In 1985 when I was a kid in school, one of my favorite TV shows was Robotech, also known as Macross in some regions. They had the technology (alien technology by the way) to transform fighter planes into mechanical robots (a bit like Transformers), however they did not have either cellphones or smartphones. Instead, they had mobile cabs that would travel around the city looking out for when to pick the person up. Not to mention, in some episodes, they even had some kind of Google glasses. It was all very cool stuff in 1985.
Fortunately for us all, today we have our own smart stuff in the form of a super computer in our pockets – being the smartphone. Many of us no longer need to run to a red box to make a call; and a long with smartphones we have data usage, internet, and apps.
The great challenge with smartphones for insurers, is how to engage with customers in this mobile world; that is, how to make apps attractive to them beyond the basic proposition of moving consumers to the mobile channel in order to lower the operating cost.
In insurance, availability of mobile apps varies by region and by country, so does functionality. In most countries property and casualty insurers are taking the lead, especially to connect to auto insurance policy holders to provide them with a very array of self-servicing features through the app. In many countries, insurers need to work with the regulators hand in hand to find the best ways to boost financial inclusion and the use of insurance through digital channels.
In a recent Celent’s report, we found that at least 80% of P&C insurers in the United States, the United Kingdom, Spain, and Portugal offer apps to their clients"
In Latin America availability of consumer-focused apps in insurance grew from 21% in 2013 to 39% in 2016"
So we expect in the following years that Latin American insurers keep up other regions. Not to mention that Insurers are very interested in mobility and they plan to invest in this technology. To learn more about this report, please click here.
Going back to my story, there were occasions where the main character couldn't be contacted because there were no mobile phones, only robots, and maybe the outcome of the story might have changed. It was 1985 for a story created much earlier; more than 30 years ago, but now mobility, artificial intelligence, robotics, and analytics are a reality.
Technology is playing a very important role enabling insurers to engage customers, and as part of the insurance industry, we need to be aware of these advancements. If you are interested in insurance technology and want to know more of case studies around world, Celent will be awarding the best technological initiatives in our 2017 Innovation & Insight Day in Boston on April 4, 2017
Also, if you are or know of an insurance company which exhibits best practices in the use of technology, please click here and complete the nomination form. Submissions are being accepted until December 16, 2016. Categories include:
- Digital and Omnichannel
- Legacy and Ecosystem Transformation
- Innovation and Emerging Technologies
- Operational Excellence
- Data Analytics
For more information about the Model Insurer program click here, leave a comment, or email me directly at email@example.com. I’d be more than happy to talk with you. The Celent team and I are looking forward to hearing from you and meeting you in person at the 2017 Innovation & Insight Day.