Insurance processes have firmly entered a new era, with technology becoming second nature to all. Now, with consumers spending so much time on mobile devices already, insurers are turning to mobile applications to increase speed and efficiency throughout the insurance lifecycle.
Zviki Ben Ishay, CEO and co-founder at Lightico, explained to Insurance Business the benefits of mobile technology in the insurance space.
“Mobile tech helps consumers get things done faster, with a tool they always have at their fingertips,” he emphasized.
If client was in a car accident or a tornado hit their home, insurers can start handling the FNOL in real-time.
While some agents may think that apps take away from building relationships, Ishay noted that mobile technology can enhance communication and help foster a deeper relationship with clients.
“The technology doesn’t necessarily replace the agent on the phone – especially during a time of crisis,” he said. “When clients need to file a claim, they don’t want to be bogged down with complex technology during that time.”
According to Ishay, clients are looking to speak to an agent on the phone who can empathize and connect with them, and then connect them to a portal or mobile application to complete a claim.
“You get the best of both worlds as far as communication is concerned. Clients receive the human connection that helps guide them through the digital process, which overall helps get things done quickly and easily,” Ishay explained.
“The speed element is mostly a function of a tool that we almost always have around. My computer may have been destroyed if my house caught fire, but my phone is probably in my pocket,” he said.
Mobile technology elevates accessibility when it comes to claims processing, as well as accuracy.
Ishay noted that there are two major factors to how mobile tech improves the accuracy of a claim. The first is that there are minimal errors when moving from an analog claim form to a digitally native format.
“If you’ve set things up correctly, the claim already has all the data that an insurer has, so you’re not repeating information such as name, address, or the make of car,” he said. “Secondly, often times the agent can review what you’re doing in real-time which means they can verify information while a client is using a mobile application.”
“For sales, mobile is key to closing the deal,” he continued. “Meaning, a broker will still be involved and speak to the customer – whether face-to-face or on the phone, but once the customer has said ‘yes, I’d like that policy,’ mobile solutions can allow things to move along quickly.”
From signing forms, snapping a photo of a car’s registration, to payments, everything can be handled digitally and at a location and time of the customer’s choosing.
“The banking industry is about five years further down this road,” said Ishay. “Until a few years ago, fintechs were disrupting small parts of the industry and banks were acquiring them for their technology.”
“The insurance industry will benefit from these types of digital solutions because it will allow them to hold their own,” he said. “The combination of cutting-edge tech and decades of experience is critical to their survival. The great thing is that today, through using APIs and SaaS tech, you can add that tech into your stack incredibly quickly.”
Ishay added that having quality data analytics and using it correctly will make many of the most challenging aspects of insurance much easier.
“Everything from mobility to air quality sensors and lifestyle assessments can more easily be integrated into designing new products, assessing risks, setting premiums, and now they can be actively managed,” he said.