Digital transformation has come to the insurance industry, bringing huge business opportunities. Most insurance players are still exploring the digital landscape, so the potential is mostly untapped.
In fact, like executives in many other industries, a significantly low percentage of insurance managers is actively targeting big data and mobile devices in their innovation programs, hence missing the opportunity.
Thanks to the digital transformation and the new digital available channels, more and more customers interact via mobile devices: the mobile application demand is burgeoning, supplying available information anytime and anywhere in real-time. Digital channels have multiplied the number of touch points and taken away the early stages of the sales process – when customers look for information, compare companies, and form a buying decision – from physical channels.
Smartphones and Apps completely change consumers’ perspective on insurance, thus, Insurers need to prioritize the mobile devices as primary means of accessing information, building strong mobile strategies for a competitive advantage to cater the evolving customer demands.
However, the insurance market has not yet reached a strong level of maturity in the mobile APP development. If almost all of the top Insurers have an institutional mobile app for policyholders for general customer services and information purpose, many Insurers have not yet developed insurance multi-functionality mobile apps.
Only few Insurers have understood the challenge aspect of achieving high performance in insurance business in delivering a positive and enhanced customer experience through the new digital technologies and especially with multi-functionality mobile applications. These insurance pioneers have decided to establish effective customer-aligned digital strategies, adopting the new digital technologies and devices in order to offer a more personal and engaging experience. They have targeted a digital and mobile company vision, to differentiate themselves from the competitors both for streamlined processes and to offer the same user experience to all different users.
The most innovative insurance solutions adopted by the digital insurance pioneers are the challenging B2C mobile insurance applications: core insurance applications that enhance or transform the insurance value chain such as claims management or policy administration. Examples are mobile apps for submitting a first notice of loss, checking the status of a claim, calculating policy premiums or managing contract information.
Claims are one of the main areas in which an insurance APP could greatly be of service. In fact, smartphone users can do almost all of the claims process right from their app. You can also use your phone to take pictures and shoot video right at the accident site, which can have a dramatic impact on claims management and fraud protection. Some insurance APPS could even help score you discounts on your policy.
The claims management coverage of policyholders through an APP can allow the possibility for the policyholder to use now any channel he prefers. This kind of APP reduces significantly the time requested for claim processing and it changes the way claims processes are managed. It represents a new tool to speed up insurance claims operativity, to transform the customer relationship, and to ensure more accurate data on the claim status and on the insurance coverage of the policyholders.
Insurance multi-functionality mobile applications like the claims APPs allow the customer to have insurance instantly in one hand!