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.