With the time, the technological innovation is at its peak, and mobile devices are no exception. Mobile devices have now transformed into the invincible machines, having an extensive memory with faster core processors, large display screen, modern location tracking system. All these features are sufficient to turn a simple phone into a multitasking device while unlocking the mobile applications’ market potential. The increasing capabilities of smart phones have open up the new inlets to various industries that ranges from medical to insurance to agriculture.
Over a decade, Insurance industry has grown at a compounded growth, but still there are several issues obstructing the expansion of the sector. Some of them are the high cost of onboarding that means hiring new employees and facing linguistic complexities while serving customers throughout the nation. Furthermore, fraud is on the rise, causing insurance companies losing millions of dollars.
In order to acquire new customers, the insurance companies appoint new agents to approach the potential customers nationwide. These agents travel to meet these new customers and help them to choose a right policy. This process of travelling to each customer result in increased cost and attending fewer customers and the companies have to expand their business in small cities too.
Another problem is that selling a policy is not the end of the process; the company has to follow up the customers for alerts, updating of the policy, premium due date and more with the help of area agents and call centers.
The insurance sector lags behind in adopting any new technology and follows a “wait and watch” policy. The increasing capabilities of mobile technology present enormous opportunities in this sector where insurers are failing to meet the expectations of the customers while reducing cost. However, one major concern that can be associated with the mobile phones is a security threat as it is hard to recognize a…