Insurance Mobile App Investment
Insurance companies are investing in mobile apps for many reasons -- including billing, claims and policy service -- but the single greatest area for investment in mobile apps during 2012 will be distribution. Surveys and discussions with insurers indicated that distribution was the No. 1 area for future investments in mobile technology.
Current Usage and Future Opportunities for Insurers reports that 62 percent of survey respondents indicated plans to invest in distribution-related mobile applications in the coming year. The next-largest areas for mobile app investment were claims and marketing.
The majority of mobile app innovation is being undertaken by Tier One companies, which are less resource-constrained. Many smaller insures are struggling in how to invest in mobile and social media. It's not that they see these things as unimportant, but they have higher priorities, such as core system investment.