Consumer Mobile Apps in Latin America: Property & Casualty Edition

by Juan Mazzini,  Luis Chipana, December 20, 2013
Industry Trends
Latin America

Abstract

Mobile apps and technology have gained significant ground in Latin America. This report analyzes the use and availability of mobile apps for consumers offered by P&C insurers in Latin America.

In the report Consumer Mobile Apps in Latin America: Property & Casualty Edition, Celent provides an overview of the availability and functionality of apps for consumers in the insurance industry in Latin American region. 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 169 insurance companies, looking specifically at the top 10 insurers in 20 Latin American countries. Celent explored how mobile apps’ can help insurers better connect with their customers while providing convenience and value.

“Insurers have an opportunity to integrate core processes such as sales, claims, and collection more seamlessly,” says Luis Chipana, Analyst with Celent’s Insurance Group and coauthor of the report. “Through this integration, insurers should aim to increase efficiency and customer experience, improving key performance ratios such as growth, profit, and retention.”

“Smartphones will be the main interaction device for simple transactions based on convenience and speed. Insurers have begun to provide functionality on these devices, and this will only become more sophisticated as IT strives to support the customer experience and digitization,” adds Juan Mazzini, Senior Analyst with Celent’s Insurance Group and coauthor of the report.

This report examines the Latin American app market for insurers in the P&C 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 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

Introduction

3

 

Methodology

5

The Latin American App Market for Insurers

7

 

Countries in the Report

7

 

Mobile Apps

8

 

Insurers Offerings Consumers Mobile Apps

8

 

Adoption Rates for Consumer Mobile Apps

10

 

Characteristics of Apps

10

 

Customer Experience

19

Conclusion

20

 

Apps in Insurance Are a Reality

20

 

Looking Forward

20

Leveraging Celent’s Expertise

22

 

Support for Financial Institutions

22

 

Support for Vendors

22

Related Celent Research

23

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