Client Stories

We want our added value from insurance. Mobility makes it happen.

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Of all the bills I pay for my own household, I’m still staggered that the insurance bill is the largest component of household spend for which I get nothing in return in the moment.

Don’t get me wrong. I do realize how the insurance business works, of course. But still…

I’m increasingly scratching my head because the potential to offer me additional value is really not going to constitute a large cost for insurers now – especially with the power of ubiquitous mobile. Companies already treat their clients with great loyalty programs, rewards, and proactive outreach. So I keep wondering when insurance companies are going follow suit, to be proactive and persistent about outreach, extending their arms to me and their other valued customers.

The trends and data already point toward the need – in fact, for several years. Even back in 2013, I posted points on the importance of building exceptional digital experiences with insurance customers. Only a few months later, an article on the state of mobility in insurance indicated, ‘On the property and casualty side, you’re going to have much more consumer-oriented apps’. This is understandable, as the portal to me and my needs is in my pocket already, so are insurance companies really taking full advantage now?

Some of them certainly are — the opportunity for insurance to drive real innovation into the insurance business is being explored by leaders and supported by Mobile:

Over 80 percent of insurance companies indicated that Mobile will be fundamental to changing the way they do business, according to the IBV’s “Upwardly Mobile Enterprise” study. Where the benefits of mobile are really going to have an even greater impact is with certain generations — the Gen Xers and millennials particularly. I covered some of the reasons in the March blog around why there is so much untapped potential left with millennials. So in this blog, I want to share some data which, although it is for business to business buying decisions, perhaps sheds some more light on the relative importance mobility plays in making decisions for Generation X, particularly. As you can see, Mobile apps play a top role, particularly in business-to-business decisions, and so one might extrapolate it may be a high priority for insurance decisions as well both for business and private purchasing.

MillennialsandProductresearch

So what can insurance companies do today?

(1) Make sure there is a deliberate strategy in place at your organization that both enables employees to deliver great service, but also for providing clients the opportunity to engage with you through mobility.

(2) Know that the focus of Mobile and Cloud will be unrelenting. Though they feed off one another, the client engages though the mobile app, so expect a need for more and faster app development in the future.

(3) Embrace your customer with Mobile, bring them in with this powerful tool…consider deploying information services that can set you apart by offering proactive alerts when road conditions are bad, or when fire risk is heightened, or providing other relevant details in the moment.

Customers are going to be more discerning about all their spending. As insurance is a large line item for households, it would pay premiums in the future for them to advance relationships today with mobility.

 

Program Director, Cross-Portfolio Services Strategy

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