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The Web 2.0. attitude and the insurance industry

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25 January 2009
Nicolas Michellod

When discussing with most of my friends about my job and the insurance industry, I am often told that insurance is not interesting or is one of the least innovative sectors among the financial services industry. Of course, I don’t agree with them and sometimes I have to argue fiercely to demonstrate that their perception is exaggerated. Web 2.0. and its related-technologies are good examples where some insurance companies have already launched interesting initiatives. Based on contacts I have established so far, I have decided to work on a research, whose objectives are to provide some examples of Web 2.0. initiatives launched by insurers and to understand how the sector perceives and evaluates the value of Web 2.0. initiatives in the long-run. While the first objective seems to be relatively easy to achieve, I expect some difficulties with the second one.

In a report published last year called “Capturing the Strategic Value of IT: A Review of IT Investment Evaluation Methods”, I have tried to analyze how insurers can prioritize IT investments and better evaluate the strategic impacts these types of investments can have on their business. Some projects related to social networking launched by insurers are typically the kind of investments, where the question of value is of highest relevance. Of course, entering the blogosphere or a presence in Second Life contribute to launching a signal of modernity and dynamism to potential clients. But do these initiatives really generate new sales or can the new perceived image of an insurer following such initiatives indirectly trigger more referrals? How do insurers evaluate the results of these projects and what factors and criterias are particularly important to them when deciding to adopt the Web 2.0. attitude? Even though insurers’ Web 2.0. initiatives give me some interesting stories to tell to my friends when they tease me about my job and the insurance industry, they do not answer the most important question: what value can they bring to insurers? You will therefore understand that I am very excited and curious to hear what CIOs, marketing managers or other people responsible for such projects within insurance organizations will tell me when I will raise this question! My expectations are high and I hope I will be able to provide interesting findings to my future readers.

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