Article Synopsis :
Insurers who are still sitting on the fence and analysing the role of mobiles and smart phones in their digitisation strategy have some compelling reasons to act fast as:
• Mobiles and smart phones are the fastest growing distribution channel
• Influential players are already making heavy investments to tap the business potential
• Innovative smart phone apps catering to insurance sector are getting popular
This report by Forrester highlights how advancement in mobile technology is pressurising digitisation leadership team to address rising customer expectation, exploding market and the first mover’s advantage of big players. According to them an effective mobile and smart phone strategy will enable insurers by
• Allowing more frequent engagement with policyholders.
• Generating new sales opportunities.
• Ensuring better underwriting by leveraging better / bigger data.
• Enabling the development of more engaging sales tools for agents, brokers, and advisors.
• Opening new distribution opportunities.
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Digital Insurer's CommentsIn order to gain mileage in mobile insurance, insurers need to carefully analyse existing distribution channels, abide by recent shifts and adapt to continually changing environment. Mobile strategy should
• Innovate beyond traditional customer/agent web portals.
• Focus on ways to deliver customer services through the mobile channel
• Be Customer friendly, simple and easy to implement
• Aim for front end/back end data integration
In Asia the shift to smart phones in all countries is happening quickly and this means all insurers need to invest in a mobile strategy to engage their current and potential customers.
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