Are Insurers Really Embracing Social Media?

Social Media Use in Latin American Insurers
by Juan Mazzini,  Luis Chipana, January 15, 2016
Industry Trends
Latin America

Abstract

In this report Celent gives an overview of social media use by Latin American insurers. The report also provides insight into social media penetration, trends, and priorities for the insurance industry.

Social media is changing the way consumers and companies interact, and a well-managed strategy can change how companies understand their market. Consumers perceive that they are interacting with a real person, someone who answers as if they were listening. More importantly, they find in social media a direct, better, and faster way to communicate.

Insurers have a great opportunity to exploit some advantages of social media in order to integrate various internal processes like underwriting, claims, recruiting, product management, consumer service, marketing, and sales. They also have a direct link to a large and more responsive audience.

“The new generations of consumers are more demanding, are more eager for information, and want things as soon as possible,” says Luis Chipana, an analyst with Celent’s Insurance practice and coauthor of the report. “Social media is opening the door to a young population that was born in the social media era and has it in its DNA. Insurers must understand this behavior so that they can speak the same language, even though it may seem too informal at times.”

“Social media is still a question mark for insurers in terms of revenue,” says Juan Mazzini, a senior analyst with Celent’s Insurance practice and coauthor of the report. “However, many top insurers are already participating. It is just a matter of time until insurers align processes and available technology to unfold the value of social media.”

This 34-page report contains 26 figures and three tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Key Research Questions

2

 

Methodology

3

Social Media

5

The Benefits of Using Social Media

8

The Use of Social Media

15

 

Social Media Market Share by County (by DWP)

18

Trends and Priorities of Insurers in Social Media

24

 

Making Social Media into a Successful Channel

26

Looking Forward

27

Leveraging Celent’s Expertise

28

 

Support for Financial Institutions

28

 

Support for Vendors

28

Related Celent Research

29

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