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Mobile Technology in Insurance: Performance measurement-E&Y

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Article Synopsis :

Metrics and measurement play a key role in aligning performance with key objectives and enabling companies to stay on course.  Insurers are increasingly investing in mobile technology because of the tremendous growth opportunities it offers.  However, it is equally important to have clear measurement strategies in place so that return on investment is clearly understood.

 The Digital Insurer reviews E&Y’s Report on Mobile Technology in Insurance: Performance measurement methodology

Measuring the effectiveness of mobile must form part of a mobile strategy

In the research paper “Mobile Technology in Insurance”, the E&Y team identify the parameters for an organization to use as a benchmark to measure the impact of mobility.  The research paper focuses on enhanced benefits and the strategic direction of mobile enablement, highlighting actions insurers need to take to justify the current activity and validate a future investment.  The research report lists the core reasons for embracing mobile technology solutions:

  • Extend business services to the mobile channel
  • Attract new customers who need more self-service options
  • Modernize customer service tools to increase agent and policyholder satisfaction

The research paper also lists the key considerations to measure the effectiveness of mobile touch points for customer connections and business outcomes:

  1. Business outcomes versus investment
  2. Mobile channel impact and efficiency
  3. Value enhancement for the customer
  4. Effectiveness of the customer engagement
  5. Application and feature preferences

Link to Full Article:: click here

Digital Insurer's Comments

To realise the full potential of  mobile technology, it’s crucial for insurers to go beyond establishing metrics and collecting data and take actions based on what the metrics portray.  An effective mobile strategy will enable insurers to:

  • Understand customer behaviour
  • Quantify the mobile technology investment effectiveness
  • Align technology investment as per mobility needs
  • Optimise brand performance 

Link to Source:: click here

 

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