The latest report by Telstra, Mobile Innovation – The Next Frontier for Growth and Productivity for Insurers, launched in conjunction with the Financial Services Council, has identified new opportunities for the insurance industry to better use mobile phone technology in delivering services.

John Brogden, Chief Executive Officer of the Financial Services Council, welcomed the opportunity for insurers to better connect with their customers.

“As the Telstra report notes, mobile applications provide insurers with a new opportunity to create a more interactive and ongoing relationship with their customers. The use of mobile technology can also assist in the underwriting and claims processes and thereby make the process of arranging life insurance cover and claiming on a policy easier, simpler and less time consuming.

“Australia has a chronic underinsurance problem and anything that makes it easier for Australians to access life insurance is a benefit,” Mr Brogden said.

The report’s author, Telstra Enterprise and Government National General Manager Industry Development, Rocky Scopelliti, said that the report illustrates how mobile technology can assist insurers.

“Australia is one of the world’s most mature mobile markets. Today, 17 per cent of Australians are using their mobile-connected devices to search for and make decisions about insurance, yet most Australian insurers are yet to offer any mobile applications for its employees, customers, agents or brokers,” Mr Scopelliti said.

The report has identified three technology experience concepts to help insurers better support customers and improve their business growth and productivity.

Mobile phones and the mobile network can provide location based information that connects with existing ICT infrastructure and enterprise systems inside the insurer to deliver streamlined customer service.

Using the knowledge and data insurers collect on many products and services, insurers can provide advice to their customers through a mobile application to provide relevant and timely information to assist consumers in their purchasing decisions.

Evolving Machine-to-Machine technology such as telemetry enables insurers to provide new classes of value added services such as pay-as-you-use policies.

“Mobile enabled technology has the potential to deliver growth for insures through greater customer loyalty and category growth. It can provide greater convenience, personalisation and pay-as-you-use premiums as well as provide the opportunity to better connect with customers,” Mr Scopelliti said.