6 Recommendations for Leveraging Mobile Metrics
Increasing customer engagement and satisfaction are the top two mobile priorities for insurers, according to survey results shared in by Forrester in a new report, titled "The Mobile Insurance Metrics that Matter." Sixty-three percent of insurers indicated that increasing customer engagement is in their top-three mobile strategies and priorities; 53 percent responded customer satisfaction, 38 percent responded "appear as innovative," 31 percent responded "build loyalty," and 25 percent responded "reduce operating or marketing costs." While driving traffic was not one of the five most-mentioned priorities, traffic was considered by far the top measure of success, with 81 percent saying such. The second more popular measure of success was the volume of interaction on mobile devices (56 percent), third was customer satisfaction (53 percent), fourth was leads generated (53 percent) and conversion rate (38 percent). Web analytics applications were the most popular tool for measuring both mobile applications and sites. Beyond these popular processes, Forrester provides a step-by-step guide as well as the following best practices for insurers looking to sustain a mobile program supported by robust metrics:
1. Recognize that mobile is complementary but different from other channels.: Your analytics strategy must address mobiles distinctiveness and ability to create a different kind of customer experience that you need to get right and keep improving.
2. Appoint a mobile metrics leader.: Performance needs to be measured across business lines like personal and commercial, processes like claims and underwriting, and tasks like bill payment or account servicing.
3. Measure before taking on new mobile strategies.: Getting measurements in place first and capturing the metrics you need to tie your mobile initiative with the business result lowers the hurdles for new project investments.
4. Emphasize the little things.: The process of collecting mobile metrics is fraught with a variety of technical glitches. Know what they are and how they could affect how you evaluate and justify your mobile strategy.
5. Experiment with new ways to measure.: Getting the basics of mobile measuring down means that you have the foundations to future-proof your measurement strategy by considering behavioral measures like location or objective third-party survey data.
6. Benchmarking is important.: Your customers are experiencing all kinds of new features and services from banks, retailers and airlines, meaning youll need to measure how your firm compares with these new mobile experiences both within and outside your slice of the insurance market.
For insurers increasing their mobile emphasis, a new report from Forrester establishes a path for implementing and maintaining an effective mobile operation.
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