- January 21, 2017
- Posted by: admin
- Category: Featured, Other Technologies
In today’s world where availability of real time information ‘while on the move’ has become a norm, Mobilization of enterprise processes has become quite imperative. In the case of insurance industry it becomes all the more vital since Mobile Solutions can play an important role in the Sales and Claims Management of the policies.
Mobile strategic solutions provides Insurance companies to help grow the number of channels through which they can sell and manage their products or better still, connect with prospective customers. Mobile insurance apps provide services which help customers to access their policy information, locate agents, pay premiums and apply for claims through their mobile. Also available are field service mobile solutions for the agents or sales team, which enable agents to access real time information, policy quotes and new policy features.
Mobility’s Implementation in Insurance Value Chain
• Sales & Distribution: Mobility solutions for insurance sales help agents with a strong support in terms of calendar management, contact management, sales reporting, new policy information, prospect case management and underwriting guidelines etc.
• Claims Management: Claims management forms the most important process for the insurance carriers since it involves a greater part of the expenses especially for property or commercial insurance carriers. Hence mobilizing this link of the value chain becomes quite imperative and would have the highest resultant cost savings if mobilized effectively. Mobilizing the claims management process also results in a much higher customer satisfaction results due to immediate or real time info availability to the customer with regards to his claims. Also the role of the field agent or validator during the claims assessment process becomes far more streamlined and results in operation effectiveness with vital info and policy dates available at his fingertips.
• Policy Servicing: Mobile solutions for policy servicing help agents with access to client portfolios, account information, payment dues and hence reduce payment delays and increase customer satisfaction. There are also customer mobile solutions which help them access their own account related info from the mobile, payment dates and also provide the facility of onsite claims processing hence reducing the lead times to different processes within the insurance value chain.
Looking at the benefits and usability of mobility solutions within the insurance industry it has become crucial for the insurance companies to actively adapt and implement mobility across the insurance value chain. However, depending on the type of insurer (life, commercial or casualty) it is important for them to have a sound mobile strategy in place suited to their exact needs and claims processes, before they finally get down to implement it and reap the benefits of mobility.