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How Insurance Makes Smart Phones Smarter

Posted on December 14, 2015 by Guy Weismantel

Digital Insurer blog header

Nearly two-thirds of Americans own a smartphone -- a percentage that is expected to increase in the coming years. As retail companies and service providers continue to invest in mobile technology, could insurance be the next big industry to extend its services to this digital platform? Here are some of the hottest trends in mobile technology -- and some of the problems insurers might encounter when they offer their services on mobile.

Mobile Technology Is Booming, but Insurance Companies Are Slow to React

Mobile technology has revolutionized the way consumers access information. Browse the App Store, and within minutes, you can pay your electricity bill or book your next vacation. Insurance agencies were certainly slow on the uptake when it came to mobile; in 2012, only 12 percent of the top 100 life insurance carriers had a producer-focused mobile app, lagging behind similar industries like banking. But as mobile technology gets smarter, more insurance companies are taking the plunge and offering services to digital-savvy customers. One of the hottest trends is targeting consumers who browse the Internet only on mobile devices, which equates to about 10 percent of the population.

Insurance Apps Are Growing in Popularity and Improve the User Experience

A quarter of consumers currently connect with their provider via mobile; of those, 60 percent say that modern mobile technology lets them communicate with their insurance company at a time that suits them. When dealing with an insurer, 33 percent of mobile users say they experience the same level of satisfaction as using a desktop computer while 15 percent prefer to use their mobile device. It's clear that a sizable percentage of consumers are happy with the mobile experience.

Smart phone

Insurers Can Personalize Services on Mobile but Need to Be Creative

Using mobile technology, insurers can communicate with their customers more effectively -- while respecting privacy and security -- and personalize services according to those customers' needs. Consumers can access quotes on liability or home policies and view insurance documents through an insurance app without having to contact a company representative. One of the challenges facing insurers is competition -- there are 850 life insurance companies in the United States alone; however, investing in new technology and identifying mobile trends could generate prospects, increase sign-ups and attract new customers to digital platforms.

So Why Now?

If an insurance agency wants to provide services on mobile, the demand is there, especially among millennials. However, agencies will need to invest in the right mobile technology and encourage more customers to use this digital platform. Vertafore itself recently released our newest app. While there may be obstacles to overcome, mobile platforms provide a range of benefits for both the insurance provider and the consumer.


Mr. Weismantel is the Vice President of Marketing at Vertafore. With 20 years of marketing and financial leadership in companies such as Microsoft, Business Objects, Baxter HealthCare, Caremark International, and Expedia, Guy’s career has focused on bringing differentiated products to market and providing the “compelling reason to purchase” for customers and prospects alike.


Guy has a Bachelors Degree in Accounting from the University of Notre Dame, and a Masters Degree in Business Administration from the Kellogg School of Management at Northwestern University.

 

 
 

 

  • 12/16/2015 12:34 AM


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