London, 1st October 2018
A new study from PTOLEMUS has found that active users of mobile insurance amount to 50 million globally; less than 6% of all auto insurance policyholders or half of US mobile banking users.
Based on the review of 245 insurance apps worldwide, the Mobile Insurance Global Study found that only 45% of the top insurers offer basic corporate services (including insurance ID, coverage details and payments). It argues that underwriters and brokers must urgently reform their mobile insurance strategy in the face of:
- Smartphones becoming the number 1 platform to interact with customers and connect their data to underwriter’s digital insurance systems,
- Insurance moving from a standard yearly purchase to an on-demand, transaction-based service thanks to tens of insurtechs like Cuvva, Lemonade, Neosurance, Trov or Wilov,
- External players such as Amazon, Samsung and car manufacturers now entering the market with digital offers.
PTOLEMUS’ new report also reveals how smartphonisation will radically impact insurance distribution, offering, processes and risk management.
“Apps will accelerate the switch from manual processes and personal service to automated processes and personalised services”, said Frederic Bruneteau, Managing Director.
The smartphone itself will become a vast source of real-time insights on the insured. Telematics insurance was based on 3 sensors; mobile insurance has 15 to choose from. Contextualising events to measure their risk will be the biggest opportunity from an actuarial perspective.
In over 600 pages of analysis, the Mobile Insurance Global Study offers:
- A quantified assessment of the insurance app market based on over 100 interviews and PTOLEMUS’ 9-year consulting experience in the domain,
- Impact assessment of the key trends in mobile insurance,
- A step-by-step guide to developing your mobile strategy,
- A competitive analysis of 26 leading insurers’ strategies, 30 apps and 15 vendors worldwide,
- Projections of the mobile usage-based insurance market from 2018 to 2025.
A free abstract with the executive summary can be downloaded from www.ptolemus.com
For more facts and figures from the study’s qualitative and quantitative analysis, please contact Annie on [email protected]
About PTOLEMUS Consulting Group
PTOLEMUS is the first strategy consulting & research firm entirely focused on connected & autonomous mobility and the Internet of Things. It assists leading technology players, automotive OEMs, insurers and service providers in defining & deploying their strategies.