This week, in my last look at the Q1 2015 Accenture quarterly Digital P&C Innovation Tracker, I’ll discuss how leading global insurers are using social media and collaboration and open innovation to reach customers and generate new ideas.
Social media and collaboration continue to be important digital trends, with a growing number of insurers using social networks to build customer relationships and engagement.
Here are just a few recent examples:
- UK aggregator Comparethemarket.com is targeting Facebook users with video ads, and follow-up targeting in order to build customer engagement. When Facebook launched its Premium Video Ads service in the UK in August 2014, Comparethemarket.com was the first advertiser, supporting a wider TV campaign centered around its meerkat characters. The aggregator paid to reach 5.6 million of Facebook’s 26 million UK daily active users, but actually reached 9.7 million, with more than 14 million impressions and 5.2 million video views. Of these, 90 percent came from mobile devices. Nielsen research data showed a 13 percentage point lift in ad recall following the campaign, at 23 percent, from a 10 percent baseline.
- Allianz UK is partnering with the popular Mumsnet parenting website to talk about school-run stress – an issue that creates almost 100,000 conversations on the site. Mumsnet is the UK’s biggest network for parents, generating more than 65 million page views and more than 14 million visits per month. Allianz had a “paid for discussion” forum on the site – it used gift vouchers to encourage parents to share their experiences on how they manage stress levels on the school run and tips on making it a smoother ride.
And while campaigns such as these are making a name for insurers on the consumer side, insurers are also increasingly leveraging open innovation forums to gather, discuss and harness ideas as they look to advance technology and improve their offerings and services.
Last week we talked about how Allianz France is setting up a “seed accelerator” dedicated to big data digital start-ups, a program aimed at finding potential partners and fostering internal innovation. I also mentioned AXA’s internal global innovation and collaboration program called “Start-In.” Both of these initiatives use social-media-type methods usually applied to reach consumers, and apply them to generating dialogue with employees and potential start-up partners – a unique expansion of the social media model to target and engage internal audiences.
Starting next week I will take a look at what’s happening on the life & health side with a dissection of Accenture’s Q1 2015 quarterly Digital L&H Innovation Tracker. In the meantime, please comment or respond if you find other interesting innovations in the insurance industry. We all are eager to see what is happening and learn from these examples. This hopefully also whets the appetite of consumers to demand more innovations – something I really would like to see becoming the key driver of changing this industry to become customer-first.