Mobile strategies focused on Gen Y customers and personal lines innovations will shape the plans of property/casualty insurance carrier management teams in 2014, but at least one of these approaches may be slightly misdirected.
Executive SummaryAnalysts at Aite Group reveal what they see as the top three technology-related trends in P/C insurance for 2014, predicting carrier moves to win over Gen Y customers with mobile apps and to demonstrate the customer value of UBI programs while developing efficiencies on the claim side in the homeowners line. All three developments will help carriers be more customer-centric, say analysts Pat Speer and Stephen Applebaum, who note that lack of investment in mobile technology for intermediate customers—captive and independent agents—may force carriers to recalibrate the Gen Y strategies going forward.
In a research report released Jan. 15, 2014, Top 10 Trends in Insurance, 2014: Becoming More Customer-Centric, we identified the trends that will shape the health, life and annuity, and P/C segments, including these three specific to P/C insurance:Generation Y shifts mobile strategies. Primary UBI value proposition changes. Homeowners insurance sees increasing claims innovation.
The first two developments show P/C insurers are putting their focus squarely on customer needs and concerns as they strategize ways to increase policyholder acquisitions. But the mobile strategies that target Gen Y customers may need some reworking if carriers focus too much attention on them—and not enough on their agents.