Why Mobility Matters to U.S. P&C Insurers – Cognizant Report

Article Synopsis :

Product differentiation has become increasingly difficult in insurance. As a result insurers are striving for service differentiators such as convenience and ease of use, which increasingly means mobile.

All on one mobile screen; the insurance marketplace of the not-so-distant future?

In “Why Mobility Matters to U.S. P&C Insurers”, Cognizant answers key questions on the benefits and challenges of mobile and explains how P&C carriers can achieve real business benefits via mobile platforms.

The report identifies three key forces driving insurers to embrace mobility:

• Consumerisation of IT
• Challenging Operating Environments
• The Need to Differentiate

By capitalising on key innovations such as satellite imaging, augmented reality, and telematics, insurers can create significant efficiencies in the following areas:

• Sales
• Insurance underwriting
• Claims management
• Enhanced agent capabilities
• In-vehicle devices (telematics)

The report identifies three main challenges insurers face in the mobile space:

• Protecting sensitive customer data
• Modernizing legacy systems to accommodate new technologies
• Dealing with complex technology integration

The report recommends a holistic approach to mobile and suggests the following steps toward successful mobile strategy:

• Clearly define business goals
• Identify user groups in the organization and customer segments
• Prioritize customer-facing applications
• Identify mobile devices and operating systems to support
• Define how mobile applications will be developed
• Establish a comprehensive security framework
• Address BYOD and device heterogeneity issues
• Create a roadmap for establishing learning centres

Link to Full Article:: click here

Link to Source:: click here