Enterprise mobility solutions: It’s time for insurers to catch up
Whether driving a car, visiting the doctor’s office, or at home, there’s one device almost everyone has with them: a smartphone. Most businesses have made significant investments in enterprise mobility solutions to take advantage of the unprecedented access to customers in real-time that mobile devices offer.
One area where there are lots of untapped opportunities, however, is the insurance industry. Currently, only 28 of the top 100 insurance carriers have a mobile app, according to a recent study conducted by Cognizant. Of the 28 insurers who had invested in a mobile app, 24 recorded growth in their net written premiums. They also lead the industry in customer satisfaction, customer retention and net promoter scores. Clearly, it’s time for insurance carriers to invest in enterprise mobility solutions.
Better engage with your customers
Investing in enterprise mobility solutions isn’t just about staying at the forefront of a trend — it’s ultimately about creating a more streamlined, effective and engaging communication channel for your customers. Even simple mobile apps can improve customer engagement and access. For example, one major car insurer’s app allows its customers to:
- Manage their policies
- Access insurance ID cards
- Pay their bills
- Obtain insurance quotes
- Make changes to their payment plans
- Request roadside assistance
- Find the nearest gas station or insurance agent
Customers are looking for more self-service options. In fact, Forrester predicted that the number one customer service trend for 2017 would be companies extending and enhancing self-service options.
To improve self-service capabilities, mobile apps allow consumers to self-report a loss or accident to their carrier in real time, send photos and other data about an accident, sign documents and monitor the status of their claim.
Streamline processes for agents and brokers
On the internal side of insurance operations, mobile apps can add efficiency on a number of levels, including providing instant quotes, simplifying claims processing, optimizing underwriting services and improving marketing efforts. Apps that provide document management and e-signatures reduce paperwork and speed up the process for everyone — whether it’s for policy issuance, claims processing or simply to receive a quote instantly.
Marketing is also more accessible to consumers through a mobile app. Insurers can easily promote new products and services and develop a closer and more personalized relationship with their customers. Just like in retail and other mobile-savvy industries, insurers can build brand loyalty, driving increased revenue through push notifications about special offers and discounts or notifying customers about an upcoming bill payments or policy expiration dates.
Enterprise mobility solutions: No time like the present
Because few insurance agencies are embracing enterprise mobility solutions, companies that do utilize a mobile app or other mobile service can enjoy a key differentiator in a crowded marketplace. Nowadays, customers expect to be able to do almost anything from their mobile devices — an expectation that extends to their insurance carriers. If you haven’t started investing in mobility services, it should be at the top of your to-do list for 2018.