How to Leverage the iPad in the Insurance Industry
As I have pointed out in previous blog posts, I am a big believer that the iPad has only scratched the surface of the potential ROI that can be gained through the adoption of the iPad in the enterprise. One of the major opportunities is the iPad in the Insurance industry. The true value will start to get realized once generic enterprise use cases give way to innovation associated with truly verticalized scenarios.
At Propelics, we are starting to see these types of industry specific use cases being considered in the enterprise. However, the rate of innovation and the targeted areas varies widely across the various verticals. Financial service companies, specifically banks and insurance companies, have jumped on this opportunity and are starting to identify use cases that can be moved to the iPad. Part of this innovation is triggered by the fact that these industries are facing some tough regulatory challenges that have made it tougher for them to monetize the customer base through fees and penalties. These types of companies were already looking for a way to build a more intimate relationship with their customers. One way to do this is to build a relationship is based on customer intimacy rather then price competitiveness – and we see a huge opportunity for companies in these verticals to do so using the iPad.
Another aspect to note is that even in these vertical markets, the app innovation is mostly in the form of providing a mobile device alternative to the customer facing web/online functionality. However, to build an increased customer intimacy as discussed above, these companies need to consider a different approach. We believe that there is even bigger opportunity associated with use cases that involve direct contact between the customer and the business. For example, use cases where an insurance agent works through a series of options related to picking and choosing the right types of policy coverage is an excellent example of a scenario that needs to be considered. This is a use case that, when transposed to the iPad, can provide the immersive experience that not only helps the customer make a decision but also establishes the basis for a deeper level of conversation and connection between customer and representative. Online experiences cannot even come close to achieving this objective of achieving higher customer intimacy.
With this in mind, in my recent article in i.Business Magazine, I write about the some key considerations that need to be kept in mind when insurance companies go through the definition of their iPad app portfolio. Read more about our approach to the iPad in the Insurance industry: