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.
According 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.
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.
- 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.”
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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?