Insurance Mobile Solutions | Hexaware

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Whitepaper
Insurance Mobile Solutions

Published on: September 2011 | Alok Ranjan

© Hexaware Technologies. All rights reserved.

www.hexaware.com

Whitepaper
Insurance Mobile Solutions

Table of Contents
1 M-Enable Insurance Applications 1.1 Introduction 1.2 Business drivers for mobile solutions for Insurance 1.3 Trends in adoption Proposed Solution: First Notice of Loss (FNOL) 2.1 Introduction to FNOL solution 2.2 Functional steps to use FNOL app: 2.3 Extending mobile solutions for Insurance Value chain 2.4 Business Value Creation 2.5 Future direction Conclusion 03 03 03 03 04 03 04 05 05 06 06

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Whitepaper
Insurance Mobile Solutions

1 M-Enable Insurance Applications 1.1 Introduction
Anywhere anytime services are much in demand. It helps increase the ease of doing business transactions with insurance carriers. As such insurers across geographies are facing business challenges of providing complete range of anywhere anytime service to customer and producers. The requirement is to deliver accurate and timely service so as to reduce the time taken to conduct business. With the all-pervasive nature of handheld devices it is important delivering insurance services on them. This can be done by m-enabling producers, consumers, employees and suppliers alike. There are growing demands to make services available over mobile and Insurers see business value in it due to the ubiquitous nature and growing use of mobile devices. An industry research report outlines; "Insurers across the globe are being confronted with the growing need to offer more services to agents and consumers through mobile devices and demand will intensify during the next five years,"

1.2 Business drivers for mobile solutions for Insurance
The demand depends upon the fact that how can a carrier make it easy for its agents, employees and customers to do business with them. The focus is mostly on transaction based solutions that can help reduce turnaround time and provide business transaction capability in real time. Policy Holders can complete secure payment transactions in addition to placing requests like view policy details, obtain transaction history, update contact details, view fund value etc. Managing claims is another driver with various benefits. While the claims notice to carriers are sent within no time, it also cuts lots of F2F, call center intervention for claim reporting. Insurance carriers can provide facility to compare product, calculate premium, access policy details and track policy status in addition to sending push notification to registered customers for policy contract information and requirements. Overall using a mobile device to complete insurance transactions, a customer gets increased convenience and handiness to manage his policy and at the same time carrier scores better on customer satisfaction and reduce cost of transaction. Producers face issue of providing real time quote and business illustration to prospects. They need to access Policy/Application status and update customers. Viewing release updates, announcements, alerts etc. keeps the producer updated. In addition to this it is easier for carrier to communicate about New Products, Contest, Offers & Promotions and Consumer Referrals etc. The carrier benefits are manifold. They enhance customer satisfaction by providing customer self-service on mobile devices on one hand and other hand reduces ‘support cost’. The agent is benefitted by time saving in accessing latest product updates, getting product comparison details and access to other value added services which results in better sales and sales force retention. As competition intensifies, insurance companies face the growing challenge of attracting and retaining a new generation of customers and agents. Operating in the most efficient and most cost-effective way is a key to success in this highly competitive market.

1.3 Trends in adoption
One of the very first carriers to develop mobile application was Nationwide Mutual Insurance. Its iPhone application enables auto insurance customers the facility to give first notice of loss (FNOL). This application was designed to help policy holder to file a claim, upload pictures of an accident, follow a detailed accident checklist, connect with local agents, and call roadside assistance. The app uses location-based GPS data to direct towing services and find nearby approved repair facilities. ‘Forrester’ reported that Nationwide saw 60,000 download in the first 60 days of rollout. Many insurance carriers have rolled out mobile applications for their customers and field force for submission of accident details, photographs right from accident site, and providing field services like calling and locating workshops, hospitals, adjustors etc. The insurers are also expediting the claim process by m-enabling their adjustors in the field-reducing considerably the overall policy claim cycle and operational cost. Other drivers that may lead to adoption of mobile solutions for insurance include need to improve customer retention rates; reduce sales cycle turnaround time; offer personalized service to customer and agents. Because of untied nature of sales force; insurers do not have insight from producers on their prospects, leads, and in-progress sales in order to more accurately predict incoming sales. Clocking a certain sales volume can bring additional incentives to agents but more often agents are unaware of how close they are to achieving their targets. Carriers can push information to its producers using mobile technology on incentives and quota attainment to at all times, thus motivating them to produce more.

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Whitepaper
Insurance Solutions The HexSOA TestMobile Model (HSTM)

2 Proposed Solution: First Notice of Loss (FNOL) 2.1 Introduction to FNOL solution
Hexaware mobile solutions for Insurance (HIMS) addresses carrier’s requirement to provide anywhere anytime services. It can be delivered on mobile platform of choice or can be made platform agnostic. It can help carriers plan, build and manage mobile programmes that improve customer / producer satisfaction and reduce cost of doing transactions. The first notice of loss (FNOL) application design provides fast and efficient means of reporting auto accident claims.

2.2 Functional steps to use FNOL app:
• • • • • Download app Register with carrier Report claim Upload pictures Other miscellaneous service The proposed process flow:

2.2.1

Mobile user

1

Download claims application

Insurance company

2

Submit to insurance company No

First time user / forgot password Yes Enter user id and date of birth

Login to the application using the user id and password

Uploads the Snap clicked from the mobile

Details are sent to the insurance company Invalid Details. Reenter the details Insurance company verifies the details

Fills the claims details

No Correct ? Yes

FNOL Application

Password is mailed / sms’d to the registered mail / cell number of the policy holder.

Upon downloading the FNOL app the important step is to register with the carrier. This puts necessary authentication in place and helps avoid possible malicious activity. The

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Whitepaper
Insurance Mobile Solutions
first time user is required to input certain information and send it to carrier using the app. The carrier in turn would send one time password (OTP) to mobile number existing in their records. The OTP would then be used to validate the app user. The registered user can use the app to report claim and would be able to provide complete information required to initiate the claim. Not only that the user would also be able to upload pictures of accident taken using their mobile camera. Some miscellaneous services can also be obtained by app user. They can get the details of nearest point of help like carrier office, ambulance service, and towing service using GPS based location service.

2.3 Extending mobile solutions for Insurance Value chain
Various functions across the Insurance value chain can be covered to provide full suite of mobile solution for insurance carriers which include: • Agents Self Service • • • • Quotes generation Renewal intimation Broadcasts

Customer Self Service • • • • • • Policy Status Enquiry Enquire fund status Switching and redirection of funds Claims reporting, management and tracking Billing and Renewal enquiries Premium payment



Miscellaneous Services • • • • • Nearest office, Network hospital Nearest towing service Sales person details Search garage, etc.

Quotes

Policy Enquiry

Claims Management

Premium Transaction

Misc Contents

A high level diagram of how mobile app works.

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Whitepaper
Insurance Mobile Solutions

2.4 Business Value Creation
The typical cycle of claims reporting for auto claims requires either a phone call to carrier / call center or personal visit to carrier office. This entails a huge time lag between actual accident time and time the claim processing starts. Once the claim is reported it requires another trip by claim surveyor to personally visit the accident site to take pictures of damaged vehicle so that decision making can be facilitated. In this process not only crucial initial days are lost but it allows for chances of evidence being tampered. Claim reporting using FNOL cuts claim reporting time drastically. It not only gets reported within minutes of accident but the pictures uploaded also send geo coordinates reducing chances of fraud. At the same time the carrier’s surveyor may not be required to travel to accident site to report damage and if at all they are required to do so they may use functionality from same app to click and upload pictures of damaged vehicle. In addition to reporting of claims the app helps to locate the nearest carrier office, hospital, towing services which come very handy to the customer in case of accident. FNOL application thus helps improves claims TAT, reduce chances of fraud and evidence tampering, reduces cost of managing claims and at the same time increases customer satisfaction by providing anywhere anytime service.

2.5 Future direction
With mobile technology becoming more advanced and its adoption increasing every passing day, a vast majority of customer already possess the capability to use mobile devices. The acceptance of FNOL app (and many more on these lines) would bring huge opportunity what many insurers would be ready to capitalize on.

3 Conclusion
Mobile is an emerging technology and insurance industry spending on mobile technology increasing at rate of CAGR 18% is an indicator that in time to come more and more services would be offered on mobile devices. As the trends in adoption indicate the mobile application would not remain restricted to transaction based services but the insurers are already engaging its clients and prospects on mobile gaming, virtual world experience and social media engagements. The new generation mobile devices based on platforms like iOS, Android, Blackberry, Symbian etc. are offering increasing flexibility like never before. The benefits of making insurance services on mobile devices (mobile phones, tablets and PDAs) are in helping to complete business transactions via this platform. Carriers who offer mobile applications for insurance services including mobile portals will see this offering become a major differentiator in tomorrow’s insurance marketplace. As the demand for Insurance Mobile Solutions grows for complete set of services across the insurance value chain there will be corresponding requirement for Mobile App development and deployment, Functional Testing and providing Maintenance and Support.

Suggested Reading: • http://us.blackberry.com/business/industry/RIM_TG_Insurance_WP.pdf • http://www.ebrc.fi/kuvat/Salonen_Ahonen_Koskinen_paper.pdf

To learn more, visit http://www.hexaware.com
Address

1095 Cranbury South River Road, Suite 10, Jamesburg, NJ 08831. Main: 609-409-6950 | Fax: 609-409-6910
Disclaimer Contents of this whitepaper are the exclusive property of Hexaware Technologies and may not be reproduced in any form without the prior written consent of Hexaware Technologies.

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