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Posted by Ellen Carney on September 30, 2012
Anybody out there who doesn't have a mobile device, raise your hand...just what I thought.
The explosion of mobile phones and apps in the everyday lives of consumers--and agents--is powering big changes in the business of insurance. Heightened customer expectations are getting formed by the changing mobile landscape; new generations of customers; new competitors, and the ferocious pace of mobile tech-enabled innovation that is radically reshaping how customers become informed, purchase, and get service.
In our new report, the first of Forrester's Mobile Insurance Playbook, we examine how mobile forces are driving customer expectations and how customer demands are going to influence new insurance business models.
These forces, along with others, are pressuring insurance digital teams to leverage mobile’s power to deliver the right information at the right time and in the right customer experience. And the role that mobile is playing is putting mobile on the agenda of insurance boards. How can digital insurance teams make sure that those mobile investments pay off by delivering a business impact? By making mobile apps:
Through these SUPER capabilities, mobile has changed the way that customers envision an insurance company: We can now hold it in the palm of our hand and our entire relationship with an insurance company — from quotation through to claim — could take place through this single device. That means that mobile will be the catalyst for insurance transformations that will ripple beyond just how customer interactions are changing. The impact of mobile will be felt across the insurance industry and ecosystem. Products, payments, distribution, underwriting, operations, and even what constitutes intellectual property will look very different, from the "lights-out" insurer (meaning a different focus for agents) to the new lease on life that mobile will offer for usage-based insurance.
So how do you think the business of insurance will be influenced by mobile through the end of the end of the decade? Tell us and tell us what you think of our take on the future.