More than 60% of insurers in the United States are embracing mobile technology for policyholders or agents and brokers, suggests new survey results from research firm Novarica.
The report, Mobile in Insurance Beyond Personal Lines: Current Trends and Expectations, is based on a survey of 79 insurer CIOs who are members of the Novarica Insurance Technology Research Council.
It suggests that more than 30% of life and annuity insurers and more than 40% of property and casualty insurers have already deployed some mobile capabilities, either for policyholders or brokers.
“As the use of smartphones and especially tablets displaces the use of desktops and laptops in more areas of personal and professional life, support for these platforms is becoming critical to insurers' abilities to communicate electronically across the value chain,” noted Matthew Josefowicz, a partner at Novarica and co-author of the study.
The report notes that in a 2010 study, only about 10% of insurers were using any kind of tablet applications, but the increasing number of available devices, along with improved battery life and other improvements has allowed more companies to embrace the technology.
“Mobile is about positioning for the future, and significant measurable short-term ROI is in short supply,” Chad Hersh, a partner at Novarica noted. “But given the rate of change in tablet adoption, insurers cannot afford to be left behind. Avoiding mobile today is like avoiding web browsers in the late 90s.”
Tablets also prove more social for brokers and agents to use when interacting with clients, the report notes.
Other mobile capabilities moving forward include analysis tools for underwriting, and apps for claims adjusters and field marketers, the report adds. According to the survey, more than 60% of P&C insurers expect to eventually deploy mobile capabilities for those roles.
The Novarica report is available for purchase through its website.