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Would Mobile Applications Drive the Next-Level of Business Growth in Insurance Industry?

Would Mobile Applications Drive the Next-Level of Business Growth in Insurance Industry?

Mobile applications are an important part of the growing insurance technology space. Many insurance providers are relying on the mobile applications to position their products and services in financial market.  Different mobile applications for insurance provide wide range of features, but we will focus on the ones that simplify the experience with their amazing UI UX and benefits.

But, first let’s take a look at the global insurance technology market.

As per the Insurance ‘Industry Outlook reports’ published by Deloitte during the FY 2018 – 19, it was revealed that, the global insurance industry was looking forward to a sustained growth. At this juncture, the industry suffered from inflation while fluctuating consumer demands have taken a hit. Industry professionals from insurance agreed to the fact that the industry has been badly affected through economic downturns prior to the outbreak of the pandemic. On the contrary, during the outbreak of the pandemic by March 2020 the insurance industry started to ride the next growth wave.

Consumer demand of Insurance products: Role of COVID-19

The outbreak of the pandemic during the year 2020, have created a huge impact on the insurance industry. Accenture, an US based consulting firm, revealed that consumers have understood the value of money post pandemic, and insurers had a great demand to overhaul the business model. Insurance is by and large, a manpower intensive industry, and therefore employee engagement is one of the major drivers to improve performance.

Helping out the employees with a long day, insurance industry has emerged to be one of those with a high resilience and a strong need for documentation. Business leaders in the industry have managed heavy workloads during the COVID-19, despite the stringent lockdowns. On the other hand, business leaders reduced repetitive tasks to improve productivity and remain focussed. Increased output mapping was a part of measuring employee productivity while incentivization was being automated at every juncture. A major business objective in the insurance industry was to boost enterprise productivity while streamlining functions to complete targets happened to be a priority!

Was COVID-19 a tool to facilitate online documentation?

For the insurance industry at least, the need for online documentation emerged, post the pandemic to stay abreast with market demands. With rising demands for insurance products, post COVID-19, there has been an increasing need for boosting enterprise productivity. Insurance agents by this time, were only to focus on specific tasks, while digital tools were being utilized to prioritize the process of consumer documentation. Industry experts claimed that mobile applications had created a revolution as such applications had transformed the process of customer service.

Some popular mobile applications used in insurance industry to improve enterprise productivity 

Business managers from the insurance market had used certain mobile applications to drive business outcomes during the period of stringent lock downs. Managers when interviewed by media, acknowledged that mobile applications had transformed the trends of documentation as efficiency of operations had improved till a large extent. But, speaking about the software aspects, consumers had preferred to use those applications which provided an integrated user experience.

Here we provide a list of such applications to give the readers a stint on the observations made:

  • Allstate Mobile app

Allstate mobile app is built by Allstate corporation. Policy listing, simplified bill payments, real-time claim reporting and AR-based safety protocols are available with the Allstate insurance mobile applications for users. It is one of the most powerful data science driven mobile apps specifically designed to make insurance services and products more accessible to users and customers.

  • Slack

Slack had been one of those mobile applications to have streamlined communication in insurance operations till a large extent. Known to create a centralized communication ecosystem, Slack had allowed the insurance employees to work in collaboration, while unnecessary communication was cut down to save time. Project management was facilitated through promoting messaging groups within a network of employees concerned. For instance, Liberty Mutual uses Slack’s Enterprise Grid to manage day to day operations. On the other hand, small managed insurance firms had utilized Slack application to manage communication on the regional platform. Slack being an integrated product solution has made sharing data easy through integration of third-party software products.

  • DocuSign

DocuSign’s esignature solution for insurance is one of the most effective ones you are likely to come across for your documents. The DocuSign Agreement Cloud for insurance facilitates the endorsement of consumer documents with easy-to-use digital tools, drag and drop verification IDs, and automated workflows for repeated tasks.

Enabling easy access to electronically sign the documents required, DocuSign could also provide reminders round the clock on policy renewal mechanisms. Such mobile applications could provide automated processing of an insurance application through saving of e-signatures in the system. Leading to a ‘cohesive brand experience’, the given mobile application could improve enterprise productivity amongst global insurers till a large extent.

  • Cam Scanner

Smartphones had facilitated ‘digital-first communication’, Cam Scanner was frequently used by business managers to scan the necessary documents associated with an insurance application. Providing a high-definition scanning, it gave an absolute advantage to the concerned stakeholders. Above all, with Cam Scanner being loaded on your phone, consumers could perform a document scan irrespective of locations. The best part remained, Cam Scanner provides absolute data safety, and a pdf conversion is allowed to save valid information. 

  • Templafy

Insurance industry during the outbreak of the pandemic, were always looking for template management tools. Automation of document processing was a sheer necessity while ensuring legal compliance was a stringent business requirement. Templafy had played a significant role in creating documents easily while employees could work on ready made templates. Allowing employees to troubleshoot instantly on any consumer issue, the product could create a proper email course as well. Ensuring input-based data feeds Templafy could provide electronic updates covering industry trends.

Transformation Trends in Insurance Industry Post Pandemic: A Snapshot
  • After March 2020, almost 80% of the global insurers had reoriented their digital maps as per a study conducted by KPMG Global
  • The requirement score for process automation amongst the global insurers was estimated to be 80% by PwC.
  • Data analytics and integration of data models played a huge role in enhancing user experience in the insurance industry.
  • Most of the global insurers have gone through mergers and acquisitions during pandemic to survive.
  • Response operating business models were created and safety protocols were revised during the pandemic outbreak.
  • Car and Travel insurance market have experienced a lean time throughout.
  • Almost 40% of the employees in insurance had lost jobs globally, while about 60% of  employees improved productivity through digitization.
  • Blockchain Technologies have reduced costs of verification in insurance till a large extent.
  • Transformation of technologies as well as a paradigm shift in consumer expectations post Covid is going to drive the insurance industry in future.

Conclusion:

Mobile Applications has already ignited tremendous business growth in the global insurance industry. Mobile applications would continue to propel customer experiences with AI and data analytics and simplify the process of insurance application. With quick adoption of digitization amongst the insurance service providers, customers can expect better service and claim management that has been missing for so long in the industry.

Let us know what you think about the future of AI in insurance technology.

[To share your insights with us, please write to sghosh@martechseries.com]

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