How Mobile Technology Is Transforming The Insurance Industry – 5 Ways
Mobile technology is the dominant entity among other technologies because it can reduce risk by controlling costs, increasing productivity, and improving the customer experience. Mobile technology is having 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 of having to sit with the sales manager for hours to get information about the policy. Now you can buy and buy insurance products, compare offers from other companies and even file a claim directly on the spot via our mobile devices.
Mobile can play a vital role in the transformation of the insurance industry. Let’s explore more.
1. Customer Acquisition
Competition in the insurance sector has increased. Most industries use mobile technology because it is more convenient and cheaper. With the help of mobile app technology, the insurance industry can now easily reach its tech-savvy customers. The way to take out insurance is complex, customers usually don’t interact with insurers as often as they do with their bank, but if the insurer can deliver damage-related documentation on the customer’s smartphone, there is a good chance of customer loyalty.
Mobile app technology keeps customers connected by providing fast access to information and spending less time waiting for information to be delivered and processed. Mobile technology enables faster and more efficient service to customers. For example, automatic email notifications are set up for customers about the insurance process with real-time reports, customers are informed about the progress of their applications and claims. These notifications improve transparency with customers and certainly a better service that they will enjoy instead of waiting for updates and getting delayed reports.
2. Customer Service and Loyalty
Customers will look for services that take less time to process, and insurers that meet customer expectations will see positive results. As a result, more ROI is obtained from the target market with the help of mobile technology.
An example: An insurer that provides quick access and context-related customer data in an emergency after a claim is made via smartphone offers a tailor-made service to support the customer.
After attracting new customers, one of the most difficult tasks for insurers today is retaining customers. Mobile technology offers a solution to this, as mobile users spend almost 40 hours per month using mobile apps. You are now able to quickly report thefts or accidents, make claims or get all the information you need, anytime, anywhere. The mobile app helps users to have multiple options in one app, such as Buy new policies, renew or upgrade existing ones. This increases the chance of generating more sales for the insurance industry and customer loyalty.
3. Simplification and acceleration of the complaints procedure
The smartphone app is extremely useful and is considered a valuable asset when it comes to claims. They can quickly collect and transfer data, making the process hassle-free and speeding up the entire insurance-related claims process. Using mobile technology, customers can submit claims, eliminating the time-consuming effort of manually filling out forms. This processing has made life easier for customers by reducing clutter, helping them collect data, communicate and collaborate in real-time, as well as freeing up time.
Mobile technology has brought efficiency to the most complex and expensive part of the insurance business by automating previously time-consuming tasks for both the insurance industry and its customers. Customers can now use their mobile devices to take pictures of a car accident and share them with the carrier to process their claim using a mobile app. This will help improve the customer’s digital experience and ensure satisfying loyalty and loyalty.
For example, US pet insurance company Healthy Paws makes their claims process easier by allowing their customers to make claims through their mobile app by simply submitting photos of their bills received from their vet. The user can create a profile of their pet to quickly assign a claim to a specific pet and quickly submit their claim for processing by Healthy Paws.
4. Productivity and Sales
Mobile technology has become a game-changer by providing faster, more efficient processes that have changed the way the insurance industry works.
It has reduced paperwork such as domestic and commercial claims, appraisals, sales records, and application forms used both in the office and in the field. Insurers now use mobile forms with standardized drop-down menus to enter data and reduce the number of forms typed. With less time spent double-checking data and transferring data from paper to computer, the insurer can focus more on its customers and other important tasks.
Mobile technology certainly isn’t expensive and it’s easier to earn more in less time, so the insurance industries tend to take over the mobile space. By ensuring customer satisfaction by providing multiple options for comparing the different options available, browsing different policies before paying for one, and paying bills using a smartphone, insurers have gained customer trust. This customer-centric mobile technology enhances the insurance industry’s revenue opportunities.
5. Big data and analytics
The insurance industry is data-driven. It is very important to realize the immense value and impact of analytics on any business. More than a third of the insurance industry invests in big data and analytics such as financial data, actuarial data, claims data, and risk data to make important decisions. Big data analytics provide the insurance industry with significant ROI and cost savings to ensure their future successes and are no longer negotiable. Big data helps with risk management, enables analysis of risk characteristics, improves customer segmentation, fraud detection, and other areas.
Using a mobile device with all rules configured, providers can immediately spot any errors, ask the person to fix the error, or omit them before submitting the form. And once the forms are submitted, they can be instantly verified using mobile technology, either remotely or in the office. Mobile is revolutionizing the insurance industry by enabling them to maximize their capabilities with competent and fast services. Using mobile technologies, customers can gain in-depth product knowledge and insurers can use them to present their customers anywhere.