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.
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:
- 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
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Digital Insurer's CommentsMobile is the most disruptive technological advancement since the mass adoption of personal computers. Mobile isn’t just about small screen sizes and mobile apps, but a ubiquitous channel, always on. The mobile imperative demands the delivery of seamless, high quality experiences to customers everywhere, every time, from any device.
Though the challenges (e.g. data security, legacy systems, integration) are indeed daunting, carriers able to boldly surmount them will enjoy a decided advantage over technically inferior rivals.
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