Insurance Age Article - Brokerapps Case study

Why brokers must think about offering mobile technology to customers.

Technology has been rapidly evolving over the last 30 years, and although Microsoft entirely transformed how we input and process data, did anyone take time to stop and publicly thank them?

It appears that only more recently, the social media revolution and further, unprecedented advances in technology have for the first time forced us to consciously realise and actively appreciate how much this technology is now impacting and changing our daily lives.

MRIB has embraced this digital age, and has developed a mobile phone app as part of our digital marketing strategy and in line with our clients' current preferences and frequent use of technology.

Mobiles have become so far advanced they have developed into a device where people can now do and access almost everything they want in one place - so brokers also needed to be accessible via this platform.

For the insurance industry specifically, app technology can benefit all in the tripartite relationship in several ways:

  • Improving access by providing a point of contact between customer and broker anytime, anywhere in the world.
  • Supporting customers and insurers in light of important legislative aspects such as the Ministry of Justice Reforms.
  • Providing easily accessible information of customers' insurance portfolio details, and in our case all MRIB contacts as well.
  • Offering a claims tool; enabling customers to follow a guide in the event of an incident (in what can be a very stressful situation), whilst also allowing the user to capture key information and photographic evidence, so that their claim is instantly reported to the broker and insurer.
  • Optional push notifications; further engaging customers, keeping them informed and connected, creating brand reminders, whilst also driving traffic to the website.

Apps can be used to support clients, capture third party data and manage claims even more effectively.

When you look at the cost benefit compared to the traditional claims method, the investment is a no-brainer.

The insurance sector has previously been acknowledged as a late adopter of the digital technology available.

It must fully embrace this mobile technology, so that when a customer needs to actually put their purchased product into use, they are no longer faced with complicated claim forms or overseas call centres.

Going forward, I firmly believe the insurance industry needs to utilise the power of technology to support their traditional methods, so that ultimately as an industry we can further enhance our professional offering, risk management proposition and customer service.

If you do not, what is your business model in five years' time if the landscape of your customers' buying behaviour has entirely changed?

Edward Finch is managing director of the MRIB Group.

Evolve with the customer
Author: Ed Finch
Source: Insurance Age (UK) | 27 Mar 2015

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Edward Finch, MD of MRIB Group, explains w

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