Mobility Strategies For Insurers – A WEST MONROE White Paper
Article Synopsis :
Mobile devices are increasingly becoming the preferred medium of communication for insurance customers. ‘Mobility’ is no longer a niche or boutique area of technology spend; mobility is becoming the mainstream engagement model.
In the white paper “Mobility Strategies For Insurers”, Gordana Radmilovic from West Monroe Partners discusses the mobile imperative for insurers. While mobility offers a unique opportunity for carriers to streamline internal processes and offer leading-edge services to mobile customers, there are execution and technical challenges carriers must take note of, such as:
Embarking on the mobility journey with a high‐level strategy is an effective way to inform key decisions – allowing an insurer to ‘test the water’ on the efficacy and total effort related to various competing alternatives. A successful high-level strategy must consider the following four themes:
- Gain stakeholder alignment
- Understand target customers
- Understand features
- Identify technology pain points
The paper also offers a five-step framework for the successful roll‐out of more complex applications:
- Create a multi‐functional governing body for the mobile channel that is responsible for decision making, including which types of applications to release, when to release these applications, and the most effective paths for execution
- Develop a detailed mobility strategy and vision
- Design a future‐state mobile enterprise architecture
- Identify initiatives necessary to bridge the gap between current-state capabilities and desired future-state capabilities
- Prioritize initiatives in a comprehensive and executable roadmap
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Digital Insurer's CommentsWallets, cash transactions, calendars, watches and credit cards are fast getting digitized. With rapid smart phone adoption, the future of insurance rests in the development of mobile ecosystems that replace existing insurance functions with mobile apps that are engaging and easy to use.
Delivering a personalised, channel-agnostic interaction that’s intuitive and fast, available anytime, anywhere presents a major challenge for the typical legacy insurer. There is significant scope for carriers to develop and deploy mobile solutions on a large scale. Give customers what they want or they’ll go somewhere else — and they increasingly want mobile.
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