Consumer Mobile Apps in Latin America: 2016 Life and Health Edition

by Luis Chipana, October 5, 2016
Product Trends/ Reviews
Latin America

Abstract

Celent has released a new report titled Consumer Mobile Apps in Latin America: 2016 Life and Health Edition. The report was written by Luis Chipana, analyst in Celent's Insurance practice.

In early 2014, Celent explored the app market for insurance clients in Latin America and learnt that about 12% of insurers in the region had developed apps for their clients, though with limited capabilities.

In this report, Celent revisited each company’s website in the Latin American region and revised what apps they had available by Q2 2016. We reviewed Apple’s iTunes Store, Google Play, Blackberry World, and Windows App store in search of apps provided by Latin American insurers and analyzed the type of functionalities available.

Celent gathered data on 172 life and health Latin American insurers in 20 countries and was able to determine the number of available apps in the market, the current features, and processes supported. From our review of mobile apps and case studies from around the world, Celent was able to determine a possible path for the short term and provide an outlook of how the future might look.

“The growth of smartphone users across the globe have companies, including insurers, rethink and redefine their digital strategy in which mobiles are an important component,” commented Chipana. “Furthermore, in 2016 about 30% of life and health insurers in Latin America are offering consumers-focused mobile apps and the majority of insurers in the region have plans to undertake projects related to mobile initiatives.”

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Key Research Questions

2

 

Method

3

The App Market for Insurers

4

 

The App Offering in Latin America

5

 

App Trend in the Region

6

 

Adoption Rates for Consumer Mobile Apps

6

 

Characteristics of Apps

7

Functionality

9

 

Claims

10

 

Account Status

12

 

Geolocation-Based Services

12

 

Customer Service

13

 

Policy Quote

13

 

Data and Marketing

14

Looking Forward

16

Conclusion

19

Leveraging Celent’s Expertise

20

 

Support for Financial Institutions

20

 

Support for Vendors

20

Related Celent Research

21

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