The Impact of M-Commerce on the Insurance Industry (Analyst Insight)

The Impact of M-Commerce on the Insurance Industry (Analyst Insight) published by Datamonitor in July, 2010. This report consists of Pages: 16 and the price starts from US $ 1895.

Introduction

Abstract

Introduction

Mobile commerce is emerging as a viable method of conducting insurance business through a wireless connection between consumers and insurers. The growing ecosystem of mobile devices coupled with more reliable wireless communications is cresting at the same time consumers are being more familiar with using these devices for commerce, entertainment and social purposes.

Scope

• The life and non-life insurance industry
• This report covers insurance m-commerce opportunities

Highlights

The definition of insurance m-commerce goes beyond financial transactions.

M-commerce is changing the basis of competition to providing a world-class customer experience.

Insurers need to leverage the value chain from both the insurance company and insurance customer perspectives.

Reasons to Purchase

• This research identifies insurance m-commerce opportunities
• This research discusses the importance of providing a world-class customer experience

Table of Contents

SUMMARY

• Catalyst
• Ovum view
• Key messages

INSURANCE M-COMMERCE GOES BEYOND FINANCIAL TRANSACTIONS

• Insurance encompasses financial and information flows
• Physical artifacts will play a key role in insurance m-commerce

INSURANCE M-COMMERCE OPPORTUNITIES ARE ONLY LIMITED BY THE IMAGINATION

• Insurers should ensure their m-commerce environment supports six key capabilities
• The insurance value chain provides a roadmap to m-commerce applications
• It is important for insurers to visualize an insurance value chain from the customer perspective
• There is a growing number of life and non-life insurers experimenting with m-commerce

RECOMMENDATIONS

• Recommendations for insurance companies
• Create strong customer experiences by shifting from a product focus to a customer focus
• Begin to pilot m-commerce applications for policyholders, prospects and producers
• Recommendations for vendors
• Technology providers should objectively determine how to support insurance m-commerce
• Technology providers supporting the insurance industry will need to develop or acquire m-commerce related skills
• Alternative views
• Some insurers may believe that m-commerce is not viable at all
• Some insurers may believe that m-commerce is only relevant to financial transactions

APPENDIX

• Ask the analyst
• Definitions
• Further reading

List of Figures

• Figure 1: Insurance value chain: insurance company perspective
• Figure 2: Insurance value chain: insurance prospect perspective
• Figure 3: Select examples of insurance m-commerce
• Figure 4: Select examples of insurance m-commerce

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