The "App"etite for Mobile Devices


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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.

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The "App"etite for Mobile Devices

  1. 1. 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
  2. 2. The “App”etite for Mobile Devices – A Consumer View Who Dunnit? Why bother? The Agent, The Consumer and Me Best Practices Recommendations/Parting Thoughts
  3. 3. Why bother? 3
  4. 4. Why bother? 4
  5. 5. Why bother? 5
  6. 6. Not your father’s tech revolution Business is not driving this tech revolution – consumers are. 6
  7. 7. 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) Your future customer will demand it. 7
  8. 8. 8
  9. 9. Mobile: Life Insurance Industry Lags Financial Services Percentage of Monitor Firms Offering Mobile 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Bank CCM P&C Broker Annuity Funds Life 9
  10. 10. Mobile Capabilities (Life Insurance) Source: Corporate Insight Life Insurance monitor, February 2012 10
  11. 11. An Agent’s PerspectiveTHE EASY STUFF• Illustration tools for tablets• Applications – capture data during the interactionHIGHER 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 11
  12. 12. A Consumer’s PerspectiveTHE 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 12
  13. 13. My Own Recent ExperienceTHE EASY STUFF• Online, downloadable policies• Illustrations and costs for MobileHIGHER TOUCH USES• Lifestyle apps (e.g. health/nutrition tracker)• Status of my policy application!!!• Reminders for planning meetings• Continue the dialogue 13
  14. 14. Quote Tools and Calculators Are A Must 14
  15. 15. Agent Locator and Contact Tools Are Required! 15
  16. 16. Product Information is Valuable 16
  17. 17. Best Practice: Full Mobile Website New York Life Virtual Service Center  Full service mobile site  Policy Info  Forms download  Agent locator  Product information 17
  18. 18. Leaders in Asset Management Oppenheimer  Great extension of Globalize Your Thinking campaign  Integrates digital & social elements  Immersive research data 18
  19. 19. Leaders in Asset Management T. Rowe Price  Investor Magazine App 19
  20. 20. 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! 21
  21. 21. Recommendations For Market Research Techniques 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 22
  22. 22. Thank You Michael Ellison President, Corporate Insight Tele: (212) 832-2002 x-106 Email:
  23. 23. Connect with Corporate Insight Corporate Insight Blog Follow @CInsight CI Company Page Like CI on Facebook CI Presentations on SlideShare