Frost & Sullivan: Using Mobile Solutions to Improve Insurance Sector Performance

MOUNTAIN VIEW, Calif., Nov. 17, 2011 /PRNewswire/ -- U.S. insurance companies continue to face an uncertain future. Evolving regulatory requirements and a still-shaky economy coupled with more demanding consumers, combine to present a new set of challenges to insurers today. While weaker companies continue to shake out, remaining contenders must realize that survival and success will depend largely on their willingness to innovate.

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Frost & Sullivan recently published a whitepaper, Using Mobile Solutions to Improve Insurance Sector Performance, which examines how mobile technology can help control cost, manage risk and create new revenue.

There are many factors impacting the insurance sector, especially after a fairly volatile decade of company exits, increased regulation and financial upheaval. Two major challenges that have emerged in the insurance space are controlling costs and attracting profitable customers. Maintaining profitability requires insurers to remain especially focused on increasing operational efficiencies while also giving customers more targeted products and support.

Mobile technology is ideally positioned to help insurers establish and maintain a competitive edge. This paper examines four initiatives that are providing real benefits: in-vehicle telematics, networks on demand, mobile handheld devices, and digital signage solutions.

"The insurance sector has historically been quite conservative in adopting new technology; however, it's well past time for insurers to include mobile and wireless solutions in their growth strategies," said Frost & Sullivan Senior Industry Analyst Jeanine Sterling. "Mobile technology has become more powerful and even more integrated, enabling faster and higher-quality communications among customers, field agents, and management."

Selecting the best mobility partner(s) is critical to implementing the optimal mobility solution. Insurance providers have an interesting array of potential mobility partners, including wireless carriers, systems integrators, VARs (value-added resellers), software solution developers, and even the mobile device manufacturers. This whitepaper addresses the criteria for insurers to consider when selecting the optimal mobility partner. Frost & Sullivan identified Sprint as a compelling example of a mobility provider that offers a sound understanding of insurance sector needs, along with the product expertise, networks, and partnerships to help insurers succeed.

"In a still very fragmented market, Sprint functions as a single source for high-value mobile services," adds Sterling.

Please click here if you are interested in receiving a copy of the Using Mobile Solutions to Improve Insurance Sector Performance white paper.

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SOURCE Frost & Sullivan