InnoviMobile use case studies of how mobile apps could be used in the insurance industry. Policy selection, log for valuables, the "claims processing black hole", and reducing total annual claims.

1. Improving Productivity of Field Employees
Business Problem
Every insurance company invests a significant portion of time and money
to assist their sales representatives in executing the sale. They conduct
various kinds of analysis and comparisons and identify areas where their
product is better than the competition. Based on these findings, marketing
collaterals are prepared and handed over to sales representatives. This
entire process significantly delays the time-to-market for the respective
product, in-turn affecting customer acquisition.
How mobile apps could be used to solve this problem:
A mobile app can help the sales representatives exhibit their offerings to
prospective customers, and tailor presentations based on the exclusive
needs of their clients. This will help the agents get more time in the field,
which will improve their productivity and subsequently total sales. Mobile
apps can also provide sales representatives the opportunity to complete
policy applications, manage policy information, capture client profiles, and
track progress on underwriting all on-the-move.
This app can also be used by the Sales managers as they can monitor
sales performance and release commission payments to agents, thereby
reducing time between submission and payment.
The insurance industry is a complex industry. It involves a large number of
stakeholders such as carriers, agents, brokers, and advisors. An application
that addresses such challenges can offer a unique proposition to any
company and will significantly help in staying ahead of the competition.
A Log for the Valuables
Business Problem
In an unfortunate event of theft or fire or any other similar accident, all the
effected parties are under enormous stress. In such times, it gets difficult to
remember the exact belongings that were lost. This is a major problem for
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Insurance Industry

2. the effected party and also the insurance company. The effected party is not able to claim
their actual loss and similarly the insurance company is not able to do a correct valuation.
How mobile apps could be used to solve this problem:
A mobile app can be introduced that helps people keep a virtual record of the valuables at
home (room wise). Similarly, an individual can build a list for their work place and also for
the accessories in their cars. The application can allow users to capture photos or scan bar
codes and maintain an inventory list. Record of purchase date and cost can also be built in
the same application.
This may enable claims to be processed quickly and stolen/ damaged property to be
replaced quickly.
Finding the Best Policy
Business Problem
Evaluating all the available options and finalizing an insurance policy is not an easy task.
It gets all the more difficult when one has to buy multiple insurances across different
segments such as medical, auto, life, travel & freight insurances etc. It is a tedious task
to list all the critical factors and then make comparisons between the policies and their
respective costs. It is a time consuming, yet a critical process.
How mobile apps could be used to solve this problem:
A mobile app can be introduced in the market that provides a comparison between various
insurance policies. Using this app, a policy can be compared across different parameters
such as total premium, company’s background, key benefits provided, etc. Once an
individual purchases a particular policy, they will be able to share their experience with other
users. This could either be pre-sale or post-sale experience. Such reviews can immensely
helpful to a prospective buyer, especially when an app allows all this to be done on-the-go.
The Claim Processing ‘black hole’
Business Problem
In complicated cases of insurance claims, getting a payout settlement check can take a
long time. This happens often in cases of damage of property. At times, a claim is partially
cleared by the company and the customer finds it out only at the end of a long process.
Additionally, filing a claim itself and keeping track of payout settlement checks involves a lot
of hard work.
One may find them in a situation where they have to frequently contact customer service
of the concerned company and convince them to resolve the issue at the earliest. This too
adds to a lot of stress.
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3. How mobile apps could be used to solve this problem:
A mobile app can help customers file a claim, keep track of the progress during the claim
and also provide information regarding the next steps in a timely manner. For example, a
claim for a damaged property can be reported by uploading a picture of the property in the
app to initiate the process. As the company moves on to the next step, claim status may
change in the app. This will help the customer know the progress of their claim. In case
there is a problem, it will automatically alert the customer through this app.
Reducing Total Annual Claims
Business Problem
The daily number of home or office thefts happening in the country is high. Additionally,
there are a lot of accidents where the root cause is a small error. However, the claims due
to these thefts or accidents are a heavy load on the insurance companies. A lot of these
unfortunate events happen due to small errors such as forgetting to:
• Close the gates when a crawling baby is home
• Turning off the gas appliance after cooking
• Changing water filters
• Routine/dental checkups
How mobile apps could be used to solve this problem:
‘Precaution is better than cure’ ~ going by that saying an insurance company can come
up with a mobile app that:
• Will provide timely alerts if connected with the home security system, thus ringing
alarms if the door is not closed properly or gas stove is not switched off
• Ring reminders when a water filter change is required, the car oil or battery has
to be replaced and for the routine medical checkups
• In an effort to make home and cars a safe zone, the app can provide a checklist
or suggestions for different areas such as kitchen, stairway, garage, car boot, etc.
In health insurance industry, if an individual goes to a fitness club more than a particular
number of times, they get a rebate on their monthly premium. Similar concept can be
applied in the home insurance industry where if a particular individual completes all the
checks listed above, they get a rebate on their monthly premium. Such initiative, with
a tracking mechanism like an app, can help avoid many thefts and/or other accidents.
45 Essex Street Suite 201 Millburn, NJ 07041 | 646-588-0011 ex. 2 | innovimobile.com | @innovimobile