Mobile technology is the most dominating entity among other technologies, because it can reduce risks by controlling cost, increase productivity and enhance customer experience. Mobile technology has a huge impact on the insurance industry by attracting new customers and retaining former policyholders.
Mobile technology has become a game changer, gone are the days when you have to sit with the sales executive for hours to get policy information, now you can buy and purchase insurance products, compare other company offers, and even file a claim right on the spot via our mobile devices.
Mobile can play a vital role in transforming the insurance industry. Let’s explore more.
Competition in the insurance industry has increased. Most of the industries are adopting mobile technology because it is more convenient and cost effective. Using mobile app technology, the insurance industry can now easily reach out to their tech-savvy customers. The path to insurance purchase is complex, usually customers won’t interact with insurance providers as frequently as they connect with their banks but, if the insurance provider is able to deliver claims-related documentation to the client’s smartphone, the opportunity of earning customer loyalty is high.
Mobile App technology keeps customers connected, as it provides quick access to the information, and less time is spent waiting for information to be delivered and processed. A fast and efficient service to the clients can be provided with the help of mobile technology. For example: Automatic email notifications is set up for clients, about the insurance process with real-time reports, clients will be getting notification on the progress of their applications and claims. These notifications improve transparency with clients, and definitely a better service which they will enjoy rather waiting for updates and receiving delayed reports.
Customers will look for services which take less time to process with efficiency and insurance providers who will meet the customer expectation will be getting the positive returns. Resulting in acquiring more ROI from the targeted market, with the help of mobile technology.
For example: In case of any emergency, insurance provider quickly providing access and contextual customer data following an accident claim filed via smartphone will give more tailored service to support the customer.
Once you have acquired new customers, now one of the most daunting tasks for insurance providers is to retain the customers. Mobile technology provides a solution to this, as mobile users spend close to 40 hours a month on mobile apps, they are now able to report theft or accidents quickly, make claims, or seek any information they require anytime from anywhere. Mobile app helps users to have multiple options in one app, like they can buy new policies, renew or upgrade their existing ones. This will increase the chances of generating more revenue for insurance industries and customer retention.
Smartphone app is extremely useful and viewed as invaluable assets, when it comes to claims. They are capable of capturing and transferring data quickly, making the process hassle free and expediting the complete insurance related claims process. By using mobile technology, customers can make claims, which eliminate all the time-consuming fuss associated with manual form filling. This processing has made the client’s life easier, by reducing the clutter, helping them collect data, communicate and collaborate in real-time and also freeing their time. Mobile technology has brought efficiencies into the most complex and costly element of the insurance business by automating previously time-consuming tasks, for both insurance industry and their customers. Customers can now use their mobile devices to take pictures of a vehicle accident and share it with the provider using a mobile app for processing their claim. This will help in enhancing the customer’s digital experience, and ensures satisfactory engagement and customer retention.
For example: US Pet Insurance company Healthy Paws facilitate their claims process by giving customers the option to submit claims through their mobile app, simply by submitting photos of their invoices received from their vet. The user can create a profile of their pet so that they can quickly assign a claim to a specific pet and forward their claim quickly for handling by Healthy Paws.
Mobile technology has become a game changer, by offering faster and more efficient processes which transformed the way insurance industries operate.It has reduced the paperwork, like domestic and commercial claims, appraisals, sales documents, and application forms which was used both in the office and in the field. Insurance providers are now using mobile forms, that has standardized drop-down menus, where data can be entered and reduce the need for typing free form. With less time spent double checking data and transferring data from paper to computer, insurance provider can focus more on their clients and other high-value responsibilities.
Mobile technology is certainly cost-effective and is easier to earn more in less time, therefore, insurance industries are inclined to adopt the mobile space. Ensuring customer satisfaction, by providing multiple options to compare the different available options, browse through different policies before settling on one and pay bills using a smartphone, has helped insurance providers to gain customer’s trust. This customer-centric mobile technology improves the chances of revenue increase for insurance industries.
The insurance industry is a data-driven industry. It is very important to recognize the immense value and impact of analytics for any business. More than one-third of insurance industries are investing in big data and analytics like, financial data, actuarial data, claims data and risk data to take important decisions. Big data analytics deliver a significant ROI and cost savings for insurance industries to ensure their future successes and has become non-negotiable. Big Data helps in risk management, enabling to analyze the risk characteristics, improve customer segmentation, fraud identification and other areas. With the help of one mobile device where all the rules are configured, providers will be able to identify all the mistakes immediately, prompt the person to fix the error or omit before the form is submitted. And once the forms are submitted it can be reviewed instantly using the mobile technology whether remotely or at the office.
Mobile is bringing a revolution to the insurance industry, by allowing them to maximize their capacity with proficient and fast services. Using mobile technology customers is able to get in-depth knowledge of a product and insurance providers can utilize it to deliver remote presentations to their clients from anywhere.