Insurance Customers are Mobile – Are You?

Mobile technology has become indispensable to consumers, who contributed to an 80% growth in mobile web traffic in 2013. In fact, a recent Nielsen study reports that 40% of insurance research is conducted on mobile devices, and that 25% of customers conduct that research exclusively on their tablets and smartphones.

The shift to mobile is an exciting one for the P&C insurance industry, with many new opportunities that brokers can leverage to attract and retain customers:

Give customers a great mobile experience

Market data from a number of research studies indicates that approximately 61% of consumers will turn to a competitor after a bad mobile experience. Effective mobile websites go beyond simply displaying well on tablets and smartphones. They provide a friendly user interface and make finding information easy, increasing the likelihood of converting visits to sales. Brokers can develop a mobile website strategy to refine their online offering for mobile customers.

Enable customer access to policy documents

According to Accenture research, 65% of customers want to access and modify purchases such as insurance policies themselves. By enabling customers to self-serve through websites or mobile apps, as they can with investment portfolios and banking transactions, brokers can add a level of convenience for tech-savvy consumers. Ives Insurance Brokers in Ontario has already begun to take advantage of this technology, allowing its customers to access their file online and make minor policy changes 24/7.

Connect with customers on their terms

Mobile users are more likely to be engaged with multiple communication platforms – social media, email, and even texting. In fact, a recent FICO survey indicates that 55% of insurance consumers want policy renewal reminders over email or smartphone, and 52% would like similar alerts about changes to their policy.  This presents a strong opportunity for brokers to meet customers where they live and work, embracing the same media they do to stay in touch and send valuable information.

In addition, smartphones and tablets can support eSignatures technology, enabling customers to sign documents on their mobile devices whenever and wherever it is most convenient. By removing the need to print, sign and scan paperwork, brokers improve the customer experience, leading to higher rates of customer satisfaction and retention ratios.

In short, mobile technology represents not one solution but an entire menu of options to improve how brokers attract, transact and communicate with new and existing customers. As mobile technology continues to develop, the opportunities will only grow in number — and the P&C industry is well positioned to develop a culture of innovation that welcomes such advances to capture and grow market share.