Insurers in Australia that adopt mobile phone technology will benefit as customers shopping for insurance will find choosing, buying and renewing an easier experience.
Such are the results of a
“The success and continued growth of the Australian life insurance industry is critical to the Australian economy, and it is critical to Australians and their families who rely on insurance to ensure the financial stability and wellbeing for their family,” said John Brogden, CEO of the Financial Services Council.
Brogden points to the report’s findings, which note that mobile applications provide insurers with a new opportunity to create a more interactive and ongoing relationship with their customers. Mobile technology can also assist in the underwriting and claims processes, thereby making the process of applying for life insurance, reporting a claim and more an easier, simpler and less time-consuming process.
“Australia has a chronic underinsurance problem and anything that makes it easier for Australians to access life insurance is a benefit,” Brogden said.
The report’s author, Telstra Enterprise and Government National General Manager Industry Development, Rocky Scopelliti, said that the report illustrates how mobile technology can assist insurers.
“Australia is one of the world’s most mature mobile markets. Today, 17 percent of Australians are using their mobile-connected devices to search for and make decisions about insurance, yet most Australian insurers are yet to offer any mobile applications for its employees, customers, agents or brokers,” Scopelliti said.
The report has identified three technology experience concepts to help insurers better support customers and improve their business growth and productivity:
*The Mobile Insurer – mobile phones and the mobile network can provide location-based information that connects with existing ICT infrastructure and enterprise systems inside the insurer’s enterprise to deliver streamlined customer service.
*The Mobile Consumer– by utilizing the knowledge and data insurers collect on many products and services, insures can provide advice to their customers through a mobile application to provide relevant and timely information to assist consumers in their purchasing decisions.
*The Connected Insurer –evolving machine-to-machine technology such as telemetry that enables insurers to provide new classes of value added services such as pay-as-you-use policies.
“Mobile enabled technology has the potential to deliver growth for insures through greater customer loyalty and category growth. It can provide greater convenience, personalization and pay-as-you-use premiums as well as provide the opportunity to better connect with customers,” Scopelliti said.
