The personal lines insurance industry is just breaking into the world of mobile device applications, or “apps.” From auto insurers offering digital proof of coverage to life insurers giving policy quotes directly to shoppers, insurance apps offer carriers a new platform to attract, interact with and retain policyholders. Today, the failure of a consumer-oriented business to provide an app is viewed by many like not having a website: a signal that a company is out of touch and behind on the efficiencies enabled by technology.
That said, an app is not an easy product for an industry as regulated as personal lines insurance. Insurers must find a way to reconcile the features customers want from apps with what the law requires about the collection, storage and use of consumer information. Complicating matters further, in addition to the requirements of the digital world, insurance regulations designed for a paper-based world follow carriers into the digital realm, introducing a unique set of compliance and privacy considerations.
