by Chastin Reynolds
Posted on 08/03/2016 06:35 PM
Technology is moving faster than ever. In 1965, Gordon Moore predicted that computer power would double every two years. For more than fifty years, this prediction has held true as computers have shrunk from giant, room-sized calculators to handheld supercomputers in just a few decades. As technology continues to evolve, carriers must keep their eye on key trends in order to keep thriving.
Mobile devices have integrated into our lives quicker than any other technology in recorded history. The use of mobile devices is growing eight times faster than internet adoption did in the 1990s and early 2000s. Sixty-eight percent of Americans now carry smartphones while 45 percent own tablets. At 7.5 billion units, there are more active mobile devices on Earth than people.
Consumer attitudes toward mobile and online financial transactions have also shifted dramatically in the past decade. eCommerce mobile stats show that 62 percent of smartphone users have made online purchases using their mobile device in the last 6 months, and 80 percent of shoppers used a mobile phone to compare product reviews or pricing. Additionally, Social Media Today reported that 57 percent of smartphone users will not recommend a business with a poorly designed mobile site. As evidence shows, a polished mobile experience is no longer a feature that's nice to have – it's a critical business requirement.
Mobile devices offer an opportunity to meet unique demands on the go. A “mobile moment” is an event where a customer utilizes a mobile device to immediately get what they want in context. Research shows that mobile moments can create a significant degree of customer loyalty. Carriers must position themselves with mobile apps and mobile websites to deliver ready access to information and services.
Consumers want interactions to feel quick and effortless. Users have grown to expect quick page loads and easy-to-use interfaces. Seventy-five percent of people cited the aesthetic design as the factor in judging the credibility of a business’ website or app. Eighty-eight percent of online consumers are less likely to return to a website after a bad experience with it. Since design and interactions are meaningful to customers, interfaces must be constructed with user needs in mind. Sites or applications should work and look as the user expects. The layout and interactions must be polished, easy to understand, and functional. Through wireframing, prototyping, researching, and testing, you can create an interface that suits your customers. Ensure your sites and apps are user-friendly by following six principles of usability:
Another way to create frictionless user experiences is by incorporating Application Program Interfaces (APIs). An API provides a simple way for computers to communicate with each other programmatically. This means two services connected to the internet can communicate in the background without the need for user interaction. APIs are emerging and maturing at an incredible pace. In 2013, there were 5,000 public APIs, which grew to 10,000 APIs by 2015.
APIs allow you to connect services together to automate and bridge applications. There are tremendous opportunities for businesses that connect services via API to deliver seamless user experiences to agents, insureds, and staff with smooth, intuitive experiences. Here are examples of ways insurers can leverage APIs to bring data into a customer’s workflow without requiring the customer to manually enter or look up the data themselves:
The Internet of Things (IoT) refers to clouds of devices connected to the internet. Everyday objects contain sensors and connect to the internet to access and publish information. The devices can then convert information into actions (often through the use of APIs). There are countless examples of IoT devices like August Smart Lock, Nest Thermostat, Samsung Smart TV, Amazon Dash button, or Apple Watch.
The integration of the Internet of Things offers better opportunities for carriers to measure and segment risk. Usage statistics on a smart thermostat can warn of extended vacancies or sudden temperature fluctuations. Smart water sensors can be paired with smart valves to prevent water damage due to burst lines. The IoT can be used to develop new discounts and surcharges, offer exclusions based on conditions, control losses, locate correlations in data, and even develop entirely new products and services.
Technology is changing and integrating into our world faster than ever before. Keeping pace with today’s technology requires companies to make pivotal shifts around customer needs and interests. Instead of fearing technology, our industry needs to aggressively focus on the opportunities afforded by new trends.
by Chastin Reynolds
Posted on 08/01/2016 09:30 AM
BriteCore clients are the best carriers in the industry. You are true visionaries, passionate about driving change both in your own organizations, as well as in ours. Not only do we know this, but some of you were gracious enough to share it on video.
About: BriteCore is a best of breed product today, but ongoing innovation is what truly sets us apart. Our core values, along with our product, pricing, and development model are all centered around and designed for continuous enhancement. Clients directly establish development priorities, optimizing the product roadmap. Services staff maintain deep insurance expertise, offering creative process optimizations and translation between developers and carriers. Developers implement leading technology, solving carrier problems with the latest tools and processes. These forces combine to produce ground breaking features at a record pace. As our group grows, we build better tools faster.
by Chastin Reynolds
Posted on 07/25/2016 06:25 AM
We are thrilled to be in Today's Insurance Professionals summer edition. Look for our article on page 24. The International Association of Insurance Professionals is a professional association open to individuals in the insurance and risk management industries. IAIP is best known for providing insurance education, leadership development and networking opportunities to its members.
by Chastin Reynolds
Posted on 07/14/2016 03:26 AM
October 16th-18th in Springfield, MO
Registrations are rolling in, and we're getting excited to host! If you haven't registered to join us at Hotel Vandivort for the 8th Annual BriteCore Conference, be sure to sign up today. This year's event promises to be fun, informative, and productive. Email Chastin Reynolds at firstname.lastname@example.org for more information on how to register online as a client, potential client, or vendor.