Our good friend and Insurance Peer, Steve Anderson recently posted this on his LinkedIn page, and its worth re-sharing here:
The question that gets asked about technology, the one that is almost always precisely the wrong question is, “How does this advancement help our business?”
The correct question is, “How does this advancement undermine our business model and require us/enable us to build a new one?” Seth Godin
Every prediction on the growth of the use of mobile devices has been wrong. According to Mary Meeker at KPCB, mobile now accounts for 13% of all Internet traffic up from 4% in 2010.
It’s becoming abundantly clear that, for the insurance industry, 2013 will be the “Year of Mobility.”
Why mobility? The idea of mobility encompasses far more than apps and tablets and smartphones. Mobility involves many technologies that are coming together, giving us anytime, anywhere, by anyone capabilities. In other words, mobility is about wireless broadband web access and cloud computing as well as the Internet of Things, just as much as it’s about small devices. The key to success for insurance organizations will be understanding how these technology changes will work together.
The worldwide insurance industry is being transformed. Stakeholders need to ask themselves, “How can we gain new competitive advantages by using mobility to transform all of our business processes?” Mobility is transforming how customers communicate and collaborate. Mobility changes how we will market, sell, train, and share information.
Here are just a few ideas on how mobility will impact the insurance industry:
Mobility Strategy: Your organization will need to define your communication strategy for clients on the go. How are you redefining your products and processes to attract and retain this mobile consumer?
Consumer Self-Service: Digital consumers demand access to their information using whatever device makes sense to them at the time. Many want online self-service options. Agencies must explore how they can most effectively connect with consumers anywhere, anytime. Agency-branded mobile apps will be a key tool.
Mobile Payments: Allowing consumers to make payments on any device requires closer collaboration and better partnerships between the insurance company, their agents, and vendors.
Agency Producers: Smartphones and tablets (probably an Apple iPad) will be used by more agency producers to become truly paperless for the first time. How will insurance companies and vendors support this mobile producer?
Agency System Vendors: Agency systems will need to be mobile-optimized for employee and client access. For examples of first small steps go here and here. But vendors — you can’t wait 18 months to launch these new products.
Insurance Companies: Telematics, cellular broadband, and who knows what else will require new product and service strategies. Legacy computing platforms will have to be rapidly updated to support these new connections.
My hope is that you will use 2013 to think about “Mobility” and ways your insurance organization can experiment more, optimize more, think more and do more. The new digital consumer won’t wait much longer.
How do you think mobility will shape your organization in 2013?
Steve Anderson is the leading authority on insurance agency technology. He is a prolific writer known for his knack for translating “geek speak” into easily understood concepts. Check out his free weekly newsletter “TechTips” and other resources for the insurance industry on his website.
Andrew McElhannon is the Member Services Coordinator for the Independent Insurance Agents of Georgia www.iiag.org, and can be contacted at: firstname.lastname@example.org or b y phone at 770-458-0093, x.110, or 800-878-6487.