Insurance in the mobile-first era

Study

September 2017

The future of insurance is definitely mobile, but how can we get the most out of it?

Mobile is a part of a wider digital disruption. Thanks to it, many of us choose to stay online almost 24/7. We are a connected generation, regardless of our age and location. More and more people use smartphones for everyday tasks. We use mobile to get information, to stay in touch with family and friends, to have fun and to work. Mobile banking and payments happen to be first choice for many customers right now. Smartphones and tablets are a real game changer for many industries. Many sources provide research results showing a growing number of smartphone and tablet devices. Others inform us of an increasing number of mobile applications installed and run every day. We see that mobile banking becomes a standard today. So what about mobile insurance?

Insurance companies have quickly spotted the potential of this new technology and they have entered the mobile world with high expectations. But, we may observe that not many projects succeed. Once more, we may see that insurance differs from banking. Firstly, insurance products are too complex for most customers, so they look for professional help and contact insurance agents or brokers to buy insurance. Secondly, the insurance customer journey makes it hard to build engagement. Some may say that insurance lags behind many industries here.

We believe the future of insurance is mobile. Mobile devices and apps are very well-positioned as a sales and service solution for customers and for insurance intermediaries. Next natural insurance area for them is submitting a FNOL and full claims handling process. Smartphones are great to stay in contact and to get quotes or alerts notifications. They are used as medium for pay-as-you drive models, ROPO moments and other situations. Mobile is likely technology built for insurance, but it has to be designed well and provided to use in an appropriate business context and for real customer’s need.

We would like to ask our responders what the status of mobile technology in today’s insurance is. How do they see its future? Our aim is to check the best touchpoints where mobile fits best in the insurance value chain.
- Do you agree that mobile insurance is not used much currently?
- How can mobile fit the insurance industry and how can it be most useful for insurers and their customers?
- What can we do to increase the use of mobile in insurance?

We hope to investigate different countries, LOBs and business processes as far as differences are concerned. We understand that some processes and customers’ touchpoints are much better positioned to be “mobilized” than others. We would like to name them and indicate ways to make mobile more effective in insurance.

Keywords : Insurance Products & Services , Digital/Mobile channels , Insurance Products & Services