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89% 18-29 yrs
82% 30-49 yrs
% of total internet users
Importance of social media in
Insurance Sector
2
billionApproximately
Sources: Pew, January 2014; statista.com
Total social
media
users as of
2015
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Social
Media
Users by
the age
Importance of social media in
Insurance Sector
Insurers are targeting millennials , who are in their 20s and 30s. This
demographic is extremely active on social media.
According to a consumer survey by Accenture:
In particular, consumers between the ages of 18-34 pay heed to
social media comments and recommendations
48% of consumers would consider social media comments before
making their insurance buying decisions.
Insurance providers use
social media in order to
engage with customers and
improve their business
5 needs of Social Media
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Managing the brandCommunicating
Information
Customer Service
Product development Managing Claims
Managing the Brand
† This consists of marketing the insurance products on social media and
creating positive conversations around the brand
† Insurers increase visibility and familiarity among customers through
social media campaigns
† Insurers develop trust among customers by advertising the awards and
positive feedback received by them
† Insurers can ensure a positive sentiment around the brand by
engaging in and publicizing their philanthropic activities
† Companies can measure the impact of their campaigns as well as that
of their competitors using social media monitoring tools
1.
#KeepGoodGoingBy New York Life Insurance
The campaign consists of stories and videos that ‘celebrate the good in
people’s lives’
They also have an awards segment for dads, moms, mentors and coaches
who inspire others to help children live a happy life
The campaign
was started in
2012 and is still
going strong
Use a monitoring tool to measure performance of campaigns
•Check real time
responses and
reactions to your
campaigns
•The total number
of impressions of a
campaign
•The conversation
Sentiment around
a brand.
•Track the
performance of
your competitors
2. Communicating Information
ǂ Providing general information, advice and tips useful to customers that
is otherwise not communicated by insurer in personal interactions
ǂ Creating online communities for customers with similar concerns or
backgrounds
ǂ Companies can also engage independent agents and influencers to
spread awareness and information
ǂ According to a report by Accenture, 80 percent of respondents feel
that personalized advice from their insurance carrier is either
“somewhat” or “very” important.
Guardian Voluntary Sector NetworkBy Zurich Insurance Group, UK
Zurich partnered with the Guardian to create a series of articles to provide useful
information for those within the voluntary sector.
3. Customer Service
† Negative posts on social media often draw more attention and are likely
to spread. Hence, insurers can address this to an extent by replying to
complaints and answering queries on social media.
† Timely responses resolve the issue much faster and responses are there for
public view which can help with how the insurers services and brand is
perceived.
† Customer service through social media is a more direct way of engaging
with customers and maintaining brand reputation.
† Insurance companies are also using social media to contact, inform and
communicate with customers regarding how to claim their insurances and
other relevant information during times of disaster.
Responding to customer complaintICICI Prudential Life Insurance
ICICI Bank
offers to
resolve the
complaint
of a
dissatisfied
customer
A social media listening tool can help you track customer complaints
and respond to them, all from one platform
Respond to customer complaints from all social media sites from a single page
Manage your responses, who will handle them and how
4. Policy development
† Individuals and groups usually discuss various insurance policies and their
pros and cons on different websites and forums. This helps insurer to identify
influencers in buyers decision making.
† Information gleamed from tracking these conversations gives insights into
the emerging trends and needs of customers in the insurance sector.
(Terrorism insurance in US after 9/11)
† Policy changes after assessing risk profile: Customers may have different
hobbies and interests which (E.g. horse riding) which may alter and add to
their risk profile
† Companies can get this information by following their insureds on social
media. This leads to more personalized insurance policies
† Thus, such information on customers is valuable while preparing insurance
policies. Social media is used to discover the risk of potential policy holders.
Insurance plan for cruise travelBy Zurich Insurance
Opening of
Kai Tak
Cruise Terminal,
Hong Kong
Increase in
demand of
cruise tours
Interest of cruise tours on
travel websites
Zurich comes
out with a cruise
travel insurance
Use monitoring tools to generate leads, track trends and
design policies through online customer profiling
Online Customer
profiling will update
insurers on latest
customer needs as
well help in preparing
the risk profile of
customers
5. Managing claims
Discovering Fraudulent
claims
Social media helpsinsurers to discoverinsurance frauds.
By monitoring socialmedia sites of customers,insurers can find poststhat showmisrepresented orconcealed activity thatcontends the customersclaims
Assisting in claim process
In case of acatastrophe, insurerscan directly reach outto policy holders inorder to assist them toavail their claims
They can provide help and information
on the claim collection process
Re-designing policies
Social media gives the insurer information
about its policy holder
Thus, the insurer may find information on
the customer that was not disclosed and
that could affect the risk profile of the
customer. This can help the insurer to
add to the policy to represent these facts
Tractor Pull ScamBy Erie Insurance Group
Eries Auto policies do not cover participation of vehicles in any
sporting events
Claim is filed alleging that the engine of the claimant’s tractor
was damaged on account of someone filling wrong fuel in it.
Erie finds YouTube clip and Facebook photos that show claimant
engaging in a tractor pull of the same truck
Simplify360, is a leading social business intelligence firm.
Simplify360 is the world’s first integrated enterprise solutions
provider; our latest offerings are Social Marketing Suite for agencies,
Social Contact Center for BPOs and Social Command Center for
Enterprises. We enable businesses to perform Online Reputation
Management, Customer Service, Community Management, Social
Media Research & Brand Auditing; Online Sales Lead Generation,
and Consumer Sentiment Analysis.
We have already provided solutions through their tool for industry
leaders like Wipro, Coffee Day, Star TV, Mahindra Retail and ITC
Foods. Simplify360 is also the only company to work with the top
media agency groups in the world like WPP and Publicis.
Simplify360 operates directly or through partners in the US,
Malaysia, Korea, South Africa, Saudi Arabia and the Netherlands to
name a few. The company’s products and services are sold in over
100 countries.
If you are interested to know more about Simplify360 and its offering,
you can contact us at [email protected]
About Simplify360
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Phone : 347-468-7251
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