As insurers embrace mobile strategies, it's imperative to measure their performance against cost and success at achieving business goals, according to an article at Insurance & Technology.
So far, the industry has been scurrying to match competitors' offerings rather than responding to customer and agent demand for mobile, writes Manas Nayak, customer and mobile solutions lead for EY (Ernst & Young) Global Talent Hub. Adoption overall has been low.
Though mobile applications hold the potential to attract new customers, provide more self-service options, and increase customer and agent satisfaction, mobile insurance teams need definitive metrics, such as sales and loyalty figures, that prove the business impact.
Change in behavior is among the factors to measure when examining the impact of mobile initiatives, not only how mobile insurance users differ from other customers. Insurers also should identify customer preferences for targeted products and features, such as self-service applications for quotes, policy renewals and claims processing. Other key measures include customer loyalty to various apps and features, time spent on them and most downloaded apps.
Nayak recommends a four-prong strategy to measure mobile success:
- Prepare: Establish the context and scope of measurement. What needs to be measured and what are the best sources of that information?
- Identify: Determine in detail which metrics are relevant and can be aligned with business and customer priorities.
- Implement: Collect real-time, page-level performance data.
- Monitor: Analyze by asking the right questions about the initiative's performance against goals, other channels and the competition.
While online consumers are looking for convenience, efficient communications and consistent, multichannel interactions with their insurers, 65 percent of respondents to a March survey said they have never interacted with their insurer using their mobile device.
The idea that mobile will be the game-changer is one of the false assumptions that can hurt healthcare organizations' digital strategies, according to McKinsey & Co. In fact, many healthcare apps don't incorporate scientifically tested motivational tools that actually lead to behavior changes.
To learn more:
- read the article