Mobile Devices Becoming More Popular in the Insurance Industry

Business Owners Express Concern for Financial Risks Posted on: Sep 02,2015 | by Bolt Insurance | No Comments There are many financial risks associated with starting and maintaining a successful home business, and results from a new survey revealed some of the major concerns when it comes to owning and running a small company. Read Article > Share this: Print Facebook Twitter Google+ Pinterest Tumblr LinkedIn Mobile Devices Becoming More Popular in the Insurance Industry

For business owners who always find themselves on the go, having access to their commercial insurance policy while away from the office could be beneficial should an emergency arise. A new survey titled Mobile in Insurance Beyond Personal Lines: Current Trends and Expectations by Novarica recently revealed more insurance providers are creating applications for their clients.

Mobile no longer is exclusive to smartphones, as tablets and other handheld technology continues to make transactions and checking email more simple for business owners. According to survey results, 26 percent of respondents said their company had a claims system for mobile devices, with 26 percent reporting plans to develop an application or program before the end of the year. Additionally, 24 percent of  insurers said they looked to do so sometime in the future.

One major benefit to the innovative idea of allowing policyholders the ability to access their policy or make a claim​ on the go is that the technology is relatively low-cost. When downloading, many current applications are offered to those with coverage through the company for free, while others may cost a low fee, often below a couple dollars. More importantly, being able to file a claim using a smartphone can ensure owners are making claims in a timely manner.

Another feature is the ability to take photos directly on smartphones and tablets, which lets business owners properly document damages that have occurred, as long as the incident or accident is listed in the policy’s perils. However, some business owners have complained that apps only allow them to submit a certain number of images associated with damages, though additional photos can be taken in submitted in a separate format.

Additionally, having access to payment options could prevent busy business owners from missing a payment, which could result in a loss of coverage.

“By the end of this year, approximately one-half of the companies in the sample expect to offer the ability for their policyholders to look up information, pay bills or report a claim via mobile,” noted the report. “Longer term, the vast majority of the multi line, commercial and specialty P/C insurers in the sample expect to support most policyholder capabilities via mobile.”