Enterprising Developments

What Motivates Mobile?

Joe McKendrick
Insurance Experts' Forum, February 17, 2012

Conventional wisdom says that insurance companies are moving into mobile technology to set up a direct channel with today's smartphone-crazy customer base. That's a big part of it, sure, but insurers are also thinking about the needs of their agents and brokers.

Close to a third of the 53 life insurance companies surveyed by LIMRA currently have some sort of mobile initiative in place, and another third plan to launch an effort. Among this group, almost nine in 10 do so to meet growing producer demands and provide better support services. A quarter listed it as the top reason for adopting mobile technology into their business strategy.

In addition, the study also concludes that insurance companies will ultimately be favoring websites over apps. The belief is that as tablets become more popular, mobile websites will provide a better viewing experience that is more cost effective than mobile apps offer. In addition, consumers are less likely to download an app for insurance since they will not use it often enough.

In my discussions with insurance IT managers, there is concern that IT and development departments will be stretched too thin attempting to generate, maintain and update apps for a variety of different platforms, from iOS for iPhones to Windows Mobile to Android to Blackberry.

Where will this technology be deployed? Most of the life insurers look to integrate this technology into their sales and prospecting processes. Earlier LIMRA findings support this: the number of producers using mobile devices in their practices nearly doubled from 2008 to 2010.

Joe McKendrick is an author, consultant, blogger and frequent INN contributor specializing in information technology.

Readers are encouraged to respond to Joe using the “Add Your Comments” box below. He can also be reached at joe@mckendrickresearch.com.

This blog was exclusively written for Insurance Networking News. It may not be reposted or reused without permission from Insurance Networking News.

The opinions of bloggers on www.insurancenetworking.com do not necessarily reflect those of Insurance Networking News.

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Insurance Networking News, please use the form below to login. When completed you will immeditely be directed to post a comment.

Forgot your password?

Not Registered?

You must be registered to post a comment. Click here to register.

Blog Archive

Avoiding the Bermuda Triangle of Data

Handled poorly, questions around data ownership, data quality and data security can sidetrack big data conversations and alienate business stakeholders.

Global Supply Chain, Local Problem

As a technology provider, your client’s ability to deliver products and services to their customers, when and where they need them, is at the heart of their business success.

Legacy Systems Are Increasingly a Competitive Handicap

Legacy systems, while reliable, increasingly hold insurers back, a new study finds

Five Reasons to Software-Define Your Operations

It may be possible to provision key services with the click of a mouse, but benefits go well beyond that.

3 Policy Admin Conversion Considerations

Insurers would be wise to learn these lessons before formulating a strategy to convert policies to a new policy administration system.

From Her to Watson, and What’s Next?

Imagine a learning system that can replace the performance of your best employee to provide the same level of support across the organization.