Mobile Point of Sale (POS) Apps for Insurance

smartphone_businessmanMobile apps are changing the way insurance agents conduct their business, especially regarding point of sale (POS) transactions. It used to be that agents could only underwrite life, disability, health, accident and other types of insurance policies within the four walls of their office. Potential customers would either need to come to the office or do the transaction over the phone. This sometimes led to missed opportunities in sales when the insurance agents go out in the field and talk to customers outside of their office. With the new point of sale apps for insurance that can be used on mobile devices such as smart phones and tablets, agents can underwrite coverage right then and there, wherever they may be.

Reliance General Insurance (RGICL), India's leading insurance company that offers over 94 customized insurance products including motor, travel, health and student travel for corporate and individual customers, is using a new mobile point of sale app for insurance agents. The mobile point of sale app allows insurance agents to sell insurance policies on the go. The mobile app also lets agents to create instant quotes and cover notes for an insurance policy. The insurance policy can then be sent via email or be made available online to be printed. At the moment, only four-wheeler and motor products policy are available on the point of sale app, with plans to make retail products such as health and travel available in the following months. The insurance app is available on Android devices.

“GoDB M-POS application is an industry-first Policy Issuance system working on Smartphone’s tablets on Android. This helps our feet on street Sales people to issue quotes, policies, track their leads and renewals without any need of branch support.“ Sudip Banerjee, Chief Technology Officer of RGICL, said. ”The model can scale to accommodate multiple products and increase insurance penetration in areas where it may not be financially feasible to build brick and mortar presence.”

This mobile point of sale app was created by GoDB Tech, a Chennai-based software product firm that specializes in solutions for companies to mobilze their business processes outside of their corporate offices. The mobile app is powered by the GoDB Mobility platform which is already used in RGICL's offline PC-based systems. GoDB Mobility platform is a cutting-edge Mobile Enterprise Application Platform (MEAP) used in many Fortune 500 companies.

“We are pleased to work with RGICL in creating new benchmarks for customer service in the Indian Insurance ecosystem,” Mahavir Chand, Director of GoDB Tech, said. ”With the exploding volumes of smart-devices (phones/tablets) and ubiquitous connectivity, mobility is now morphing into a necessity.”

Southern Farm Bureau Life, an insurance company based in Jackson, Mississippi that offers traditional whole life, term insurance, adjustable premium life, annuities and other retirement plans, is also using a mobile app for insurance called iGO as a point of sale solution for their agents. The iGO insurance app has an intelligent fillable form, digital signature pads and e-Submission to help simplify business processes. The mobile POS app for insurance has been deployed to over 4,200 insurance agents in 10 southern states including Virginia, Texas, South Carolina, North Carolina, Florida, Georgia, Arkansas, Louisiana, Mississippi and Kentucky.

“Since 1946, our mission has not changed. We are committed to serving the needs of families across the south through quality customer service. This means making the necessary investments in next-generation computer technology and sophisticated infrastructure to uphold our commitment. iPipeline’s vision to transform ideas into solutions that revolutionize the insurance industry is aligned with our goal to improve point-of-sale business activities and better support the needs of our 4,200 agents and their customers,” said Randy Johns, Senior Vice President of Policy Administration for Southern Farm Bureau Life Insurance. “Our approach is focused on improving the agent and consumer experience. iPipeline’s platform provides the necessary mix of simplicity and technology to help us achieve this goal.”

The iGO app for insurance is created by Exton, Pennsylvania-based iPipeline, a company that creates on-demand software for financial and insurance markets that support marketing, selling and processing.

“Southern Farm Bureau Life has an industry-wide reputation for delivering ‘straight-forward,’ superior customer service. Serving the needs of Farm Bureaus in the southern US requires a flexible solution that can operate in both connected and disconnected modes. Their decision to use iGO e-App with digital signature to support their face-to-face selling approach allows them to deliver exceptional customer service by leveraging the e-Submission capability provided by our platform,” said Tim Wallace, Chief Executive Officer of iPipeline. “An increasing number of carriers with career and/or independent agents are improving their efficiencies and placement ratios through comprehensive deployment of our cloud-based solutions. We are focused on supporting their launch and excited to have Southern Farm Bureau Life as a valued business partner.”

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