Social Media Adoption in Health Insurance Industry - Blog 4
In the previous blog (Social Media Adoption in Health Insurance Industry - Blog 3), I had mentioned a few of the key solution approaches to meet the challenges that are preventing the healthcare payors from a widespread adoption of social media. The list included the following.
• Adoption of Enterprise Social Media policy
• Right selection of tools or packages
• Implementation and Integration with existing capability
• Social Media Risk Management
I had elaborated on the importance and criticality of an enterprise social media policy in the previous blog. In this blog, I will focus on Evaluation and Selection of Social Media Tools.
Evaluation and Selection of Social Media Tools
A wide variety of social media tools are available in the market and the list is continually being updated with the new additions to it. The Payors need to evaluate and select the right combination of social media tools in order to meet their both tactical and strategic goals. There are methodologies available to evaluate the tools. One of the popular methods is Balanced Scorecard Method
Balanced Scorecard Method - The measurement in balanced scorecard method is based on four categories.
• Financial - In this category, the cost benefit analysis for the strategy of deploying a social media tool is done and ROI is determined.
• Value add to Organization - This category addresses the value add to the Payor's internal staff (includes employees and agents) by the deployment of a social media strategy. The value add is in terms of enhancing the awareness on the usage and technical knowledge.
• Members or Subscribers - This category assesses the effect on the members especially engaging them in spreading awareness and the success of the Payor's marketing strategies.
• Internal Processes - This category assesses the contribution of the adoption of social media strategy on the maturity of Payor's various business processes such as sales & new business, underwriting etc.