This CGAP Brief provides an early look at the rapidly evolving global landscape for mobile microinsurance, which has generated dramatic takeup in several countries and points to significant promise in new digital distribution models for insurance to poor and low-income populations in developing countries.
Presentation: Distribution Channels for Life Insurance, A Global PerspectiveIntelligo Consulting
Presentation at the 2nd Annual Life Insurance Forum, Amsterdam, 9-10 April 2014
- Bancassurance as a major distribution channel for life insurance
- Consumer research: distribution of protection-related life insurance in Europe
- The global market for creditor / creditor life insurance
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
2015 UBI Research Results for the Consumer Market - LexisNexisLudovic Privat
The 2015 Annual LexisNexis Consumer UBI Study was conducted with over 4,000 total consumers to test existing and new concepts in the market. Some of the findings included:
Overall consumer awareness has leveled off since 2013, suggesting that carriers should consider alternative ways of presenting UBI to consumers
Discounting deductibles, rather than premiums, could be a more sustainable and profitable way to drive adoption
Messaging around safety may be even more effective than a discount-centric approach
Also included is a case study illustrating how AAMI, a leading Australian insurer, launched a highly successful UBI campaign without a discount.
Mobile insurance are you well positioned for this emerging channelRick Bouter
1. Mobile offers opportunities for insurers to interact with and service existing and new customers through apps, but most insurance apps currently have limited features and do not provide seamless multi-channel experiences.
2. Insurers are now looking to move to the next level of maturity by better integrating mobile apps and defining clear objectives, sustainable app strategies, and adapting to customers' preferences and evolving mobile trends.
3. Some insurers have started using mobile to increase efficiencies, such as through claims processing apps, and to offer customized products using location-based data, but generating revenue directly from mobile channels is still a lesser priority currently.
Insurance Distribution Conference, 17th Jan 2008Mahavir Chopra
The Presentation was rolled in at the Insurance Distribution Conference at ITC Grand Maratha Sheraton. The presentation provides a detailed note and road map to the beginning of a multi-layered online Insurance distribution channel in India.
This document summarizes a report by Deloitte on the challenges and opportunities facing auto insurers regarding usage-based insurance (UBI) programs using telematics. It finds that the auto insurance market can be divided into three segments based on willingness to participate in UBI programs: eager beavers (26% willing without a discount), fence sitters (27% willing with a high enough discount), and naysayers (47% unwilling under any circumstances). Younger drivers aged 21-29 are more open to UBI, while discount expectations vary more by gender. The findings suggest the UBI market may bifurcate over time between those monitored under new pricing models and those served through traditional methods.
Preparing Life Insurers for the Future of DistributionCognizant
As the insurance industry faces forces such as customer empowerment, niche channels, regulatory pressures and more, there is a new paradigm emerging, for distribution. We focus in depth on benchmarks and roadmaps for investing in customer acquisition, marketing and demand generation and multichannel collaboration whether a company is "foundational," "formative" or "future-ready."
Mobile commerce (mCommerce) has the potential to substantially change retail in Saudi Arabia in the next few years. While mCommerce pathways are still unclear globally due to a lack of interoperability, Saudi Arabia's developed infrastructure and high mobile penetration create a prime environment for mCommerce adoption. The country's large young population, high smartphone usage, and majority of purchases still conducted with cash indicate that a collaborative mCommerce model between banks, mobile carriers, and the government could boost electronic payments, lower costs, increase consumption, and contribute to economic growth.
Presentation: Distribution Channels for Life Insurance, A Global PerspectiveIntelligo Consulting
Presentation at the 2nd Annual Life Insurance Forum, Amsterdam, 9-10 April 2014
- Bancassurance as a major distribution channel for life insurance
- Consumer research: distribution of protection-related life insurance in Europe
- The global market for creditor / creditor life insurance
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
2015 UBI Research Results for the Consumer Market - LexisNexisLudovic Privat
The 2015 Annual LexisNexis Consumer UBI Study was conducted with over 4,000 total consumers to test existing and new concepts in the market. Some of the findings included:
Overall consumer awareness has leveled off since 2013, suggesting that carriers should consider alternative ways of presenting UBI to consumers
Discounting deductibles, rather than premiums, could be a more sustainable and profitable way to drive adoption
Messaging around safety may be even more effective than a discount-centric approach
Also included is a case study illustrating how AAMI, a leading Australian insurer, launched a highly successful UBI campaign without a discount.
Mobile insurance are you well positioned for this emerging channelRick Bouter
1. Mobile offers opportunities for insurers to interact with and service existing and new customers through apps, but most insurance apps currently have limited features and do not provide seamless multi-channel experiences.
2. Insurers are now looking to move to the next level of maturity by better integrating mobile apps and defining clear objectives, sustainable app strategies, and adapting to customers' preferences and evolving mobile trends.
3. Some insurers have started using mobile to increase efficiencies, such as through claims processing apps, and to offer customized products using location-based data, but generating revenue directly from mobile channels is still a lesser priority currently.
Insurance Distribution Conference, 17th Jan 2008Mahavir Chopra
The Presentation was rolled in at the Insurance Distribution Conference at ITC Grand Maratha Sheraton. The presentation provides a detailed note and road map to the beginning of a multi-layered online Insurance distribution channel in India.
This document summarizes a report by Deloitte on the challenges and opportunities facing auto insurers regarding usage-based insurance (UBI) programs using telematics. It finds that the auto insurance market can be divided into three segments based on willingness to participate in UBI programs: eager beavers (26% willing without a discount), fence sitters (27% willing with a high enough discount), and naysayers (47% unwilling under any circumstances). Younger drivers aged 21-29 are more open to UBI, while discount expectations vary more by gender. The findings suggest the UBI market may bifurcate over time between those monitored under new pricing models and those served through traditional methods.
Preparing Life Insurers for the Future of DistributionCognizant
As the insurance industry faces forces such as customer empowerment, niche channels, regulatory pressures and more, there is a new paradigm emerging, for distribution. We focus in depth on benchmarks and roadmaps for investing in customer acquisition, marketing and demand generation and multichannel collaboration whether a company is "foundational," "formative" or "future-ready."
Mobile commerce (mCommerce) has the potential to substantially change retail in Saudi Arabia in the next few years. While mCommerce pathways are still unclear globally due to a lack of interoperability, Saudi Arabia's developed infrastructure and high mobile penetration create a prime environment for mCommerce adoption. The country's large young population, high smartphone usage, and majority of purchases still conducted with cash indicate that a collaborative mCommerce model between banks, mobile carriers, and the government could boost electronic payments, lower costs, increase consumption, and contribute to economic growth.
The document summarizes M&A activity and valuations in the payments industry from 2008-2011 based on data from Berkery, Noyes & Co. It finds that the number and value of M&A transactions increased substantially after 2009 and median revenue and EBITDA multiples also increased sharply. The top 10 deals by value in 2011 accounted for 79% of total transaction value that year. It also identifies factors that drive higher valuations for payments companies, such as controlling infrastructure, satisfying demands of consumers and merchants, extending products to new markets, and leveraging existing infrastructure. Finally, it discusses trends in the industry like growth in mobile payments, opportunities in emerging markets, new strategic partnerships, and effects of regulations.
Why Your Car Will Soon Become Your FriendCognizant
The advent of voice assistants built on natural language processing, artificial intelligence and telematics will unleash an assortment of voice-activated features and functionality that will make driving more enjoyable, efficient and effective.
The document discusses how digitization is transforming the insurance industry. It is putting pressure on life/pensions and property/casualty insurers to improve customer experience through digital channels. Customers now expect seamless, personalized experiences through mobile and online access. Insurers need to leverage new technologies like analytics, cloud computing, and the internet of things to meet these rising expectations and compete in the digital era. Data and digitization offer opportunities to better understand customers, price policies dynamically, and automate processes, but insurers must also address challenges of security, regulation and building customer trust.
This document discusses mobile payments security issues for financial institutions in Western Europe. It finds that over half of Western Europeans have smartphones, and mobile banking users in the region will reach 214 million by 2018. While mobile payments are growing rapidly, Western Europe has been slower than other regions to adopt new transaction methods. The key issues for banks are security of mobile payments, infrastructure to support new technologies, and costs of implementing mobile solutions. The document examines case studies of new payment methods and disruptive startups challenging traditional banks in meeting consumer demand for secure, convenient mobile banking.
Banking & Innovation: How Financial Services Can Embrace the Customer RevolutionComrade
Financial services companies are increasingly seeing opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost-effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones. The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. We’re pleased to have partnered with Matchi to publish “Banking & Innovation: How Financial Services Can Embrace the Customer Revolution." This paper focuses on three phenomena that will ultimately impact every bank:
- Crowdsourcing
- Wearable Technology
- The Sharing Economy
We explore the state of each these trends, and how they relate to financial services.
Insurers face significant disruption from digital technologies and need to accelerate their digital transformations. They must embrace an omnichannel approach to provide seamless customer experiences across online and offline channels. Insurers also need to reshape core operations and underwriting through advanced analytics, improved data usage, and digital innovations like telematics. To succeed, insurers must upgrade legacy IT systems, rethink their business models, and defend their markets by focusing on efficiency, data, and customer engagement through digital solutions. The pace of digital change requires insurers to proceed strategically in phases to integrate digital and physical operations.
FTC Releases Report Outlining Mobile Payment ConcernsPatton Boggs LLP
The FTC released a report outlining concerns about mobile payments, focusing on dispute resolution, data security, and privacy. Regarding dispute resolution, protections vary based on payment method and additional protections may be needed. Mobile carrier billing is a particular concern, and carriers should enable blocking of third-party charges and establish dispute processes. For data security, strong security measures are needed but not all companies are using available technology. Regarding privacy, the growing number of companies involved raises concerns, and companies should implement privacy by design, simplified choices, and transparency.
Gen Y consumers will earn 46% of the income in the United States by 2025, but they’re often misunderstood or ignored by financial services providers. This is especially true when it comes to online and mobile behavior and attitudes toward traditional banking.
Understanding this problem and designing to overcome it is critical to our work at Comrade, so we’re pleased to have partnered with Javelin Strategy & Research to publish “The Three Costliest Myths about Gen Y". This report applies consumer data to dispel the myths circulating in financial services today about Gen Y consumers. Beyond exposing pervasive misconceptions, it also explains how to optimize digital and physical touchpoints to attract tomorrow’s most profitable bank customers.
Vodafone is partnering with Intesa Sanpaolo bank to offer a mobile point-of-sale (mPOS) solution for small merchants in Italy. The mPOS solution will allow merchants to accept electronic payments directly on their smartphones and tablets. In phase one of the partnership, Vodafone will announce and co-market the mPOS solution bundled with mobile devices. In phase two, Vodafone sales representatives will directly sell the bundled mPOS solution. Over the long term, Vodafone aims to develop targeted vertical solutions and boost loyalty and revenues by integrating the mPOS into additional services for merchants. The mPOS solution represents an opportunity for Vodafone to differentiate and become more core
Interactive Mobile Messaging: A Next Generation Communication Strategy that W...SoundBite
Learn why interactive text messaging provides greater value and improves customer service through low-cost, actionable conversations that are fully-automated.
The life insurance industry in the US is facing several trends that are shaping the market. Key trends include shifting demographics as the population ages, changing customer buying habits and expectations, a shift towards online research but continued preference for offline applications, increasing use of predictive modeling and data analytics in underwriting and pricing, and growing adoption of mobile applications by insurers and customers. Insurers are focusing on product innovation, expense management, and adapting to regulatory changes to improve revenues and customer satisfaction in this evolving market.
CBIZ Banking & Financial Services Quarterly Newsletter - Aug 2020CBIZ, Inc.
The August issue of CBIZ's Banking & Financial Services Newsletter includes a conversation with Lori Bettinger, Co-president of Alliance Partners and President of BancAlliance, on the banking sector and opportunity to make loans across other industry sectors. Also covered are underwriter questions to expect with your insurance renewal in this hard market and 8 potential COVID-19 employment liability claims. As always, links to several additional resources and webinars included.
Balancing Fraud & Customer Experience in a Mobile WorldComrade
Consumers’ reliance on mobile continues to skyrocket in shopping, paying for bills, managing finances and socializing. This poses a great challenge for retailers, financial institutions and technology vendors. Digital account opening is fraught with pitfalls as the identity validation process relies on manual entry of personal information. Similarly account management uses knowledge-based authentication but can add friction to the user experience. How should retailers, banks and merchants integrate fraud protection measures into the user experience with the least amount of friction to the user?
I joined joined Al Pascual from Javelin Strategy & Research in a complimentary webinar to share lessons learned from working with leading companies that have struggled with the issue of fraud and customer experience.
We explored the following:
- Who are leaders in integrating fraud prevention into the user experience?
- Who owns the fraud prevention process in the organization?
- How to overcome legacy design issues that can underwhelm the customer experience and inhibit security measures?
- How to prevent fraud in a low-friction environment, while communicating a security-forward brand experience?
1. Social media, websites, and mobile are becoming major influencers in the car buying process. Dealers are adopting mobile and social media marketing.
2. Search is the primary research tool but consumers experience fatigue if not finding what they want in the first 5-7 pages. Dealer websites are important for generating high quality leads.
3. Over 30% of internet leads still go unanswered, demonstrating the need for lead management solutions to handle inbound leads.
This document discusses mobile payments security in Central and South America and its impact on profits, reputation, and customer loyalty. It notes that Brazil, Mexico, and Colombia lead the region in mobile adoption. While smartphones are rising, basic USSD-based services still play an important role for the unbanked. Case studies highlight successful P2P payments in Paraguay, Colombia's DaviPlata digital wallet platform, and growing mPOS usage. However, the document notes security remains a key issue for the financial industry as mobile payments rise in the region.
A STRATEGIC FRAMEWORK FOR MOBILE PAYMENTSIJMIT JOURNAL
With the exponential proliferation of mobile devices, smart phones and apps in the consumer market,
mobile payment is emerging as a key area to revolutionise the everyday financial life of both consumers
and merchants. The past few years have witnessed an increase in the adoption of digital payments and
online billing methods that leverage on wireless technologies and the Internet. However, the success or
failure of mobile payments in businesses is a hot topic today due to the multi-faceted factors such as, type
of wireless technologies used, security and privacy, the players involved and their influencing business
models, including consumer factors relating to interoperability, flexibility, ease-of-use and social
marketing. This paper examines mobile payments in all perspectives: technical, social as well as business
viewpoints and provides a strategic framework for a successful mobile payment adoption.
Strategic framework for mobile paymentsIJMIT JOURNAL
With the exponential proliferation of mobile devices, smart phones and apps in the consumer market, mobile payment is emerging as a key area to revolutionise the everyday financial life of both consumers and merchants. The past few years have witnessed an increase in the adoption of digital payments and
online billing methods that leverage on wireless technologies and the Internet. However, the success or failure of mobile payments in businesses is a hot topic today due to the multi-faceted factors such as, type of wireless technologies used, security and privacy, the players involved and their influencing business models, including consumer factors relating to interoperability, flexibility, ease-of-use and social
marketing. This paper examines mobile payments in all perspectives: technical, social as well as business
viewpoints and provides a strategic framework for a successful mobile payment adoption.
This report looks at how digital platform companies and the ecosystems they are creating are reshaping customer experience expectations for insurers. It considers insurance carriers’ options for creating digital platforms and ecosystem strategies that will enable them to grow their relevance and market power in a changing world.
To read more, visit https://www.accenture.com/us-en/insight-emerging-insurance-ecosystem
Insurance carriers future competitive advantage will be determined not by their organization alone, but by the digital platforms and ecosystems they choose. Read more.
1. Smartphones have become the dominant internet device in the UK, used by 66% of people. The insurance industry could benefit from adopting mobile trends to better engage with customers.
2. Insurance companies should aim to be more customer-centric, engage in two-way dialogs, adopt agile models and increase awareness through personalized mobile content.
3. While insurance has traditionally been paper-based, mobile provides opportunities for customer insights, personalization, and social media engagement that companies should pursue.
This document discusses new opportunities for distributing microinsurance. It begins by explaining why alternative distribution channels beyond traditional agents are needed to scale microinsurance, such as using mobile phones, retailers, banking correspondents, direct agents, and public-private partnerships. It then covers several alternative distribution models in more detail and the issues and challenges associated with each. It concludes by emphasizing that success in microinsurance distribution relies on being able to manage scale, collections, and risk management, and that insurers need to understand the perspectives of their distribution partners.
The document summarizes M&A activity and valuations in the payments industry from 2008-2011 based on data from Berkery, Noyes & Co. It finds that the number and value of M&A transactions increased substantially after 2009 and median revenue and EBITDA multiples also increased sharply. The top 10 deals by value in 2011 accounted for 79% of total transaction value that year. It also identifies factors that drive higher valuations for payments companies, such as controlling infrastructure, satisfying demands of consumers and merchants, extending products to new markets, and leveraging existing infrastructure. Finally, it discusses trends in the industry like growth in mobile payments, opportunities in emerging markets, new strategic partnerships, and effects of regulations.
Why Your Car Will Soon Become Your FriendCognizant
The advent of voice assistants built on natural language processing, artificial intelligence and telematics will unleash an assortment of voice-activated features and functionality that will make driving more enjoyable, efficient and effective.
The document discusses how digitization is transforming the insurance industry. It is putting pressure on life/pensions and property/casualty insurers to improve customer experience through digital channels. Customers now expect seamless, personalized experiences through mobile and online access. Insurers need to leverage new technologies like analytics, cloud computing, and the internet of things to meet these rising expectations and compete in the digital era. Data and digitization offer opportunities to better understand customers, price policies dynamically, and automate processes, but insurers must also address challenges of security, regulation and building customer trust.
This document discusses mobile payments security issues for financial institutions in Western Europe. It finds that over half of Western Europeans have smartphones, and mobile banking users in the region will reach 214 million by 2018. While mobile payments are growing rapidly, Western Europe has been slower than other regions to adopt new transaction methods. The key issues for banks are security of mobile payments, infrastructure to support new technologies, and costs of implementing mobile solutions. The document examines case studies of new payment methods and disruptive startups challenging traditional banks in meeting consumer demand for secure, convenient mobile banking.
Banking & Innovation: How Financial Services Can Embrace the Customer RevolutionComrade
Financial services companies are increasingly seeing opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost-effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones. The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. We’re pleased to have partnered with Matchi to publish “Banking & Innovation: How Financial Services Can Embrace the Customer Revolution." This paper focuses on three phenomena that will ultimately impact every bank:
- Crowdsourcing
- Wearable Technology
- The Sharing Economy
We explore the state of each these trends, and how they relate to financial services.
Insurers face significant disruption from digital technologies and need to accelerate their digital transformations. They must embrace an omnichannel approach to provide seamless customer experiences across online and offline channels. Insurers also need to reshape core operations and underwriting through advanced analytics, improved data usage, and digital innovations like telematics. To succeed, insurers must upgrade legacy IT systems, rethink their business models, and defend their markets by focusing on efficiency, data, and customer engagement through digital solutions. The pace of digital change requires insurers to proceed strategically in phases to integrate digital and physical operations.
FTC Releases Report Outlining Mobile Payment ConcernsPatton Boggs LLP
The FTC released a report outlining concerns about mobile payments, focusing on dispute resolution, data security, and privacy. Regarding dispute resolution, protections vary based on payment method and additional protections may be needed. Mobile carrier billing is a particular concern, and carriers should enable blocking of third-party charges and establish dispute processes. For data security, strong security measures are needed but not all companies are using available technology. Regarding privacy, the growing number of companies involved raises concerns, and companies should implement privacy by design, simplified choices, and transparency.
Gen Y consumers will earn 46% of the income in the United States by 2025, but they’re often misunderstood or ignored by financial services providers. This is especially true when it comes to online and mobile behavior and attitudes toward traditional banking.
Understanding this problem and designing to overcome it is critical to our work at Comrade, so we’re pleased to have partnered with Javelin Strategy & Research to publish “The Three Costliest Myths about Gen Y". This report applies consumer data to dispel the myths circulating in financial services today about Gen Y consumers. Beyond exposing pervasive misconceptions, it also explains how to optimize digital and physical touchpoints to attract tomorrow’s most profitable bank customers.
Vodafone is partnering with Intesa Sanpaolo bank to offer a mobile point-of-sale (mPOS) solution for small merchants in Italy. The mPOS solution will allow merchants to accept electronic payments directly on their smartphones and tablets. In phase one of the partnership, Vodafone will announce and co-market the mPOS solution bundled with mobile devices. In phase two, Vodafone sales representatives will directly sell the bundled mPOS solution. Over the long term, Vodafone aims to develop targeted vertical solutions and boost loyalty and revenues by integrating the mPOS into additional services for merchants. The mPOS solution represents an opportunity for Vodafone to differentiate and become more core
Interactive Mobile Messaging: A Next Generation Communication Strategy that W...SoundBite
Learn why interactive text messaging provides greater value and improves customer service through low-cost, actionable conversations that are fully-automated.
The life insurance industry in the US is facing several trends that are shaping the market. Key trends include shifting demographics as the population ages, changing customer buying habits and expectations, a shift towards online research but continued preference for offline applications, increasing use of predictive modeling and data analytics in underwriting and pricing, and growing adoption of mobile applications by insurers and customers. Insurers are focusing on product innovation, expense management, and adapting to regulatory changes to improve revenues and customer satisfaction in this evolving market.
CBIZ Banking & Financial Services Quarterly Newsletter - Aug 2020CBIZ, Inc.
The August issue of CBIZ's Banking & Financial Services Newsletter includes a conversation with Lori Bettinger, Co-president of Alliance Partners and President of BancAlliance, on the banking sector and opportunity to make loans across other industry sectors. Also covered are underwriter questions to expect with your insurance renewal in this hard market and 8 potential COVID-19 employment liability claims. As always, links to several additional resources and webinars included.
Balancing Fraud & Customer Experience in a Mobile WorldComrade
Consumers’ reliance on mobile continues to skyrocket in shopping, paying for bills, managing finances and socializing. This poses a great challenge for retailers, financial institutions and technology vendors. Digital account opening is fraught with pitfalls as the identity validation process relies on manual entry of personal information. Similarly account management uses knowledge-based authentication but can add friction to the user experience. How should retailers, banks and merchants integrate fraud protection measures into the user experience with the least amount of friction to the user?
I joined joined Al Pascual from Javelin Strategy & Research in a complimentary webinar to share lessons learned from working with leading companies that have struggled with the issue of fraud and customer experience.
We explored the following:
- Who are leaders in integrating fraud prevention into the user experience?
- Who owns the fraud prevention process in the organization?
- How to overcome legacy design issues that can underwhelm the customer experience and inhibit security measures?
- How to prevent fraud in a low-friction environment, while communicating a security-forward brand experience?
1. Social media, websites, and mobile are becoming major influencers in the car buying process. Dealers are adopting mobile and social media marketing.
2. Search is the primary research tool but consumers experience fatigue if not finding what they want in the first 5-7 pages. Dealer websites are important for generating high quality leads.
3. Over 30% of internet leads still go unanswered, demonstrating the need for lead management solutions to handle inbound leads.
This document discusses mobile payments security in Central and South America and its impact on profits, reputation, and customer loyalty. It notes that Brazil, Mexico, and Colombia lead the region in mobile adoption. While smartphones are rising, basic USSD-based services still play an important role for the unbanked. Case studies highlight successful P2P payments in Paraguay, Colombia's DaviPlata digital wallet platform, and growing mPOS usage. However, the document notes security remains a key issue for the financial industry as mobile payments rise in the region.
A STRATEGIC FRAMEWORK FOR MOBILE PAYMENTSIJMIT JOURNAL
With the exponential proliferation of mobile devices, smart phones and apps in the consumer market,
mobile payment is emerging as a key area to revolutionise the everyday financial life of both consumers
and merchants. The past few years have witnessed an increase in the adoption of digital payments and
online billing methods that leverage on wireless technologies and the Internet. However, the success or
failure of mobile payments in businesses is a hot topic today due to the multi-faceted factors such as, type
of wireless technologies used, security and privacy, the players involved and their influencing business
models, including consumer factors relating to interoperability, flexibility, ease-of-use and social
marketing. This paper examines mobile payments in all perspectives: technical, social as well as business
viewpoints and provides a strategic framework for a successful mobile payment adoption.
Strategic framework for mobile paymentsIJMIT JOURNAL
With the exponential proliferation of mobile devices, smart phones and apps in the consumer market, mobile payment is emerging as a key area to revolutionise the everyday financial life of both consumers and merchants. The past few years have witnessed an increase in the adoption of digital payments and
online billing methods that leverage on wireless technologies and the Internet. However, the success or failure of mobile payments in businesses is a hot topic today due to the multi-faceted factors such as, type of wireless technologies used, security and privacy, the players involved and their influencing business models, including consumer factors relating to interoperability, flexibility, ease-of-use and social
marketing. This paper examines mobile payments in all perspectives: technical, social as well as business
viewpoints and provides a strategic framework for a successful mobile payment adoption.
This report looks at how digital platform companies and the ecosystems they are creating are reshaping customer experience expectations for insurers. It considers insurance carriers’ options for creating digital platforms and ecosystem strategies that will enable them to grow their relevance and market power in a changing world.
To read more, visit https://www.accenture.com/us-en/insight-emerging-insurance-ecosystem
Insurance carriers future competitive advantage will be determined not by their organization alone, but by the digital platforms and ecosystems they choose. Read more.
1. Smartphones have become the dominant internet device in the UK, used by 66% of people. The insurance industry could benefit from adopting mobile trends to better engage with customers.
2. Insurance companies should aim to be more customer-centric, engage in two-way dialogs, adopt agile models and increase awareness through personalized mobile content.
3. While insurance has traditionally been paper-based, mobile provides opportunities for customer insights, personalization, and social media engagement that companies should pursue.
This document discusses new opportunities for distributing microinsurance. It begins by explaining why alternative distribution channels beyond traditional agents are needed to scale microinsurance, such as using mobile phones, retailers, banking correspondents, direct agents, and public-private partnerships. It then covers several alternative distribution models in more detail and the issues and challenges associated with each. It concludes by emphasizing that success in microinsurance distribution relies on being able to manage scale, collections, and risk management, and that insurers need to understand the perspectives of their distribution partners.
Ninety Consulting: The Omnichannel InsurerDan White
Some insurers are already pursuing omnichannel, but other sectors, e.g. retail, are seen as more advanced and could yield lessons for insurers. In Part 1 of this two-part paper, we look at some of the initiatives and issues that are emerging as insurers try to move to an omnichannel approach. In Part 2, released separately, we look at examples and lessons from other sectors and try to answer the question ‘What can insurers learn about omnichannel from other industry sectors?’ We will conclude by making some keynote recommendations and predictions about the changing nature of omnichannel and its impact on the insurance sector.
This document provides an overview of omnichannel approaches in the insurance sector. It discusses how Progressive Insurance has been an early adopter of digital customer experiences, while State Farm has been slower to integrate its divisions digitally. The document also examines trends in the insurance sector triggered by omnichannel advances, such as the development of sophisticated mobile apps and the blurring of direct and agent sales channels. Finally, it explores how insurers can use omnichannel techniques for both customer acquisition and retention.
1. The world of risk is changing, with new consumers and risks emerging. Insurance matters more than ever to build resilience for households and enterprises.
2. Challenges in market development persist, as most developing countries are stuck in the early stages of insurance penetration. Technology and data present opportunities to overcome these challenges and improve value.
3. The insurance landscape is also changing, with new providers like MNOs and digital platforms creating opportunities but also challenges for traditional insurers. Market facilitation remains key to guiding development and realizing opportunities from innovations.
Using Accenture Research methodologies - Economic Value Modelling (EVM) and survey – this thought leadership paper quantifies the digital opportunity for South Africa’s short-term insurance industry to 2020. By leveraging digital technology, Accenture estimates that short-term insurance providers in South Africa can increase their gross written premiums (GWP) by R115.2 billion by 2020.
Despite having been one of the first industries to use data processing on a large scale, insurers have acquired a reputation of lagging technologically over the past decades. However, recent innovations around Big Data and analytics allow insurers to reassert themselves as leaders.
To gain greater insight into future changes in the insurance industry, the EIU surveyed over 300 executives at life and property/casualty insurers.
Investment opportunities in the non-banking sector - 2014 Imara Investor Conf...Imara Group
Presentation on the investment opportunities in the non-banking sector, by Douglas Hoto from First Mutual Holdings at the Imara Investor Conference 2014 in Zimbabwe.
Direct marketing is a complementary channel for insurance distribution that can help insurers reach consumers and address challenges in a simple, fast, and trusting environment. MetLife's direct marketing model in Europe, the Middle East and Africa operates in 29 countries, works with over 80 partners, and acquired over 900,000 new customers in 2014. Direct marketing is not expected to displace traditional channels but to add to insurers' strategies for competing in the 21st century.
The insurance industry has remained much the same for more than 100 years, but over the past decade it has seen a number of exciting new innovations and new business models.
When Device Recognitio an Programmatic Buying IntersectAdTruth
Mobile presents a major challenge to marketers: how to recognize and reach audiences programmatically, at scale, with support for sophisticated targeting and measruemtn models- whie still adhereding to consumer privacy best practices. This paper describes how mobile RTB - enabled by a new approach to device identification - meet this challenge.
The mobile money market is forecast to grow from $12.34 billion in 2014 to $78.02 billion by 2019, representing a CAGR of 44.6%. Mobile money facilitates cash management services via mobile phones and the internet, enabling money transfers and bill payments globally. It is categorized based on transaction mode, location, purchase type, and industry. The growth is driven by the widespread adoption of mobile money services for their convenience over traditional banking methods. Major vendors include Vodafone, Gemalto, Google, and MasterCard, who are pursuing partnerships and acquisitions to expand their market share.
Small-ticket Insurance point of view - VFRiaan Singh
Small-ticket insurance has grown significantly in recent years while other insurance sectors have struggled. It is being driven by rising incomes in emerging markets, new technologies, partnerships between insurers and other sectors, and improved operating models. While small-ticket insurance varies between mature and emerging markets, the mechanisms of product design, distribution, and administration share similarities that allow for integration and innovation across different markets. Insurers that succeed with small-ticket insurance improve their overall performance by interacting more frequently with customers and deepening their understanding of customer needs.
With support by the CII, Marketforce launched this special report providing a snapshot of the challenges and opportunities the industry is facing - and how to prepared it is to meet them.
Based on responses from over 1000 senior insurers, in this report you will find dedicated chapters on digital, analytics, operations, claims, fraud and more.
Would you like to meet like-minded insurers? On November 7th, 8th and 9th we're holding our 16th annual The Future of General Insurance conference.
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CGAP Brief: The Emerging Global Landscape of Mobile Microinsurance
1. The Emerging Global Landscape
of Mobile Microinsurance
BRIEF
Trends in products, providers,
and business models
The number of MMI deployments is growing fast.
Our scan documented an increase in the number of
new products going to market every year (with the
exception of 2009, which was at the height of the
global financial crisis), from two in 2006 to 20 in 2012
and 15 in the first eight months of 2013 (see Figure 1).
The products offered included life, health, accident,
cattle, crop, and travel insurance. The lack of public
data on uptake (e.g., number of policies sold) through
MMI makes it difficult to compare its customer reach
with that of conventionally delivered insurance or
microinsurance. Anecdotal evidence gives a mixed
picture, with take-up rates varying significantly.
However data on policies sold from a few individual
cases demonstrate that these products have the ability
to scale up very quickly, potentially even eclipsing
conventionally delivered products in just a couple of
years (Zetterli 2013).
The locus of MMI deployments is shifting from
middle-income countries to low-income countries.4
While the early MMI deployments were concentrated
in South Africa and a few lower-middle-income
economies in East Asia, since 2010 two-thirds of all
new products were launched in low-income countries.
MMI deployments in such markets are now both
more numerous and spread across a broader range
of countries than their middle-income counterparts.
In particular, most of the activity is in Sub-Saharan
Africa (SSA). Fifty-four percent of the total number of
products we found were in this region, compared to
23 percent in South Asia and 20 percent in East Asia
and the Pacific. We found only three products in Latin
America and none in North Africa, Central Asia, or
Eastern Europe. Within SSA, South Africa had some of
the earliest MMI efforts, but most never grew to scale.
In contrast, our scan documented that the more recent
expansion has taken place across more countries (14 in
total), is more diverse in terms of models, and appears
to have stronger momentum.
MNOs are increasingly driving MMI development,
not just providing the delivery channel. Whereas
most early MMI experiments were driven by insurers
seeking new channels to expand their customer base,
the recent wave appears to be largely driven by MNOs
seeking to build customer loyalty and reduce churn in
increasingly cut-throat voice markets. In total, MNOs
now appear to be taking the lead almost as often as
insurers, with around a third of deployments led by
Since 2012, there has been a rapid increase in the number of mobile microinsurance
(MMI)1
products. The use of relatively low-cost mobile channels in microinsurance offers
the potential to reach poorer and more remote clients, which in turn could reshape the
microinsurance footprint and contribute to financial inclusion. In addition, many mobile
network operators (MNOs) see MMI as another source of customer loyalty and appear
to be pursuing a role beyond simply providing the delivery channel, partly with the
help of specialized microinsurance business-to-business (B2B) service providers that are
rapidly growing into a new niche. This Brief describes CGAP’s initial supply-side scan of
this emerging trend, which identified 84 products offered through 74 deployments.2
It
analyzes the different provider models and explores the role played by mobile channels
to date, with a view to providing an initial basis for understanding these developments.3
1 We define MMI broadly, to include any microinsurance product that leverages mobile technology—including phones as well as point-of-sale
(POS) and radio-frequency identification (RFID) devices—for automation of some part of the process. We exclude call centers, since these
have long been used in traditional insurance and do not offer a high degree of automation. The earliest cases identified that match these
criteria date back to 2006.
2 As used in this Brief, a “deployment” is a separate mobile offering of one or more microinsurance “products” by a single set of partners in a
given country. The dataset from our scan includes 74 deployments with a total of 84 different products offered.
3 This scan is based primarily on a desk review of publicly available information, coupled with interviews and correspondence with 18
deployments.
4 Defined by the World Bank as those with a 2012 per capita gross national income of $1,035 or less.January 2014
2. 2
MNOs and insurers, respectively, and the remainder
driven by banks, third parties, governments, donors,
or consortia. As MNOs assume a more active role in
branding, marketing, and shaping these products as well
as the front-end relationship with customers, it is clear
that they are becoming more than simply a channel.
Specialized microinsurance B2B service providers are
playing an increasing role, withatleastadozenproducts
being facilitated by companies like MicroEnsure and
Bima that offer both MNOs and insurers services in MMI
product development, distribution, and administration.
Bridging the often substantial gap between MNOs
and insurers, these companies are carving out a
niche as highly specialized service providers with an
understanding of both the insurance industry (which
MNOs lack) and the low-income customers that make
up the target market (which insurers lack).
What do MMI products look like?
The mobile phone is by far the dominant technology,
being used by 71 out of the 84 products in our dataset;
we found only nine card-based products and three
using RFID technology.5
Of course, the advantage of
phones is that the technological infrastructure in the
form of base stations and handsets is typically already
in place, whereas card and RFID solutions often require
investments in POS devices as well as smart cards or
RFID tags before the product can be deployed.
A third of the products are offered free of charge—
albeit sometimes conditional on customer activity—
and this share is rising. There seems to be significant
momentum behind such models, with a dozen
products launched since early 2012. Several hybrid
“freemium” products (with a “free” basic offering that
can be upgraded to provide additional cover for a
small premium) could offer a model for opening new
markets while building longer-term commercial viability.
In all, we found 25 “free” and three “freemium” MMI
products out of the 84 total. It is worth noting that
virtually all of these are promoted by MNOs, which are
able to build a business case for them around revenue
streams from the core business, whereas we found only
a single “free” product offered by an insurer.
Most products are tied to a specific MNO, with only
22 percent offered across multiple mobile networks.
This is no accident—MNOs generally offer an MMI
product primarily as a means of building loyalty
with users of their core business. One in five comes
bundled with another product, whether another
insurance product (e.g., life plus accident coverage),
another financial service (e.g., a savings account), or a
nonfinancial product or service (e.g., a post-paid voice
subscription). Unsurprisingly, this is substantially more
common among “free” products than ones for which
separately identified premiums are paid.
The insurance offered tends to be the simplest
possible. Three out of four products identified in our
MMI scan offer basic life insurance, while most of the
remainder provide some form of accident coverage
(death, disability, or hospitalization). Just over half are
flat propositions, with no options or choice of coverage
level. This may be a natural starting point from the supply-
side perspective, as simpler products are cheaper to
administer and easier for sales agents (who may have
limited knowledge of insurance themselves) to explain,
particularly to poor and often illiterate clients with no
prior exposure to insurance. It is no doubt especially
appealing to the large majority of MNOs, which don’t
typically have any in-house insurance expertise. It remains
to be seen to what extent these supply-driven products
meet customers’ needs and whether a wider range of
more complex products will be on offer over time.
How is the mobile channel being
used?
For 72 percent of these products, a mobile device is
used to process registrations in some form other than
5 RFID is a technology for wireless transfer of data from tags that need no power source of their own. They are often used in logistics,
identification documents, and contactless payment cards.
Lower middle income
Low income
Income group
Count
Launch year
2006
15
10
5
0
2007 2008 2009 2010 2011 2012 2013
Upper middle incomeTotal products found: 84
Figure 1. Geographical distribution over timeFigure 1. Geographical distribution over time
3. 3
a call center, though over a fifth of those still require
hard-copy paperwork, photos, or IDs to complete the
registration. As a result, it is possible to register for just
over half of all the products observed in a fully mobile
process without the need for physical documentation. Of
these, one in four products with fully mobile registration
still requires customers to see an agent—e.g., to buy
a scratch card with a code that the customer sends by
SMS to register the policy. The rest let customers fully
register remotely on their own device. Typically this is
for simple life products where the customer has already
fulfilled some know your customer requirements when
registering the SIM or a mobile wallet.
The most common use of the mobile channel is to
support premium collection. Every paid product
for which we have this information sends automatic
reminders to customers when a premium is about to
come due, and 84 percent also collect the premium
itself via mobile payment. Among the 39 paid products
in our research that collect premiums over the mobile
channel, 22 do so via mobile money, 15 deduct airtime,
and two use mobile-initiated card payments.
Unsurprisingly, mobile is also very often used for
sending customers basic policy information, with
89 percent sending automated information by SMS,
e.g., after sign up, and many allowing users to initiate
queries through a mobile interface. However, only a
small number of products can be altered, updated, or
cancelled over the mobile channel.
The mobile channel is leveraged substantially less in
claims processing. Only a third of MMI products for
which we have data enable customers to even register
claims over a mobile. Only half of those (17 percent
of all products) use a fully mobile claims process, and
these tend to be index crop insurance, RFID-based
livestock insurance, and card-based health insurance
schemes. With mobile money schemes becoming
more widespread across Africa and elsewhere, there
will be increasing opportunities for providers to
address this—and fewer excuses not to.
Emerging business models
Our analysis of the MMI deployments studied yielded
five emerging business models:
1. Insurers pursuing new segments, notably in lower-
income groups, through new products developed
specifically for the mass market. They are often sold as
“starter packs” through retail networks and activated
via SMS or POS, with limited use of the mobile channel
beyond that. Others are remotely purchased via SMS,
with the premium charged to airtime.
2. Insurers mainly pursuing efficiencies through
technology, notably mobile payments but also
RFID tagging for cattle insurance. Typically they
seek to reduce cost and create value for existing
customers rather than to acquire new ones, and
more rarely does this involve development of the
product offering per se.
3. MNOs seeking passive loyalty by offering
insurance, generally free of any direct charge to
customers, to all voice users who remain customers
(perhaps on a specific plan). These products were
common in East and South Asia from 2006 onward
but have tended to be temporary promotions and
few remain.
4. MNOs seeking active loyalty by also providing
insurance coverage free of any direct charge, but
only to customers who meet minimum targets,
such as airtime use or mobile money transactions.
The goal is not just to develop loyalty but also to
provide incentives for specific behaviors that drive
other revenue for the provider. These products are
a recent and fast-growing development: we found
15 such products, of which all but one launched
since 2010 and almost half since mid-2012.
5. MNOs seeking loyalty and direct revenue by
offering paid insurance products as a value-added
service to voice customers. About half of these
products bill via mobile money and the other
half via airtime deduction. Each of the products
identified in this class was launched since 2012.
Future prospects on
the supply side
Based on this initial supply-side scan, there seems to
be substantial momentum behind mobile delivery of
microinsurance globally. Barring spectacular failures,
expansion in the number of deployments seems likely
to continue while the products and business models
evolve. In that process, we see a few factors that may
shape developments.