Finding Value through Mobility

The value to be derived from mobility, however, differs across companies, and many expect significant returns from mobility spend across the company. Gartner research found that an improved customer relation is the top objective for both life and P&C insurers.

Using mobile as a tool to improve interactivity is top of mind among insurers as they assess the value of mobile on both sales and customer service. Increasing productivity and cost savings are also projected benefit for many companies.

Fewer companies report revenue increases, business process improvements, or straight-through-processing as the anticipated return on investment.

Leah Hollstegge
Manger, Ward Group

Mobile strategies change depending on the target user. For policyholders, insurers are replicating their website capabilities via mobile technology and providing the same self-service items (i.e. pay bill, change address, access ID cards, report a claim, check claim status).

Many companies are also exploring the ability to purchase insurance via mobile technology and integrating telematics into mobile devices.

With regards to mobile strategy for employees and agents, carriers are dedicating efforts to extending their existing applications on phones and tablet devices. This can apply to sales delivery, loss control, property inspections, claims adjusting, and really almost any process in the field.

Gerald Shields
IT practice director, The Nolan Co.

Having served as CIO for a large insurer supporting a large field force, we identified three core reasons for embracing mobile applications:

• Reach – to increase reach and ease-of-access to a broader audience—people who depend on information in real time. This includes agents, policyholders, employees and others, whether in the quarry pit, on the road or in the coffee shop.
• Effectiveness – enabling agents to quickly provide fact-based answers rather than saying "let me get back to you."
• Attractiveness – we are moving from an internet world to a real time world where users see their mobile device as their computer. New generation users expect to have full capabilities at their fingertips. If we are to compete for the generation entering the market, insurers must be attractive to them as a service provider and as an employer.

Chuck Johnston
Research director, Celent

Insurers recognize leveraging mobile capabilities effectively initially requires strong alignment to existing business models and then the foresight to move beyond those models as the mobile customer and producer experience evolves.

With the exception of auto claims—where first notice of loss and roadside service are obvious consumer use cases—most insurers across lines are focusing on enabling the agent, whether it be through eApps, rate quotes, CRM data or status updates.

Ultimately, as the consumer mobile lifestyle redefines insurance opportunity (on demand insurance, location-based offers, real time risk alerts), the agent/carriers relationship must dramatically evolve or it will quickly erode.