More than 30 percent of life and annuity insurance companies and 40 percent of multiline, commercial and specialty property and casualty insurers have launched mobile technology for their customers and agents to use, according to a new report from Novarica, a research and advisory firm based in Boston.
In addition, more than 60 percent of both groups plan to deploy more mobile capabilities this year.
The report, "Mobile in Insurance Beyond Personal Lines: Current Trends and Expectations," is based on a recent survey of more than 75 insurer CIOs, who are members of the Novarica Insurance Technology Research Council.
"As the use of smartphones and especially tablets displaces the use of desktops and laptops in more areas of personal and professional life, support for these platforms is becoming critical to insurers' abilities to communicate electronically across the value chain," Matthew Josefowicz, partner at Novarica and the study's co-author, said in a press statement.
Although insurers find it tough to get a large return on investment in the short term, they can't afford to be left behind, according to Novarica partner Chad Hersh. "Avoiding mobile today is like avoiding web browsers in the late '90s," he said.