A new survey provides more specific details about how mobile technology is working for insurance agents.
According to LIMRA, approximately nine out of every 10 life insurance companies and their agents who use mobile technology do it to satisfy growing marketplace demands and to provide better support services for their clientele.
Mary Art, LIMRA research director of technology in marketing and distribution research, noted how today's tech innovations have enhanced business strategies.
"Like we saw with social media, life insurers recognize that using mobile technology is not negotiable if the company wants to be competitive now and in the future," said Art. "In fact, three of four companies surveyed said they were using mobile technology to keep pace with their competitors and nearly as many anticipate these investments will increase sales."
The extent of mobile technology's use was discovered after LIMRA examined business practices among 53 life insurance companies in North America. In addition to the aforementioned finding, the survey also indicated that nearly one-third of companies have at least one mobile initiative in place and an additional 30 percent plan to have more in effect within a year's time.
Art added that mobile technology implementation has become a top strategy among life insurance providers and will likely remain that way for years to come.