Mobile payments are now common place throughout Australia and are used by a variety of businesses in a cross-section of industries and one technology provider believes that the insurance industry is next to develop and use more mobile technology.
In the insurance industry, mobile payments are yet to take off domestically but are used in other countries and Calvin Anderson, global channels at Black Label Solutions - a mobile technology provider, believes that the insurance industry could greatly benefit from this burgeoning technology.
“Securing payment on the spot saves time for everyone involved – less paperwork, less follow up, less confusion and improved cash flow,” Anderson said in an interview with Insurance Business.
“Secure mobile payment is new and integrated applications are now possible helping bring a better solution to the market for people performing professional services.”
Mobile payment allows for quicker transactions both to and from a customer which could have a drastic effect on efficiency.
“Customers fundamentally want convenience and speed so reducing paperwork and cheque handling is a benefit. Businesses become more efficient and create new advantages – in turn this can also equate to better customer offers,” Anderson continued.
“Digital customer engagement is in demand because it benefits all parties.
“Take the parcel delivery industry, where you can have online visibility of your parcel being received – you select this option. It has transformed this industry. Same thing with digital transactions – mobile just happens to be the preferred anytime, anyplace mechanism.”
With the insurance industry consistently labelled as slow on the technology uptake, mobile technology offers a way for forward thinking companies to diversify their customer offering.
“Companies that adopt a ‘mobile first’ way of thinking can bring new ways of doing business across their work force, improving the quality of corporate data, the visibility of transactions and improve the satisfaction of their customers,” Anderson continued.
As payments can be made back to the customer in the claims process, the advent of mobile technology could lead to rapid developments in the claims space.
“Businesses, and government, are seeking to be more efficient and digital tools facilitate new ways of executing.
“Where claims can be assessed quickly and accurately, or in the case of urgency or emergency, digital transfers will become a better way of paying out approved claims.”