Consumer Mobile Apps in Latin America: Life and Health Edition

by Juan Mazzini,  Luis Chipana, February 28, 2014
Industry Trends
Latin America

Abstract

Mobile apps and technology have gained significant ground in Latin America. This report analyzes the use and availability of consumer mobile apps offered by life and health insurers.

In the report Consumer Mobile Apps in Latin America: Life and Health Edition, Celent provides an overview of the availability and functionality of apps for consumers in the life and health insurance industry in Latin America. It covers the current state of the market as well as the role of mobile technology in the future of insurance.

Celent has researched the availability of apps in 168 insurance companies, looking specifically at the top 10 insurers in 20 countries. Celent explored how mobile apps can help insurers better connect with their customers while providing convenience and value.

“Apps provide insurers with a great opportunity to integrate core processes such as sales, claims, and collection much more deeply than they are currently doing,” says Luis Chipana, Analyst with Celent’s Insurance Group and coauthor of the report. “Through this integration, insurers can increase efficiency and enhance the customer experience, ultimately improving key performance indicators such as growth, profit, and retention.”

“Smartphones are here to stay. They are gaining market share, and the use of mobile apps is more common across different age groups in Latin America,” adds Juan Mazzini, Senior Analyst with Celent’s Insurance Group and coauthor of the report. “Insurers can’t ignore this opportunity any longer, though the battle for the mobile space has just begun.”

This report examines the Latin American app market for insurers in the life and health industry. Functionality, trends, challenges, and opportunities are discussed in detail, along with adoption rates and the customer experience.

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 subsidiary 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

Introduction

3

The Latin American App Market for Insurers

7

 

Countries in the Research

7

 

Mobile Apps Presence

8

 

Adoption Rate for Consumer Mobile Apps By Country

10

 

Characteristics of Apps in the Latin American Market

12

Conclusion

22

 

Insurance Apps Are a Reality

22

 

Looking Forward

22

Leveraging Celent’s Expertise

24

 

Support for Financial Institutions

24

 

Support for Vendors

24

Related Celent Research

25

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