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Why Every Insurance Agency Needs to be Thinking Mobile

Posted on November 12, 2015

Mobile Insurance

Every insurance agent should be asking themselves two important questions:

1. How has mobile technology changed consumer expectations?
2. How can forward-thinking agents meet those needs?

The agents who choose to answer this question will be rewarded with growth and customer loyalty.

However, in order to understand how to meet these needs, agents must first understand what those needs are—needs that are much different than they were just 10 years ago. The year 2005 may not seem that long ago; however, it was the year when:

- Facebook was just a year old and not yet open to the public
- The first iPhone was still two years away
- The first video was uploaded to YouTube
- There was no Uber yet (still two years away)
- 45 million smartphones were sold
- 2% of American cell phone users owned a smartphone

Now fast forward to 2015…

- Facebook has 1.4 billion users
- Apple has sold over 700 million iPhones; the company’s worth over $700 billion
- YouTube has over a billion users; 300 hours of video are uploaded every minute
- Uber is valued at over $50 billion, more than Hertz and Avis combined
- Over 1.2 billion smartphones were sold
- 75% of American cell phone users own a smartphone

As McKinsey points out in their report, The Making of a Digital Insurer, “Today, insurance customers and clients’ expectations have been shaped by their digital experiences with sophisticated companies in other sectors, such as Amazon and Uber.”

Mobile technology has not only changed the economic landscape around the world but it has also forever altered consumer expectations. The insurance consumers you’re trying to reach may still expect helpful guidance from a trusted advisor;
but the way they want to get that advice, and how they prefer to interact with agencies, has changed.

“In some aspects, the expectations are very much the same,” says Ron Berg, executive director at ACT. “What is different is the timing and platforms that interactions now take place on,” says Berg.

The modern consumer wants access to information without having to talk to someone. They want things done quickly. And they want to interact with your agency the same way they interact with other businesses on their mobile devices.

Unfortunately, the insurance industry has lagged behind other industries when it comes to adopting digital and mobile technology. One reason may be because many agents feel they must choose between adopting technology and maintaining a personal relationship. However, Marty Agather, senior VP of Client Development at Trusted Choice, believes this is a false choice.

“An agency who uses technology effectively has more options to be a trusted advisor because they have leveraged technology to provide them with more time to work on behalf of the client,” says Agather.

Whatever the case may be, the fact is consumers are getting more accustomed to doing business on their mobile devices. They’re also getting more comfortable, and willing, to switch companies to get a better digital experience. As McKinsey points out, “Meeting these expectations is both the challenge and the promise for insurance carriers in the digital era.”

Are you meeting your customers expectations in the digital space?  Ellen Carney of Forrester Research and a panel of guests will discuss how to improve your customers commercial insurance experience at our webinar Wednesday, November 18. Register for our webinar today!

Register Now




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