Of Special Interest
- Solvency II survey indicates UK insurers have still much to do-majority say start date will be delayed
- WiproTechnologies-on the global insurance stage
- Study predicts telematics take off in UK
- Accenture and Duck Creek solutions together add value
- QlikTech-placing agile analytics in the hands of the business user
- The Met Office says Atlantic hurricane fluctuations connected to industrial air pollution
- Most of UK life insurers sheltered from eurozone sovereign debt crisis says Fitch
- Telematics statistics indicate further good news
- Telematics growing in interest in UK amongst consumers says survey
- Global insurer IT spend to increase after decline says report
- Geneva Association reviews catastrophic year and looks forward
- Solvency II goes too far says survey
- Policy administration modernisation is next priority says survey
- Insurers falling behind other sectors in customer service says survey
- LIMRA reviews growth of mobile technology amongst North American insurers
- EIOPA publishes final response to European Commission on occupational pension schemes
- Global ceo survey indicates key reasons for growth being held back
- EIOPA issues 2012 Action Plan for Colleges of Supervisors
- European regulator warns politicians on Solvency II potential delay
- The MGAA-providing timely support for UK underwriting agencies
- Insurers could look towards alternative asset classes because of Solvency II says survey
- Difficult decisions ahead for European insurers says Ernst & Young report
- 2012 US Auto Claims Satisfaction study published
- S&P maintains stable outlook on reinsurance market
- Fitch reviews Bermuda market prospects
- Deloitte publishes 2012 Global Insurance Outlook report
- Local support for Thailand Catastrophe Fund plan
- World Economic Forum Global Risks 2012 report published
- Treasury Committee motor insurance report creates comment
- Ernst & Young outlines five success strategies for US p&c insurers
- Further delay over Solvency II
- Swiss Re sigma study reviews catastrophe costs
- Fitch predicts future trend for US broker market
- Aon Benfield publishes report on China p&c and reinsurance market
- US life industry faces challenges says report
- Only 20% of actuaries and insurance finance managers completely confident in data control processes and spreadsheets says research
- Swiss Re predicts bluer skies from 2013
- LIMRA reviews US consumer life insurance buying trends
- Sovereign bonds revised capital risk charges unlikely to be incorporated in Solvency II in near term says Fitch
- A.M.Best stress tests insurers exposure to eurozone debt
- S & P highlights regulatory change for UK life insurers presents challenges but there are long term opportunities
- EIOPA provides Solvency II update at first annual conference
- EIOPA consults on Solvency II reporting and public disclosure
- EIOPA consults on Solvency II ORSA
- EIOPA launches consultation on guidelines for complaint handling
- Global survey reveals insurers could improve services to customers
- Defaqto survey indicates vital role of financial advisers
- Social Media to inpact insurance market says report
- Only 48% of UK and US consumers trust their insurance provider says survey
- China looking at widening motor insurance role for foreign insurers
- Norton Rose reviews financial institutions globally
- Guy Carpenter reviews Asia Pacific catastrophe scenario
- Solvency II clarification soon
- Total loss customer satisfaction lower says US auto insurance study
- Insurers need to reflect rebuilding costs as new homes size grows
- Major reinsurers still have robust capital positions says Aon Benfield
- CEA opposes US bills relating to taxing of foreign insurers
- Focus on UK motor insurance costs
- Leading North American insurance risk managers form advisory council
- KPMG alerts insurers over SIFI possibility
- UK insurance fraud continues to rise
- Stay Agile and Stand Out in Changing Insurance Markets
- Insurers to spend more on IT says research
19th February 2012
LIMRA reviews growth of mobile technology amongst North American insurers
Almost nine in 10 life insurers in North America who have or plan mobile technology initiatives do so to meet growing producer demands and provide better support services; a quarter listed it as the top reason for adopting mobile technology into their business strategy.
“Like we saw with social media, life insurers recognize that using mobile technology is not negotiable if the company wants to be competitive now and in the future,” said Mary Art, LIMRA research director, technology in marketing and distribution research. “In fact, three of four companies surveyed said they were using mobile technology to keep pace with their competitors and nearly as many anticipate these investments will increase sales.”
In this new report," Mobile on the Move: Reaching Insurance Stakeholders Wherever They Are," LIMRA examined the mobile initiatives of 53 life insurance companies in the US and Canada and what they are doing to integrate mobile devices into their business model.
Already, almost a third of companies have some sort of mobile initiative in place and another 30% plan to launch a mobile programme specifically for their producers within the year. Most companies are looking at integrating this technology into their sales and prospecting processes. According to companies surveyed, producers—especially those marketing to younger generations—are demanding mobile support from carriers. Earlier LIMRA findings support this: the number of producers using mobile devices in their practices nearly doubled from 2008 to 2010.
Producers are not the only audience life insurers hope to reach with their mobile initiatives. With close to half of the US population expected to connect to the mobile Web by 2015,1 it is critical that life insurers consider how they will integrate mobile technology to reach consumers as well. LIMRA’s study revealed that two-thirds of life insurers said they want to use mobile technology to improve their service to policyholders and keep pace with consumer demand.
LIMRA found many companies are still in the development phase with mobile technology, launching their first mobile initiatives or pilot programmes in 2011. Mobile applications and modified, mobile-friendly sites are currently the most common developments among life insurance companies. In the future, the single most common focus will be on developing a separate mobile website. The belief is that as tablets become more popular, mobile websites will provide a better viewing experience that is more cost effective than mobile apps offer. In addition, consumers are less likely to download an app for insurance since they will not use it often enough.
There are challenges to mobile development. Seven out of 10 companies report having trouble allocating adequate human resources to properly launch and manage the new mobile initiatives. In addition, companies said they struggle to manage the different mobile devices, platforms and operating systems. Half of the companies said defining the return on investment for mobile investments and ensuring data security have been issues of concern.
“Overcoming these challenges and finding a way to develop an effective mobile strategy is a top priority of insurers,” commented Art. “We expect there to be a learning curve with adopting mobile technology but it is undoubtedly an important platform for the future of the insurance industry.”
