At Accenture, we’ve helped hundreds of companies evolve their approaches to using social media channels. We believe that social media can serve a transformative, enterprise-wide function in driving business value. To help insurers understand and plan for their social media journey, we have identified four phases of social media maturity.

Social Media in Insurance - Phases of social media maturity
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  1. Listen. This phase is as straightforward as it sounds. While it’s low in complexity, it also offers the lowest business impact. Listening is essential—but alone, is not sufficient for true transformation.
  2. Engage. Next, insurers need to operationalize engagement and manage it effectively—to direct interactions, identify and engage influencers, and establish mechanisms for audits and reports.
  3. Optimize. Next, insurers should enable enterprise-wide views of a customer by linking social media channels to an insurer’s CRM program. Optimized use of social media allows insurers greater reach and flexibility in marketing to niche customer segments, among other benefits.
  4. Transform. Finally, insurers should integrate social systems into business systems. This enables them to reinvent traditional business and operating models—or create new ones.

Progressing from one level to another is neither routine nor easy—which explains why so few insurers have made it to the transformational level. Accenture has identified a five-part framework for realizing the full potential of social media. Click on the link below to learn more.

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Erik J. Sandquist

Managing Director, Accenture Financial Services, Customer Insight & Growth

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