Social Media Intelligence in Insurance: Don’t Listen to Everything If You Want to Hear Something

by Nicolas Michellod, April 15, 2016
Case Studies
Global

Abstract

The insurance industry is faced with the difficulty of understanding how external data sources can be used as part of their daily operations and complementing their internal data with these sources of information.

The insurance industry is about evaluating risks and buying them at a price that can generate positive margin. The insurance value chain is highly dependent on data, and external data has become more important over the past decade.

This report defines the concept of social media intelligence and provides three case studies on the use of social media intelligence with one specific example of an insurance company. It also provides Celent recommendations on how to apply social media intelligence technology to the insurance value chain.

“The social media intelligence examples described in this report, as well as our attempt to identify social media intelligence applications to insurers, should help them better capture the potential of this approach and the related technology,” says Michellod. “While social media intelligence has been mainly used in sales and marketing, we think it can deliver value in many insurance business areas beside communication and marketing.”

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

Setting Up the Scene

2

 

Changing Data Sources and Data Collection Patterns

2

 

Defining Social Media Intelligence

3

Short Case Studies

5

 

Gedeon Richter: Listening to Patients, Families, Caregivers, and Influencers

5

 

McDonald’s France: Capturing the Value of Web Communities

7

 

Generali Switzerland: Identifying Relevant Communication Vehicles and Influencers

8

Social Media Intelligence Applied to Insurance

10

 

Current Perception of Social Network Data

10

 

Potential of Social Media Intelligence Use in Insurance

11

 

Insurers’ Top Priority Analyses

12

 

Potential of Social Media Data in Pricing, Underwriting, and Claims Fraud Detection

13

Celent Recommendations

15

Leveraging Celent’s Expertise

17

 

Support for Financial Institutions

17

 

Support for Vendors

17

Related Celent Research

18

Sign in to download reports and access personalized information