Mobile applications are becoming more and more significant in the way consumers choose to do business. Yet despite that; less than 10% of British customers are interacting with their insurers in this way. That means there’s significant opportunity in the market for insurers ready to invest in mobile applications.
We’ve put together 5 reasons for your brokerage to invest in mobile applications:
1. Customer Service
People who can access a service provider through mobile applications report much greater levels of customer satisfaction. We suspect that’s because of the convenience factor; we don’t think that any business will dramatically change its approach to care because of a new access route but we do think it might be easier to manage electronic access through an application in your CRM than a call through your call center.
2. Customer Retention
Research suggest that mobile users access their online environment far more often than non-mobile users. It also shows that they develop much higher levels of brand loyalty to businesses that provide the right mobile internet experience than their PC using compatriots do. The mobile internet provides scope for higher-levels of customer retention through this loyalty and a retained customer is usually much more cost-effective for the bottom line than a new customer is.
3. Cross-Selling Opportunities
If a customer has your application installed on their phone or tablet; you can pretty much always reach them. If you have a great new product or a great new offer to share with them this is a very cost-effective means of letting your existing customers know about the opportunity. You could even try using a game or competition to bring in interest. You can increase your market share with existing customers without spending the sums involved with more traditional marketing approaches.
4. Customer Perception
Rolling out mobile applications for your customers also positions you as a more knowledgeable service provider. Customers prefer to deal with experts in any line of business. The better you are perceived by clients and potential clients the more sales you’ll make.
5. Increased Profitability
If you take the other four reasons and add them together you have a recipe for increased profitability. The better you serve your customers, the less likely they are to leave and the lower your marketing costs need to be. Sell them more products and the ROI on any given customer increases. If you become a broker of choice because you’re perceived to be more knowledgeable than your competition, you make more sales and thus you make more money.
Investing in mobile applications is a win-win scenario for insurance brokers and insurers. Your customers win because they get the services they want, when they want them and where they want them. You win because you improve customer loyalty, customer service, client perception of your business and increase product sales across the range of products you offer. With fewer than 10% of insurance customers currently able to access their insurance provider through mobile applications – there’s a lot of market share to be won if you’re quick off the mark entering this space. It would be nice to watch your sales take off with a simple addition to your marketing approach wouldn’t it?