5 Strategic Mobile Solutions For The Insurance Industry

28 Jan, 2015
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Scenario 1

A software developer who wanted to purchase a health insurance policy required more information before he could make the purchase. After browsing the Internet, he downloaded an insurance app to get more information on the best available policies. These apps are not really insurance apps, but more like an effort to provide value-added information anywhere anytime.

Scenario 2

An executive wanted to buy a car insurance policy that suits his budget. After browsing the Internet and collating information by speaking to insurance agents, he finally decides to buy a policy directly through an insurance provider, by using their custom-made app.

These real life scenarios highlight how anywhere anytime services helps insurance carriers considerably in easing up the process of doing business transactions. Today, the biggest challenge for insurance companies across the globe is providing a complete range of services to customers and producers anywhere and anytime. Insurers now see a growing demand to make their services available over mobile due to its omnipresent nature and the steep rise in use of mobile devices.

In the past few decades, mobile technology has transformed the way insurers do business. A large number of insurance consumers now use mobile solutions for their insurance needs. Due to the portability of the mobile devices which can cater to the on-the-fly requirements of an insurance agent, mobile solutions have gained immense popularity among insurers.

Here are a few business benefits insurers can derive with the implementation of a mobile app solution:

  • Jump in revenue: Mobile solutions are best known for supporting multi-channel communications with customers and prospects. These apart, mobile solutions are effective in helping insurers and agents to cut down the sales-cycle completion time.
  • Increase customer experience: Today customers who have access to mobile devices, have more information on products as per their convenience. Also, it ensures more information about the products they want or need in the future.
  • Enhanced operational efficiency: Insurers can ensure real-time communication, collaboration, and rise in procedural efficiency across the enterprise by using mobile claims solutions. For instance, mobile solutions makes it easy for automobile insurers to gather exact information directly from the accident spot, process the claim faster, and allow for the prompt assignment of the case to the right adjuster.

Today, more and more insurance agents are looking for efficient ways to boost productivity, better manage their time and help them reach out to their clients better. So here in this blog, we have indentified 5 reasons how mobile solutions can create wonders for them.

1. Personalize according to buyer needs: insurance_2With information available easily on mobile devices, insurance buyers are well informed nowadays. Even before buyers call an insurance company for the first time, they do their research online. In this scenario, mobile devices definitely help insurance agents to make a strong sales pitch by personalizing it according to the buyer needs. Mobile devices also help agents to support his/her presentation with facts and figures and engage your client better.

2. Generate instant quotes for customers: You will have an edge over your competitor if your agent can generate instant quotes for your customers. If your agent is equipped with a tablet, he/she can generate a quote right away using his mobile insurance app. And he can do this while interacting with the client to support his/her sales presentation more convincingly. If the agent is dealing with a potential motor insurance buyer, he/she can take an image of the car, send it to the office to get the right quote instantly.

3. Seal the deal in first meeting: With intense competition in the industry, you can’t waste your chance of finalising a deal with a buyer by giving him the time to rethink. So, it is always better if your agent can convince the buyer and sell the deal in one meeting. So, how can you achieve this? If your agent is armed with an insurance mobile app, he/she can get quotes on-the-spot. After the sales pitch, if the buyer agrees to get the policy document on his device, the agent can get it signed using digital signatures. And, finally close the deal by swiping the card using mobile card reader.

4. Boost your sales effort: Your agent will stay well connected with the office at all times through mobile sales enablement solutions. These solutions will help your agent to complete his work in between meetings or travelling. He/she at the same time can manage his/her leads and get access to CRM and sales automation tools as and when he/she requires.

5. Enhance your agent’s knowledge: What can be a better and more convenient option than a tablet or a smartphone to train your insurance agents? All the training material can be uploaded on an online platform, from where the agents can download the one they are interested to know more about. Your agent can use his/her smartphone or tablet to watch videos and listen to podcasts while he/she is travelling or is waiting for a client.

If you are aware of some more ways by which an insurance company can benefit from using mobile solutions, we’d love to hear from you. Let us know in the comments!

Anirban Guha
Software Engineer at coMakeIT

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