Three Uses for Social Media in Insurance

by nickk on November 24, 2014

OK, we know that by and large insurers seem reluctant to embrace social media wholeheartedly; we think it might be because that there’s too much “fun” in these channels and it’s hard to come up with a comprehensive message for insurance products that doesn’t put a bit of a downer on a Twitter feed.

However, it doesn’t matter how much your marketing team is struggling with getting the right message out there; there are other important uses of social media that your brokerage or carrier should be looking at as well (not instead of) as marketing.

Sales Research

For insurers in the SME or even large enterprise market; there’s a wealth of knowledge to be found on your prospect’s social media feeds. They will tell you if the company is looking at any major projects on the horizon, what the key strategies they are using for customer acquisition are, and more.

Your sales team needs to be browsing through LinkedIn, Facebook and Twitter data for your prospects at a bare minimum. They’re likely to discover talking points that open up prospects as well as key data that enables them to propose the right products earlier in the sales cycle with the right level of relevance for the client.

Customer Services

Are you monitoring all the major social networks (and any relevant local networks) for feedback on your services? You should be. That’s because you can bet your bottom dollar that your unhappy customers are telling their friends, family and colleagues all about their unhappiness on their social media accounts.

For customer services teams it’s important to be looking at reputation management; not only can social media provide tip offs about specific areas of poor service but they allow you the chance to make things right publicly and build your business’s reputation.

Trend Spotting

If you’re focused on a specific industry vertical then you must monitor social media to see new trends emerge in that vertical. That’s how you can ensure that you’re always ahead of your competition and be perceived as a thought leader in your area of business.

If you know what matters to your client group en masse; you can much better cater to their needs. Social media is an incredibly effective way to determine what the key issues of the day are and how you might respond to them better as a business.

Automation

It’s worth noting that not all of this analysis needs doing by hand. There are plenty of software packages out there to help you manage social media to draw in relevant data for your business. Don’t see this as an excuse for people in your office to “play Facebook”; see it as a meaningful way to get very specific information and to use it to enhance your sales, service and overall brand profile.

Social Media Insurance

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These are the days of big data and thus more data means better risk management and greater sales levels, right? Not always. In fact, one of the nightmares of managing large data sets is working out how to keep that data – relevant. If you don’t keep an eye on the mountains of data you collect it can get seriously out of control and your insurance business can find itself drowning in the misleading and the irrelevant.

How’s Your Data Management Plan?

In our experience many insurers and indeed many businesses of all natures; don’t plan to manage their data. They normally have a pretty good data collection plan and some businesses have a pretty good analytics plan too but very few pay the necessary attention as to when to ditch data that no longer brings value.

It Begins With a Catalogue

You can’t manage your data properly if you don’t know exactly what data you are collecting and for what purposes you are collecting that data. Your in house data management team may be able to deliver this data catalogue themselves; in some cases they may be too busy with other work to do so and you might need to look to a consultancy to develop the catalogue on their behalf.

You Can then Make Meaningful Management Decisions

Once you know what data you are collecting and why you are collecting it; you can begin to make meaningful decisions about the usefulness of that data. Do you really need customer’s addresses from the 1950s? If so, why? And what should happen to that data when it’s no longer useful to your marketing team, for example?

The more questions you can resolve about data management the better because there is good news; most data management can be automated once you’ve resolved what should be happening to data once it’s past its useful life.

Put Someone in Charge of Data Maintenance

If you want a job done properly; it needs to be done by a human being with actual responsibility and accountability for that job. Once you’ve sorted out your initial data management issues and got your first spring clean underway – you need to make sure that your data stays clean. That means putting someone in charge of data maintenance; it’s their job to keep the plan updated, it’s their job to examine new data sources and where they fit into the plan, it’s their job to liaise with other departments to see where this data can be used and it’s their job to get rid of that data, in line with the law, once it’s no longer useful.

Cleaning Insurance Data

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How to Calculate an Actuarial Reserve

by Jed GigerNovember 7, 2014

This isn’t as complex as it might sound. Firstly; it’s probably a good idea to define what an actuarial reserve actually is. So: An actuarial reserve is used to account for the amount of money that an insurance company will be liable to pay (in the event of a claim) based on an estimate of […]

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Wearable Technology and the Insurance Sector

by nickkOctober 27, 2014

Even a few years ago the concept of wearable technology was an alien one; apart from a few functions on a wristwatch – there was little chance of any device being adapted to fit the human body. Today wearable technology is becoming ever more practical. The Google Glass project is perhaps the most famous example […]

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An Insurer’s Guide to the “Internet of Things”

by nickkOctober 13, 2014

There’s a new buzz word that’s starting to make itself felt. That buzzword is “The Internet of Things” but what does it mean? And more importantly what impact is the “Internet of Things” going to have on insurance. The Internet of Things The Internet of Things is a wide term which really covers the idea […]

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Technology that Combats Insurance Fraud

by nickkSeptember 29, 2014

A recent report in the US; The State of Insurance Fraud Technology revealed some worrying numbers. In particular, only 14% of insurers are using advanced technological fraud detection techniques. Given the rise in sophisticated insurance fraud rings – this seems a little disturbing. However, it may just be that the industry isn’t aware of what […]

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5 Keys to Keep Your Insurance Data Safe in the Cloud

by nickkSeptember 15, 2014

With the revelation that celebrity data was hacked on Apple’s iCloud service; it must appear that cloud storage isn’t looking as safe as it was claimed to be. Insurers don’t need to worry unduly about data in the cloud; the celebrities had failed to follow Apple’s security recommendations and that was let their accounts be […]

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Automotive Insurance Premiums to Fall Again?

by nickkSeptember 1, 2014

There’s a lot of technology looking to drive automotive insurance premiums down. The beginning of this trend was with telematics. The idea that you can monitor the insured party’s vehicle remotely for a range of condition enables insurers to reduce the risks they cover with greater certainty. Then there are dashboard cameras which enable incidents […]

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3-D Printing and Insurance – More Technological Disruption?

by nickkAugust 18, 2014

3-D printing has been hailed as one of the technological innovations of the century. You can develop prototypes quickly and easily without expensive manufacturing. You may soon be able to use them to print medicine or organs in remote corners of the world. In the rush to embrace the good from this kind of printing […]

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The End of the Insurance Underwriter?

by nickkAugust 4, 2014

Technology brings change; it’s inevitable. Most change is positive; it makes us more productive, it allows us to do things more safely, it brings convenience but there is also disruptive change. A recent paper from Oxford University sheds light on a change that some in the insurance industry will not appreciate; “The Future of Employment: […]

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