Moving to the next level
Mobile offers multiple opportunities for insurers. It allows them to interact with and service existing and new customers through an additional channel, design new product offerings, and manage internal operations more efficiently.
Even though most insurance companies have taken up multiple mobile initiatives primarily through apps, our analysis of user ratings on apps stores suggests that none are really seen by the market as “killer” apps. Most of these apps tend to have limited features, are not well integrated into the insurer’s operations and product lines and do not offer a seamless multi-channel experience to the customer.
Insurance firms are now ready to move to the next level of maturity in the mobile channel. However, they need to ensure that their efforts match customers’ expectations. In a recent cross-industry survey conducted in the US, only 39% of insurance customers said that their providers cater to them in the digital channels (SMS, email and mobile apps) the way they prefer - putting the insurance industry behind the banking, mobile and cable industries. We believe that insurance firms now need to consider seven key areas which will differentiate the winners from the losers in the mobile space:
- Define clear objectives for the mobile channel upfront, which will help in planning activity and assessing results.
- Define a sustainable app platform strategy which is adaptable to the fast evolving mobile technologies.
- Integrate mobile within the product and multi-channel environment in order to maximize benefits.
- Integrate mobile functionalities with operational and back-end processes to drive operational efficiencies.
- Invest in app promotion, through various mediums, to increase usage and visibility.
- Adapt the organizational structure and governance model of the mobility unit (central, local or local and central) to manage scalability and channel needs effectively.
- Adapt to evolving mobile trends in order to provide new services.