Customer proximity by social media in the insurance industry karlheinzpassler com_20121111

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Customer proximity is the classic sales strategy of insurance companies. Insurance providers, agents and brokers are represented well in the Internet. But online behavior of insurance customers adapted in recent years. Today customers are mostly active on social media platforms like Facebook and Twitter leaving the “classic” surfing only as a later activity. See more on Impacts, advantages and disadvantages for Insurance companies ...

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Customer proximity by social media in the insurance industry karlheinzpassler com_20121111

  1. 1. Insurance Customer Behavior changed by new Top-level Domains Customer Proximity by Social Media in the Insurance Industry Karl-Heinz Paßler November 11, 2012 karlheinzpassler.com Specialist on Information Technology in Insurance Context
  2. 2. Customer Proximity by Social Media in the Insurance Industry Classic Sales Strategy in Insurance Customer proximity is the classic sales strategy of insurance companies since Karl-Heinz Paßler Specialist on decades.Information Technology in Insurance Context. The german Register of Insurance intermediary lists 258,097 agents. Numerous recommenders and informants not included! This corresponds to 1 insurance agent to approximately 316 residents! karlheinzpassler.com karlheinzpassler.com
  3. 3. Customer Proximity by Social Media in the Insurance Industry Proximity to Customers means Social Media in the Internet Insurance providers, agents and brokers are Karl-Heinz Paßler represented well in the Internet. Specialist on They operate web sites (eg www.allianz.com) and runInformation Technology in Insurance Context. online campaigns (eg per email). Customers can retrieve at any time from any location product informations, sign contracts and can report damages (claims). Well done so far. karlheinzpassler.com karlheinzpassler.com
  4. 4. Customer Proximity by Social Media in the Insurance Industry Proximity to Customers means Social Media in the Internet Online behavior of insurance customers adapted in Karl-Heinz Paßler recent years to the developments in the Internet. Specialist onInformation Technology in Insurance Context. karlheinzpassler.com karlheinzpassler.com
  5. 5. Customer Proximity by Social Media in the Insurance Industry Proximity to Customers means Social Media in the Internet A study from BearingPoint “Social Media in the Karl-Heinz Paßler Insurance Industry” found the following facts on time Specialist on spend in the Internet:Information Technology in Insurance Context. 1. Customers spend most of their time (22%) on social media platforms, like Facebook or twitter. 2. This is followed by search activities (21%), mostly with the help of Google (96% market share in Germany). 3. Only then follows the classic surfing on websites (20%) of the time spend online. karlheinzpassler.com karlheinzpassler.com
  6. 6. Customer Proximity by Social Media in the Insurance Industry Social Media Status Quo in the Insurance industry According to the mentioned research: two-thirds of surveyed insurance companies are represented on Karl-Heinz Paßler Facebook, but only in the sense of a "minimum Specialist onInformation Technology in Insurance Context. equipment". Proximity to customers is limited to company Name, Logo and a link to their Wikipedia entry. No personal interaction, as in the classic customer strategy! karlheinzpassler.com karlheinzpassler.com
  7. 7. Customer Proximity by Social Media in the Insurance Industry Social Media Status Quo in the Insurance industry Only a small portion of insurance companies (14%) Karl-Heinz Paßler draw on the possibilities of a specific Facebook Specialist on presence like Geico.Information Technology in Insurance Context. This fraction regularly and actively communicate with their customers in form of regular contributions, discussions and commentaries of videos and posts. Customer proximity realized, as in the classic customer strategy. karlheinzpassler.com karlheinzpassler.com
  8. 8. Customer Proximity by Social Media in the Insurance Industry Advantages for Insurance companies with serious Social Media Strategies 1. Intermediaries will be certainly one of the first to notice changes in the lifes of their customers as prospective Karl-Heinz Paßler behavior is disclosed. Specialist onInformation Technology in Insurance Context. 2. Corresponding Brokers and Agents are likely the ones to meet the changed customer s needs. Be it with product information, quotes, instant underwriting or through an invite to a near by office. 3. Competitors, aggregators on the Internet and aggressive online price comparison sites may be left out. karlheinzpassler.com karlheinzpassler.com
  9. 9. Customer Proximity by Social Media in the Insurance Industry Disadvantages of Social Media Strategies by Insurance Companies 1. Disclosure of confidential information by employees Karl-Heinz Paßler may damage the reputation. Caused mainly by Specialist on ignorance and inexperience of employees. Train theInformation Technology in Insurance Context. employees, create procedures! 2. Image damage caused by customers in speaking negatively about the insurance company. This can lead to reputation damage too. Create an online examiner and controller with corresponding tools. 3. False information about the companys services or even negative reviews can be published. Check your communications department. karlheinzpassler.com karlheinzpassler.com
  10. 10. Customer Proximity by Social Media in the Insurance Industry Impacts on the Profit-Line A properly installed Social Media Strategy can be an extremely effective communication medium for Karl-Heinz Paßler customer proximity, resulting in efficient acquisition Specialist onInformation Technology in Insurance Context. and retention with impacts on the profit-line! To achieve this a Social Media Strategy needs to be developed, with adaptation of internal structures and processes. The opportunity the timely and focused approach of new clients is a potential that can t be ignored - and its importance will continue to grow. karlheinzpassler.com karlheinzpassler.com
  11. 11. Customer Proximity by Social Media in the Insurance Industry No easy task as the successful 14% in the cited study show, but Karl-Heinz Paßler Specialist on ... being where the customer isInformation Technology in Insurance Context. makes it worthwhile. karlheinzpassler.com karlheinzpassler.com
  12. 12. Customer Proximity by Social Media in the Insurance Industry Contact If you have questions, you can contact me directly blog@karlheinzpassler.com Karl-Heinz Paßler Specialist onInformation Technology Discuss your views on the blog in Insurance Context. http://karlheinzpassler.com/ karlheinzpassler.com karlheinzpassler.com
  13. 13. Customer Proximity by Social Media in the Insurance Industry Appendix Relevant Links: Karl-Heinz Paßler Why Most Social Strategies Fail; http://www.charleneli.com/2012/11/why-most- social-strategies-fail/ Specialist onInformation Technology in Insurance Context. Biggest german insurance sales force at DVAG: http://www.dvag.de/dvag/ and it s 2011 annual report http://www.dvag-geschaeftsbericht.de/2011/ Summary of the current body of knowledge can be found in the dossier of Versicherungsforen Leipzig “Social Media @ Insurance: Potential application areas of the value chain” (Login required) http://www.versicherungsforen.net/fs/vfl/media/leistungen/veranstaltungen/konfere nzen_1/2012_1/social_media/2012-Nr02-Jan_SocialMedia.pdf Study of BearingPoint “social media in the insurance industry” http://toolbox.bearingpoint.com/images/pdf/DN- 11003_CMS_0626_WP_DE_Studie_Social_Media_final_PR_.pdf Time spent on-line Reinhard Goy Infografic - how people spend their time online http://pinterest.com/pin/133700682657843951/ karlheinzpassler.com karlheinzpassler.com
  14. 14. Customer Proximity by Social Media in the Insurance Industry Appendix Relevant Links: Karl-Heinz Paßler Study of queo media “social media activities of insurance” comes to similar values. Here (32%) of the surveyed insurance "actively pursued Accounts" on Facebook Specialist on http://www.queo-Information Technology media.com/fileadmin/Downloads/Social_Media_Aktivitaeten_von_Versicherungen.pdf in Insurance Context. Example of interactive Facebook fan pages http://www.facebook.com/thegeicogecko/info http://www.geico.com/ Other examples for interactive Facebook fan pages http://www.facebook.com/statefarm http://www.facebook.com/newyorklife http://www.facebook.com/libertymutual karlheinzpassler.com karlheinzpassler.com

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