Insurers are increasingly investing in mobile technology

Insurers should follow the lead of banks and financial services companies and invest more in mobile apps, according to Celent.

The market insight firm’s Mobile Insurance Technology study said although very few life, annuity or health insurers had mobile capabilities two years ago more have begun to develop apps providing a variety of functions. It claimed an increasing number of insurers had marketing, informational and transactional solutions for mobile devices.

The report said that 27 of the top 100 life insurers in the US have now invested in mobile apps – more than double the number which had done so at the time of its last study, September 2011. Celent expects even more insurance companies will announce new apps in the next year.

“Banks and other financial services companies have jumped heavily into mobile technology. Many insurers have begun the move to mobile, but many have not. Insurers can no longer sit by and let mobility evolve without taking part,” said Karen Monks, analyst with Celent’s Insurance Group and author of the mobile insurance technology report. “Insurers must catch up if they are to meet the demands of their producers and consumers, who are both increasingly open to a wide variety of contact points.”