Insurance companies who ignore mobile commerce are more likely to be marginalised by Gen-Y buyers.
Research analyst Ovum has released a report around mobile commerce in the insurance industry, with report author Barry Rabkin saying many insurers are ignoring m-commerce at their peril.
“Some insurers may feel that m-commerce is not a viable channel for them to sell their products, believing that their clients do not live or work in areas with adequate wireless service. However, we believe that if they decide to ignore m-commerce, they will marginalise themselves as quickly as younger generations arrive at their first purchasing decision,” Rabkin said.
The insurance technology analyst said m-commerce creates increased customer expectations.
“When commerce is conducted at the speed of m-commerce, it creates heightened customer expectations of availability, responsiveness and fulfillment and puts insurance companies on a path to offering a world class customer experience,” Rabkin said. Rabkin said CIOs looking to benefit from m-commerce need to view the industry from the customer perspective.
“For insurance companies to benefit from m-commerce they need to ensure they are truly viewing the picture from the customer perspective. Only by doing so will they ensure their m-commerce environment will be one that their customers need or appreciate,” he said.