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Insurers and social media: vast potential – Accenture

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Article Synopsis :

Social media presents insurers with an opportunity to increase their visibility and their engagement with customers.

In the report “Insurers and social media: vast potential, significant challenges”, Emmanuel Viale and Christian Souche from the Accenture team discuss the growing role of social media in the field of insurance marketing, customer service and public relations. The report showcases the challenges and opportunities posed by social media, and presents a broad framework for developing a social media strategy.  The report lists the potential benefits of social media for insurers that include:

 The Digital Insurer reviews Accenture’s Report on Insurers and social media: vast potential, significant challenges

Social media represents a great opportunity for insurers to engage with their customers

  • Enhancing the brand
  • Reducing costs
  • Influencing customer behaviour
  • Increasing sales
  • Supporting innovation
  • Introducing new insurance products

The report emphasises that implementing a social media strategy is an evolutionary process and the Accenture team identify the three phases of social media while developing the strategy:

  • Phase I: listen
  • Phase II: engage
  • Phase III: optimize

Accenture also present a four-step process for insurers to follow  in order to implement an effective social media strategy:

  1. Define the company’s vision
  2. Develop metrics
  3. Create an organization and governance structure
  4. Select technology and create a solution blueprint

Digital Insurer's Comments

Social media has emerged as a powerful force that is impacting customer behaviour and engagement.  Insurers can capitalise on this paradigm shift and use social media to build trust and  gain loyalty amongst their customers.  However, social media presents a number of opportunities and challenges for insurers.  In our view, the key elements that insurers need to keep in mind while charting out a social media strategy include:

  • Creation of engaging and consumer-friendly content
  • Analysis of performance metrics
  • Build conversations and communities
  • Rapid response to customer service issues 

Link to Source:: click here

 

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