How Insurers can Benefit from Social Media Listening?

By Insurance CIO Outlook | Friday, November 08, 2019

When used effectively, social media can establish insurers’ reputation in terms of customer-centricity and trust.     

FREMONT, CA: Reaching customers and prospects at the right moment through the right channel is a formula to succeed in business. This is where social media plays a significant role. And the insurance industry is certainly no exception. Leading insurers use social media listening to improve customer service and generate sales leads. See how insurance companies can best approach social media.

• As a Listening Tool

Proactive listening is an area insurance organization should be investing in profoundly. What are the issues the insurance company should try to overcome? What are the problems the company faces in understanding public sentiment? What are the target audiences talking about? These are relevant questions insurance companies should try to find answers. The open nature of social media communication can keep track of all these discussions and ensure that those insights are circulated in the organization.

• Answering Customer Needs

Social media is a place for two-way communication. This is a boon when a rapid response is crucial for insurance companies to satisfy customers. Response policy to customers via social media can help insurance companies build policies that prioritize answering customer’s needs. There are many good regulatory reasons for insurance companies not answering specific questions in such a public setting. But apart from that, social media is a magic tool for insurers to provide customer service promptly.

• Data for Marketing

Social media listening provides a wealth of insights into consumer habits and behavior. An insurance company monitoring social media to learn how consumers view attributes can use the data to develop marketing strategies based on what prospects and consumers value the most and to frame characteristics that competitors fail to provide.

The rewards insurance agencies are reaping on social media are excellent. Insurers can gain substantial benefits through social media listening, including generating sales leads, improving customer satisfaction, and polishing the perception of their brands. But firms should ensure to take a practical approach to social media to remain compliant, avoid pitfalls, and enjoy maximum benefits.

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