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Now and When: Why Social Media Matters to the Insurance Industry

Amy Gibbs
Amy Gibbs

This document discusses the risks to insurance companies of not embracing digital technologies and social media. It notes that many insurers do not have coherent digital strategies and are lagging behind competitors. Failing to engage customers through new channels like social media exposes insurers to risks of losing business to new digital-focused entrants. The document advocates that insurers must innovate and adapt their business models to changing customer expectations and behaviors driven by new technologies if they want to remain relevant and acquire new customers.

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息 Amy Gibbs 2014
息 Amy Gibbs 2014
Social media is seen as a risk management obstacle Focus is on the risk of being ON social media This ignores the risk of NOT being on social media E&Y: Insurers are lagging behind the digital curve 47% have no single cohesive digital strategy New entrants and digital leaders will exploit this failing Failure to embrace digital exposes the industry to considerable risk 息 Amy Gibbs 2014
息 Amy Gibbs 2014
息 Amy Gibbs 2014
息 Amy Gibbs 2014
息 Amy Gibbs 2014
息 Amy Gibbs 2014
息 Amy Gibbs 2014
息 Amy Gibbs 2014
Demographics Distribution Models Dialogue 息 Amy Gibbs 2014
息 Amy Gibbs 2014
Gen Y value transparency, trust, technology Dont like a hard sell and are advertising savvy Want to make their own, self-solved, decisions Will check online reviews, will google it Dont want the cheapest - want the easiest, clearest and quickest No social = No transparency = No trust Bad website = Bad business 息 Amy Gibbs 2014
息 Amy Gibbs 2014
Distribution models are being challenged After 132 years, Kodak declared bankruptcy in 2012 Despite inventing it, they failed to adapt to digital Allowed others to bypass their distribution networks Cameras Photos The music industry also missed the digital boat, as did Nokia, Blackberry, Blockbuster, Borders 息 Amy Gibbs 2014
PwC predicts that by 2020: Balance of trust will shift from advisors to online communities Social networks will become group insurance channels Social networks will become pooling mechanisms Insurers will go from being product manufacturers to administrative service providers Peer to peer / social insurance is already here 息 Amy Gibbs 2014
Goal of bridging the trust gap by making insurance social, fair and reasonable again Combines social networking with established insurers Select large claims coverage from comparison list Connect to people and pool money for small claims More connections = higher claims support Up to 50% of premiums back each year Better risk pools, reduced fraud, 40% fewer damage events, less sales, reduced claims handling costs 息 Amy Gibbs 2014
息 Amy Gibbs 2014
Peer-to-peer networked insurance group No premiums, insurers & insured have a stake Each group sets its own conditions Payout is split by the group if the majority approve claim Amount paid out is proportional to whats put in If you dont pay youre ejected from the group However Peercover is no more 息 Amy Gibbs 2014
Guiding Gen Y using technology and engagement Everyday goal to make insurance simple, intuitive & human Want to be a health services provider, not only an insurer 24/7 doctors calls, free doctors visits, free generic prescription drugs, find a doctor interactive map Doesnt pander to Gen Y, talks to them in their spaces 息 Amy Gibbs 2014
息 Amy Gibbs 2014
People grouping together online to cater for niche insurance needs Build their own group insurance with better coverage, dedicated policies and less expense For example: Travel insurance for people with arthritis Abyssinian cat insurance Over 50s iPad insurance Nintendo insurance 息 Amy Gibbs 2014
息 Amy Gibbs 2014
The Australian state police forces are some of the best social media users in the world Tell positive stories, correct rumours, provide facts quickly and are FUNNY Create brand new touchpoints with the community Changed the conversation Public perception has been affected People now help THEM They own and direct the conversation 息 Amy Gibbs 2014
MetLife - #WhoILiveFor campaign Positive spin on life insurance Focus is not on sales but on stories New York Life Establishing touchpoints outside the sales cycle Listening to customers Medibank, BUPA and AAMI Informing, educating, entertaining 息 Amy Gibbs 2014
息 Amy Gibbs 2014
If insurers want to retain customers and acquire new ones, there is no choice but to adapt Be part of the change. Innovate. Now. It takes a year to build up a social media community Hire a professional social media or digital manager Change the internal conversation, ask the hard questions, invest the time and money Dont be Kodak 息 Amy Gibbs 2014
Dr. AMY GIBBS agibbs@theinstitute.com.au linkedin.com/in/gibbsamy @AmyGibbsPhD @ANZIIF 息 Amy Gibbs 2014

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Now and When: Why Social Media Matters to the Insurance Industry

  • 3. Social media is seen as a risk management obstacle Focus is on the risk of being ON social media This ignores the risk of NOT being on social media E&Y: Insurers are lagging behind the digital curve 47% have no single cohesive digital strategy New entrants and digital leaders will exploit this failing Failure to embrace digital exposes the industry to considerable risk 息 Amy Gibbs 2014
  • 11. Demographics Distribution Models Dialogue 息 Amy Gibbs 2014
  • 13. Gen Y value transparency, trust, technology Dont like a hard sell and are advertising savvy Want to make their own, self-solved, decisions Will check online reviews, will google it Dont want the cheapest - want the easiest, clearest and quickest No social = No transparency = No trust Bad website = Bad business 息 Amy Gibbs 2014
  • 15. Distribution models are being challenged After 132 years, Kodak declared bankruptcy in 2012 Despite inventing it, they failed to adapt to digital Allowed others to bypass their distribution networks Cameras Photos The music industry also missed the digital boat, as did Nokia, Blackberry, Blockbuster, Borders 息 Amy Gibbs 2014
  • 16. PwC predicts that by 2020: Balance of trust will shift from advisors to online communities Social networks will become group insurance channels Social networks will become pooling mechanisms Insurers will go from being product manufacturers to administrative service providers Peer to peer / social insurance is already here 息 Amy Gibbs 2014
  • 17. Goal of bridging the trust gap by making insurance social, fair and reasonable again Combines social networking with established insurers Select large claims coverage from comparison list Connect to people and pool money for small claims More connections = higher claims support Up to 50% of premiums back each year Better risk pools, reduced fraud, 40% fewer damage events, less sales, reduced claims handling costs 息 Amy Gibbs 2014
  • 19. Peer-to-peer networked insurance group No premiums, insurers & insured have a stake Each group sets its own conditions Payout is split by the group if the majority approve claim Amount paid out is proportional to whats put in If you dont pay youre ejected from the group However Peercover is no more 息 Amy Gibbs 2014
  • 20. Guiding Gen Y using technology and engagement Everyday goal to make insurance simple, intuitive & human Want to be a health services provider, not only an insurer 24/7 doctors calls, free doctors visits, free generic prescription drugs, find a doctor interactive map Doesnt pander to Gen Y, talks to them in their spaces 息 Amy Gibbs 2014
  • 22. People grouping together online to cater for niche insurance needs Build their own group insurance with better coverage, dedicated policies and less expense For example: Travel insurance for people with arthritis Abyssinian cat insurance Over 50s iPad insurance Nintendo insurance 息 Amy Gibbs 2014
  • 24. The Australian state police forces are some of the best social media users in the world Tell positive stories, correct rumours, provide facts quickly and are FUNNY Create brand new touchpoints with the community Changed the conversation Public perception has been affected People now help THEM They own and direct the conversation 息 Amy Gibbs 2014
  • 25. MetLife - #WhoILiveFor campaign Positive spin on life insurance Focus is not on sales but on stories New York Life Establishing touchpoints outside the sales cycle Listening to customers Medibank, BUPA and AAMI Informing, educating, entertaining 息 Amy Gibbs 2014
  • 27. If insurers want to retain customers and acquire new ones, there is no choice but to adapt Be part of the change. Innovate. Now. It takes a year to build up a social media community Hire a professional social media or digital manager Change the internal conversation, ask the hard questions, invest the time and money Dont be Kodak 息 Amy Gibbs 2014
  • 28. Dr. AMY GIBBS agibbs@theinstitute.com.au linkedin.com/in/gibbsamy @AmyGibbsPhD @ANZIIF 息 Amy Gibbs 2014
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