Mobile technology is pervasive and has become the most dominant entity among almost all technology verticals. The insurance industry that has always been there to protect the interests of people is not known for embracing technology enthusiastically, but off late, the things have started to change and mobile technology is having a huge impact on the insurance industry.
Here are a few ways the insurance industry can utilize mobile technology to deliver a better customer experience and improve business on the whole.
1. Gain a competitive edge
Competition in insurance industry is on the rise and to get an early advantage, leading insurers are investing heavily in mobile solutions. In order to stay in competition, insurance companies are now looking forward to technological advancements to get in touch with tech-savvy customers. The best way to accomplish this task would be to develop a mobile application. Customers don’t have much interaction with the customers as in the case of banks. If as an insurer, you are able to deliver claim related documents and other stuff right to the user’s smartphone, you earn the loyalty of the customers. Due to these reasons, It is extremely important for companies to take the digital challenge in order to survive in the cut throat competition.
2. Evaluate customer’s needs and hit at the right spot.
You have to understand the need of your customers and you have to keep a few things to keep in mind before providing digital solutions to consumers are as follows:
Develop a 360-degree view of the customer.
It is imperative for the insurance companies to know the needs of customers and it helps them further to cement the relationship between customer and a company.
Reevaluate core systems and processes
Data access should be made easier and insurance companies need to adopt modern day technology if they are to effectively support the omni-channel approach. Users today are more tech savvy and they want each and every relevant information on their mobile phones on a real time basis.
3. Focus on customer engagement.
Customer engagement is the backbone of any business and as far as insurance business is concerned, it is quite tough for the insurers to keep contact with the customers. If insurance companies are ready to go mobile, then customers would be able to report theft and accidents quickly, which in turn would let the companies to process the claims at the earliest and in a hassle free manner. Big companies like Zurich Financial have understood the need of the hour and have started to roll out mobile application. Customers are enjoying every bit of it and hence, it is advisable for other companies as well to join the wagon.
4. Simplify the claims processes
When it comes to claims, insurance apps prove extremely useful. The efficiency of claim processing has been increased by almost 25-30% with the advent of mobile applications which is a good figure. These applications allow the customers to initiate the claims process without any paperwork and thus save a lot of time on the part of customers and insurers. In addition to this, smartphones capture and transfer data quickly and effectively on a real time basis.
5. Guarantees bigger revenues.
Mobile technology, especially apps is definitely cost effective. Mobile has made it much easier for users to learn more in less time about the insurance policies, various offers and plans. In addition to this, customers can even buy new policies, pay their pending insurance premiums or renew their existing plans. Let’s take a classic example where an insurance company have been benefitted from the incorporation of mobile technology.
AffinityCo, a leading P&C insurance company has implemented the policy to go paperless in terms of disbursing claims. This company has made dedicated efforts to provide its customers with a unique mobile experience and the most interesting thing to note here is that, since the adoption of mobile, AffinityCo is becoming one of the fastest-growing P&C insurers in the world.
There are a few companies that have rolled out their apps that are able to track claims, premiums and they also provide users with an option of buying a new policy. Other insurance companies need to pull their socks and adapt mobile technology because customers are going ‘mobile’ at a rapid rate.