Insurance Industry - Trends 3
Some importance of social media listening to the insurance industry include;Sales Leads, Fraud detection, data for marketing and engagement. Examples of two companies that cited using social media listening include; Metlife and Cigna.
THE IMPORTANCE OF SOCIAL MEDIA LISTENING TO THE INSURANCE INDUSTRY.
- Sales Leads
Through social listening, life insurance companies put insurance products in front of consumers at convenient times on social media.“People post about life events on social media and search for information about life insurance. Carriers simply need to utilize tools such as social media listening platforms to identify touchpoints and launch initiatives to reach out proactively to potential customers,” said experts at McKinsey & Company."
- Fraud detection
Social media listening offers a cost-effective approach to reveal insurance fraud. "Someone who filed a claim for a serious injury might be running a marathon. Or someone who reported stolen property might appear in a photo with the missing item. Those types of fraudulent claims are estimated at $80 billion a year in the U.S. alone, Kumar says. Costs are passed on to policyholders in the form of higher premiums."
- Data for marketing.
Social media listening gives a lot of insights into customers beliefs and behavior. An insurance company can monitor social media to detect how customers observe attributes like guaranteed income and lifetime benefits. Examples of two companies that cited using social media
listening include; Metlife and Cigna.
Social media listening shows opportunity for engagement. "With social listening, State Farm learned that someone had tweeted “Like a good neighbor State Farm is there… I need food.” In response, State Farm offered to send food from the Twitter user’s favorite restaurant."
Discussion on whether using social media data is a required core step that insurance companies will go through when evaluating claims.
Social media data is not a required core step that insurance companies go through when evaluating claims. Research shows that insurance companies don’t need to wait until there’s a huge amount of social media posts to initiate the claims process.
It is also important for insurance companies to use social media data when evaluating claims. "When analyzed correctly, social media data can inform a parametric insurance contract, triggering the payment of a predetermined amount when conditions exceed certain metrics, such as the wind speed associated with a hurricane or tremors accompanying an earthquake."
EXAMPLES OF TWO COMPANIES USING SOCIAL MEDIA LISTENING
We have provided examples of two companies that cited using social media
listening, these include; Metlife and Cigna
MetLife's developed a 2-hour response policy for client issues via social media. This is an example of how "insurance companies can build policies that prioritize answering customers' needs."
Cigna makes use of social listening platforms like Talkwalker to analyze positive, neutral, or negative sentiment toward a company. This is a way brand see the public views about a company. Cigma uses Talkwalker’s platform to benchmark their positive and negative mentions, watch for any drastic changes, and create new goals.