Source: Mario Sammut¸ PKF Malta¸ 15th May 2012
Today’s typical smart phone is a combination of phone¸ camera¸ GPS¸ voice recorder¸ notepad and many more features that make it the ideal device for handling many common insurance-related processes. With the use of smart phones exploding¸ insurers are looking for ways to simplify customer interactions and save money with mobile apps.
Mobile initiatives are offering the possibility for companies to reward their esteemed clients by offering a higher level of service and self-service¸ as well as target a demographic market segment of consumers who are digital natives.
The latest news from the apps world is the introduction of insurance apps were claimants today can use their smart phones to report an auto accident¸ upload photos from the scene and pinpoint their location for wrecker services (using the smart phone’s GPS capabilities).
Nowadays insurance apps provide several benefits which are intended towards the end customers. Namely insurance apps allow users to check account information and file a claim for business owners¸ business auto¸ commercial fire and general liability policies. Some apps also enable users to find agents in the vicinity and contain an accident checklist to help users collect important accident details¸ including photos. Other apps allow the user to submit loss information and afterwards they receive a confirmation message from the insurance in question followed by a phone call from a claims adjuster.
Furthermore some apps provide travel safety information for corporate travelers. The app includes a global risk map and informs travelers about the risk profile of individual countries around the globe to help them plan more effectively and stay safe when abroad. On the other hand one can find apps aimed to commercial fleet insurance customers. In addition to basic functionality such as the ability to pay a bill or make a claim¸ the app makes use of mapping technology to help truckers get directions or find the nearest truck stop. Some insurers are offering apps for buyers of errors and omissions insurance¸ business auto insurance¸ commercial general liability insurance and professional liability insurance. Users also can file a claim¸ request roadside help¸ and make a secure check payment via the app.
Lately in Malta BOV launched its BOV Mobile App¸ which allows the user to send money to anyone instantly and securely¸ directly into their BOV Mobile Pay Account. There is no need that the user will have the other person account. The user needs to select the contact from the contacts list and send the money to the person he / she needs to pay. On the other hand if the receiver of the payment is not saved on the contacts list¸ the payer only needs his / her mobile phone number and the payer can pay directly the beneficiary (provided that they too have a BOV Mobile Pay Account).
Although such app was relatively new to the Maltese market¸ it was a really successful application and users of this app were delighted with service rendered by the app. However little can be said when it comes to Insurance apps being offered by Maltese Insurance companies. For now there are no rumors about a Maltese insurance company ready to introduce such service. Maybe Maltese insurance companies would like to see whether or not such apps would be successf