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Why Mobility Matters to U.S. P&C Insurers

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Why Mobility Matters to U.S. P&C Insurers • Cognizant Reports Why Mobility Matters to U.S. P&C Insurers Insurers that holistically embrace mobility to improve customer service and internal operations can gain competitive advantage, even in a difficult economy. Executive Summary ability to offer usage-based premiums, build The property and casualty (P&C) insurance indus- long-term customer relationships and prevent try is facing its biggest technological shift in fraudulent claims. recent times. The proliferation of smart devices and their rapid adoption by customers are prod- While aggressive players are proactively explor- ding an industry that has traditionally adopted ing new ways to tap into mobility for competi- a “wait and watch” approach to technological tive advantage, a majority of P&C insurers have progression. yet to seriously consider mobility platforms and devices. Trends such as the volatile and immature Advancements in mobile technology and the nature of mobile technology, as well as quickly increasing capabilities of smart devices present evolving consumer and business needs and promising opportunities to insurers struggling to expectations, are keeping many industry players meet evolving customer needs, gain market share mired in analysis paralysis. Given the growing and reduce costs through new efficiencies across popularity of mobile solutions among custom- the insurance value chain, especially in claims ers and employees, however, more carriers are management. From self-service apps that allow beginning to realize the important role mobility customers to initiate a claim from the accident will play in keeping new-age customers loyal and site, to smartphones and tablets that connect employees productive. on-the-go adjusters with back-office systems, mobile solutions are beginning to play a key role Getting there won’t be easy. The road to mobil- in improving all aspects of customer service. ity is strewn with a multiplicity of challenges. Protecting sensitive customer data is, of Technologies such as satellite imaging and course, the biggest challenge, followed by the augmented reality are also being employed to technological complexity involved in extending simplify complex loss estimations and prevent enterprise applications to mobile devices, as well claims leakage. Telematics — even in its infancy — as the need to revamp existing systems to support can be a game-changer, providing insurers the mobile applications. Managing heterogeneous cognizant reports | august 2012 devices and operating systems to deal with the As insurers combat a soft market, tightened growing BYOD (bring your own device) movement regulations are requiring them to invest in is yet another obstacle that must be conquered. upgrading their core systems. Meanwhile, fierce competition is forcing the commoditization of These challenges can be overcome by carefully insurance products. To face these challenges, aligning the mobility journey with key organi- insurers see mobile solutions as an important zational goals. This starts with developing a lever in improving operational efficiencies, holistic mobility strategy that takes into account reducing costs and enhancing customer service. customer needs, as well as a proactive approach Further, it is estimated that personal lines P&C for complying with data security and privacy insurers that do not offer online and mobile regulations and evolving BYOD policies that flex transaction capabilities will lose 25% of their with employee needs and expectations, while current market share by the end of 2015.1 capping costs and mitigating operational risk. Only then can mobility’s benefits be achieved What follows is a point by point discussion of the across the insurance value chain. key forces moving insurers to embrace mobility. For insurers with limited in-house IT capabilities, Consumerization of IT partnering with solution and service providers Half of all U.S. mobile subscribers own a smart- that can deliver complex technology integration phone, according to a Nielsen study conducted and management across the IT stack, as well as in February 2012.2 Smart handheld devices, with a platform that enables device heterogeneity, is innovative features and sophisticated capa- critical to moving the mobility discussion from bilities, have empowered customers, allowing lofty concept to a strategic element of business them to perform a host of activities at any time transformation. And for sure, mobility will be a and from anywhere. Mobile devices are now an primary component of transformation within the integral part of many consumers’ lives, especially insurance industry. millennials (see Figure 1). With older genera- tions also gradually taking to these devices (see Driving Forces Figure 2, page 4), demand for mobile services Insurers are being driven to adopt mobile solu- across the board is expected to rise. tions, thanks to the proliferation of affordable smart handhelds with embedded computational To be sure, consumers are already compar- capabilities and consumers’ growing use of mobile ing mobility services provided by insurers with devices for a wide array of functions. those of companies in other industries, and are Smartphone Ownership by Age Group 80% 71% 70% 67% 60% 54% 50% 44% 40% 31% 30% 20% 13% 10% 0% 18-24 25-3435-44 45-5455-64 65+ Age Source: Pew Research, February 2012 Figure 1 cognizant reports 2 demanding increased sophistication in the way customers. This is pushing insurers to identify their carriers reach out to, communicate with ways to significantly reduce costs and improve and serve them. Agents are demanding continu- process efficiencies. ous access to business applications, as well, and are keen to use their personal mobile devices to The Need to Differentiate interact with clients and carry out business The days of depending on product differen- transactions (see sidebar, below). tiation are over, due to fierce competition that has resulted in a commoditization of insurance Challenging Operating Environment products. While pricing can play a key role in The P&C insurance industry continues to operate attracting customers, the job of building and in an uncertain economic climate, with reduced retaining customer loyalty requires insurers to premium growth and investment yields that have differentiate on qualities beyond specific product declined over the past 15 years — from 5.7% in offerings. 1996 to under 3.8% in 2011, according to Fitch.3 Additionally, compliance with the Dodd-Frank Mobility helps insurers in this pursuit by Wall Street Reform and Consumer Protection Act providing an easy and efficient way to meet and the expected impact of Solvency II beyond the rapidly evolving needs of their customers European Union borders may require U.S. insur- and offer personalized offerings and stand-out ers to invest in enterprise risk management services. It enables customers to carry out and related support systems, adding to already numerous self-service tasks, ranging from renew- strained operating costs.4 ing policies to filing and checking the status of a claim. Insurers that offer innovative mobile There has also been an increase in the capabilities can not only attract and retain frequency of natural catastrophes (see Figure 3, existing customers, but they can also gain new page 5) and, consequently, in the cost of serving customers via social referrals. Quick Take The BYOD Boon The concept of employees using their personal devices for work activities is steadily gaining momentum. Employees often believe they can do more with their personal smartphones and tablets than with the technology provided by their employers. As more digital natives join the workforce, there will be even more pressure on organizations to support a variety of personal devices. The finance/insurance and healthcare industries are leading the way with BYOD, even as they adhere to stringent data security regulations, according to a report by Good Technology, a provider of mobile solutions.5 However, this is limited to large and very large organizations; data security and privacy concerns are prompting many other players to sit on the fence. Further, creating a robust and scalable IT infrastructure to support numerous devices running on multiple operating systems will be a major challenge for IT departments. (For more details, see Making BYOD Work for Your Organization.) Yet the benefits offered by BYOD are immense and well worth considering. Allowing agents and sales personnel to connect to enterprise applications from their devices at any time and from anywhere will provide flexibility, boosting productivity and satisfaction and helping to attract and retain talent. While BYOD demands an initial investment, it reduces the cost of owning devices for organizations (which is about $80 per device monthly).6 In an industry where customer service is key, BYOD helps agents and adjusters respond to customer queries even after work hours and during weekends with devices of their own choosing. cognizant reports 3 Key Areas for Mobility Solutions Most other insurers are still grappling with Insurers’ foray into mobility began with field per- mobility or are in the early stages of their sonnel using digital cameras, laptops, portable mobile journey. They primarily offer basic mobile printers and satellite communication-enabled functionality for customers, adjusters and vehicles to expedite claims processing during agents, according to a Strategy Meets Action natural disasters. P&C insurers pioneered the use December 2011 report, "The Mobile Technology
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