General Insurance Mobile Apps for Producers in Latin America: Agent Mobile Technology Is on the Move

by Luis Chipana, September 20, 2016
Product Trends/ Reviews
Latin America

Abstract

Celent has published a new report titled General Insurance Mobile Apps for Producers in Latin America: Agent Mobile Technology Is on the Move. The report was written by Luis Chipana, analyst in Celent's Insurance practice.

Producers are the most significant channel for P&C insurance in Latin America. Overall, there are more than 202,000 producers in the region, 20% higher than that of last two years ago, selling no less than 60% of the premium in each market.

In 2014 Celent explored the produced-focused app offering in Latin America and learnt that no more than 6% of insurers in the region had developed this technology for producers. In this edition, Celent revisited each insurer’s website in the Latin American region and revised the apps they had available by Q2 2016. We reviewed Apple Store, Google Play, Blackberry World, and Windows App store in search of apps provided by Latin American insurers and analyzed the type of functionalities available.

Celent gathered data on 171 property and casualty Latin American insurers in 20 countries and was able to determine the number of apps in the market, features, and processes supported. From our review of mobile apps and case studies from around the world, Celent was able to determine a possible path for the short term and provide an outlook of how the future might look.

“The growth of smartphone users and the growth of the sales forces in the region have insurers rethink and redefine better ways to serve the producers through digital channels, channels in  in which mobiles are an important component,” commented Luis Chipana, Analyst in Celent’s Insurance Practice and author of the report. “Now, in 2016 about 13% of insurers in Latin America are offering producer-focused apps and the majority of insurers in the region are interesting in investing in mobile technology for producers.”

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Key Research Questions

2

 

Methodology

4

The Latin American App Market for Producers

5

 

What’s Driving Demand

5

 

Demand for Mobile Devices

6

 

Producer User Base

7

Mobile Apps Availability and Adoption Rates

9

Insurance Producer App Functionality

11

 

Characteristics of Apps

15

Customer Experience and Rating

20

 

Customer Experience

20

 

Rating

22

How Will the Future Look?

24

Conclusion

27

Leveraging Celent’s Expertise

28

 

Support for Financial Institutions

28

 

Support for Vendors

28

Related Celent Research

29

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