Mobile technology for the insurance industry is maturing as digital teams demand more sophistication and improved result measurements, according to Forrester.
The technology analyst claims many insurers rushed mobile apps out early as they were cheap to build and they could see competitors launching their own. It claimed, however, that these early apps lacked the meaningful functionality which can drive business benefits.
Forrester claims mobile success depends on mobile measurement and insurers need to ‘confront their measurement strategies head on’. Ellen Carney, Forrester e-business analyst, said many insurers have previously relied on a single metric to quantify mobile success but this was no longer enough.
“The business of insurance is messy. Multiline carriers want customers to buy bundles, but haphazard mobile execution often means that mobile functionality is uneven across products lines and processes. Add in an expansive ecosystem of agents, brokers, and service providers ranging from body shops to physicians, and carriers could be drowning in mobile data, but still be thirsty for the one mobile metric that could justify a critical investment,” she said.
Carney said insurers had jumped on the ‘mobile bandwagon’ but they now needed to consider how they monitor the returns when rolling out to policyholders and agents.
“With mobile roll outs now becoming material projects, relentless measurement and benchmarking validates mobile business cases and ensures continued investment,” she added.