Posted on 11 Feb 2013 by Neilson
While much of the hype around mobile in insurance has focused on consumer apps from the largest personal lines insurers, other property/casualty insurers and life/annuity insurers are aggressively rolling out mobile capabilities for their policyholders and agents as well, according to a new report from research and advisory firm Novarica.
The report, Mobile in Insurance Beyond Personal Lines: Current Trends and Expectations, is based on a recent survey of more than 75 insurer CIOs, who are members of the Novarica Insurance Technology Research Council.
"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," said Matthew Josefowicz, partner at Novarica and co-author of the study.
Nevertheless, it is important for insurer CIOs to set business expectations about the immediate value of mobile investments carefully. "Mobile is about positioning for the future, and significant measurable short-term ROI is in short supply. 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 90's," said Chad Hersh, partner at Novarica.
In addition to co-authoring the study, Mr. Hersh recently gave an extensive interview on mobile in insurance to A. M. Best, which appears in the February edition of Best's Review. A copy of this interview can be downloaded from the Novarica website at http://www.novarica.com/moving-into-mobile/
Novarica, a division of Novantas LLC, provides information, insights, and perspective on markets, operations, and technology to financial services and insurance executives. The company delivers its service through published research, retained advisory services, and project-based consulting. Novarica draws its knowledge from the professional experience of its principals, the ongoing information gathering initiatives of dedicated research staff, and regular communication with industry sources through informal networks and formal Research Councils of hundreds of senior industry executives.