1 in 4 top insurers offers producer-focused apps

By National Underwriter

National Underwriter

By Warren S. Hersch

More than 27 percent of the top 100 life insurance companies offer producers smartphone or tablet-based applications, according to a new report.

Celent, a unit of Oliver Wyman, discloses this finding in “Mobile Technology for the Life Insurance Producer: Is Agent Mobile Technology on the Move Yet.” The report examines the availability of producer-related apps in the Apple App store, the Android Marketplace and other app purchasing sites. The report’s authors additionally visited insurers’ web sites and researched the business and technology press for articles and news of mobile apps targeted to life insurance professionals.

Of the minority of life insurers that offer producer-focused apps, the report finds that transactional apps constitute the largest share, marketing apps and informational apps making up the balance. The study adds that 32 percent of the top 100 life insurers offer individual policyholder apps.

The report attributes rising interest and investment in life insurance producer apps to several trends. Among them:
  • Producers’ increasing usage of smartphones and tablets;
  • Enhanced selling and marketing capabilities enabled by mobile devices;
  • Growing adoption of smart phones and tablets among clients; and (4) the enhanced competitive positioning that smart mobile devices offer insurers.
“Increasingly, producers are using smart mobile devices and often want to use their personal devices for work,” the report states in explaining producer adoption of the technology. “Many companies have developed or are developing Bring Your Own Device (BYOD) policies so their producers can access corporate resources on personal devices.”

The report indicates that the growth of the smartphone and tablet markets “remain strong,” the market’s expansion driven in part by demand for upgraded models and devices that can complement or replace PCs. Celent pegs global annual unit shipments (in millions) for each market as follows:

Growth (year-over-year)74%52%48%32%20%

Growth (Y/Y)N/A267%77%58%32%

Read the full Celent report here.

Originally published on LifeHealthPro.com