The gap of Insurance sector being slow in technology adoption is beginning to narrow down as Insurance companies are realizing the benefits of using enterprise mobility. To address the highly differentiated needs of the customers,Insurance industry is moving at a fast pace and looking at ways and means to leverage the power of mobility. Insurance companies have started accepting the fact that investment in mobility is essential to meet the increasing demand of distributors, customer and third party. Every insurance provider works to increase the sales productivity, improve profitability of agency force, customer experience, improving the level of service and obviously cost control.
Every participant of the insurance sector, be it customers, distributors, agents, claim agents as well as the insurers can be benefited by mobile solutions. Customers can buy the policies on-the fly through mobile insurance apps that supports insurance transactions and what the insurance company gets out of it. Higher customer satisfaction. Insurance firms that proactively adopt mobile technology and apps to do business are seeing a perceptible improvement in customer loyalty, which has significantly enhanced the earning potential of insurance distributors. The future of insurance business is inalienably linked with mobility. In time, people will use the mobile device to execute all their financial transactions and the insurance industry should be well prepared for this inevitable event.
Let’s talk about some of the unique uses of Mobility in Insurance industry
1. Online Policy buying
User will get basic details and based on that the premium is being computed. If the users are satisfied, they can buy the premium online.
2. Servicing existing Customer
For existing customer the policy details, renewal alerts, renew policy online, details of hospital networks, policy benefits etc., are shown through an app so that the customer is well informed about the policy.
3. More effective claims processing
Insured Individual can take a picture of damaged property and post it via the app to start the claim process.
4. Better customer service and support
Many insurance providers today provide “Mobile Live Chat” functionality to enable better connectivity between the insured and the insurer, and a “when I want it, where I want it” experience for the customer.
5. Sales force automation through enterprise mobility deployment
The mobile based solutions that provide real-time access to carrier systems, which enable agents a convenient way to display the offer as per the client’s need.
6. Usage based insurance (UBI) through telematics
The insured individual is rewarded for good driving through reduced premiums, discount vouchers, etc. In addition, as the practice encourages safer driving, insurers pay out on fewer accident claims. This win-win situation for both the parties is significantly altering the auto insurance landscape.