Tag: social media

Are You Lost in Social Media and Big Data?


Are You Lost in Social Media and Big Data?

Over 80% of carriers are investing in social media, but less than 10% of policy holders are engaging. That’s a lot of wasted effort and missed opportunities. 

In the world of big data, historical customer insights can be transformed into powerful models that predict future customer behaviors. These insights can be harnessed across the areas of product development, pricing and underwriting. Big data models can help pinpoint which product features and value propositions resonate most greatly across customer segments, and how that resonance affects willingness to pay. Savvy carriers can take advantage of this information to develop multi-product “solution bundles” that are designed to optimize customer value and carrier profitability.

Want to learn more? Download our whitepaper. Insurance and Social Media: Addressing Missed Growth Opportunities. 

Likewise, these same insights can be used by underwriting. Traditionally, actuaries have used historical data to quantify and price risks. In the world of big data, the underwriting function can be transformed into a strategic weapon for cherry picking micro-segments of profitable customers and pushing adverse selection to the competition by zeroing in on new risk variables.

Free whitepaper download includes step-by-step social media improvement guide to boost ROI. 

With these insights in hand, carriers can create improved customer experiences—from acquisition through claim servicing—that deliver personalized interactions for each policyholder as an individual. This might include the scope of a given sales offer; the content of a given marketing message; the channel or frequency of a message, or all of the above.


Profit and Performance Improvement for Insurance


Profit and Performance Improvement for Insurance

Over 80% of carriers are investing in social media, but less than 10% of policy holders are engaging. That’s a lot of wasted effort and missed opportunities.

Carriers face a range of unique economic factors, but big data can play an important role in profit improvement. Big data can help to reveal the scope and scale of profitability improvement opportunities. These range from customer selection, underwriting, claim management and pricing—as previously described—and can continue on to include internal, carrier-specific data like operational efficiencies. Big data provides the opportunity not only to extract data, but to make sense of it in ways that are meaningful to business decisions. Comparing customer retention to claim pay out recency and frequency across claim service centers, for example, can help to reveal best practices in customer relationship management that can then be identified and rolled out across all service locations.

Want to learn more? Download our whitepaper. Insurance and Social Media: Addressing Missed Growth Opportunities.

Includes step-by-step social media improvement guide to boost ROI.

 


Social Media for Insurance is all Grown Up


Social Media for Insurance is all Grown Up

Back in 2011, as few as 20% of insurance carriers had a social media strategy in place. As of 2013, about 80% of carriers have a social media presence with some measure of dedicated resources, but a third lack any formalized strategy. While the insurance industry has made great progress, it is unclear how effective these efforts are.

Want to learn more? Download our whitepaper. Insurance and Social Media: Addressing Missed Growth Opportunities. 

Despite all the time, effort and money that carriers have invested in social media, results are off to a slow start. As few as 7% of insurance policy holders interact with carriers through social media, and interaction is typically limited to “liking” an update on Facebook or watching an advertisement on YouTube.

Includes step-by-step social media improvement guide to boost ROI. Free download.

This means that there is an enormous disconnect between the efforts and goals set forth by carriers and the results and behaviors exhibited by customers. Moreover, to the extent that any engagement is taking place, it is the traditional, one-directional response typically associated with traditional marketing efforts.


Boost Customer Profitability with Social Media


Boost Customer Profitability with Social Media

By some estimates, spending on social media is expected to reach $11BN by 2017, up from $4.7BN in 2012. About 80% of carriers are investing in their social media presences, but only 7% of policyholders are interacting with their carriers through social media. Moreover, this interaction is often limited to “liking” a Facebook status or watching an advertisement on YouTube.

Want to learn more? Download our whitepaper. Insurance and Social Media: Addressing Missed Growth Opportunities.

Social media is here to stay and represents a significant growth opportunity for many carriers—assuming they figure out how to better define their goals and allocate resources accordingly.

Includes step-by-step social media improvement guide to boost ROI. Download it here now.

 


Social Media and Big Data Can Drive Customer Insights


Social Media and Big Data Can Drive Customer Insights

Carriers only began venturing into social media as recently as 2009. This is just when Facebook was beginning to catch on among the broader US population, and around the same time that Twitter began to develop a growing audience. Initial efforts were focused around brand promotion, with little in the way of dialogue or engagement.

Over 80% of carriers are investing in social media, but less than 10% of policy holders are engaging. That’s a lot of wasted effort and missed opportunities.

The reasons for this late start and slow adoption are many; unlike many other consumer industries, the insurance industry faces greater regulatory, compliance and legal issues. Additionally, there is a level of complexity unique to the insurance industry that makes simple 140 character messages challenging.

Want to learn more? Download our whitepaper. Insurance and Social Media: Addressing Missed Growth Opportunities.

As of 2013, the majority of these issues have been resolved, and most carriers have dedicated social media efforts in place.

 


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