Insuranceciooutlook

How Mobile Tech Changes the Face of Life Insurance

By Insurance CIO Outlook | Monday, February 24, 2020

Life insurers have jumped heavily towards embracing mobile technology to meet the increasing demands of their consumers.     

FREMONT, CA: Mobile technology has become the dominant mechanism for web access, and life insurers are vigilantly investing in it to boost business. Mobile technology provides unparalleled channel access capability, extending from the internet to mobile applications and brings communication, anytime and anywhere, to the forefront. Here is how mobile technology benefits life insurers.    

Communication

A mobile app in life insurance opens the door for two-way communication. It also allows the life insurance carrier to push information to the consumer through mobile app alerts, text messages, and emails. Communication through a mobile app can also be personalized. It can be triggered by events and social, driving, and shopping behaviors. This type of communication provides the ability to track and utilize customer information to personalize and meet the needs of consumers before they demand it.    

Engagement

Top Tech Solutions For Life InsuranceLife insurers still struggle to find the best methods of engagement. With mobile technology in hand, carriers can stay top of mind for consumers through specialized notifications, polling questions to support insurance product development, and reminders to update and check personal information. By nature, life insurance is a low-touch product, but having the ability to positively engage with consumers through mobile technology helps them stay loyal to the brand.    

Payment and Lapse

Life insurers spend much time and effort making up for policy losses—due to cancellation, a lapse in payment, or death. Many of these lapses happen after unexpected hikes in premiums. By preparing consumers in advance via mobile app, life insurers can ensure a higher read rate. Being able to communicate in this manner gives the policyholder an opportunity to reach out directly and to the carrier via chat or call.

Mobile Policy Management

Insurance customers do not want to speak to representatives every time when information update is needed. Being able to easily log into a mobile app and make changes in the information provided is an integral value that mobile app provides to life insurance. Not only does this provide good customer experience, but it also cuts down costs on calls and frees time to handle more important calls from policyholders that could result in saved policies, upgrades, cross-sales, or new sales.

See Also: Top Insurance Technology Solution Companies

Weekly Brief

Top 10 Insurtech Startups - 2019

Read Also