The news is both good and bad when it comes to insurance leaders and their investment in mobility. As I’ve described, insurers lead the pack when it comes to prioritizing their mobility strategy. They also are more likely than other industries to view mobility as a key element of their business strategy, and consequently to invest aggressively in mobile technology.
The Accenture Mobility Insights 2014 cross-industry survey found, however, that insurance leaders are less likely than leaders in other industries to invest more than $30 million in global mobile capabilities. A majority of insurers intend to invest on a different scale, in the range of $10 million to $29 million over two years. Investment priorities include driving revenue through mobile transactions and customer engagement on mobile devices, leveraging insights generated from mobile data to inform business strategy and improving decision making through mobile data access and workflow.
In short, insurers’ investment in mobility is good, but it isn’t good enough.
Remember, mobile technologies can change the game. They can break down traditional barriers, allowing new players to successfully burst into the market. On the flip side, businesses not offering a strong mobile experience to customers increasingly will be dinosaurs. Failing to grab hold and build a powerful mobility strategy can have significant negative consequences.
That’s the dramatic picture. Because insurers are not blind to these concerns, many are a step ahead of the game. But they still may lag by failing to invest appropriately to build a comprehensive, thorough strategy.
In my next post we’ll consider key components—often overlooked—that complete a mobility strategy for insurers.
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