Much refreshed from my holiday in Brittany, I want to continue my train of thought relating to the impact of mobility on insurance. I want to focus in on the importance of advice in insurance generally—and the key role that mobility can play in that area.

In the P&C world, and increasingly in life as well, technology is creating tremendous pressure to see the purchase of insurance as a simple sale, one in which price will always be a determining factor. Our research shows, however, that insurance is in fact a highly complex sale, one in which price is only one of several factors to be considered. (Others include brand recognition and intimacy, quality of advice, overall customer experience and so on.) Insurers and their intermediaries—expert brokers or agents—must assert their value in helping the customer make the right decision at all stages of the life cycle.

True customer-centricity, in other words.

To do this means making good use of the streams of data that are now available about customers—both from corporate systems and from external sources. Using analytics, this information can now be leveraged to create a high-value customer experience. And, in line with current trends, this experience has to be delivered via multiple channels—one of the most important of which will be the mobile device.

The mobile device augmented by analytics has a key role to play in two main areas: enabling the agent or broker to deliver an enhanced customer experience during face-to-face meetings, and enabling customers themselves to transact with insurance companies in real time at their own convenience (self-service). It also allows the company to push regular, relevant alerts and advice to customers.

In my final two blogs, I’ll explore some of the dynamics of the two scenarios, seeing how analytics can help dramatically improve the customer experience in each case, while mobile ensures that the experience takes place when and where the customer demands. 

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