The "App"etite for Mobile Devices
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A new look at market intelligence Money on the Move: The “App”etite for Mobile Devices LIMRA Marketing & Research Conference May 31, 2012 Presented by: Michael Ellison, President, Corporate Insight 1
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Presentation by Michael Ellison, President of Corporate Insight, offering his perspective on mobile trends in the insurance industry as well as a range of other areas of financial services. Best practices and key recommendations are provided, including the importance of thinking “mocial” – utilizing social media and mobile to create a strong relationship management tool for advisors.
Transcript of The "App"etite for Mobile Devices
A new look at market intelligence
Money on the Move:
The “App”etite for Mobile Devices
LIMRA Marketing & Research Conference
May 31, 2012
Presented by: Michael Ellison, President, Corporate Insight
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The “App”etite for Mobile Devices – A Consumer View
Who Dunnit?
Why bother?
The Agent, The Consumer and Me
Best Practices
Recommendations/Parting Thoughts
Not your father’s tech revolution
Business is not driving this tech revolution – consumers are.
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Why Should the Insurance Industry Care?
Your customers are mobile
28% of investors use mobile to interact with financial firm
Desire to educate themselves ahead of a purchase decision
Mobile users are younger and wealthier
Pretax income of $100,000 or more
55% of wealthy under-50 investors want to interact with advisor via
tablets (Cisco survey)
23% of consumers shop for insurance online – up from 11% in 2003
(LIMRA)
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Your future customer will demand it.
Mobile: Life Insurance Industry Lags Financial Services
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Bank CCM P&C Broker Annuity Funds Life
Percentage of Monitor Firms Offering Mobile
Mobile Capabilities (Life Insurance)
10 Source: Corporate Insight Life Insurance monitor, February 2012
An Agent’s Perspective
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THE EASY STUFF
• Illustration tools for tablets
• Applications – capture data
during the interaction
HIGHER TOUCH USES
• Educational videos and tutorials for use during a client visit
• An App where agents can leave a client results of a meeting
along with links to educational resources and policy options
A Consumer’s Perspective
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THE EASY STUFF
• Agent locator tools with navigator features
• Tools for quotes, life expectancy
• Education – policy types / amounts
• Alerts (bill pay, renewals)
HIGHER TOUCH USES
• Status of the policy application!!!
• Tools that allow comparison
My Own Recent Experience
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THE EASY STUFF
• Online, downloadable policies
• Illustrations and costs for Mobile
HIGHER TOUCH USES
• Lifestyle apps (e.g. health/nutrition
tracker)
• Status of my policy application!!!
• Reminders for planning meetings
• Continue the dialogue
Best Practice: Full Mobile Website
New York Life Virtual Service Center
Full service mobile site
Policy Info
Forms download
Agent locator
Product information
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Leaders in Asset Management
Oppenheimer
Great extension of Globalize Your
Thinking campaign
Integrates digital & social elements
Immersive research data
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Leaders in Asset Management
T. Rowe Price
Investor Magazine App
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Recommendations For Mobile Development
Multi-device support a must
iPad apps key to mobile leadership
Easy login that matches website
Space- and navigation-efficient account
information
Remember customer service!
Think “mocial” – utilize both social
media and mobile!
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Recommendations For Market Research Techniques
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Constantly scan your competitors – the whole environment
Test concepts with in-depth interviews and user surveys
Usability test lab
Audit your Mobile and website
Utilize Advisory Panels
Thank You
Michael Ellison President, Corporate Insight
Tele: (212) 832-2002 x-106
Email: [email protected]
Connect with Corporate Insight
Corporate Insight Blog
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