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

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

SUMMARY 2

Catalyst 2

Ovum view 2

Key messages 3

INSURANCE M-COMMERCE GOES BEYOND FINANCIAL TRANSACTIONS 4

Insurance encompasses financial and information flows 4

Physical artifacts will play a key role in insurance m-commerce 5

INSURANCE M-COMMERCE OPPORTUNITIES ARE ONLY LIMITED BY THE IMAGINATION 5

Insurers should ensure their m-commerce environment supports six key capabilities 6

The insurance value chain provides a roadmap to m-commerce applications 7

It is important for insurers to visualize an insurance value chain from the customer perspective 8

There is a growing number of life and non-life insurers experimenting with m-commerce 10

RECOMMENDATIONS 11

Recommendations for insurance companies 11

Create strong customer experiences by shifting from a product focus to a customer focus 11

Begin to pilot m-commerce applications for policyholders, prospects and producers 12

Recommendations for vendors 12

Technology providers should objectively determine how to support insurance m-commerce 12

Technology providers supporting the insurance industry will need to develop or acquire m-commerce related skills 13

Alternative views 13

Some insurers may believe that m-commerce is not viable at all 13

Some insurers may believe that m-commerce is only relevant to financial transactions 14

APPENDIX 15

Ask the analyst 15

Definitions 15

Further reading 15

List of Figures

Figure 1: Insurance value chain: insurance company perspective 8

Figure 2: Insurance value chain: insurance prospect perspective 9

Figure 3: Select examples of insurance m-commerce 10

Figure 4: Select examples of insurance m-commerce 11

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