The Ahain Group’s social business report on the general and health insurance industry contains case studies and insights into the effect of social business techniques.
David Williams of Axa Insurance UK was recently quoted as saying that the UK Insurance Industry was “traditionally known as not being the most responsive to change.” 1
This comment could be applied in a general sense to many Insurance Companies throughout the globe.
Traditionally, Insurance Companies have focussed on customer acquisition, customer service and renewal, claims handling and product development.
A consumer would typically have two touch points with their Insurance Company: at the time of acquiring a policy and again at the time of renewal of the policy. Other touch points would, in the main, be instigated by the Consumer, the most common being informing the company of a change in circumstance or instigating a claim.
The social business model is rapidly evolving into social business strategy and Insurance companies are now aware that, to manage the online conversation about their brand, they have to interact and respond to the Consumer to Consumer about Business (C2CaB) community.
Online activity is instant and whilst Insurance companies have, in the past, adhered to caution when addressing a query and have had the time to format a reply under regulatory guidelines, they now have to find a way to respond in real time whilst ensuring that the compliance requirements of the industry are met.
This challenge is huge for, as David Williams notes above, these Companies are not traditionally responsive to change. So how can it be managed and what are they doing to interact and to retain/enhance the traditional brand recognition they have painstakingly worked to achieve? The approach to social business involvement has been varied among Insurance companies globally.
For more information, contact Ahain Group