With the adoption of mobile handset technology by the insurance industry it may soon be far easier to choose, buy and even renew insurance policies as well as making them more customisable and even allowing for pay-as-you-use policies.
A number of opportunities have been recognised by insurers to make better use of mobile telecommunications technology in the delivery of the services they offer according to a new report recently released by Telstra along with the Financial Service Council called Mobile Innovation – The Next Frontier for Growth and Productivity for Insurers.
Any chance for the insurance industry to have better communication with their customers was warmly welcomed by the Chief Executive Officer of the Financial Services Council, John Brogden.
He advised “The success and continued growth of the Australian life insurance industry is critical to the Australian economy, and it is critical to Australians and their families who rely on insurance to ensure the financial stability and wellbeing for their family.”
Mr Brogden went on to add “As the Telstra report notes, mobile applications provide insurers with a new opportunity to create a more interactive and ongoing relationship with their customers. The use of mobile technology can also assist in the underwriting and claims processes and thereby make the process of arranging life insurance cover and claiming on a policy easier, simpler and less time consuming. Australia has a chronic underinsurance problem and anything that makes it easier for Australians to access life insurance is a benefit.”
This report has clearly illustrated how insurers can benefit from the use of mobile technology according to its author, Rocky Scopelliti, the national general manager for Telstra Enterprise and Government Industry Development
He advised “Australia is one of the world’s most mature mobile markets. Today, 17 per cent of Australians are using their mobile-connected devices to search for and make decisions about insurance, yet most Australian insurers are yet to offer any mobile applications for its employees, customers, agents or brokers.”
Source – Telstra
