Insurers: Mind the Mobility Gap
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Author:CSC Town Hall
Learn what’s at risk when insurers don’t meet their customers’ and field agents’ increasing mobile expectations, and how to turn that risk into an opportunity. What do end users expect from insurers in terms of mobile capabilities?
How can insurers design purpose-driven, user-centric mobile apps to meet those expectations? How can they turn those mobile efforts into a competitive advantage?
- Nick Dumonde, Partner, Global Insurance Consulting
- Bob Evans, Director, Mobile Insurance
- Philippe Winthrop, Global Mobility Evangelist
- Jeff Caruso, Senior Managing Editor, CSC
Insurers: Mind the Mobility Gap
Insurers need to keep up with the increasing mobile expectations of their customers and field agents. This CSC Town Hall discussed those expectations and how mobility can be used as a competitive advantage.
Nick Dumonde, a CSC partner in global insurance consulting, says mobility is poised to create massive change in the insurance industry as it penetrates to the level it has in other industries such as retail and finance. "Insurers who embrace mobility will change the way they interact with customers and manage their IT infrastructure," Dumonde says. "They will see business cost reductions, a potential massive reduction in indemnity expenses and the ability to sell more to customers."
Bob Evans, director of Mobile Insurance for CSC, says companies developing a mobile strategy are looking at four areas to focus on. "It begins with improvements to information access for products and workflow. And for any company that publishes a mobile app, there's a natural marketing opportunity," Evans says. "They also have to look for ways to enhance the transactional value of those applications and finally, improve collaboration between policy holders, agents, the insurer -- all the parties who are involved in servicing a policy."
Evans says that companies also need to look carefully at the alignment of their mobile strategy across multiple channels. "Leading enterprises are recognizing that while mobile is important, it's just one facet of managing the experience of interacting with the carrier," Evans says. "Mobile is a customer interaction with the insurance process over a variety of devices, not just a phone and tablet."
As companies move forward with new ideas and innovations, there are potential stumbling blocks they'll need to remain aware of. Philippe Winthrop, Global Mobility Evangelist at CSC, says data privacy and ownership is one of them. "As we in the industry find new ways to use data generated by individuals, we're going to have to agree on who owns that data, how it's going to be protected, and how it will be used," Winthrop says.
Evans counters that in a broader sense, data collected by the "Internet of Things" can be employed by insurers for a variety of reasons that aren't strictly personal. "Analyzing data collected by the IoT from a factory floor offers an opportunity for risk management, for education, not just for individuals but for commercial customers as well."
Winthrop says insurers can apply lessons learned in other industries to help themselves close the mobility gap faster. "Internally, many horizontal functions like sales, finance or marketing, can benefit from seeing how other industries are leveraging mobile technology," Winthrop says. "Specific use cases will require custom apps within an industry, but even then, there will be applications for some of the enabling technologies across industries, like the iBeacon indoor proximity system."
Dumonde says certain technologies like video will dramatically affect industries’ processes when combined with mobility. "A customer can provide video of a loss directly to an adjuster, completely eliminating travel time and costs for all but the most complex cases," he says. "That will have a significant impact on business processes and help insurers significantly reduce costs."
"It's a fascinating time in the insurance industry," he says. "The pace is fast, and mobility is accelerating it."
Other topics discussed during this town hall include:
• Wearable technologies and insurance based on personalized data
• Digital automation and its impact on workflow
• Thinking through a mobile strategy
• API and co-creation opportunities
• Keys to developing effective mobile apps
• Staying agile in a mobile environment
• Mobile security concerns