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Social media – A Dream Opportunity for Insurers
The impact of social media is not disputed but insurers must remember that despite the changes in technology and consumer behaviours.
For something that can and should be done immediately, Mr Christian Cadeo, Head of Mobile SEA, Google, said to ensure the company's site is optimised for users on mobile devices, such as having big buttons that can be accessed by thumbs rather than a mouse's cursor. Because if a user has trouble assessing a company's site from mobile devices, a study has shown that 40% will visit a competitor's site and 19% will have a negative overall perception of the company.
And it is not a question of whether a company chooses to be on social media or not. Mr Carl Borchardt, Business Development Manager, Unified Communications & Collaboration, Cisco Asia Pacific, said with social media, everyone is a publisher, every minute, on every device, and a company's brand equity could be at risk, whether or not it is on social media. It is a new paradigm of consumerisation where consumers desire new ways to interact on devices of their choice and at a time of their choosing. So social media and mobile marketing initiatives will be key.
Just like 15 years ago when people questioned bancassurance and some failed to see the significance of the shift, social media will no longer just be a strategic decision moving forward but a question of efficiency, reminded Mr Collins.
Some feel that it is inherently difficult for the insurance industry to engage on social media, as insurance is something that people do not want to talk about. However, successful case studies were shared by some of the speakers, including Ms Mei Velasquez, Head of Customer Marketing & Communications, Sun Life Financial Asia. She spoke about a successful financial advocacy campaign known as “It’s time!” ran by Sun Life in the Philippines. Consumers were encouraged to be an advocate to bring their dreams or those of others into fruition by encouraging actions. Measurable and obvious increase in business was observed as a result of the campaign, she said.
The conference aimed at helping the insurance industry exploit the benefits of social media as a key strategic tool, also showed how companies can overcome its pitfalls. It focussed on strategies that aim to do it right the first time round. While delegates have attended social media and mobile marketing conferences in the past, they commended the conference on its content that is focussed and relevant to the insurance industry.
Organised by Asia Insurance Review, the conference attracted 180 delegates from 25 countries. It was sponsored by ReMark and NextIX and supported by Singapore’s General Insurance Association and Life Insurance Association.
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About Asia Insurance Review
Asia Insurance Review, hailed by market leaders as the “Voice of Asia”, is the premier professional regional journal committed to serving the insurance industry with informative editorial on Asia, on-the-spot updates and technical conferences to support the industry’s march towards higher standards and greater professionalism.
With entrenched support from the market, it is the official magazine of the leading industry events in Asia, especially the East Asian Insurance Congress and Singapore International Reinsurance Conference. Its value-added services to the region include hosting technical conferences, industry directories, daily online newsletters and organising the Asia Insurance Industry Awards.