According to a global industry survey, Insurers feel less prepared to deal with threats arising from social media and big data than they do about more familiar ones.,Insurer ,Technology
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Insurance companies increased use of social media means bigger data is on the way. In turn, the need for technology to manage this data will increase.
For example, insurance companies are using social to increase visibility for their brand and develop stronger customer relationships. Chubb Insurance follows influencers and industry news on their twitter page. They provide educational information to Chubb followers in attempt to build awareness and trust.
The use of social media in insurance extends beyond CRM. Companies are listening to social media sites in an attempt to detect posts related to insurance claims. They are detecting activities that could indicate a claimant has gone beyond what a physician would deem acceptable.
Traditional uses of social media to assess sentiment apply as well. Customer service channels are better informed with real time feeds on positive and negative sentiment about their products and the industry as a whole.
Prospects shop for insurance products on line using communities and social networks. Understanding when this happens helps insurance companies target their sales and marketing efforts. Sharing bite size pieces of information directly with consumers allows insurance companies to overcome one of their main obstacles, distrust.
Social media has become an effective way to communicate with policy holders for events that may affect claims. Most of this is done post-catastrophic events but proactive approaches relating to health and wellness is another application of social communication in support of reduced risk and lower costs.
Big data technology to manage these applications allows Insurers to ingest massive volumes of data, wrap context and meaning around the unstructured content, search it in real time and deliver the facts to the right channels at the right time.