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Social CRM in Insurance: A fly by..

Social CRM has been one of the top trends that have been witnessed in the CRM space in recent times. As per a study by Gartner Research, by 2013 the total investment in Social CRM space would exponentially increase to around 1 billion dollars, about 8% of the total CRM spending. In Social CRM the customer sits in center of the CRM processes and is an active influencer in business decisions. The customer and organization constantly interact and collaborate in order improve the customer experience. In return, the customer becomes an advocate of the organization highlighting the work done by the company. Social CRM is not just about bringing the customer in the center of the processes but it requires a change in the strategic outlook of the organization.

Social CRM can help insurance sector to leverage from this upcoming trend. For example:

  • Allowing today's social media aware customer to interact directly with insurance companies without the presence of any middle layers or agents. This is possible using the concept of online communities

  • Increase the brand visibility by using the communities of "like minded" people

  • By monitoring the online communities of other brands/carriers, insurance companies can target new potential clients Insurance companies can increase customer's awareness and help them by providing tips on how to avoid certain dangers that can lead to claims being turned down

As many sectors are embracing for this change, Insurance sector can also reap huge benefits by moving in to the era of Social CRM. The massive amounts of data that will be collected using social media channels can be analyzed and used in different processes of insurance industry.

But as we talk on role of social media in insurance sector, one must realize that Social CRM as a concept in insurance sector is still in a nascent stage and definitely seems to be carrying a huge latent potential that can be used in different dimensions of business processes. Only time would tell that how fast and efficiently insurance sector gauges on to this trend.

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