The Accenture Mobility Insights Survey 2014 reveals that insurers are well aware of the huge take-up of smart mobile devices, and the impact that is having on how their customers behave—and how their value chains operate. In fact, insurers are more likely than firms in other industries to invest aggressively in mobile technologies to provide access to new markets.
Despite these encouraging signs that the industry “gets” mobility, what’s less heartening is the fact that insurers are unlikely to invest enough to take advantage of its full potential. They are less likely than companies in other industries to invest in excess of $30 million over the next two years, with most falling into the $10 million to $29 million range. Accenture believes these investment levels are likely too low, and recommends that insurers should see mobility within the broader strategic context. Particular focus should be given to mobility’s potential to disrupt existing insurance value chains quite radically.