Mobility exponentially increases customer interaction with businesses, letting clients conduct their business at any time, from any place. The gains from these ubiquitous technologies can be enormous. For insurers, though, one challenge lies in understanding those gains—in order to maximize them.
As my last post mentioned, insurance leaders are doing well with many facets of mobility. They have a solid grip on a key advantage offered by mobility. According to the Accenture Mobility Insights 2014 cross-industry survey, mobility’s biggest value for insurers is in opening new markets. Mobile devices are serving as the primary distribution channel for microinsurance offerings in developing markets. Even in developed countries, mobile devices are a key channel for small-ticket insurance coverage.
But stepping beyond this clear-cut opportunity, we can see many other mobility advantages. Delighting the customer with seamless, intuitive interactions can bring enormous gains in customer loyalty. The ability to respond intuitively to customers comes from another mobility advantage: customer data. Mobility opens a new realm of big data and predictive analytics that lets insurers be more responsive to customers than ever before. Having insightful data also recharges the sales process, helping sales associates be more targeted and successful.
Sales associates aren’t the only workers who gain from a strong mobility strategy. An insurer’s entire workforce can enjoy productivity gains if mobility is supported internally across the business. With effective mobile tools, coworkers can collaborate and communicate more effectively, via a broader variety of real-time channels. In fact, entire functions and work processes can be streamlined. Consider claims processing. Effectively leveraging mobile phones, tablets and wearables, the claims processing function can be transformed.
Many insurance leaders have grasped at least some of the advantages a strong mobility strategy has to offer. Now, more than ever, it’s time for insurers to maximize their mobility strategy. But what will it take to get there? My next post will discuss investment levels. Are insurance leaders maximizing their investment in mobility?
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