061211_unisg_FPV1_ww11_oracle

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  • Nguyen
  • ESM3 Model auch noch erwähnen, welches sich unterschiedliche Perspektiven anschaut. Wir fokussierun uns auf Social Media Nutzung im Umgang bzw. der Beziehung mit dem Kunden. Daher untersuchen wir die Versicherungsunternehmen auch aus dieser Perspektive.
  • Meiste sind zwischen 2 und 3. Vergleich mit anderen Industrien, e.g. Banken.
  • Es gibt durchaus potentielle Einsatzmöglichkeiten innovativer Geschäftsanwendungen mit SoMe.
  • Mittelfristig
  • Mitelfristig
  • Mittelfristig
  • Langfristig
  • 061211_unisg_FPV1_ww11_oracle

    1. 1. Forschungs-, Praxis- & Venture-Projekt 1 Institut für Wirtschaftsinformatik, Fr. Prof. A. Back Raphael Schilling & Nguyen Tran FPV 1 - Social Media in the Insurance Industry in the Insurance Industry
    2. 2. This is a joint project with ORACLE and the HSG IWI FPV 1 - Social Media in the Insurance Industry Harry Stehrenberger Prof. Dr. Andrea Back Nguyen Tran Raphael Schilling VP, Global Business Unit Financial Services Oracle EMEA Professor of Management with special IT, University of St. Gallen Master Student of Information, Media and Technology Management, University of St. Gallen Master Student of Information, Media and Technology Management, University of St. Gallen [email_address] [email_address] [email_address] [email_address]
    3. 3. 1 2 3 4 5 6 FPV 1 - Social Media in the Insurance Industry Introduction Insurance Social Media Maturity Model Market Analysis Innovative Business Applications Market Potential Strategic Options & Conclusion
    4. 4. Introduction Three research areas helped to identify the potential value from social media in the insurance industry FPV 1 - Social Media in the Insurance Industry Identify the potential value from social media* for insurance companies in the costumer relation** Market overview Switzerland International Best Practices Strategic options and potential benefit for insurance companies <ul><li>The social media activities of the 10 largest Swiss personal and property insurance companies have been analyzed. </li></ul><ul><li>Interviews with two Social Media Managers of the insurance industry have been hold. </li></ul><ul><li>Database research helped identifying international best practice examples. </li></ul><ul><li>45 mainly students have been questioned upon their opinion about social media activities of insurance companies. </li></ul><ul><li>With regard to already existing models, industry specific maturity model has been developed. </li></ul>*Social Media (SOM): „ A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, which allows the creation and exchange of user-generated content.” (Andreas Kaplan and Michael Haenlein) * * Customer Relation The potential value of internal use of SOM has not been analyzed.
    5. 5. Introduction Insurance companies should consider Social Media FPV 1 - Social Media in the Insurance Industry Changing customer behavior When purchasing insurance services, younger people are influenced by 64 % by online platforms The Brand Science Institute 2009, N=1‘100 Other industries are actively using Social Media Industries such as telecom and retail have embraced the capabilities of social media and customer expectations are quickly growing into all sectors of financial services National Underwriter, 2010 Getting known to the customer Insurers can use social media to gather information about their customers and effectively conduct targeted marketing campaigns. National Underwriter, 2010 Insurance companies can be innovative “ Innovation doesn’t come first in insurance, but it doesn’t mean it doesn’t come.” Julian Pelenur, Founder, Chief Technology Officer, FirstBest Systems “ The potential business value [of social media] for the insurance industry is moving beyond just sales and branding to a stage where servicing benefits are equally important.” Karen Furtado, SMA ( strategic advisory )
    6. 6. 1 2 3 4 5 6 FPV 1 - Social Media in the Insurance Industry Introduction Insurance Social Media Maturity Model Market Analysis Innovative Business Applications Market Potential Strategic Options & Conclusion
    7. 7. Maturity Model The insurance specific SOM Maturity Model gives insurance companies orientation and an outlook FPV 1 - Social Media in the Insurance Industry Why a new SOM Maturity Model? <ul><ul><li>Adaption to insurance industry </li></ul></ul><ul><ul><li>Benchmarking </li></ul></ul><ul><ul><li>Development path </li></ul></ul>Methodology <ul><ul><li>Normative derivation </li></ul></ul><ul><ul><li>Comparison to other Social Media Maturity Models </li></ul></ul><ul><ul><li>Challenged by Social Media insurance managers </li></ul></ul>
    8. 8. Maturity Model Our specific Insurance Social Media Maturity Model takes the customer perspective <ul><li>http://www.rd2inc.com/blog/2008/10/social-media-maturity-model/ </li></ul><ul><li>** http://pr.typepad.com/pr_communications/2009/03/social-media-maturity-index-finding-social-media-engagement-leaders.html </li></ul><ul><li>*** http://www.collectiveintellect.com/blog/wp-content/uploads/2011/03/CollectiveIntellect-GuidanceforEnterpriseSocialMaturity.pdf </li></ul>FPV 1 - Social Media in the Insurance Industry Listening Informing Interacting Networking Integrating <ul><li>Not observable </li></ul><ul><li>Presence in various SOM channels </li></ul><ul><li>Relevance of information </li></ul><ul><li>Regular posts of information </li></ul><ul><li>Interaction platforms available (e.g. Facebook) </li></ul><ul><li>Response on customer comments </li></ul><ul><li>Relevant content of interactions </li></ul><ul><li>Formal relationships with customers (fans or friends) </li></ul><ul><li>Company proactively approaches customers </li></ul><ul><li>Implementation of customer ideas </li></ul><ul><li>Integration of SOM into offerings </li></ul><ul><li>SOM is company wide integrated </li></ul>1 2 3 4 5 Our model <ul><li>Listening </li></ul><ul><li>Not applicable </li></ul><ul><li>Participating </li></ul><ul><li>Actively Engaging </li></ul><ul><li>Not applicable </li></ul><ul><li>Letting Go </li></ul><ul><li>Propagating </li></ul><ul><li>Social Monitoring </li></ul><ul><li>Social Presence </li></ul><ul><li>Interacting </li></ul>Not applicable <ul><li>Integrating </li></ul><ul><li>Listening </li></ul><ul><li>Informing </li></ul><ul><li>Receive Feedback </li></ul><ul><li>Problem & Innovation Response </li></ul><ul><li>Networking </li></ul><ul><li>Acknowledgement & Demons. Action </li></ul><ul><li>Knowledge Management </li></ul>RD 2 SOM Maturity Model* Colletive Intellect SOM Maturity Model*** SOM Maturity Index** Extract Reverse Order
    9. 9. Maturity Model A cross section of EU insurance companies shows that even the leaders are interacting only at interaction level FPV 1 - Social Media in the Insurance Industry Listening Informing Interacting Networking Integrating 1 2 3 4 5 9 9 12 0 0 Reverse Order
    10. 10. 1 2 3 4 5 6 FPV 1 - Social Media in the Insurance Industry Introduction Insurance Social Media Maturity Model Market Analysis Innovative Business Applications Market Potential Strategic Options & Conclusion
    11. 11. Market Analysis We used diffrent methods for analysing the Swiss and international market FPV 1 - Social Media in the Insurance Industry Market Method Key findings Switzerland 10 largest Swiss personal and property insurances were analyzed by externally observing their activities in SOM by using parts of the POST method . <ul><li>Axa Winterthur, Mobiliar and Zurich are most progressive </li></ul><ul><li>SOM mainly used for marketing activities </li></ul><ul><li>No disruptive business model identified </li></ul>International <ul><li>Data-Base research </li></ul><ul><li>Data-Base: EBSCO, Google </li></ul><ul><li>Only English results </li></ul><ul><li>Keywords: Insurance AND Social Media OR Facebook OR Twitter OR Web 2.0 </li></ul><ul><li>Published after Jan 2010 </li></ul><ul><li>Geico, Progressive, Allstate and Farmers as best practice </li></ul><ul><li>Fast growing importance </li></ul><ul><li>Missing regulation implies risks </li></ul><ul><li>Changes in the ways of commication with agents </li></ul>
    12. 12. Market Analysis No disruptive business model for social media could be identified in the Swiss insurance market FPV 1 - Social Media in the Insurance Industry Facebook Twitter Youtube Blog Mobile App <ul><li>Mainly used for marketing activities and rarely for costumer interaction </li></ul><ul><li>Axa Winterthur has most fans </li></ul><ul><li>Swiss Life has a personalized page </li></ul><ul><li>Mainly used for recruitment </li></ul><ul><li>Mostly no regular tweets </li></ul><ul><li>Mainly publication of commercials </li></ul><ul><li>Really some further product information, hints and information for perspective employees. </li></ul><ul><li>None of the observed companies has an own Blog. </li></ul><ul><li>Mobile Applications offer emergency support, claim handling and marketing activities </li></ul>N/A Yes No N= 10 Yes No N= 10 Yes No N= 10 Yes No N= 10 Yes No N= 10
    13. 13. International Best Practices Contests and online applications help to gain fans FPV 1 - Social Media in the Insurance Industry Description <ul><li>Millions of Facebook users play FarmVille. Farmers Insurance Group took advantage of this trend offering free protection against the devastation of virtual crop loss. </li></ul><ul><li>Axa Winterthur could impressively increase the amount of fans by offering tickets for a popular concert. </li></ul>Customer Value <ul><li>Gaining information about company in a informal way </li></ul>
    14. 14. International Best Practices Social Media can be used for dynamic user help FPV 1 - Social Media in the Insurance Industry Description <ul><li>A mobile app, allowing instant connection of individuals with similar user profiles and access to health info, recipes and wellness challenges </li></ul><ul><li>CaféWell allows users to control the degree to which their identity is shared </li></ul><ul><li>CaféWell rewards active users with profile badges, and prizes </li></ul>Customer Value <ul><li>Fast response on personal questions by professionals </li></ul><ul><li>Sharing feelings </li></ul><ul><li>No doctor expenses </li></ul>
    15. 15. International Best Practices Peer to Peer networks lower costs for both sides FPV 1 - Social Media in the Insurance Industry Description <ul><li>Customers build ind. Insurance collectives </li></ul><ul><li>For every friend added to someone’s personal network, the customer gets a slight price reduction (bonus) </li></ul><ul><li>If one of the added friends has a claim, this bonus reduction is reduced accordingly </li></ul>Customer Value <ul><li>Lower insurance fees </li></ul><ul><li>Better control of the risks the own insurance has to cover </li></ul>
    16. 16. International Best Practices Policyowner servicing improves customer experience FPV 1 - Social Media in the Insurance Industry Description <ul><li>21st Century Insurance was the first auto insurer to offer consumers the ability to get an auto insurance quote via Facebook </li></ul><ul><li>“ GEICO Shortcuts” offers GEICO policyholders access to their insurance information using the functionality of Facebook </li></ul>Customer Value <ul><li>Improved customer experience as the services are fast, easy to use and reachable from everywhere </li></ul>
    17. 17. 1 2 3 4 5 6 FPV 1 - Social Media in the Insurance Industry Introduction Insurance Social Media Maturity Model Market Analysis Innovative Business Applications Market Potential Strategic Options & Conclusion
    18. 18. Innovative Business Applications There are interesting innovative business applications for the Social Media industry FPV 1 - Social Media in the Insurance Industry Medium term (3-5 years) Long term (5+ years) Short term (1-2 years) <ul><li>Integration of Social Media into corporate CRM </li></ul><ul><li>New products integrating Social Media </li></ul><ul><li>Friendsurance </li></ul><ul><li>Pricing Schemes integrating Social Media </li></ul><ul><li>Connections between agent/ broker and clients </li></ul>
    19. 19. Innovative Business Applications – Short term Integration of SoMe in corporate CRM FPV 1 - Social Media in the Insurance Industry Customer benefit <ul><ul><li>Targeted advertising </li></ul></ul>Benefit for insurance company <ul><ul><li>Additional client and non-client data can be used for data mining </li></ul></ul><ul><ul><li>Enhanced customer segmentation </li></ul></ul>Requirements <ul><ul><li>Interface between social media platforms and corporate CRM </li></ul></ul>Risks <ul><ul><li>Security issues </li></ul></ul><ul><ul><li>Privacy issues </li></ul></ul>
    20. 20. Innovative Business Applications – Medium term Connections between insurance agent and their clients enhance the customer relationship FPV 1 - Social Media in the Insurance Industry Customer benefit <ul><ul><li>Service: Easy way for communication and support </li></ul></ul><ul><ul><li>Familiar platform </li></ul></ul>Benefit for insurance company <ul><ul><li>Easy way to manage customer relationship </li></ul></ul><ul><ul><li>Increase visibility </li></ul></ul><ul><ul><li>Customer advocacy </li></ul></ul>Requirements <ul><ul><li>Guidelines </li></ul></ul><ul><ul><li>Relevant material </li></ul></ul><ul><ul><li>Customers need to adapt </li></ul></ul>Risks <ul><ul><li>Selling must not be the primary driver </li></ul></ul><ul><ul><li>Vulnerability to spread of negative news </li></ul></ul>
    21. 21. Innovative Business Applicatins – Medium term The idea of Friendsurance can also be adopted on insurance level FPV 1 - Social Media in the Insurance Industry Customer benefit <ul><ul><li>Savings </li></ul></ul><ul><ul><li>Community </li></ul></ul>Benefit for insurance company <ul><ul><li>Reduction of adverse client behavior </li></ul></ul><ul><ul><li>Increased customer knowledge </li></ul></ul><ul><ul><li>Customer advocacy </li></ul></ul>Requirements <ul><ul><li>Platform </li></ul></ul><ul><ul><li>Critical size </li></ul></ul><ul><ul><li>Marketing </li></ul></ul>Risks <ul><ul><li>Conflict with agencies </li></ul></ul><ul><ul><li>Regulatory environment </li></ul></ul>
    22. 22. Innovative Business Applications – Medium term Connection between clients and insurance companies offer potential for new pricing schemes FPV 1 - Social Media in the Insurance Industry Customer benefit <ul><ul><li>Savings </li></ul></ul>Benefit for insurance company <ul><ul><li>Increased customer data for risk management </li></ul></ul><ul><ul><li>Marketing </li></ul></ul>Requirements <ul><ul><li>Autom. of data analysis and integration into risk system </li></ul></ul>Risks <ul><ul><li>Available data may not be true </li></ul></ul><ul><ul><li>Ethical issues e.g. about discrimination </li></ul></ul>
    23. 23. Innovative Business Applications – Long term Social Media brings opportunities for new insurance products serving new needs: e.g Insurance of Facebook account FPV 1 - Social Media in the Insurance Industry Customer benefit <ul><ul><li>New needs arise with societal and behavioral changes </li></ul></ul>Benefit for insurance company <ul><ul><li>New business development </li></ul></ul>IT security will increasingly become an issue also for private users! Example Requirements <ul><ul><li>Product development in insurance industry very time consuming </li></ul></ul><ul><ul><li>Market sizing challenging </li></ul></ul>Risks <ul><ul><li>New product risk </li></ul></ul><ul><ul><li>Fast changing environment </li></ul></ul>
    24. 24. 1 2 3 4 5 6 FPV 1 - Social Media in the Insurance Industry Introduction Insurance Social Media Maturity Model Market Analysis Innovative Business Applications Market Potential Strategic Options & Conclusion
    25. 25. Market Potential Most respondents were between 22 and 28 years old FPV 1 - Social Media in the Insurance Industry
    26. 26. Market Potential 93 % of the respondents do not have any experience with insurance offers on social media FPV 1 - Social Media in the Insurance Industry Usage Following Insurance Have you ever used any social media offer from a company? Are you following any company on Facebook? Have you ever used any social media offer of an insurance company? Yes No N= 45 Yes No N= 45 Yes No N= 46
    27. 27. Market Potential The majority of respondents is willing to connect to an insurance company in exchange for a 10% discount FPV 1 - Social Media in the Insurance Industry A 10% premium reduction would motivate 50% of the people to connect their profile with the one of an insurance company 20 % of the people are not willing to connect their profile with one of a insurance company An insurance company offers you premium reductions, if you connect your Facebook profile with the corporate profile. From which premium reduction on would you be willing to do so? Legend % of People willing to connect with corporate fanpage N = 45
    28. 28. Market Potential Already today a quarter of the respondents can imagine to be Facebook friends with their insurance agent Could you imagine to be connected with your personal insurance agent on Facebook? Your insurance company offers you fast and easy access to your costumer via Facebook. Do you see any advantage in this? Could you imagine to use Friendsurance? Could you imagine to recommend your insurance company in social media? It becomes possible to purchase insurances on the fanpage of the insurance company or via application. Do you see any advantage in this? FPV 1 - Social Media in the Insurance Industry Agent Relation E-Policy Friendsurance Recomandation Micro Insurance Yes No N= 46 Yes No N= 46 Yes No N= 46 Yes No N= 46 Yes No N= 46
    29. 29. 1 2 3 4 5 6 FPV 1 - Social Media in the Insurance Industry Introduction Insurance Social Media Maturity Model Market Analysis Innovative Business Applications Market Potential Strategic Options & Conclusion
    30. 30. Strategic Options & Conclusion We recommend to active participation FPV 1 - Social Media in the Insurance Industry Option 3 Pioneering <ul><li>Development of unique products and services </li></ul><ul><li>Social Media as unique selling proposition </li></ul><ul><li>exceed customer need </li></ul>Option 1 Skip Social Media <ul><li>Focus on the traditional services and channels </li></ul><ul><li>No Social Media activities at all </li></ul>Option 2 Active Participation <ul><li>Social Media fully integrated in the organizational structure (resources and responsabilities) </li></ul><ul><li>Continuous improvement by fully adopting to the market development </li></ul>
    31. 31. FPV 1 - Social Media in the Insurance Industry <ul><ul><li>There are potential business applications enhancing customer value </li></ul></ul><ul><ul><li>Customers have positive attitude towards new Social Media offerings from insurance companies </li></ul></ul><ul><ul><li>Relationships between agents/ insurance companies and their clients can already be implemented </li></ul></ul><ul><ul><li>Top Management attention because changes are essential </li></ul></ul><ul><ul><li>Interaction level should be pursued </li></ul></ul><ul><ul><li>Uncertainty about regulatory environment </li></ul></ul><ul><ul><li>Uncertainty about development of Social Media platforms </li></ul></ul>Potential is given Uncertainties exist Insurance companies should position themselves Strategic Options & Conclusion Social Media is a strategic topic for insurance companies
    32. 32. Backup FPV 1 - Social Media in the Insurance Industry
    33. 33. Market Analysis (1/5) FPV 1 - Social Media in the Insurance Industry Company Allianz Suisse AXA Winterthur People Spectators, Joiners / Conversationalists (Wiki) Critics Objective Talk: push / Support (Wiki) Talk: networking Strategy Targeted stakeholders costumers Customers, prospective employees Technology Corporate Website Website Website Facebook Fanpage existing but inactive Fanpage 1‘479 Fans, job offers, discussions, participation Twitter @allianzsuisse existing but inactive @AXA_Schweiz general customer information, interaction Youtube Channel advertisements only Channel , product spots, recruitment information, prevention material Blog N/A N/A Mobile Application N/A Axa App Other Wiki N/A Remarks Allianz Austria is more active on Facebook Allianz Germany has a mobile app
    34. 34. Market Analysis (2/5) FPV 1 - Social Media in the Insurance Industry Company Basler Versicherungen Generali People spectators, joiners spectators, joiners Objective Talk: push Talk: push Strategy Targeted stakeholders customers customers Technology Corporate Website Website Website Facebook Fanpage inactive Fanpage active since summer 2011 Twitter @baloise_ch inactive, future activity announced @GeneraliCH active since september 2011 Youtube Channel TV-adds only Channel Blog N/A N/A Mobile Application security app Infos, e-banking, e-insurance N/A Other N/A N/A Remarks
    35. 35. Market Analysis (3/5) FPV 1 - Social Media in the Insurance Industry Company Helvetia Die Mobiliar People spectators, joiners spectators, joiners Objective Talk: networking Talk: networking Strategy Targeted stakeholders Customers, prospective employees Customers, prospective employees Technology Corporate Website Website Website , RSS news feed Facebook Fanpage info about social activities, jobs, locations, events Fanpage ; events, viedeos, discussions, contests Twitter @helvetia mainly recruitment @diemobiliar_ recruitment Youtube Channel advertisements only Channel advertisements only Blog N/A N/A Mobile Application Helvetia Notfall Application Mobiliar Notruf Other N/A N/A Remarks
    36. 36. Market Analysis (4/5) FPV 1 - Social Media in the Insurance Industry Company Nationale Suisse Swiss Life People inactives spectators, joiners Objective listen Talk, energize Strategy Targeted stakeholders n/a Customers, prospective employees Technology Corporate Website Website Facebook n/a Fanpage : personalized, contests, interaction Twitter n/a n/a (in Switzerland) Youtube n/a Channel advertisements only Blog n/a n/a Mobile Application n/a Swiss Life Rechner calculation tool Other Remarks
    37. 37. Market Analysis (5/5) FPV 1 - Social Media in the Insurance Industry Company Vaudoise Zurich Connect People inactives spectators, joiners Objective - Talk: networking Strategy Targeted stakeholders - Customers Technology Corporate Website Website , Rss Feed Website Facebook N/A Fanpage games, product selling Twitter N/A @Zurich_ch Youtube N/A Channel Blog N/A N/A Mobile Application Vaudoise Zurich Connect Zurich Helppoint Other N/A Remarks

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