Modernising your business
In today’s world, business transformation is all about making fundamental changes in how business is conducted in order to cope with a shift in the market.
This is implemented to cut costs, increase revenue as well as improved customer satisfaction.
Moving towards awesomeness
The short-term insurance industry has seen a significant impact in the transition from paper to technology. The sheer quantity of paper not only costs businesses money, it reduces productivity when it comes to looking for a document. Being able to store all important and confidential documentation digitally saves time and money.
The time taken to retrieve digital documentation is a fraction of retrieving paper documentation, hence leading to improved service and reduced costs. Should an unforeseen disaster occur, such as a fire or flood, all paper documentation could be lost, and the business will suffer. However, if it is digitally backed-up, it can easily be restored once again.
Catering for market demand
As many customers recognise the importance and benefits of being online; it would make logical sense that insurers and brokers adapt their online presence to cater for these needs, making it as convenient and available as possible for customers to engage with them.
The majority of insurers and brokers are following the mobile trend, having a mobile-friendly website with a responsive web design to provide optimal viewing and interaction experiences which renders on any device is just the tip of the iceberg. An internet-based service allows customers to log onto a website, check, update their cover and communicate directly with their service provider at a time convenient to them.
With a dedicated mobile app for your business, this ensures on-hand convenience right at a customer’s fingertips. Mobile apps provide a push service which enables customers a seamless connection to services, without having to frequently log on to a website.
The integration of the mobile app into the short-term insurance industry could serve many functions as well as streamline the administration process for both the customer and the broker.
Small company adoption
If you think mobile apps are solely for big name insurers, think again. A growing number of small to medium size insurers and brokers are adopting new technologies to reach customers and provide value added services.
This can surely be said when it comes to mobile apps; giving the ability to download it in a few seconds, providing direct communication and access to policy information with ease in real-time from any location at any given time. In fact it is the innovative smaller players that are using this to their advantage by enhancing their service offering.
Business benefits of a mobi-app:
• receive a claim;
• reinforce your brand;
• first notification of loss;
• customer location of incident;
• streamline administration operations;
• connect you with on-the-go customers;
• build relationships and customer loyalty; and
• increase your visibility, accessibility, sell-through and exposure across mobile devices.
Benefits to your customers if you have a mobi-app:
• submit a claim;
• add on services;
• report accident details;
• receive emergency assistance;
• easy access to your service offering;
• view and update their contact details;
• notification of any updates and changes;
• view what they have on their own policy information; and
• quick access to your contact information or request they contact you.
Go mobile
Locally and internationally, mobile customer engagement is a growing trend. According to IT News Africa, South Africa’s most common phone use activity was 34% for app downloads and 40% for internet browsing.
The need for short-term insurance in South Africa, as well as the massive imprint of mobile in the country, is valid reasons for investing in a mobile enabled website and a mobile app for your customers and for your business.
Mobile provides the perfect opportunity for South African insurers to increase their market penetration to previously untapped markets. Insurers and brokers need to make sure that their IT and systems are capable of taking advantage of these opportunities.
