Are insurance and super apps the future of finance?

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The old guard gets tech-savvy
By Darren Burton, contributor. 19 January, 2017
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Insurance companies and super funds are becoming more cool and relevant as they embrace the mobile market with a host of new apps.

While many superannuation companies are offering apps, most only allow users access to their super balance and nothing more. According to Canstar, two in five Australians don’t even know how much super they have, let alone anything else about their account. People are out of touch with their super and generally rely on the occasional letter or email from their fund for updates. However, that’s all changing as some tech-savvy superannuation companies embrace the mobile mass adoption and release engaging new apps.

Keeping up with the cool kids

UK insurance company Back Me Up has released a Tinder-style app targeted at the much sought after Millennial demographic. While the app has nothing to do with matchmaking, it is actually smart marketing. By speaking a language millennials respond to, Back Me Up has devised an ingenious way to entice young people to purchase insurance; particularly travel insurance. The functionality is simple. People can insure their three favourite possessions by simply uploading photos of the items they want to cover. If a customer wants to swap out an item it’s as easy as uploading a photo of the new item to replace the old one. The monthly £15 flat fee also covers instances such as lost keys (car and house) and broken phone screens. Possibly because of their younger skew, you must be 17-49 years of age to be eligible for cover

LUCRF Super’s new app allows clients to check their balance on the go and easily roll over their accounts when they change jobs

Gadget insurance and super

LUCRF Super’s new app allows clients to check their balance on the go and easily roll over accounts when they change jobs. It also enables users to keep tabs on all contributions for the past five years. You can also see how particular investments are performing. An additional feature called The New Daily offers updates on trending news, money, sport, entertainment and more.

Liberty Mutual have produced an insurance app with a difference. Similar to Back Me Up, the Home Gallery app allows customers to catalogue their household items by uploading photos and important data such as purchase price, item description, date purchased and serial numbers. The app is designed as an easy way to keep inventory for your contents insurance.

Superannuation newcomer MobiSuper proclaims they’re doing away with paperwork for good. Customers can easily access their account online and are also assigned a personal account manager who stays of top of issues such as making sure your employer is up to date with payments. You can also find, rollover, monitor and manage your super using technology rather than having to make a dreaded phone call to a multi-national. With a firm focus on mobile and online interaction, an integral part of MobiSuper’s innovation is a cool new app that is soon to be released, so stay tuned.

The takeaway

The finance sector is famously slow on new tech uptakes, as we've seen with social media. But it finally seems to be catching up, particularly when it comes to trying to snare the younger market, who are mistrustful or financial organisations and can’t bear the thought of sitting down in person with a representative. Between the move to mobile and apps, and the slow but sure adoption of chatbots, it seems a new era has dawned in how people will sign up for – and connect with – their superannuation and insurance.

Related Article: 5 Ways Insurance Brands Are Using Gamification To Cut Claims

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Darren has been writing in one form or another for more than 30 years. He has worked as a feature writer, copywriter and content writer. Although his writing is mostly focused on content marketing these days, he also has a passion for writing fiction and has published several eBooks. Darren divides his time between writing, internet marketing and his latest passion; composing and producing music for music licensing and sync licensing.