Mobile Technology for the Life Insurance Producer: Is It a Fad or the Future?
Tablet PCs and smartphones could make today’s life insurance producer high tech in a high touch sales environment.
Only 12% of the top 100 life/health/annuity insurers in North America have introduced mobile technology to their producers. According to Celent discussions with life insurers, although mobile applications are not fully implemented in their businesses, nearly 50% of insurers are investigating their use.
A new report, Mobile Technology for the Life Insurance Producer, highlights the benefits and concerns that insurers may encounter as they plan their mobile strategy. It also includes several case studies, from both insurers and other industries.
Some life insurance companies have moved marketing materials to iPads, saving the producer from carrying heavy binders filled with dated materials. Others have gone further and offered access to customer account data, illustrations, and even eApplications. As mobile app development is pursued, an insurer must consider many factors; and, as the line between personal devices and business devices blurs, security and compliance rise to the top of the concern list.
“North American life companies are not at the forefront of offering mobile apps to their sales force, but it won’t be long before a mobile device is part of every life insurance agent’s cadre of sales tools,” says Karen Monks, analyst with Celent’s Insurance group and author of the report.
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 operating unit of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Digital Technology and Life Insurance
Then: Personal Computers and the Internet
Now: Mobile Technology
Which Platform? Which Device?
Benefits of Producer-Focused Mobile Technology
Mobile Applications Implemented by Life/Annuity Insurers
Mobile Applications Outside of Insurance
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research