Apple and IBM launch an app that could help the insurance industry

mhealth watch insurance industry

New application could be a valuable tool for insurance companies that want to engage mobile consumers

The insurance industry may benefit from better mobile apps that can engage consumers that are becoming more reliant on mobile technology. As such, IBM and Apple have partnered to introduce their new Retention application, which may be the first of many apps that begin to emerge in the insurance sector. The partnership is meant to leverage the strengths of both IBM and Apple, providing the industry with better mobile solutions to engage consumers.

Retention app will serve as a way to improve the relationship between consumer and insurer

The Retention app make use of the Agent & Advisory Suite software, which is designed to improve the relationship that insurers have with consumers in order to increase retention. The app is expected to improve agent productivity and give insurers a direct connection to the growing number of mobile consumers. This may not be the first application that will be released by IBM and Apple and subsequent apps will combine analytics, document capture, and other services to make it easier for agents to interact with consumers.

Insurance industry has been slow to adapt to the advent of mobile technology

mhealth watch insurance industryThe insurance industry has been growing more mobile friendly in recent years due to the rising number of mobile consumers in prominent markets. While some insurers have managed to stay on the cutting edge of technology, especially that which helps them identify and manage risks, many have not been able to keep up with the adoption of mobile technology among consumers. As such, the insurance industry lacks the applications needed to effectively engage consumers and offer them with the services that they are interested in.

Insurance agents remain an important part of the industry’s structure

Mark McLaughlin, head of IBM’s insurance division, notes that the insurance industry sells intangible products to consumers that do not trust insurers well. Mobile applications can serve as a bridge between insurers and their customers, forming better ties between the two parties that can foster more trust and communication. Apps can only go so far, however, which is why insurance agents continue to be a vital part of the industry as a whole.

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