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News Article : Insurance Mobile Applications no help to clients when they really need them
Category: Short-Term Insurance : Claims
Author:Christian Nolterieke
Email:[email protected]
Posted:21 Nov 2012

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Auto insurance apps score best - majority of all apps lack functions to register and track claims

Mobile Apps of insurance companies fail at providing the most basic interactive functions for the user, such as features to ask for an offer/quote, register a claim and check the status of their claim.

As a result the insurers forgo their mobile apps' potential to support clients in their time of need as well as losing opportunites to win new clients.

This is the main finding of a report by Swiss research company MyPrivateBanking, for which more than 100 Apps of the 30 leading insurance companies worldwide are benchmarked in respect to their interactive functionality.
 
According the the MyPrivateBanking report, out of the different insurance sectors, the life insurance and pension mobile app providers scored worst, with only 20% of the analyzed companies offering to provide quotes on their mobile apps.

Slightly better are the mobile apps offered by health insurers, though still far from satisfactory from a client perspective: just a quarter of the providers include an 'ask for a quote' function the same proportion allow customer to register a claim respectively.

However, 40% of health insurers allow customers to check the status of a claim on their app.

The mobile apps by auto insurers came out best of all: half of them provide an 'ask for a quote' function on their mobile apps and an impressive 80% provide the functionality to report an accident with their apps.

However, only a third allow clients to check the status of an accident claim on their app.
 
"It's astonishing that the most important functions for providing hands-on help to clients are missing in the mobile apps of insurance companies", says Steffen Binder, Research Director of MyPrivateBanking.

"No feature of an insurance mobile app has more importance from a client's perspective than to be able to file and monitor a claim on their mobile."

"And from an insurer's perspective what could be of higher priority than winning new business by providing an easy way to obtain quotes."
 
With regard to the provision of quotes, and claim filing and tracking, MyPrivateBanking identified Allstate and Vienna Insurance Group's mobile apps as the best in the auto insurance category.

Blue Cross and Humana performed best in terms of 'ask for a quote' and claim filing and tracking in the health category while Aegon and Prudential were best in this area in the life and pension category
 
MyPrivateBanking recommends that insurance companies integrate  all those interactive functions that support clients when they really need the services of their provider.

Claim submission and tracking is the key function to include, implemented with easy-to-use navigation and enhanced with supporting features such as contact information and contact functions.

The functionality to ask for insurance quotes is also a must-have on insurance mobile app, not only support clients and, more particularly, non-clients, but also to support sales staff and insurance agents to expand  business and cater for the needs of the users.

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