Page 14 - Life Insurance Today May 2016

basis. As mobile users are already KYC formalities customers via mail or Skype and mobile wallets could
compliant, it is easy for insurance providers to offer enable customers to make payments on the move.
insurance via mobile banking (KPMG Insurance Industry -
Road Ahead, 2013). 3) Analytics - The quantum of data available to the agent
through analysis of real time customer data could
The applications of mobile insurance could be as follows : reveal patterns, allowing the agent to offer more
(Cognizant 20-20 insights, October 2013 ) customized services.
1) New modes of doing business - The functionality of
4) Integration of mobile applications - This can be useful
mobile platforms could enable agents to create to agents and insurance partners in conducting
custom presentations for their prospective clients on financial planning at the point of sale. Insurance
a go. mobility Business Strategy - A Roadmap and
Implementation process (White paper) as depicted by
2) Communication - Agents can remotely interact with their the experts in their conclusion is found below:-

Relevant Customer-Centric Aspects Using Mobility for Higher Benefit Realization

Customer - Driven Intimacy Driven by Superior Benefit 1 - Efficiency
Mobile Functionallty User Experience
Helps improving productivity
Insurers who can deliver Knowledge and insight of and cutting costs by error
unique, differentiated and the 3 user groups, i.e.: free electronic content
customized value based on 1. Customers/prospects. processing, reduce Turn
customer propensities - 2. Agents/channel Around Time (TAT), manual
e.g., value seekers, deal tasks elimination.
hunters, etc. - will be able partners.
to attract, retain and grow 3. Internal users - Benefit 2 - Growth
customer’s wallet share.
e.g., customer services, Better customer/channel
Leveraging the powerful contact center execs. engagement drives new
features of smart devices business growth, retention
optimally - e.g., GPS, For the above three user of existing book leading to
calender, etc. - that groups with evolving needs higher revenue, penetration
redefine and transform the a successful strategy will of newer segments.
erstwhile “real-time” view processes and
customer facing tasks and functionalities that Benefit 3 - Brand Recall
manual activities. consistently create right
level of engagement and Improve loyalty by getting
compelling value closer to the customer,
propositions. drive repeat business,
“deliver convincing brand
experiences” and convert
loyal customers into
advocates.

Ability to be “customer obsessed” will differentiate the winners from the rest of the pack and
hence “mobility with agility” is the new success factor

14 May 2016 Life Insurance Today