In the business world, even part-timers or small businesses need insurance to secure themselves. As a study from the Institute for Legal Reform states that more than 34 percent of fitted small businesses have had a lawsuit filed against them in the last 10 years. Also, more than 40 percent of all sole proprietor businesses aren’t insured.

About Thimble insurance app:

Verifly, an insurance provider drone was launched in 2016. It was founded by Jay Bregman as a simple solution for part-timers who need business insurance. After the launch, Verifly granted coverage starting at $1 million for a price of $10 per-hour, per-flight. The per-hour prices lower if a customer buys a more extended policy or continues their policy, and costs can vary depending on the work of a customer. The company allows policies from merely one hour and up to one month without an annual contract. The Verifly platform was later renamed as Timble.

Business model:

The platform is disrupting the marketplace with an innovative idea of offering flexible insurance policies. Unlike many others that were offering annual policies, this platform apprehended the insurance policy demand according to the changing nature of work. Nowadays, people are more interested in short-term and freelancing work opportunities over the long-term ones. So, the annual policies were not being much useful for the economy. The on-demand insurance scope was limited as they required an event.

So, to improve the number of people applying for insurance policies and modify the old insurance economy, the organization adopted the hourly-rate price model. They started providing On-demand insurance to drone pilots starting from $10/hr. The company proposed insurance policies that were approved by Markel and made them accessible on its official website and app by the hour, day, week, month, or year.

The company, as an impact of the newly adopted method of insurance policies, caters to customers from more than 120 professions like DJs, Beauticians, Handymen, Landscapers, and Dog walkers, with liability coverage. Also, it is notable that nearly 50% of their customers have bought policies to cover a single day or less.

Funding:

The company has recently raised a funding of $22 million in its Series A round and has successfully captured the attention of investors like Slow Ventures, Open Ocean, and AXA Venture Partners. The company is expecting to expand its business model to new dimensions with a long-term goal is to build the epic insurance business for small businesses that want to succeed on their own terms as quoted by the CEO, Jay Bregman.

The business model has been encouraging people to invest in On-demand insurance development. And as the name Thimble suggests a metal cap that is worn on fingers while sewing to render safety, the company does the same.

Future endeavors:

They offer short and customizable insurance coverage even for a single day’s time. Thimble’s commodities are supported by regulators in around 48 states. It also has traded $100M+ in aggregate expression and 75% of its clients are fresh to the business insurance category.

They are planning to sell over 100,000 policies by the end of 2019, under the brand name Thimble. They are working in order to hire more people and grow their staff from 40 to approximately 100 within the next 18 months with the newly raised funds.

Apart from all this, they are working towards introducing added insurance products into the market for small companies. These products would be simple, manageable and affordable. It is supposed to manifest a new direction to the On-demand Insurance and gig economy.

Develop Alternative app of Thimble, How to Make an App Like Thimble, Thimble alternative app features to consider

Features provided by Coruscate to consider for an insurance app development:

» Reliable Insurance Policies:

Allow your users to search for reliable insurance policies and insurance agents by searching and applying filters in the app for finding Insurance Agent.

» Choosing an insurance policy online :

Allow your users to select the policy of their choice just with a click of a button from a wide range of policies available in the list to pick from.

» Policy comparison:

Allow the users to compare the prices and features of various policies using a Compare Now button.

» Allocation:

The admin can allocate the job to insurance agents based upon location, availability, and expertise right through the app once a policy is selected by the users.

» Advanced search:

Enable the users to search and request for a particular insurance agent of their choice along with the policies as per their requirements.

» Selecting Insurance Agent:

Allow the users to select an Insurance agent by putting in the sorting choices like location, specialty, fees, etc.

» CRM Integration:

Make better decisions and offer your customers better services with the help of CRM integration in your insurance app.

» Comfortable Online Payments:

Enable your users to make payments using net banking, eWallet or credit/debit cards by integrating multiple payment gateways in the Insurance app.

What’s next?

If you were looking for opportunities as an entrepreneur and you are convinced that building an insurance app can prove to be a really profitable business. We can help you with a unique and powerful technology solution.

The first thing that comes with on demand app development is deciding the technological stack that you should opt for. With so many new technologies available selecting one of them to build a robust product becomes difficult. So, we don’t just help you in building apps, instead, we become your technology partner and provide you end-to-end solutions for your problems. We help you with the market research, tech stack choice, and features that best suit your business needs. All in all, we deliver a product that will get a kick start and quickly take your business to the next level.

Connect with us to discuss your business requirements at a free consultation session.

FAQs

1) Why can you rely on us for insurance app development?

We provide cross-platform omnichannel apps designed and developed by a team of developers who hold expertise in complex banking projects implementation with modern infrastructure. With the feature-rich app, we promise to add power to your business. Our third-party integrations and payment gateways provide comprehensive security to your app. The apps come with low maintenance cost and the deployment options are flexible.

2) What are the other innovative features that can make your insurance app interesting?

Features like on-screen signations for the users and the insurance agents could lessen the compulsion of being physically present for signing up the policy registration and save time. You can also go for Photo uploads right on the click of a button via the app itself. Apart from these, you can have an alert feature to send and keep your users updated with important notices.

3) What is the cost of developing an insurance app?

 The cost of developing an insurance app depends on the features and platform that you choose for development. If you decide developing an insurance app for iOS and Android platforms, the cost of an MVP will start at approximately $45,000 and will increase as you add features. However, to know the exact cost, you can get in touch with us through the contact us form.

Note: We do not make clones of any exact application, clone means to us is how better we can execute your app idea with existing app features and experience.