Mobile Insurance Technology for the Life Insurance Producer: Are Mobile Apps on the Move Yet?
Twenty-seven of the top 100 life insurance companies have apps for producers. This is more than double the number of insurers that offered apps to producers in 2011.
In the report Mobile Insurance Technology for the Life Insurance Producer, Celent examines the mobile app functionality being offered to life insurance producers from the top 100 life insurers. The study also examines what Celent believes the next-generation functionality for producer apps should be, and where insurance companies should focus their attention. Banks and other financial services companies have jumped heavily into mobile technology.
In September 2011, Celent evaluated the mobile offerings of the top 100 life/annuity/health insurers for producers in the US. At the time, very few insurers were offering mobile capabilities to producers, and the few apps offered were not transactional. However, in 2013 insurers have begun developing and offering a variety of functions to their sales forces, many of which are transactional. Celent expects that even more insurance companies will announce new producer apps in the next year.
“Banks and other financial services companies have jumped heavily into mobile technology. Many insurers have begun the move to mobile, but many have not. Insurers can no longer sit by and let mobility evolve without taking part,” says Karen Monks, Analyst with Celent’s Insurance Group and author of the report. “Insurers must catch up if they are to meet the demands of their producers and consumers, who are both increasingly open to a wide variety of contact points.”
This report describes how many of the SNL top 100 Life Insurance Companies for 2012 (based on DWP) have producer apps available today, and some of the key features available. By looking at what has been done, Celent also makes suggestions as to what functionality should be considered for future apps or updates.
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].
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Table of Contents
Insurance Company Apps
Producer User Base
Trends in Producer Apps
Digital Technology and Life Insurance
Smartphone and Tablet Growth
What’s Driving Demand?
Insurance Producer App Functionality
Mobile Apps from Life Insurance Companies
Operating System Platform Support
Looking Forward: Future Functionality
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research