in

59% of Insurance Firms Leverage Social Media Today, But Few Social CRM Integrations [REPORT]

Fifty Nine Percent of Insurance Firms Leverage Social Media Today, But Few Social CRM Integrations

59% of insurance firms leverage social media today, but few social CRM integrations. A recent study by Capgemini and Efma reveals that social media and mobile are leveraged by financial services firms to improve customer experience.

Fifty Nine Percent of Insurance Firms Leverage Social Media Today, But Few Social CRM IntegrationsAccording to Amarnath Ananthanarayanan, MD & CEO of Bharti AXA General Insurance (@BhartiAXAGI), social media and mobile has a lot of potential in offering quotes and claims, retaining a long term relationship with their previous clients, and building new ones.

On Social Media

Social media offers insurers new ways to increase their strategies’ effectiveness and market penetration. Studies show that over 59% of insurance firms use social media, but only a few have integrated it into their CRM strategies. Experts also believe that the banking industry model can help insurers improve their customer experience ratings.

According to Dr. P Nanadagopal, MD & CEO of IndiaFirst Insurance, the industry is under massive transformation due to the constant economic pressure and heated competition. As a response, insurance firms invest in emerging technology for better agent and customer experience, enabling cross-selling, multichannel distribution, and self-service.

On Mobile

The Capgemini-Efma report explores the leading mobile services at the present and those with high ROI potentials for the past couple of years. According to the survey, product information via mobile currently stands at 43% and will reach 91% by 2015. Claims services currently at 16% are also expected to increase to 73% and quotes currently at 23% to grow up to 70% by 2015.

According to Amarnath Ananthanarayanan, the omnipresent nature of mobile devices is the primary reason why insurance firms invest in the mobile channel. It gives them an edge against their competitors as well as enhances cross-selling opportunities.

According to Gartner research firm, 1.2 billion smartphone and tablets is expected to be sold in 2013 with most of the sales coming from the enterprise segment. Gartner analysts also predicted insurance to be one of the fast growing segments to adopt social media, mobile, and cloud, referring to them as the nexus of forces.

Key Stats

  • 59% of insurance firms leverage on social media
  • Survey shows that mobile will reach 91% in 2015 from the current 43% standing, claims services up to 73% from the 16%, and quotes to 70% from 23% in 2015.
  • Gartner predicts 1.2 billion Smartphone and tablets to be sold this year

Amarnath Ananthanarayanan, MD & CEO is Bharti AXA General Insurance: “We are seeing a lot of potential in mobile and social and are using these tools in areas such as offering quotes, claims and retaining a long term relationship with our existing clients as well as building new ones.” 

Dr. P Nanadagopal, MD & CEO of IndiaFirst Insurance: “The industry is under massive transformation due to the constant economic pressure and heated competition. As a response, we invest in emerging technology for better agent and customer experience, enabling cross-selling, multichannel distribution, and self-service.”

Covered by my Visible Banking Team
__________________________________________________________________________________________________________

What are the implications of this report when it comes to how insurance companies and other financial institutions implement their social media strategy? Do you think that a report such as this can help improve the quality of CRM strategies?

We invite you to share your thoughts about the impact of social media and the financial industry, here, via twitter or on our Facebook page.

What do you think?

0 points
Upvote Downvote

Written by Christophe Langlois

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge).

Christophe's views on VisibleBanking.com are his own, not necessarily his employer's.


Warning: Illegal string offset 'scheme' in /home/visibleb/public_html/wp-content/themes/bimber/includes/plugins/facebook-comments.php on line 271

Warning: Illegal string offset 'posts' in /home/visibleb/public_html/wp-content/themes/bimber/includes/plugins/facebook-comments.php on line 194

Warning: Illegal string offset 'pages' in /home/visibleb/public_html/wp-content/themes/bimber/includes/plugins/facebook-comments.php on line 195

Warning: Illegal string offset 'posts' in /home/visibleb/public_html/wp-content/themes/bimber/includes/plugins/facebook-comments.php on line 198

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Warning: Illegal string offset 'scheme' in /home/visibleb/public_html/wp-content/themes/bimber/includes/plugins/facebook-comments.php on line 271

Warning: Illegal string offset 'html5' in /home/visibleb/public_html/wp-content/plugins/facebook-comments-plugin/class-frontend.php on line 49

Warning: Illegal string offset 'linklove' in /home/visibleb/public_html/wp-content/plugins/facebook-comments-plugin/class-frontend.php on line 50

Warning: Illegal string offset 'posts' in /home/visibleb/public_html/wp-content/plugins/facebook-comments-plugin/class-frontend.php on line 51

Warning: Illegal string offset 'pages' in /home/visibleb/public_html/wp-content/plugins/facebook-comments-plugin/class-frontend.php on line 52

Warning: Illegal string offset 'homepage' in /home/visibleb/public_html/wp-content/plugins/facebook-comments-plugin/class-frontend.php on line 53

Warning: Illegal string offset 'count' in /home/visibleb/public_html/wp-content/plugins/facebook-comments-plugin/class-frontend.php on line 54

Warning: Illegal string offset 'commentcount' in /home/visibleb/public_html/wp-content/plugins/facebook-comments-plugin/class-frontend.php on line 55

Warning: Illegal string offset 'posts' in /home/visibleb/public_html/wp-content/plugins/facebook-comments-plugin/class-frontend.php on line 57
Nami 'Banking Group BBVA Tops Global Social Media Sustainability Index 2012'

Banking Group BBVA Tops Global Social Media Sustainability Index 2012

Commonwealth Bank Launches Banking App on Facebook

CommBank Launches First Social Banking App on Facebook [P2P Payments]