Will Mobile Insurance Take Off ?

 

Despite the growing range and sophistication of leading (US) insurance companies’ mobile offerings, consumer adoption of mobile insurance services is still low. What makes the mobile solution relevant to the customer? Forrester has identified three elements that determine the convenience of a service or product: immediacy, simplicity, and context. For insurance, the mobile channel offers all three: 1) the immediacy of instant access to your insurance company when it matters, such as when an accident occurs; 2) the simplicity of completing tasks in just a few steps, such as filling out a claims form via your smartphone on location and accompanying it with photos of the incident; and 3) context, as mobile can give customers near-immediate directions and relief when a stressful event occurs. However, a big challenge remains: Do customers feel compelled in the first place to download an app for an event they probably don’t want to happen. We looked at data from Forrester’s North American Technographics® Financial Services Online Benchmark Recontact Survey Q3 2011 (US) and found that:

Read more