How mobile tech is transforming the insurance industry
I used to dread meeting with my insurance agent. I knew it would take hours to review my account and policies or get a quote for new insurance. I cringed when I had to file a claim due to a windshield crack or a fender-bender. Oh! The pain of long, strenuous, paper processes.
But not anymore. Mobile tech is transforming the insurance industry and improving the ease with which we do business and receive support. The days of sitting at the kitchen table for hours to get a quote or review policy information are gone, thanks to mobile. Now we can shop for and purchase insurance products, compare companies, and even file a claim right on the spot via our mobile devices.
Until recently, insurance companies have been bogged down by regulatory changes, legacy modernization and other business challenges. Thankfully those days are almost over, enabling insurance companies to focus on further transforming their business by enhancing customer experiences.
Today, mobile is a top strategic focus areas for insurance companies. The leading companies are beginning to explore wearable devices and IoT. A 2014 Strategy Meets Action survey showed that 3% of US insurers are already using wearable devices to engage customers, employees and partners, and that another 3% are experimenting, while 22% said they are in the process of developing a wearables strategy. As more and more innovative use cases emerge (e.g. claims assessments, risk management, telematics), emerging technologies of this nature will become higher priorities in the enterprise over the next few years. Eventually they will be commonplace.
Claims adjusters at NCC, a Georgia-based insurance company, recently tested Google Glass with their field adjusters. They found Google Glass provides immediate impact for its catastrophe division by delivering real-time information from field adjusters working on complex losses.
As insurance companies continue to transform their businesses, mobile—and the value it brings—will increase as it is combined with the ability to harness data and analytics, enhancing business performance and customer experiences.
According to a recent Gartner survey of some of the nation’s top insurance executives, primary focus areas for 2015 are Digital Transformation and Big Data & Analytics. The #1 driver of these is “enhancing the customer experience.”
For example, John Hancock recently began providing new policyholders with a free fitness band to track their health progress. Customers are then rewarded for their healthy living with a reduction in life insurance premiums.
In summary, we are seeing mobile—not only help transform—but also disrupt the insurance industry, causing companies to re-think their business and revenue models. Companies that only focus on how they engage with customers, partners and employees will miss-out on the full range of opportunities and potential value mobile can deliver.
Do your customers, partners, and employees a favor. Focus outside the box and be forward thinking as you transform your business and deliver game-changing mobile solutions that make them and you happier.
If you need help transforming your business to take advantage of all that this new technology has to offer, please check out our Emerging Technologies Kickstart, then give us a call.