Historically, insurance companies have sought to create robust profiles of their customers for better pricing and risk selection. In today’s world, social media networks such as Facebook, Twitter, LinkedIn and others provide a rich dataset for insurers to better understand insurance consumers, their behavior, and the things they own or use.

The Digital Insurer - Unleashing the Potential of Social Media in Insurance
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Accenture research gives us some additional context around how insurance customers view social media, as well as their relationships with carriers. Our 2013 Accenture Consumer-Driven Innovation Survey found that:

  • 48 percent of insurance policyholders would consider social media comments when making an insurance purchase.
  • 92 percent of respondents see risk management advice as a good or critical service.
  • 80 percent of respondents see personalized advice as somewhat or very important.

Social media can enable insurers to better understand their customers’ daily lives and notable life events (such as a new job, car or home) so they can provide more relevant experiences and offers. In the process carriers cultivate more customer touch points, which can reinforce the brand and contribute to a better customer experience.

To date, most insurers have focused on social media listening and engagement—some achieving very solid results toward achieving defined objectives—but none have yet realized the full, transformative power of social media. Over the next few weeks, I’ll explore how insurers can unleash the full potential of social media.

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