The advisory firm claims that mobile technology is becoming the dominant mechanism used to access the Internet and information. It added that customers, partners and employees were using mobile technology to communicate from anywhere at any time.
By embracing mobile solutions, EY said insurers would extend their business to this channel, attract new customers who want more self-service options and enable the modernisation of customer service tools which would increase agent and policyholder satisfaction.
The report claimed, however, that substantial structured efforts would be required to push the adoption of mobile insurance as current usage remains low.
“Insurers have high expectations to grow their businesses, increase self-service, reduce business risk, lower operational costs and enhance productivity,” the report said. “In order to generate additional investments, mobile insurance teams must connect the dots with definitive metrics, such as sales, loyalty and customer satisfaction, that prove the business impact.
“With increased mobile channel investments, subsequent higher adoption and customer engagement, there is a greater need to define measurement strategies. These must have the ability to withstand management’s scrutiny about total cost of ownership and return on investment (ROI). Measurement is the key to building a future-ready mobile insurance solution.”