Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Social Media & Indian Life Insurance

13,751 views

Published on

This presentation shows how Insurance Companies can leverage the power of Social Media to grow its business

Published in: Business, Economy & Finance
  • Be the first to comment

Social Media & Indian Life Insurance

  1. 1. LIFE INSURANCE IN INDIA<br />HOW INSURANCE COMPANIES CAN LEVERAGE SOCIAL MEDIA TO GROW ITS BUSINESS<br />1<br />© InRev Systems 2011<br />
  2. 2. AGENDA<br />B<br /> 1<br />INDUSTRY OVERVIEW<br />1.<br />2<br />© InRev Systems 2011<br />B<br /> 2<br />WHY SOCIAL MEDIA<br />1.<br />B<br /> 3<br />SOCIAL MEDIA INDEX<br />1.<br />B<br /> 4<br />RESEARCH FINDINGS<br />1.<br />
  3. 3. INDUSTRY OVERVIEW (1/2)<br />Market Overview<br /><ul><li>The Indian Life Insurance Market grew by 23.4% in 2009 to reach a value of $56 billion. The compound annual growth rate of the market in the period 2005–09 was 28.6%
  4. 4. Life insurance is the largest segment of the life insurance market in India, accounting for 86.4% of the market's total value. The pension/annuity segment accounts for the remaining market</li></ul>Source: Data Monitor<br />3<br />© InRev Systems 2011<br />
  5. 5. INDUSTRY OVERVIEW (2/2)<br />4<br />© InRev Systems 2011<br />The industry is mostly concentrated. Most services offered by the players are more or less the same increasing rivalry. Overall, the attractiveness of the industry due to industry rivalry is MEDUM<br />Industry<br />Rivalry<br />Barrier to entry is not very, however there are few big players like LIC which have a big market share. Opportunity is high because of the large untapped segment becoming more affluent. Overall, the attractiveness of the industry due to threat of new entrants is MEDIUM<br />Threat of New Entrants<br />Overall, the attractiveness of the industry is MEDIUM<br />Supplier includes infrastructure and software manufacturers. Once a company choose a supplier it is never easy to switch supplier as fixed cost and involves lot of training cost. Overall, the attractiveness of the industry due to supplier power is LOW to MEDIUM<br />Supplier Power<br />Large clients such as corporates have high bargaining power increasing buyer’s power. With internet it has become very easy to compare deals offer by different company Overall, the attractiveness of the industry due to buyer power is LOW to MEDIUM<br />Buyer Power<br />There are several substitute such as savings and investments but the benefit offer by Insurance is much attractive. Overall, the attractiveness of the industry due to threat of substitute is MEDIUM to HIGH<br />Threat of Substitute<br />
  6. 6. WHY SOCIAL MEDIA (1/3)<br />5<br />© InRev Systems 2011<br />NEED <br /><ul><li>The perceived RISKinvolved in buying Insurance Product is HIGH. The need recognition for Insurance Products has to be initiated by the company as consumers might not be aware of the existing products
  7. 7. Customers want to have a clear understanding of the policy followed by Insurance Companies
  8. 8. Customers may not know what facilities he needs or he may be uncertain whether he really needs it
  9. 9. Customers will have lots of queries and question on the available schemes, terms and benefits amongst many other things. To address this problem, Companies should have a good complain and feedback mechanism</li></ul>Social Media is the easiest way out for the Insurance Companies to meet these requirements<br />
  10. 10. WHY SOCIAL MEDIA (2/3)<br />CREATEfan pages to post contact information, recent updates, and most importantly allow “fans” and the Company a means of communication on the main page and through the implementation of discussions on the fan page<br />6<br />© InRev Systems 2011<br />POWER<br />DEVELOPcatchy and clever ways to express the most recent company information. Consumers can share recent experiences with the company, as well as recommend potential product ideas and innovations<br />UPLOAD and share videos and educate your customers with awareness, testimonial and videos showcasing what your Company truly is<br />CONNECT the staffs of your Company and RECRUIT the best talents in the industry in this most professional social networking site<br />
  11. 11. WHY SOCIAL MEDIA (3/3)<br />7<br />© InRev Systems 2011<br />BUSINESS BENEFIT<br />
  12. 12. SOCIAL MEDIA INDEX (1/4)<br />8<br />© InRev Systems 2011<br />LIC – one of the leading Indian Insurance Company to adopt social media in engaging with its customers<br />LIC’s Facebook Page<br />LIC engaging with Customers<br />LIC has over 4721 followers in LinkedIn<br />
  13. 13. SOCIAL MEDIA INDEX (2/4)<br />9<br />© InRev Systems 2011<br />Aviva has a very focused priority to Education Insurance. It’s Education is Insurance Program has been one of the most active social media campaign in the Industry<br />LIC engaging with Customers<br />Aviva’s Education is Insurance Blog which showcase what it does and updates people about its news and events happening around<br />Aviva’s Education is Insurance Facebook Page<br />
  14. 14. SOCIAL MEDIA INDEX (3/4)<br />SOCIAL MEDIA GRADES is calculated based on the interactivity level of the mixed retailers in Facebook, Twitter, LinkedIn, YouTube and Blogs. It shows how active the Insurance Companies are in the social media space<br />No of Channels represents the number of social networking sites an Insurance Company is present in<br />10<br />© InRev Systems 2011<br />
  15. 15. SOCIAL MEDIA INDEX (4/4)<br />Social Engagement Graph:Interaction Plot of Insurance Companies in the Social Media Space<br />11<br />© InRev Systems 2011<br />
  16. 16. RESEARCH FINDINGS (1/6)<br />BRAND AWARENESS: Number of conversations across web<br />LIC has the highest number of mentions in the social media amongst all the players – <br />LIC: 138084, ICICI Prudential: 680, SBI Life: 1527 and Aviva: 8512 while ICICI has the least<br />12<br />© InRev Systems 2011<br />
  17. 17. RESEARCH FINDINGS (2/6)<br />BRAND HEALTH: SENTIMENTS across web for different Insurance Companies<br />LIC although having highest mentions should be concerned about it having the least percentage of positive sentiment and the highest negative sentiment messages<br />13<br />© InRev Systems 2011<br />
  18. 18. RESEARCH FINDINGS (3/6)<br />COMPARE the demographics – age group of your brand talkers with competitors<br />LIC is the only company which people in their mid 40’s are talking about<br />14<br />© InRev Systems 2011<br />
  19. 19. RESEARCH FINDINGS (4/6)<br />COMPARE the demographics – location of your brand talkers with competitors<br />All Companies are popular in Bangalore and Southern Region of India. LIC has people talking about it pan India <br />15<br />© InRev Systems 2011<br />
  20. 20. RESEARCH FINDINGS (5/6)<br />COMPARE the source of messages <br />16<br />© InRev Systems 2011<br />All except LIC have strong mentions in Blogs while LIC has the highest mention in Twitter. Aviva also have significant mentions in Twitter<br />
  21. 21. RESEARCH FINDINGS (6/6)<br />INDUSTRY INTELLIGENCE<br />Tracking the keyword “Life Insurance” in Simplify360<br />There are 21071 mention of the keyword “LIFE INSURANCE” in the social media within a period of 2 weeks alone<br />12.5% of the talks about LIFE INSURANCE is related to negative sentiment about the topic<br />People talking about the topic are mostly in the age groups of 36-45 and 26-35<br />LIFE INSURANCE is popularly talked about in Mumbai, Guwahati, Delhi, Bangalore and Chennai<br />17<br />© InRev Systems 2011<br />
  22. 22. Start Using Simplify360 Today<br />For Details, Visit - <br />http://simplify360.com/<br />http://simplify360.com/blog/<br />Or Send a Mail to -<br />david@in-rev.com<br />VP - Sales, <br />InRev Systems<br />http://www.facebook.com/simplify360<br />@simplify360<br />18<br />© InRev Systems 2011<br />

×