Life insurance companies adopting mobile technology

May 29, 2012

Technology such as tablets may be used more in the insurance industry.

People who are technologically inclined can now research and review life insurance via mobile apps. LIMRA said almost nine in 10 life insurance companies who plan on bringing out mobile technology are trying to meet growing demand for better support services and a quarter said that is their top reason for developing that technology.

"Like we saw with social media, life insurers recognize that using mobile technology is not negotiable if the company wants to be competitive now and in the future," said Mary Art, LIMRA research director, technology in marketing and distribution research. "In fact, three of four companies surveyed said they were using mobile technology to keep pace with their competitors, and nearly as many anticipate these investments will increase sales."

LIMRA looked at 53 life insurance companies and said 30 percent plan to launch a mobile program just for agents. This means that most people looking to buy life insurance will likely see more mobile involvement soon.

According to a Celent study from October 2011, only 12 percent of the top 100 health, annuity and life insurance companies have introduced mobile insurance technology so far. More companies are expected to bring in this new technology soon.

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