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Implementing Social Media Strategy – Asian Insurance Review

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Article Synopsis :

Insurers cannot ignore the potential value of social media as one of the insurance sector’s building blocks is networking. Social media has added a new dimension to the way customers interact, raising the bar for insurers with respect to competitive relevance and customer experience. Given the significant digital challenges insurers face today, it is important for top management to ponder about transforming their social media strategy to better understand their customers.

The Digital Insurer reviews Asian Insurance Review’s Report on Implementing Social Media Strategy

Still not too late to be early?

The Asia Insurance Review article “Social Media: Still not too late to be early” discusses important points that insurers should keep in mind while embarking on the social media journey. Devising a social media strategy keeping these points in mind will enable insurers in enhancing brand awareness plus customer loyalty together with delivering superior customer experience. The report highlights seven points that insurers should note about social media while devising their strategy:

1. The insurance industry needs social media
2. Reluctance to adopt could be more costly than imagined
3. Top management support is crucial
4. Support agents who are the face of the company
5. How to get started
6. Treat complaints as feedback to make it right
7. Test, measure, improve

Digital Insurer's Comments

 Early adopters are already investing heavily in organizing and implementing social media strategy. As social media is a cost effective tool that is easy to implement, assess and even replicate, late adopters can play the catch up game by leveraging on and learning from the experience of successful players.

Since customer experience is no longer synonymous with customer service, insurers in Asia will have to pro-actively cater to the customer expectations evolving through the social network.

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