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Unlocking value from social data – Accenture Report

Article Synopsis :

Social data is being generated every second. So much so that insurers spend hours analysing it. The important consideration is-how to convert this data into actionable predictions?

 The Digital Insurer reviews Accenture’s Report on Unlocking value from social data

Social data – lessons from the retail industry

Accenture in the report “Unlocking value from social data” addresses the hype of social data and attempts to answer the question – ‘what do we do with social data’? Although the report is in the context of the retail industry the approach can be extended to other sectors, including insurance. The report outlines how social data can be used effectively to identify traditional pillars of value in the industry and also examines how social data can be leveraged to enhance those values in areas such as:

  • Convenience
  • Product selection
  • Information and expertise
  • Price and efficiency
  • Customer service
  • Customer segmentation

Digital Insurer's Comments

Social data is an enabler to gain competitive advantage. Insurers should leverage social data to predict customer behaviour and strengthen their position in the marketplace rather than question its usefulness. Insurers will have to understand how effectively they are using social data and subsequently focus on skill building, talent acquisition in the field of social media and big data in order to beat competitors.

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