Technology is Enabling Collaborative Risk Management

Feb 09 / Author: Harold Leitner

Policyholders Should Love Your Insurance Mobile App

When I talk to insurance carriers, I often hear the following, “We have a mobile app and adoption is disappointing”, or “We already have a customer web portal, they don’t want a mobile app”. I understand every carrier has unique policyholders, but we have found carriers with successful mobile apps have done one important thing to drive adoption and retention. They proactively use push notifications to engage with their policyholders.

Carriers limit themselves when they choose mobile friendly web pages for customer portals. These web pages may look good on a mobile phone, but they cannot access the native features found in smart phones, things like GPS, taking photos, video, and push notifications. The most successful policyholder mobile apps include push notifications for high conversion, value-added communications.

Mobile App Push Notifications

Insurers are finding that engaging policyholders with push notifications through their phones, the medium people can’t live without, is creating more loyalty and renewals. Value-added communications like safety tips, storm warnings, renewal notices, claims status reports, and others, are valued by policyholders and show that their insurer cares about their wellbeing. Policyholders who feel their insurer cares about them are less likely to shop around or leave for a lower premium.

Mobile App Reduces Losses

When tornados were recently tearing through Kentucky and other mid-western states, several insurers with push notification enabled mobile apps were able to warn their policyholders to take shelter. These insurers were able to use push notifications to reduce claims and potentially save lives. Their policyholders have reacted to this with higher NPS scores and increased retention.

Policyholder mobile apps are not a “build it and they will come” technology. Driving adoption and ROI require insurers to include features that policyholders value, like compelling push notifications. Those that do this will have a disruptive tool to win and retain business. As an insurer, ask yourself if digital engagement is actively or passively presented to policyholders. If it is passive, then now is the time take action.

Harold Leitner

VP, Business Development

With over 25 years of technology sales, business development, and account management experience Harold leads Xemplar’s business development team. He has successfully driven business growth for early stage technology providers across a range of industries including e-commerce, finance, IOT, connected fleet technology and telematics. Harold holds an MBA from Northern Illinois University and a degree in International Business from Illinois State University.

SriKrishna “SK” Tirumala

CEO & Co-Founder

Over the last 24+ years, SK has been at the forefront of delivering technology solutions in Property & Casualty. For the last few years, he has been spearheading the development of risk management solutions at Xemplar Insights, LLC. As the head of the business, SK passionately leads R&D and product engineering teams to advance the Xemplar product portfolio. He is continuously associated with customers, prospects and industry partners in solving their chronic business issues with cutting-edge technology.

Xemplar Solutions Suite

XEMPLAR AUTO is a comprehensive mobile, cloud, and web solution that enables personal auto insurers to close gaps in their digital capabilities. Designed to support loss containment strategies using state-of-the-art smartphone telematics, it can also include policy self-service capabilities to drive adoption and lower servicing costs. Insurers get a powerful analytics portal to analyze where, when, and how risk occurs in their book of business. Granular data can be used develop new rating variables for Usage Based Insurance (UBI).

Personal and Commercial P&C policyholders value the ease-of-doing business with their insurers over mobile and web channels. They are attracted to insurers with better digital capabilities for convenience and better service. Insurers understand that building relationships and creating loyalty with policyholders is key to their on-going profitability and success. The Xemplar Engage solution enables insurers to rapidly innovate and advance their digital transformation strategy with self-service features on mobile and web channels, resulting in significant competitive advantages with improved customer experience.

Xemplar Drive – Business was designed as a non-white-labeled option for Commercial Auto Insurers that believe that the policyholders will be apprehensive about using a data gathering solution provided by their insurance carrier. Xemplar Drive – Business would be referred by the insurer to the Commercial Auto policyholders (small businesses to large fleet owners) as a solution for risk prevention and loss control.
Xemplar Drive – Business is also available as a white-labeled off-the-shelf B2C subscription-based solution (SaaS or private) sold directly to Large Corporates, Commercial Businesses, and other Institutions that operate a fleet of vehicles, as a self-administered risk management solution.

Xemplar Drive – Business is a branded off-the-shelf, B2C subscription-based solution sold through distribution channels such as driving schools or not-for-profit organizations to individuals and/or parents of teens as means to analyze driving habits of themselves, or young drivers as they gain driving experience and develop good driving habits.

Xemplar Stack’s suite of licensable and adaptable software feature frameworks, platform architectures, design patterns, and data model assets helps businesses save development time and costs and jumpstart the creation of tailored software solutions for unique business cases.

About Xemplar Insights

Our journey began in early 2015 while experimenting with smartphone technology to analyze motion patterns that led us to develop an innovative and economical smartphone telematics solution for loss containment. We then extended our capabilities to include numerous new features including policy and claim services, and developed turn-key solutions for Personal and Commercial P&C Insurers. Today, Xemplar is an established digital solutions company that offers both pre-configured and tailor-made solutions to insurers and commercial businesses, with many companies using our products and services to drive their digital transformation.