Ignore m-commerce and Face Being Marginalised, Ovum Warns Insurance Industry
Insurance companies that ignore m-commerce face marginalising themselves as younger generations come of purchasing age, according to Ovum.
In a new report* the independent technology analyst looks at the effect m-commerce will have on the insurance industry and concludes that companies that avoid it could be bypassed when younger generations come to make their first purchase.
According to the report, m-commerce is a ‘game changer’ for the insurance industry, due to its high speed capabilities, and companies must begin to offer it to customers in 2010 to maintain market presence.
Barry Rabkin, author of the report and an Ovum insurance technology analyst, said: “The speed that m-commerce is conducted at obliterates both distance and time. When commerce is conducted at this speed, it creates heightened customer expectations of availability, responsiveness and fulfillment and puts insurance companies on a path to offering a world class customer experience.
“Some insurers may feel that m-commerce is not a viable channel for them to sell their products, believing that their clients do not live or work in areas with adequate wireless service.
“However, we believe that if they decide to ignore m-commerce, they will marginalise themselves as quickly as younger generations arrive at their first purchasing decision.”
The report points out that the definition of m-commerce goes beyond financial transactions and also includes the role it plays in providing information to customers before and after a purchase, as well encompassing a wide range of devices.
It also states that to successfully embrace m-commerce, companies need to tick several boxes, including having strong connectivity, reliable and secure infrastructure and adequate resources.
Barry adds: “For insurance companies to benefit from m-commerce they need to ensure they are truly viewing the picture from the customer perspective. Only by doing so will they ensure their m-commerce environment will be one that their customers need or appreciate.” Ovum/pr
Visa Expands m-payment Services via Android, Nokia
By Jason Ankeny
Electronic payment services giant Visa said it plans to make mobile payment services broadly available to U.S. consumers by year's end, announcing a series of new initiatives including efforts to develop mobile applications for Google's fledgling Android mobile platform in addition to a similar agreement with handset maker Nokia.
According to Visa, the Android apps will enable Chase Visa cardholders to receive mobile notifications following transaction activity on their accounts, obtain offers from merchants and employ Android's built-in LBS technology to pinpoint nearby merchants where they may redeem Visa offers and locate ATMs that accept Visa. The company will also develop a payment application to enable cardholders to make mobile payments in retail locations nationwide or on the go.
Visa also said it will deliver services including contactless payments, remote payments, money transfer, alerts and notifications for Nokia handsets, beginning with the Nokia 6212 Classic. During the scheduled trial, consumers with Nokia 6212 classic and a relationship with a participating Visa issuing bank may use their phone to pay for goods and services, initiate mobile money transfers to fellow Visa account holders, receive near real-time alerts of account activity and opt in to receive merchant offers and discounts.
In addition, Visa will partner with U.S. Bank to introduce a mobile money transfer pilot program allowing cardholders in the U.S. to send funds directly to another registered Visa customer account. The pilot, which is intended to begin by the end of 2008, represents the first U.S.-based trial testing mobile money transfers between Visa accounts. [FierceMobileContent]
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