The new online insurance system allows consumers to view their insurance information quickly. They also drive insurance agents’ productivity by enabling them to close requests faster.

Insurtech, a relatively young sector of finance, is increasingly gaining traction. The market for insurance applications is expected to reach $164.13 billion by 2023, driven by customer desire for easy, rapid, and reasonably priced insurance.

Despite the ongoing COVID-19 outbreak, insurers are generally upbeat about the future of the business and are embracing technology. The idea of insurance app development is to make services customer-centric as the sector grows increasingly reliant on technology.

Here are some of the key stats that demonstrate the rise of insurance management software and applications.

Why is it important for the insurance company to use digitalisation?

People nowadays spend a lot of time on their phones. But, the process to develop a mobile app involves a lot of complexity. With 230 billion mobile apps downloaded in 2021, the latest data reveal that apps account for 90% of all time spent on mobile devices.

Digital transformation in insurance industry is benefiting users and companies in many ways as below:

What are the issues that insurance companies are facing right now?

New technology, data-driven procedures, and increasing client expectations have all contributed to the current state of upheaval in the insurance sector.

Many of these developments have been positive, such as the digital transformation of insurance and the benefits it has brought to both firms and consumers alike. However, some of these changes have led to new issues for the sector.

The need of the hour is to make use of the vast amount of data

Insurers now have access to data from various sources, making it difficult to determine whether it is useful. The influx of data is daunting, and businesses require sophisticated analytics tools to turn it into actionable insights. Insurance management app can leverage the vast amount of data.

Customers want a hassle-free experience

Customers believe that buying insurance is a tiring process. And they are searching for more enjoyable experiences. They need contact with their insurance carriers to be as smooth and convenient as possible since they make insurance claims at some of the most difficult times of their lives.

Read more: How mobile application is increasing the insurance industry revenue