Mobile Apps in Life Insurance: An Underutilized Channel

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Only 20% of life insurance carriers have a mobile application for their life insurance policyholders: Aite Group survey

Boston, Mass. (Nov. 8, 2017) — Aite Group’s latest report, Mobile Apps in Life Insurance: An Underutilized Channel, looks at consumers’ appetite for mobile apps from their life insurance carriers and what carriers are doing to meet those needs. Aite Group’s research shows that carriers will need to develop mobile apps with value so they can easily build bridges between them and their policyholders.

“The consumer appetite for mobile apps from life insurance carriers exists today and will continue to grow exponentially,” says Life Insurance senior analyst Samantha Chow. “However, carriers have yet to meet that demand, or their half-baked attempt to check the ‘mobile app’ box fails to provide any value to the consumer or the life insurance carrier,” she says.

This report looks at the key vendors that support the challenges around audits, e-signature, security, and legacy integration. It is based on a survey of 56 life insurance policyholders reporting on 54 individual life insurance carriers’ mobile applications. Forty-one of the top 50 life insurance carriers are represented in the study.

To request a press copy of this report or to speak with Samantha Chow about this topic, please contact us at [email protected].

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. For more information, visit us on the web or connect with us on Twitter and LinkedIn.

Source: Aite Group

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