Wednesday, June 1, 2016

Top Reasons Why Insurance Companies Love Mobile Insurance Apps



In just a few years mobile technology has changed forever the way we live our lives. What started out as voice calls and simple messaging has now transformed itself completely with web access and apps residing on smartphones that can do virtually everything that we want. 

The portability and convenience offered by insurance mobile apps have made them the hot favorites of customers as well as insurance companies. Customers can now access their insurers and perform a wide variety of tasks; including claim filing over the phone and insurance companies too can use custom apps to keep their agent network connected 24x7 and much more. 

While a lot has been discussed regarding the benefits of insurance apps for customers, here’s a glimpse of the many ways insurance companies are using mobile phone apps:

Simplifying Processing of Claims


Insurance apps, residing on smartphones, have made the process of filing claims completely hassle-free. 


Not only does this convenience work to the advantage of the customer but also reduces the workload of the employees of the insurance company as certain tasks stand reduced or eliminated and this frees up their time for performing more vital jobs like customer acquisition and engagement. 

Insurance companies no longer have to depute their photographers to click pictures of damaged cars or goods as the customers themselves can click them on their phones and send it to the insurance company. Many customers are also using pictures of their assets to create a catalog and using them to claim insurance in case the goods get damaged or pilfered. 

This reduces considerably the workload of the insurance company.

Increasing the Knowledge Base of Insurance Agents


It can be really cumbersome as well as expensive to call individual agents to a classroom to impart knowledge and training regarding new insurance products, customer service, or internal procedures, etc. 

When all the agents have smartphones, the new educational material can simply be updated on the app, and the agents can access it at their convenience to update their knowledge. Even educational videos can be accessed by the agents in the same way. 

This way of updating the knowledge of the agents saves the insurance company a lot of organization effort and expense. The agents too can peruse the material at their leisure when they are not attending the customer requests or making motor insurance sales pitches.

Paving the Way for Usage Based Insurance


Even today, for the most part, insurance premiums are decided by insurance companies based on actuarial studies, which are essentially a study of the statistics of insurance policies bought and the claims made by customers over a long period of time. 

Apart from the general indicators, an individual customer does not get the chance to get a policy that is customized exactly to his profile. 

Using a smartphone app that communicates with the insurance company via telematics, the insurance company can get a complete picture of the customer’s driving behavior, which they can use to allow him special discounts on his premiums. 


Knowing that the insurance company is able to monitor him makes the customer drive more responsibly and the insurance company also gets the benefit of a reduced number of claims.


Virtual Office for Insurance Agents


A smartphone insurance app enables insurance agents to stay connected to their offices wherever they are and allow them to complete their pending work even when they are away from their desks attending to sales calls or even waiting for meetings to happen. 

Many of the insurance apps have very sophisticated CRM tools for managing the sales force. They can use the apps to obtain information on specific clients so that when they are negotiating with him they are fully informed of his record. 

This knowledge enables them to generate quotations immediately for the customers, a service that is always appreciated. 

The promptness of response to any query of the customer that is enabled due to agents being able to access the company’s vast information base can act as a strong enabler for deals to be concluded successfully at the very first meeting with the client.

Author bio: David Wick is an insurance sales trainer who has designed a number of training modules delivered by smartphone apps for his employer, a leading motor insurance company. David has also designed a training kit for rookie insurance agents that is available at http://rsadirect.ae/

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