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.

1. SOCIAL MEDIA NEEDS
FOR THE INSURANCE SECTOR

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
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Social
Media
Users by
the age

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. Insurance providers use
social media in order to
engage with customers and
improve their business

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. 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. #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. 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. 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. 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. 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. Responding to customer complaint
ICICI Prudential Life Insurance
ICICI Bank
offers to
resolve the
complaint
of a
dissatisfied
customer

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. 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. 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. 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. 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. 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. 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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