Ovum says insurers must get to grips with the realtime mobile marketplace – FierceMobileIT

Everyone’s going mobile, including the insurance industry. So says new research from Ovum, a leading global analyst firm. Ovum’s ICT Enterprise Insights* – the largest survey of senior IT executives ever conducted – reveals that

  • 65% of insurance CIOs are looking to increase IT spend next year, with legacy system modernisation firmly back on the agenda. t by
  • 44% of respondents identify customer channels emerge as the key target for transformation, new installation, or replacement, with only 12% choosing to maintain in the current state.
  •  “It is imperative that insurers cross the inflection point between a product- and customer-orientated marketplace in 2014. However, they will have difficulties in accomplishing this with their decades-old underwriting and core administration legacy systems.”

Other takeaways from Ovum’s research:

  • The insurance industry is at an inflection point between operating in a product-orientated marketplace and operating in a customer-orientated marketplace. … growing customer empowerment, the increasing ubiquity of mobile capabilities and minimal economic growth in developed countries are making it imperative for insurers to embrace customer-centricity.
  • In 2014, insurers will have to support real-time commercial interactions not only with customers, but also with prospects and sales channels.
  • As customers are increasingly equipped with more advanced smart devices and apps, they are exerting greater influence in their interactions with insurers.
  • This will require hybrid systems that combine the two, such as customer relationship management (CRM) or customer experience management (CEM) systems. Data management and analysis, including analysis of variably structured data, will become an essential skill for insurance companies. These systems will not only help in the increasing efforts towards customer centricity, but support mobile sales channels to meet the demands of a real-time marketplace.

Read more here: Ovum says insurers must get to grips with the realtime mobile marketplace – FierceMobileIT.

[Note to insurance companies: contact us to learn how FotoNotes can help you “get to grips.]