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1 Timetric Publisher Sample Phone: (US) or or (Int'l) Hours: Monday - Thursday: 5:30am - 6:30pm EST Fridays: 5:30am - 5:30pm EST customerservice@marketresearch.com MarketResearch.com

2 Insight Report: Insurers Engagement with Social Media Product Code: IS0634MR Published Date: March

3 Summary Timetric s Insight Report: Insurers' Engagement with Social Media analyzes the effectiveness of insurers in capitalizing on the benefits of social media across insurance business functions. As internet access and smartphone adoption increase, a growing number of internet users are becoming involved with social networking. The increased social media user base provided significant opportunities for these companies to connect with customers and promote their products and services. Insurers and distributors across developed as well as emerging markets are, therefore, increasingly focusing on developing their processes to be able to respond to web-oriented consumers. The report discusses in detail how the insurers across different markets use social media platforms across different business functions including product development, sales and marketing, underwriting, claims management and customer services. It also discusses the key issues and challenges faced by insurers for successful implementation of social media strategies. Synopsis The report provides top-level market analysis, information and insights on social media in the insurance industry: Provides global snapshot of social media and growth opportunities for the insurance industry. Provides comprehensive analysis of social media practices across insurance business functions. Analysis of social media marketing opportunities and challenges for insurance companies. Detailed analysis on leading insurers and their presence on various social media sites. Analysis of social media strategies adopted by leading insurance companies operating in various markets. Reasons to buy Gain understanding of the rising trend of adoption social media channel across the business functions of insurance industry and the impact of social media in insurance industry globally. Understand how social media tools such as networking sites, blogs and online communities are being used by the insurers and distributors to improve in areas such as product development, marketing, operations, customer engagement and brand building to improve their overall efficiency and profitability. Understand market opportunities and challenges faced by the insurance companies globally while implementing social media marketing strategies. Also, gain understanding of the future use of social media in the insurance industry. Identify the best practices adopted by the insurers and distributors to maximize their success by illustrating social media strategies used by insurance companies, in the form of case studies. Insight Report: Insurers Engagement with Social Media Page 2

4 Figure 1: Use of Social Media in the Global Insurance Industry Social identity and social graphs are increasingly being used to assess customers risk profile. Insurers are increasingly investing in analytical tools to understand the consumer behavior. Insurers are using social media across their businesses,from product development, marketing and brand building to sales and services. Insurers are increasingly using internal enterprise social network. Insurers are using social media as a preferred channel for digital advertising. Source: Timetric analysis Timetric Insight Report: Insurers Engagement with Social Media Page 3

5 Figure 2: Framework for the Effective Adoption of Social Media in Insurance Listen Monitor customer sentiment about the company Understand the reputational risk of using social media, and develop processes to handle this Develop strategies Identify the target consumer segment Formulate customer segmentation strategy Select social channels to maximize potential Develop social media culture Embed social media in the organization s culture Encourage top management to lead the process Integrate social media across key business units Go beyond technicalities of insurance Mix business communication with social topics to maintain consumer interest Track trending topics and use them to drive traffic Evaluate Define quantifiable parameters, such as number of active followers, lead generation or change in consumer feedback. Track sales generated through exclusive social media campaigns, and number of users actively using services on social networks. Review Review the framework periodically, and respond to information and insights within a defined period. Source: Timetric analysis Timetric Insight Report: Insurers Engagement with Social Media Page 4

6 Report Methodology All Timetric insurance reports are created by following a comprehensive, four-stage methodology. This includes market study, research, analysis and quality control. 1) Market Study A. Standardization Definitions are specified using recognized industry classifications. The same definition is used for every country. Annual average currency exchange rates are used for the latest completed year. These are then applied across both the historical and forecast data to remove exchange rate fluctuations. B. Internal audit Review of in-house databases to gather existing data: Historic market databases and reports Company database C. Trend monitoring Review of the latest insurance companies and industry trends 2) Research A. Sources Collection of the latest market-specific data from a wide variety of industry sources: Government statistics Industry associations Company filings International organizations Insurance regulatory agencies B. Expert opinion Collation of opinion taken from leading insurance industry experts Analysis of third-party opinion and forecasts: Broker reports Media Official government sources C. Data consolidation and verification Consolidation of data and opinion to create historical datasets Creation of models to benchmark data across sectors and regions 3) Analysis A. Market forecasts Feeding forecast data into market models: Macroeconomic indicators Industry-specific drivers Analysis of insurance industry database to identify trends: Insight Report: Insurers Engagement with Social Media Page 5

7 Latest insurance trends Key drivers of the insurance industry B. Report writing Analysis of market data Discussion of company and industry trends and issues Review of financial deals and insurance trends 4) Quality Control A. Templates Detailed process manuals Standardized report templates and accompanying style guides Complex forecasting tools to ensure that forecast methodologies are consistently applied Quality-control checklists B. Quality-control process Peer review Senior-level QC Random spot checks on data integrity Benchmark checks across databases Market data cross-checked for consistency with accumulated data from: Company filings Government sources Insight Report: Insurers Engagement with Social Media Page 6

8 TABLE OF CONTENTS 1 Executive Summary Social Media in the Global Insurance Industry Key Insights Social Media Framework Issues and Challenges Use of Social Media in the Insurance Industry Product Development Sales and Marketing Underwriting Customer Service Claims Management Social Media for Internal Business Functions Innovative Practices in Social Media Nationwide Capitalizing on Social Media to Improve Enterprise Communication Genialloyd Enhancing Customer Service through Social Media Kroodle The First Facebook-Based Insurance Initiative Allstate Successful Marketing Campaign Using Social Media Unum Interactive Communication for Increased Engagement Appendix Methodology Contact Timetric About Timetric Timetric s Services Disclaimer Insight Report: Insurers Engagement with Social Media Page 7

9 LIST OF FIGURES LIST OF FIGURES Figure 1: Use of Social Media in the Global Insurance Industry... 7 Figure 2: Social Media Marketing in the Insurance Industry... 9 Figure 3: Framework for the Effective Adoption of Social Media in Insurance Figure 4: Social Media Use and its Impact on Customer Acquisition Figure 5: ROI Measurability Across Different Functions Figure 6: Impact of Investment in Social Media Figure 7: Use of Social Media Through Insurance Business Functions Figure 8: Social Media in Product Development Insight Report: Insurers Engagement with Social Media Page 8

10 APPENDIX LIST OF TABLES Table 1: The Impact of Social Media on Insurers Business Structures... 6 Table 2: The Outlook for Social Media in the Insurance Industry Table 3: Marketing and Promotional Initiatives by Insurers using Social Media Table 4: Insurance Companies Brand Mascots on Social Media Table 5: Social Media Across Insurance Business Functions Insight Report: Insurers Engagement with Social Media Page 9