How Technology Has Brought Insurance To Your Mobile Screens

<p><em>Naval Goel talks about how insurance companies will have no choice but to be present over mobile platforms apart from their regular website</em><br><br>Technology has always been a transformational factor in our lives and insurance industry is no exception. A few years ago, it was hard to get reliable information on insurance products. People had to rely on agents who were perhaps the only channel to get advice on insurance plans.<br><br>But things changed after some time. Insurance companies started putting a lot of relevant information on their portals. Consumers who were web savvy got an edge due to this. Still, people had to buy insurance through agents only.<br><br>But this too has changed. Today, you can buy online insurance. It is very easy. Thanks to the increased security measures and rising credibility of e-commerce platforms, people are open to buy insurance online.<br><br>With rapid advancement in technology, things have even better. If you wish to buy coverage for yourself, your dear ones or for your assets, you can simply get the information even while on the move.<br><br>Why are insurers vying to get on to the mobile platforms?<br><br>As per industry research reports, the future belongs to mobile technology. It has been estimated that India has over 213 million people using mobile internet. That means over 21 crore people in India are using Internet services on mobile.<br><br>In the next two years, this number will grow to 31 crore. By 2017, India will add over 10 crore people to mobile internet subscribers base. These numbers are huge and make sense, from both marketing and commercial perspectives.<br>&nbsp;<br><strong>Data Source: Industry Estimates</strong><br>You must have come across popular web portals which have moved to mobile platforms swiftly. There are some who have gone one step further and have declared that they will only operate through mobile platforms. That means, they will be available on mobiles only. This reflects the underlying potential of mobile technology.<br><br>Insurers have sensed this trend early on. They are providing many facilities through mobile platforms. Whether it is their agents or consumers, a lot of information is made available through mobile applications.<br><br>There are many ways through which insurers are motivating people to use mobile to even transact on mobile phones. At present, the trends are low and people do not trust mobile software for financial transactions. A few years ago, the e-commerce industry was also facing the same challenge.<br><br>People's concerns will fade away once companies start deploying more secured networks and introduce measures to keep hackers at bay. After all, there are thousands of incidents under which hackers have stolen information related to credit cards.<br><br>But it will be increasingly difficult to steal personal information. The IT Act in India has provisions to deal with people who are proved to be involved in phishing or any illegal act using Information Technology.<br><br><strong>The Outcomes</strong><br>The financial outcomes of mobile related technologies are at a low currently. But no company can afford to ignore it. They have to keep pace with the changing trends and the future prospects.<br><br>There is no second thought that the mobile users will keep on increasing. If you look around, you will find that mobiles have brought a revolution in people's lives. From a high-flying millionaire to labourers working on the ground, everyone is using mobile phone. Internet is omnipresent. People are using social media, free messengers, games, and several things over the Internet.<br><br>In times to come, insurance companies will have no choice but to be present over mobile platforms apart from their regular website. Their sales and marketing plans will be in tandem with this powerful media. Undoubtedly, there will be many facilities and privileges available to consumers who go for this mode of transaction.<br><br>Thus, it will be a win-win situation for both companies and consumers.<br><br>Should you buy insurance through mobile applications?<br><br>Insurance companies in India are trying their best to reach out to its potential customers through various channels. If you are buying insurance through an authorised mobile application of an insurance company, your transaction will be most likely to be a secured one.<br><br>Nevertheless, you can always utilise the vast pool of information available on internet while on the go. You can access many insurance comparison portals on mobile phone, even when you are travelling in a Metro or waiting for a friend at a restaurant.<br><br><em>The author is founder &amp; CEO of PolicyX.com</em></p>