It is also essential that enterprises in particular

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Unformatted text preview: wider range of personal business applications on mobile devices becomes a reality. It is also essential that enterprises (in particular banks and payment providers), mobile device vendors, and mobile operators cooperate to address the issue. Passing the buck and arguing about whose responsibility it is to fix certain vulnerabilities only detracts from the real issue: to stay one step ahead of the criminals, rather than being forced into playing catch-up. A business view is needed to arbitrate when requirements conflict, and the level of risk must be taken into account. For example, if a particular risk is considered so great that only a hugely cumbersome technology solution is deemed suitable to mitigate the risk, it is debatable if it’s even worth offering that service, in particular when less cumbersome alternative channels are available. Equally, it is S TRAIGHT TALK I T 27 BARRY RABKIN M obile commerce is conducted at network speed that obliterates both distance and time and creates heightened customer expectations of responsiveness. As more and more insurers offer m-commerce products and services, the imperative is to create a strategic approach to m-commerce that quickly moves them along the path to providing a world-class customer experience for policyholders, prospects, and producers such as agents and brokers. 28 S TRAIGHTTALK I T INSURANCE VALUE CHAIN: INSURANCE COMPANY PERSPECTIVE Target markets Develop products Distribute products Make sales Evaluate and accept customers Service customers INSURANCE VALUE CHAIN: INSURANCE PROSPECT PERSPECTIVE Articulate needs Find and analyze information Start policy application process Request customer service Monitor and analyze policy results Submit claims M-commerce is significantly different from traditional commerce Marshall McLuhan, who is considered the leading prophet of the electronic age, stated many years ago: “The message of any medium or technology is the change of scale or pace or pattern that it introduces into human affairs.” Because it is...
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