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Leveraging Social Media across the Insurance Lifecycle – Capgemini

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Article Synopsis :

According to Pew Research, 73% of Internet users with access to social media use social media.  Facebook is the leading platform with a 71% active share, followed by LinkedIn (22%), Pinterest (21%), Twitter (18%) and Instagram (17%).

 The Digital Insurer reviews Capgemini’s Report on  Leveraging Social Media across the Insurance Lifecycle

Digital insurers leverage social media to grow revenue and profits 

In the research report “Leveraging Social Media across the Insurance Lifecycle”, Capgemini discusses how insurers can achieve efficiency, scale and market penetration by strategically incorporating social media into business and operating models. For example, social media may be used to:

  • Mine customer data and utilize predictive analytics to gather customer insights, helping profile customers toward better underwriting decisions
  • Service policies and offer self-service options helping improve customer satisfaction
  • Detect fraudulent claims and provide customers with claims-related information, particularly in times of natural disasters
  • Obtain useful life-insurance-customer information after a period of prolonged inactivity, providing intimation about upcoming maturities or surrender payments
  • Gauge and identify the unspoken or emerging needs of customers via interactive discussion forums and blogs, leveraging the information to improve products and services
  • Target and attract the right industry talent through social media sites such as LinkedIn

The report outlines social media’s impact on core functions, and suggests potential social media strategies in the following areas:

  • New Product Development
  • Product Marketing
  • Product Enhancement
  • Acquiring New Business
  • Agent Visibility
  • Increasing Risk Awareness and Customer Engagement
  • Customer Profiling & Risk Analysis
  • Underwriting Investigation
  • Policy Servicing
  • Fraud Investigation
  • Informing Customer About Claims Process
  • Employee Communication
  • Talent Acquisition

Not all upside, the report identifies five unique challenges insurers must address in crafting their social media strategies:

  • Technology Costs and Challenges
  • Data Privacy Rules and Regulations
  • Customer Reluctance to Share Information
  • Negative Feedback and Reputation Damage
  • Unpredictable Lifetimes of Social Media Platforms

Link to Full Article:: click here

Digital Insurer's Comments

The core asset of the Digital Insurer is data. The fastest growing source of data is social media platforms. So two questions face the Digital Insurer as it relates to social media: 1) What data do we want? and 2) How do we gain access, while respecting all privacy and regulatory guidelines?  These are difficult questions to answer.  Technical, cultural, and regulatory challenges associated with deploying social media for insurance-related activities have hampered success in this area.

Social media strategy is viewed as optional by many insurers today.  Maybe this is prudent, but as time goes by the risks of ignoring social media will outweigh the hazards of being an active participant. Digitally-empowered consumers are sharing information and opinion online at increasing rates, and insurers who endeavour to participate will have a leg up.

In social media, as with any complex activity, getting started is often the hardest part. We agree with the authors of the report, who identify four key steps to begin the social media journey:

  • Understand your customers’ demands and preferences
  • Set reasonable social strategy goals
  • Experiment
  • Measure, refine and re-implement the strategy 

Link to Source:: click here

 

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