Over the last decade, enhancements in mobile technologies have changed the game for insurance businesses. Mobile apps have paved the way for ‘on-demand’ insurance and are growing in popularity thanks to their simplicity and convenience.
By Simon Campbell-Young, CEO of Intact Software Distribution
In addition, mobile insurance apps have helped greatly improve the customer experience and have raised the bar on customer service for these businesses.
Currently we are seeing huge shifts in the insurance industry. Firstly, Amazon has entered the insurance market, and will now look to “cut out the middle man” and offer direct insurance solutions to its worldwide customer base. This represents huge disruption to the traditional “broker” model. Amazon has not only vast customer data, it has a very wide reach – two key essentials within the insurance space.
It’s only a matter of time before they start offering on-demand cyber insurance. On-demand insurance is the new emerging playing field inside the InsureTech space, and this concept is being app driven. These solutions offer customers the ability take out a variety of insurance offerings for limited periods of time.
This would include covering a one-hour financial transaction, device insurance for a specific trip, on an appointed day and time, and even data transfer insurance for a particular file transfer. There are many options now, starting to come out of the value added insurance provider space, with the real power lying in the ability to activate and de-activate insurance via an app.
Insurance companies are waking up to the fact that in order to satisfy their customers, they need a good mobile strategy. Mobile devices have become the de facto tools with which individuals transact their business, as they can be used at any time, from anywhere.
So, what are the advantages that mobile apps can offer insurance companies? Firstly, mobile insurance apps not only make the process simpler and easier for consumers, they also free up time for insurance agents to bring new customers on board. Moreover, insurance agents can connect to their workplaces at any time from anywhere through the mobile app.
This will boost efficiency, as they will be able to work while on the go, and should be able to integrate the apps with their sales automation and CX tools to help customers in a more efficient way. Quotes will become instant, and customers will be able to compare quotes and pick the most favourable in an instant.
Mobile insurance apps offer a fully functional service for customers, as well as agents and the insurance companies themselves. Forward thinking insurance businesses will jump on board, and will remain ahead of their competitors. Having an app is no longer an option, it’s a necessity. It will boost productivity and efficiency not only for consumers but for agents, and will allow the latter to offer better, quicker services.