If an app were produced, would customers be enticed to check their insurance and claim via their smartphone, Gen Re has asked.
Peter Temple, head of marketing, underwriting and claims at Gen Re discussed implications for the insurance industry at the reinsurers annual seminar.
There are currently 900,000 apps available to users worldwide and Temple predicted that 1bn people globally will access financial services via their smartphone in the next year.
He noted consumers willingly supply personal information via their smartphone when such a request is received via location services, as an image is taken or the forecast searched; yet, to supply such details over the phone when asked, seem unfathomable and intrusive.
The real challenge, he said, comes when companies have to produce apps that customers will not only purchase, but continue to use.
Price matching and comparison apps have already monopolised on this, so how long will it be before every insurance company has an app for claiming and comparing insurance?
Peter Temple, said: "When I checked in January, there were 90 UK financial related Apps available, there are now too many to count."
"If your company doesn't have an app, you are already behind."
