no policy riders (extra coverage options for an additional premium) available.
The company offers policyholders the unique ability to ladder up (increase coverage) or ladder down (decrease coverage) based on certain life events (marriages, births, purchase of a new home, etc.) or other changes in circumstances. If you decide to decrease your coverage, your premiums decrease by the same percentage (for example, a 10% decrease in coverage means a 10% decrease in your policy premium). There is no charge for either increasing or decreasing coverage.
SBI Life Insurance
with a claim settlement ratio of 95.03% is one of the most reputed insurance companies in India and is known to offer different types of products which are easily customisable depending on various financial needs of yours.
SBI Life is a private company that commenced operations as a joint venture between BNP Paribas Cardif – a French financial services provider and multinational bank headquartered in Paris, and State Bank of India – the biggest financial service provider and the state-owned bank in India. BNP Paribas Cardif holds 26% of the total capital in SBI Life Insurance Company while SBI holds 74% of the stake. The authorised capital of SBI Life stands at Rs.20 billion, while its paid-up capital is recorded at Rs.10 billion. Headquartered in Mumbai, the company was formed in 2001 and although it initially focussed mainly on bancassurance, it has, over time, developed into one of the biggest life insurance companies around.
Benefits of SBI Life Insurance
- SBI Life has access to more than 100 million accounts throughout India and offers its products and services to every economic strata and geographic region in the country.
- The company is also known for boasting the most productive force so far as insurance agents are concerned, having for being tied up with more than 80,000 advisors.
- SBI is now among the key players in the market and the products and services offered by the company are versatile so that the insurance needs of a diverse customer base can be satisfied.
- SBI Life has grown tremendously – so much so that it has contributed significantly towards transpiring the insurance industry in India.
HDFC Life Insurance Company Limited
or HDFC Life as it is more commonly called, is a merger between India’s largest housing finance company – HDFC Ltd., and a globally renowned long-term investment savings firm – Standard Life. At the moment, Standard Life holds 35% of the stake and HDFC Ltd. holds 61.63% of the stake in HDFC Life, and the remainder is held by other players.
HDFC Standard Life has established itself as one of the most trusted insurance firms in the country. It offers a wide variety of products and services for individuals as well as group entities. Whether you are looking for protection plans, women’s or children’s plans, pension plans or savings and investment solutions, HDFC Life has it all.
Benefits of HDFC Life Insurance
HDFC Life was set up in 2000 and has since grown into one of the biggest and best long-term life insurance companies in India. One of the things that sets HDFC Life apart from its competitors is that it allows customers to customise their plans by adding riders and other optional benefits at relatively inexpensive prices. The company has honoured 97.62% claims under individual life insurance policy and 99.67% claims under group policies in the financial year 2016-17. The insurer has also been conferred with numerous awards and recognitions for its innovative products, adoption of technology, and customer service initiatives.
HDFC Standard Life also boasts of a large network of branch offices across India. The extensive set of Bancassurance partners and corporate agents help the company reach a wider customer base.
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Kinsu is a UK-based Insurtech company distributing via a tech platform. The Kinsu app has a really strong proposition and seems to be a big contender in the insurance market. They have seen where the disconnect is between people and insurance, and have tried to improve this with their easy-to-access service that takes out the complicated legal language typically associated with insurers. Kinsu offers simple all your Insurance needs are available at your fingertips. Kinsu provides a fast and flexible way to get insured for over 24s. Our policies renew monthly and cancel at any time.
TATA AIG Car Insurance
When speaking of Indian general insurance companies, TATA AIG General Insurance Company springs up as a popular name. It is a business collaboration between the TATA group and the American International Group. Learning about the stakes would be of worth here. The former enjoys a majority with 51% stakes while AIG racks up the remaining 49%. Let’s help you with a clear picture here – TATA AIG is a merger between two big-league finance organizations. While TATA Group establishes a strong foothold in the country, AIG ensures a worldwide presence and is counted among the leading insurance and finance institutions in the world.
TATA AIG kick-started operations on the 22nd of January, 2001. It offers a vast array of general insurance products that includes car insurance policies, bike insurance policies, travel insurance policies, property insurance policies, personal accident insurance policies, marine insurance policies, and what-not. TATA AIG also provides corporate and personal insurance services in addition to these insurance policies.Every car insurance product offered by the insurance company is backed by exceptional benefits and unparalleled claim services. Tata AIG General Insurance provides top-notch insurance solutions to help companies take advantage of growing opportunities in the retail and commercial sector.
United India Insurance
Post nationalization, United India Insurance Company has recorded a massive growth both in terms of revenue and expansion. Currently, it has more than 15,000 employees, spread across 2086 offices, providing insurance products to more than 1.74 crore policyholders. It is the only company with so much diversification in its product portfolio as it offers a variety of insurance products to cover insurance for biogas, floriculture to satellites.
United India Insurance Company has been at the forefront in formulating comprehensive covers for large clients like ONGC Ltd., GMR-Hyderabad International Airport Ltd., Mumbai International Airport Ltd., etc. The Company has also played an imperative role in popularising insurance in rural areas. It has played a significant role in taking insurance to rural masses with the implementation of the Universal Health Insurance Programme of the Indian Government, Vijaya Raji Janani Kalyan Yojana, Tsunami Jan Bima Yojana, National Livestock Insurance and many such schemes.
United India Insurance Company – Statistics
- United India Insurance Co Ltd has over 1.74 crore policyholders.
- United India Insurance has provided insurance policies to around 45 lakh females in Madhya Pradesh via Vijaya Raji Janani Kalyan Yojana – a government-aided insurance plan.
- United India Insurance Company Limited has 2086 offices across the country with man force of around 15039
- This general insurance provider has insured 4.59 lakh families in 4 states under Tsunami Jan Bima Yojana.
- United India Insurance Company has made a remarkable presence in over 1000 tier II and tier III villages and towns via their pioneering Micro Offices.
Mobile insurance apps are escalating to the level at which insurance providers, service providers and customers operate. Using insurance apps is a sure shot way to stay ahead of the curve and to leverage a competitive edge.