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5 Social Media Needs for the Insurance Sector

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Insurance is one sector where people are very choosy to invest their money in. Everybody is looking out for the best plans to bid their money on. Therefore keeping the audience informed about the various schemes might be a good idea.

Social media helps reach this audience base with ease. But, how many insurance companies actually adopt the social media model to reach out to the masses. This presentation explains how social media can be a helpful platform and how it can be used effectively.

Published in: Social Media
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5 Social Media Needs for the Insurance Sector

  1. 1. SOCIAL MEDIA NEEDS FOR THE INSURANCE SECTOR
  2. 2. 89% 18-29 yrs 82% 30-49 yrs % of total internet users Importance of social media in Insurance Sector 2 billion Approximately Sources: Pew, January 2014; statista.com Total social media users as of 2015 Image Source: https://www.iconfinder.com/zohanimasi Social Media Users by the age
  3. 3. Importance of social media in Insurance Sector Insurers are targeting millennials , who are in their 20s and 30s. This demographic is extremely active on social media. According to a consumer survey by Accenture: In particular, consumers between the ages of 18-34 pay heed to social media comments and recommendations 48% of consumers would consider social media comments before making their insurance buying decisions.
  4. 4. Insurance providers use social media in order to engage with customers and improve their business
  5. 5. 5 needs of Social Media Image Source: https://www.iconfinder.com/Vecteezy, https://www.iconfinder.com/Gimpopo, http://dakirby309.deviantart.com/ Managing the brandCommunicating Information Customer Service Product development Managing Claims
  6. 6. Managing the Brand † This consists of marketing the insurance products on social media and creating positive conversations around the brand † Insurers increase visibility and familiarity among customers through social media campaigns † Insurers develop trust among customers by advertising the awards and positive feedback received by them † Insurers can ensure a positive sentiment around the brand by engaging in and publicizing their philanthropic activities † Companies can measure the impact of their campaigns as well as that of their competitors using social media monitoring tools 1.
  7. 7. #KeepGoodGoing By New York Life Insurance The campaign consists of stories and videos that ‘celebrate the good in people’s lives’ They also have an awards segment for dads, moms, mentors and coaches who inspire others to help children live a happy life The campaign was started in 2012 and is still going strong
  8. 8. Use a monitoring tool to measure performance of campaigns •Check real time responses and reactions to your campaigns •The total number of impressions of a campaign •The conversation Sentiment around a brand. •Track the performance of your competitors
  9. 9. 2. Communicating Information ǂ Providing general information, advice and tips useful to customers that is otherwise not communicated by insurer in personal interactions ǂ Creating online communities for customers with similar concerns or backgrounds ǂ Companies can also engage independent agents and influencers to spread awareness and information ǂ According to a report by Accenture, 80 percent of respondents feel that personalized advice from their insurance carrier is either “somewhat” or “very” important.
  10. 10. Guardian Voluntary Sector Network By Zurich Insurance Group, UK Zurich partnered with the Guardian to create a series of articles to provide useful information for those within the voluntary sector.
  11. 11. 3. Customer Service † Negative posts on social media often draw more attention and are likely to spread. Hence, insurers can address this to an extent by replying to complaints and answering queries on social media. † Timely responses resolve the issue much faster and responses are there for public view which can help with how the insurers services and brand is perceived. † Customer service through social media is a more direct way of engaging with customers and maintaining brand reputation. † Insurance companies are also using social media to contact, inform and communicate with customers regarding how to claim their insurances and other relevant information during times of disaster.
  12. 12. Responding to customer complaint ICICI Prudential Life Insurance ICICI Bank offers to resolve the complaint of a dissatisfied customer
  13. 13. A social media listening tool can help you track customer complaints and respond to them, all from one platform Respond to customer complaints from all social media sites from a single page Manage your responses, who will handle them and how
  14. 14. 4. Policy development † Individuals and groups usually discuss various insurance policies and their pros and cons on different websites and forums. This helps insurer to identify influencers in buyers decision making. † Information gleamed from tracking these conversations gives insights into the emerging trends and needs of customers in the insurance sector. (Terrorism insurance in US after 9/11) † Policy changes after assessing risk profile: Customers may have different hobbies and interests which (E.g. horse riding) which may alter and add to their risk profile † Companies can get this information by following their insureds on social media. This leads to more personalized insurance policies † Thus, such information on customers is valuable while preparing insurance policies. Social media is used to discover the risk of potential policy holders.
  15. 15. Insurance plan for cruise travel By Zurich Insurance Opening of Kai Tak Cruise Terminal, Hong Kong Increase in demand of cruise tours Interest of cruise tours on travel websites Zurich comes out with a cruise travel insurance
  16. 16. Use monitoring tools to generate leads, track trends and design policies through online customer profiling Online Customer profiling will update insurers on latest customer needs as well help in preparing the risk profile of customers
  17. 17. 5. Managing claims Discovering Fraudulent claims Social media helps insurers to discover insurance frauds. By monitoring social media sites of customers, insurers can find posts that show misrepresented or concealed activity that contends the customers claims Assisting in claim process In case of a catastrophe, insurers can directly reach out to policy holders in order to assist them to avail their claims They can provide help and information on the claim collection process Re-designing policies Social media gives the insurer information about its policy holder Thus, the insurer may find information on the customer that was not disclosed and that could affect the risk profile of the customer. This can help the insurer to add to the policy to represent these facts
  18. 18. Tractor Pull Scam By Erie Insurance Group Eries Auto policies do not cover participation of vehicles in any sporting events Claim is filed alleging that the engine of the claimant’s tractor was damaged on account of someone filling wrong fuel in it. Erie finds YouTube clip and Facebook photos that show claimant engaging in a tractor pull of the same truck
  19. 19. Simplify360, is a leading social business intelligence firm. Simplify360 is the world’s first integrated enterprise solutions provider; our latest offerings are Social Marketing Suite for agencies, Social Contact Center for BPOs and Social Command Center for Enterprises. We enable businesses to perform Online Reputation Management, Customer Service, Community Management, Social Media Research & Brand Auditing; Online Sales Lead Generation, and Consumer Sentiment Analysis. We have already provided solutions through their tool for industry leaders like Wipro, Coffee Day, Star TV, Mahindra Retail and ITC Foods. Simplify360 is also the only company to work with the top media agency groups in the world like WPP and Publicis. Simplify360 operates directly or through partners in the US, Malaysia, Korea, South Africa, Saudi Arabia and the Netherlands to name a few. The company’s products and services are sold in over 100 countries. If you are interested to know more about Simplify360 and its offering, you can contact us at contact@simplify360.com About Simplify360 US Headquarter: 1330, Capital Parkway, Carrollton, TX 75006 Phone : 347-468-7251 India: 3rd Floor, 7/1 Binnamangala, 100 Feet Road, Indiranagar, Bangalore 560038. Phone : +91 80 40971130 Address
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