The insurance industry has gradually become more technology savvy with the increasing penetration of mobile devices. With the steady growth in the number of smartphone users across the world, a progressive trend has also been witnessed in the number of people using mobile apps for diverse financial services, including insurance. Owing to this large scale mobile adoption, many insurance companies are now leveraging these technologies to smoothen their operations and ensure superior cost savings.
The high level of portability and convenience offered by mobile applications has encouraged insurance service providers across the world to make these technologies a part of their salesforce and general operations. They allow an insurance company to save money on printing and delivery; while simultaneously enabling them to go paperless and be environmentally friendly. As a host of functions, including the complicated claims process, can, to a great extent, be automated with mobile applications, such technologies also eliminate the need for hiring any additional workforce.
How Mobile App Is Transforming The Insurance Industry
There are multiple perks of opting to go mobile in the insurance space; here is a better insight on some of them:
Simplifies Claim Processing
Insurance space digital transformation, particularly the advent of insurance applications, has made the process of making claims quite hassle-free and seamless. This not only makes the life of insured individuals a lot easier and ensures optimal customer conveniences, but it also considerably aids in minimizing their workloads and freeing up their time. Hence, the insurance agents can use their spare time to acquire more customers and engage with them, subsequently increasing the business prospects of the insurance company.
Usage-Based Insurance (UBI)
Telematics has been used by many insurance providers today to acquire real-time information by the driving behaviour of discerning car insurance customers by installing a sensor on the vehicles. The customers found to be driving perfectly stand to gain special deals and reduced premiums through their mobile insurance app itself. Not only this encourages the insured individuals to drive more safely but allows the insurance companies to save on the amount of compensation they probably had to pay for accident claims.
Instantly Generate Quotes & Finalize Deals
With the usage of mobile apps and specialized proprietary software, insurance agents can easily generate for their customers during their interaction. It won’t even take a few minutes for the agents to provide their prospective customers with multiple quotes tailored as per their needs. This smooth customer service significantly helps in ensuring customer contentment and securing their loyalty.
Reach More Customers
Digital transformation of the Insurance landscape has played a key role in increasing the overall market reach of insurance companies, and connect to even the customers who are unlikely to visit their branch office. In today’s fast-paced environment, hardly anyone has much time to spare, including visiting an insurance office, talking to the agents there and subsequently investing in a plan. Modern customers desire swifter alternatives to such traditional activities, and hence incorporating mobile apps to the salesforce of insurance companies becomes extremely vital.
Customers can easily purchase the policies of their choice through their mobile device itself now, and never have to even step a foot inside the office of an insurance firm. This convenience encourages a great number of people to invest in insurance.
Increased ROI & Customer Satisfaction
It has been reported that in comparison to branch-only customers, mobile customers tend to invest in more products from their financial institutions. A major reason behind this being that mobile customers are far more engaged with their insurance companies and services. The benefits of 24/7 availability and instant fulfilment of customer needs plays a major role in convincing customers to invest in more insurance products. Certain insurance companies even offer app-only discounts and risk-management plans to encourage customers to buy more insurance plans, while also ensuring their optimal satisfaction.
Makes It Eco-Friendly
Taking steps towards environmentally sustainable methods is a need of the hour for all business organizations. The rapid mobile adoption in the domain of insurance significantly helps in this regard. By making multiple insurance tasks, such as the policy purchase, renewal and claim automated through an online platform, insurance companies can significantly cut down on paper consumption. They can easily store client details, claim records and other important documents digitally.
Moreover, storing files digitally is safer than doing so through the traditional filing system.
The modern, innovative tech-enabled tools have allowed insurance firms to both conceptualize and launch products rapidly, while also witnessing a return on their ideas and investment sooner. Making a prominent space the sphere of mobile applications has now become indispensable for all insurance providers.