Mobile Applications for Insurance Companies Research - 5500 Words

Mobile Applications for Insurance Companies Research (Other (Not Listed) Sample) Content: MOTORCLAIM MOBILE APPLICATION Table of Contents 1.1. Introduction. 4 1.2. Motor insurance in Kenya. 5 1.2.1. Different types of car insurances covered in Kenya. 5 1.2.2. How to get cheap car insurance in Kenya. 6 1.2.3. Motor Insurance Companies in Kenya. 7 1.2.4. Idea behind Motor Insurance. 7 1.2.5. Risks not covered in a motor insurance. 8 1.3. Insurance Claims Fraud. 8 1.3.1. Causes. 8 1.3.2. Hard fraud and soft fraud. 9 1.3.2.1. Hard fraud. 9 1.3.2.2. Soft fraud. 9 1.3.2.3. Exaggerated claims. 10 1.4. Growing Market for mobile-based insurance services. 10 1.5. Insurance Mobile applications in Kenya. 11 1.5.1. MotorClaim.. 12 1.5.1.1. Advantages. 12 1.5.1.2. Features. 13 1.5.1.3. Within the app. 14 1.5.2. Turnkey. 15 1.6. Successful motor insurance claims apps. 15 1.6.1. GEICO mobile application USA. 16 1.6.2. Allstate Mobile app. 16 1.6.3. AXAdent UK: 17 1.6.4. Liberty Mutual Mobile App. 17 1.6.5. AAMI Claim Assist. App. 17 1.6.6. Esuarance Mobile App. 18 1.6.7. Shelter Insurance Mobile. 18 1.6.8. Aetna Mobile Web: 19 1.7. Summary. 19 1.1. Introduction With just under 50 insurance companies in Kenya according to the Insurance Regulatory Authority (IRA) () and more than a dozen of those offering insurance services for motorists, theres bound to be stiff competition. As a result, most of these companies have had to adopt innovative strategies to attract new customers, especially the younger demographic that are just buying their first motor vehicle, and to retain their already existing customer base. Never before has technology invaded our lives as it has now, and the smartphone is undoubtedly one of the latest technologies, this demonstrates that. It is the most helpful gadget available in case of emergencies or critical situations. Currently vehicle owners use their mobile phone at the scene of an accident to call their insurer or broker or mechanic to get advice on the way forward. Newer technology in mobiles has given rise to various applications (apps) to help you improve efficiency, and motor insurance apps are some of them. Car accidents claim the lives of thousands of people all over, in Kenya there were more than 2,000 deaths due to road accidents according to the NTSA (National Transport and Safety Authority) in 2014 (). One of the reasons this figure is so high is due to delays by emergency services in responding to such accidents. The easy way out is to have alert pendants on your mobile phone. It will work as long as you have a mobile phone network. So why not get assistance with the push of a button. They have GPS capabilities and are less complicated. If you have motor insurance apps you get faster help. 1.2. Motor insurance in Kenya When it comes to motor vehicles in Kenya, an insurance cover is mandatory and is regulated by The Insurance Act, Laws of Kenya, Chapter 487). It is a legal offence to be found driving a car without a third party insurance cover (Motor Vehicle Third Party Risks, Insurance Cap 405). Third party refers to a person who suffers property damage or loss or death or bodily injury as a result caused by someone elses car. The motor vehicle insurance is meant to protect the car owner by covering them against loss or damage due to theft, accidental fires, and accidents and with regards to third party issues like property loss or damage, bodily harm/injury and death. The main players in the Kenyan insurance industry are insurance companies, reinsurance companies, intermediaries such as insurance brokers and insurance agents, risk managers or loss adjusters and other service providers (Insurance Regulatory Authority, 2010) According to the Insurance Industry Annual report 2013 (), the overall insurance penetration in 2013 was at 3.44%.There are currently 49 registered insurance companies and the most popular insurance bought is the motor vehicle insurance cover. The leading 10 insurers in Kenya handle 70% of the motor business. Almost 41% of the non-life insurance market is for car insurance: 24% is commercial life insurance and 17% is private car insurance (insurance in Africa, KPMG, pg. 10, 2013). This shows that insurance is a major business in the country leading the owners to ensure top profits for themselves. While cases can be drawn out sometimes, having a cover is a measure that can serve to be a benefit to the car owners as much as for the insurance companies. 1. 1.1. 1.2. 1.2.1. Different types of car insurances covered in Kenya There are generally 3 different types of motor vehicles that a driver can get: Third Party: This covers third party bodily injury and property damage arising out of use of motor vehicles. Its the cheapest and most widely used policy in Kenya. Third Party Fire and Theft cover: In addition to a third party cover this extends to theft and fire and is more expensive Comprehensive Cover: A full policy, it covers third party liability and property damage, theft and accidental cover and damage arising out of fire. Lenders like banks usually require comprehensive insurance for the borrowers. Of all the three, car owners need to choose which one serves them best. While a basic third party insurance cover is enough, those who have some more money can choose to get the comprehensive cover which covers more risks. Other than the three covers, some companies have other niche covers like those that cover terrorism especially after recent terrors attacks witnessed in the country. When involved in an accident getting in touch with your insurer is the best thing to do. The insurer can help you get back to the same financial position you were before the accident with an indemnity. However, its not always that people will get everything covered with by the insurance which happens in the event of excess. Excess in insurance terms is the portion of the loss you have to bear in an insurance claim. 1.2.2. Motor Insurance Companies in Kenya It is compulsory to get your car insured and you have a choice of many insurance companies. For the complete list of licensed insurers, the IRA website can be a wonderful resource, . There are various companies in that list that offer similar products, especially motor insurance, and thats why competition has grown and forced these companies to become innovative. 1.2.3. Idea behind Motor Insurance When anyone goes in for motor insurance, the insured gets into an agreement with the insurer where the insurer provides you with financial cover for your vehicle and in turn the insured is supposed to shell out the premium amount which is generally an annual payment to the insurer. The insurer then uses this money to help those who have had an untoward incidence of accident or theft or any other thing which is covered in the policy. The amount of premium which you pay has to be sufficient to meet any of the losses suffered in any one year. To improve access and communication to the insured, insurers use agents to relay any information they may require. This process is also beneficial to the insured since the agent can be contacted easily over the phone or some other means. 1.3. Insurance Claims Fraud Due to many fraudulent claims by car owners, insurance companies can make client go through hoops as they investigate the validity of claims. While considering how expensive premiums can be, the first party (car owner) expects to get indemnified as soon as possible after an accident. The problems that arise from verification of claims, like drawn out investigations, have led car owners to feel robbed by insurance companies and lose confidence in clear cut indemnifications.This means that insurance companies and legitimate vehicle owners are open to new ways of validating claims.Such sentiments have brought about many innovations that aim to ease the process of making claims and getting payments done. In recent years, fraudulent claims by clients have been on the rise. There have been tricks like crash for cash where two parties would collude, cause an accident and cash in on the insurance money. They would go on further to have a passenger in the car who would also claim insurance money due to injuries sustained. Others would slam on their brakes in the middle of the roundabout causing the person behind to hit them. The person behind would almost always fall for this because they'd be busy looking to their right and not notice the driver in front stop for no appare...