Are Insurers Really Embracing Social Media in Asia-Pacific? Social Media Use Among Life Insurers
Celent gives an overview of social media use by Asia-Pacific life insurers.
This report provides insight into social media penetration, trends, and priorities for the insurance industry. Social media is changing the way consumers and companies interact; if it is managed well, social media could change how companies understand their market. When using social media, consumers understand that they are interacting with a real person who answers as though he or she were listening. More importantly, consumers find social media to be a direct, better, and faster way to communicate.
Insurers have a great opportunity to exploit some of social media’s advantages to integrate various internal processes like underwriting, claims, recruiting, product management, customer service, marketing, and sales. Moreover, social media provides insurers a direct link to a large and more responsive audience for different purposes.
“The new generations of consumers are more demanding, are more eager for information, and want things as soon as possible,” says Luis Chipana, an analyst with Celent’s Insurance practice and coauthor of the report. “Social media is opening the door to a young population that was born in the social media era and has it in its DNA. Insurers must understand this behavior so that they can speak the same language, even though it may seem too informal at times.”
“Social media is still a question mark for insurers in terms of revenue,” says Wenli Yuan, a senior analyst with Celent’s Insurance practice and coauthor of the report. “However, all top insurers are already using at least one type of social media to communicate with customers and prospects. It is just a matter of time until insurers align processes and available technology to unfold the value of social media.”
The report studied social media use by top 110 life insurance companies in Australia, India, Indonesia, Hong Kong SAR, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand.
This report contains 29 figures and three tables.