Frost & Sullivan has released a whitepaper called “Using Mobile Solutions to Improve Insurance Sector Performance”, which looked into the way the insurance sector uses mobile solutions to help to control their risk and costs, while boosting their revenue.
American insurers are still struggling with the uncertain future ahead of them. As significant changes to regulations continue to come into effect while standing on the foundation of an economy that has not yet recovered, increasing demands from consumers persist. This complex atmosphere of challenges can make the situation quite trying for insurance companies.
As those companies that aren’t as strong continue to fail, the businesses that remain are required to discover that their success and survival will be heavily dependent on their willingness to apply new innovations. In the insurance sector, according to Frost & Sullivan, these innovations include mobile solutions.
Mobile solutions help the insurance sector with both of their two largest challenges, which are attracting customers that will lead to profits, and controlling costs. In order to ensure profitability means that insurance companies must maintain a specific focus on boosting the efficiency of the operation while continuing to provide customers with products and support that are better targeted.
Mobile technology provides the perfect positioning for insurance companies to create and build a competitive edge. The whitepaper by Frost & Sullivan went on to identify four initiatives using mobile that are offering the insurance sector significant benefits:
• Networks on demand
• In-vehicle telematics
• Digital signage solutions
• Mobile devices themselves
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