How Social media is changing the Insurance Industry?

In this age of the internet, every industry is changing rapidly and unlike before, social media has now become an essential part of everyday life. With the immense popularity of social media, brands have also made their mark on these platforms. The social media has opened doors for a completely new type of interaction, mainly between consumers and commercial insurance providers. The exposure to social media has proved to be very beneficial for insurance companies as they can directly communicate, advertise and connect to the consumers.

Social Media Impact on the Insurance Industry

Through social media, insurance companies can know more about their customers and can analyze the risks and price their policies accordingly. Further, in this article, we have elaborately discussed how social media can impact the Indian insurance industry. 

 Ready Audience

1. 
   Social media provides a great opportunity for the insurer to engage with potential customers. Nowadays, insurance policies have been simplified to the extent where it can sell in less traditional formats. The various social media platforms open door for insurers to engage with potential customers beyond traditional chatting and get productive insights. Understanding the nature of the potential customers always helps the insurance companies to make a profitable decision.

2. Social Media Helps to Check the Company’s Credibility
   
   Nowadays, as one can easily get all the information related to anything online, social media is often used to check the company’s credibility and reliability. The audience or the potential customers can not only directly communicate with the company or read their social media posts, but they also have the opportunity to connect with past clients or other business partners. 
   
   We can say that in social media, nothing is hidden as one can review the thoughts, experiences and responses through the online posts. This gives an excellent opportunity to the insurance companies like Policybazaar to list their credentials and areas of expertise. It also provides a chance to respond to all positive and negative feedbacks, building strong credibility.

3. It Works as a Resilient Form of Communication
   
   In today’s day and age, many people rely on social media as a form of communication. Unlike before, nowadays, social media is used for advertising and sale of insurance products. Moreover, people find it more trustworthy platform. In future, with the help of these new-distribution methods, the companies will likely be able to sell insurance products directly to the end-users.
   
   Social media also helps the insurance buyers to know their insurers better which can be very beneficial to find the best policies with the most affordable premium rates.

4. Engagement
   
   Audience engagement helps to promote the brand building. An insurance company can communicate with their potential customers by focusing on its strengths. People can view information shared across the insurer’s social media handles as expert advice. On social media, complicated insurance products can be explained in a simplified manner. Involvement with the audiences helps the insurance company to create brand-building thus, resulting in the expansion of the business.

5. After-Sales
   
   Most of the time, after-sale services, are not up to the expectation and tend to piss the customers off. But in the advent of social media mediums such as tweeter or Facebook, an unsatisfied customer can complain about their insurance provider or take up their grievances into the public. This eventually results in a prompt response. That’s how social media can impact the way the insurance company provide their after-sale services. Prompt claim assistance, fast grievance redressal etc. will lead to satisfactory after-sale service and thus ensures good rapport with the customers.

6. Dynamic Approach
   
   The traditional way of selling insurance often can be found repulsive. Gone are the days, when the business motive was just to sell the product. When focus will be more on branding than selling, it will prove to be a productive approach. In this regard, social media platforms come in handy where both branding and customer engagement happen simultaneously. This will eventually lead to a huge customer base with promising services.

 Wrapping it up!

If you are not on social media currently, it is highly likely that you will be there in future. Social media has given a platform to both insurance companies and the users, where the companies can use them for branding while the customers can look for a prompt response to their grievances using these platforms. Hence, social media plays an important part in uplifting the insurance business in India.