Last week, I introduced Accenture research that focused on the behavior and preferences of insurance customers. The research found that customer-centricity holds the key to creating a competitive advantage.

This week, I’ll focus on the advantages created by the mobile channel in insurance.

The mobile channel in insurance

As mobile phone and smartphone adoption increases among consumers, so do their expectations of how they’ll interact with insurance providers. With respect to the mobile channel in insurance, Accenture research found that:

  • Most insurers—even the high performers—have been fairly slow to adopt mobile technologies.
  • The majority of insurers believe it is important to increase their investment in mobile capabilities.
  • To develop a sophisticated mobile capability, insurers need to improve their skills, systems and processes.

Accenture studied financial institutions that have successfully leveraged the mobile channel, and discovered common characteristics among them. Notably, these institutions:

  • Educated their customers on their mobile offering to encourage adoption.
  • Kept it relevant and convenient.
  • Enabled growth with a flexible architecture that allowed adaptation and increasing functionality over time.
  • Generated revenue through customer engagement.
  • Executed with the right partner.

Next week, I’ll talk about ways that insurers are driving innovation in their business.

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