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Realising the Potential of Social Media – Cognizant insight report

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Article Synopsis :

Social media has emerged as a customer empowerment tool and has the potential to impact the way customers engage and interact with insurers.  As a result of this, it’s imperative for insurers to understand the nuances of integrating social media into the insurance business model.

 The Digital Insurer reviews Cognizant’s Report on Realising the Potential of Social Media

An integrated social media strategy is key for achieving customer engagement

In the insight paper “Realising the Potential of Social Media”, Cognizant present the research results of social media activity of 15 insurers in the U.S..  This took place over two months, on two separate occasions, in 2012 and 2013 across Facebook, Twitter and YouTube.  The research report highlights the benefits that insurers can realise through increasing the levels of user engagement on social media:

  • Product Design
  • Marketing
  • Sales
  • Underwriting
  • Claims
  • Customer Servicing
  • Brand Management

In the report, the Cognizant team emphasise that insurers require a robust social media strategy and propose a phased approach for customer engagement on social media that will help insurers gain competitive mileage:

  1. First Step – Listen to your users
  2. Second Step – Engage with your users
  3. Third Step – Influence your users
  4. Fourth Step – Integrate with processes

Link to Full Article:: click here

Digital Insurer's Comments

Although some  insurers are already experimenting with and using social media, many remain on the side lines.  Social media can offer tremendous potential if used correctly as it provides a rich source of data on consumers and their behaviours and sentiments.  Examples of social media usage across the value chain include:

  • Lead generation
  • Underwriting control and fraud detection
  • Predictive Analytics for better risk pricing
  • Channels optimisation 

Link to Source:: click here

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