Insurance companies opportunity using mobile apps

A user is looking at buying a new car, and runs an application that will check various insurance companies for the rate, based on current cars, and some demographic information, but not getting too specific about the individual.

How can this help an insurance company to work with other insurance companies to provide this information?

A common thought is that there is no benefit to be so altruistic, but there is information that can be captured that can have more value than expected.

Imagine the value of data that can be used if a company knows in what situation, or the location, where insurance changes can be made, then marketing can be more focused.

For example, if it is determined that in a particular area the main reason people change insurance, or, are open to changing, is because people that are over 23 are going on their parent's insurance. This could mean that people are moving back home, so ads can be better targeted, or, better plans can be customized for this group of people.

This information can also be sold to other companies, to make more money.

By looking at patterns of when people are looking at buying new or used cars, and what types of cars they are considering, it would be possible to better predict which types of vehicles may be bought, before it is common knowledge.

Now, if there can be a premium version that people will want to buy, then you get valuable marketing information, not only for free, but people pay for the opportunity to give them information.

By going down this path, insurance companies can see benefits from writing native mobile applications. The main advantage of a mobile application is that the data can be stored encrypted on the device, for some non-specific demographic information, to make it easier for the user to get information, by limiting how much they need to enter.

Now, one premium addition to a program would be to be able to enter a vehicle vin, and get information on that car, such as whether the car has been flooded before.