Are Insurers Really Embracing Social Media in Asia-Pacific? Social Media Use Among Life Insurers

by Luis Chipana,  Wenli Yuan, August 1, 2016
Industry Trends
Asia-Pacific

Abstract

Celent gives an overview of social media use by Asia-Pacific life insurers.

This report provides insight into social media penetration, trends, and priorities for the insurance industry. Social media is changing the way consumers and companies interact; if it is managed well, social media could change how companies understand their market. When using social media, consumers understand that they are interacting with a real person who answers as though he or she were listening. More importantly, consumers find social media to be a direct, better, and faster way to communicate.

Insurers have a great opportunity to exploit some of social media’s advantages to integrate various internal processes like underwriting, claims, recruiting, product management, customer service, marketing, and sales. Moreover, social media provides insurers a direct link to a large and more responsive audience for different purposes.

“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 Wenli Yuan, a senior analyst with Celent’s Insurance practice and coauthor of the report. “However, all top insurers are already using at least one type of social media to communicate with customers and prospects. It is just a matter of time until insurers align processes and available technology to unfold the value of social media.”

The report studied social media use by top 110 life insurance companies in Australia, India, Indonesia, Hong Kong SAR, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand.

This report contains 29 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 part 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

Social Media Adoption Rates

16

 

Compare with Property and Casualty Companies

18

 

Social Media Market Share by Country (by DWP)

19

Trends and Priorities of Insurers in Social Media

27

 

Shift of the Focus Area

28

 

Making Social Media a Successful Channel

30

Conclusion

31

Leveraging Celent’s Expertise

32

 

Support for Financial Institutions

32

 

Support for Vendors

32

Related Celent Research

33

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