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How Mobile Applications Are Game-Changing For Insurers? May 18, 2016

Well said, “Most of us forget to take our wallet, but not the mobile phones.”

Mobile phones have become an integral part of our lives and its number is growing boundlessly. Recognizing the technological savviness, businesses have started driving the wave of innovation with mobile app development.

In the mobile age, the mobile phones are the must-have means that guarantees quick response in real-life. Virtually, every industry is capitalizing on mobility by expanding the services and improving those are already in place.

But, the insurance industry is slower in technology solutions adoption. Although insurance space has the maximum need to have a dedicated mobile application. From claim settlement to insurance policy info to the marketing of insurance plan are the areas where much can be done at the flick of a switch. Mobile apps are raising the bar of customer service, making insurers advanced, helping in introducing high tech touch to the sales and pretty more.

How Mobile Applications Are Game-Changing For Insurers

Let’s sum up the benefits insurers will get or provide to the customers embracing mobile apps:

1) Personalized customer service:

Simply, reaching the customers only to market the new insurance product is not a good option to hold them for a longer run. Instead, delivering timely services to the customers that’s tailored as per their needs drive loyalty and increase profitability.

When the same personalized services, customers get on the smartphones, results would be amazing. For instance, sending messages to the customers about the premium due date, grace period, policy lapse or letting them file the claim at fingertips. It engages the customers and increases the chances of repeat business as well.

2) Big data and analytics:

In the blood-thirsty competition, it’s very important for the insurers or companies like android or iphone application development company to know what customers like or prefer more to take the merchandising decisions. Also, to enable customer support or agents provide efficient personalized customer services, getting customer data is very important.

Here, big data and analytics are the magic bullets that not only provides the crucial data about customers but also give deep insights about them. Companies can collect this data and provide it to the intended department through mobile apps effortlessly.

3) Modernize the legacy systems:

Mobilizing just customer services is not the lone road to success. Insurers are required to optimize the operational efficiency, workflow and employee productivity by rationalizing the existing legacy system through mobile. Replacement of manual process with digitization enable employees to access the data anywhere, anytime which in turn speed up the work and comparatively large number of requests can be processed in the same amount of time.

It would help to provide better customer support, make claim processing faster, predict future behavior from gained insights and enable 24/7 availability. Also, reducing the carbon footprints by going greener.

4) Simplify claim processing:

With mobile insurance apps, the workload of employees get reduced by a great extent as in the case of accident or any damage, the customers can directly snap the image of damaged things and send it across to file a claim. Neither customers are required to go to the insurer’s office and file a claim nor employees needed to go to the accidental place and conduct the survey. The mobile way enables claim process and releases quick and fast.

5) Agent’s training:

Insurance agents are the most important part of insurance companies that generate huge sales for the insurers. To update the insurance agents with latest trends, company strategy and new offerings and services, enriching their knowledge are essential.

Educating the agents with traditional training is not as impactful as imparting the same training over mobile. It’s better to provide the content online in the form of texts or videos that agents can view and comprehend at any point in time.

6) Telematics:

The insurance company provides the insurance cover and set insurance premium based on the asset usage and health. The sensors are attached to human body or automobiles capture the data and transmit it to the companies, thereafter analyzing the information the company can take the decisions.

For instance, in an automobile accident, the insurer can easily monitor driving habits, vehicle performance, maintenance issues, and compute vehicle location data and vehicle speed to decide the insurance cover to be provided.

7) Efficient sales and marketing:

Mobile apps play significant role in insurance sales right from first client meet to the finally cracking the deal. Using mobile apps, no matter where the agents are, but they remain connected to the office and get round the clock support. While meeting with customers, agents can show the insurer’s offerings on mobile and if they are required to generate quotes for the customers, mobile or tablet app make it possible instantly. Once, the customer agreed to buy the plan, then due to the stiff competition, the agents cannot wait to complete the documentation process. Using the mobile app, agents can take customer’s digital signature and payment through a mobile card reader.

Conclusion To surge ahead of the competition, going mobile has become the necessity for the insurers. Advanced technologies are already creating ripples in the market and to ride a wave of innovation, mobile applications are the way to start with. Enhance your business operations to view through the lens of mobile age customers with mobile app development. Concentrate on your customers, workflow, operations, and sales and marketing by teaming with the best mobile application development company.

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