Insurers and social media: vast potential – Accenture

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:

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

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