All over the world, the majority of the companies have approached social media for creative ways of doing business. India is no exception as nation is already watching the exponential growth of social media sites and development of e-commerce in them. But with introduction of a new regulations from insurance regulators in India restricting access of web aggregators and insurance providers in the social media, it seems the insurance sector is missing the golden opportunity to build its foundations in the most important platforms for development, which could become a goldmine for the insurers.
Let’s know about the 7 most important ways, the insurance companies could accept social media and be part of the rapid growth, which in the world of web is experiencing, now-a-days.
Creating awareness about brands
Awareness about insurance products matters a lot in building brands. The insurance companies could create awareness about the innovative products, which those have launched in the market. The reality is so far the buyer of the insurance product only bothers about prompt payment of premiums in his post-purchase behavior. But awareness about different options of coverage through insurance policies could instill an idea in him that insurance is not only just saving certain things in life but a greater means to improve over-all concept about living and even giving vital care to family posthumously.
Inviting talents towards insurance
Insurance is a broad field, which could tackle unemployment in a larger way. The insurance companies could make use of the social networking to create news about employment in insurance industry and selectively retain people for recruitment, who would be assets for them as employees. As insurance is getting competitive as a field day-by-day, the present techno-savvy generations in youth feel less inspired to work as agents in the industry that recruits and handles them by older methods. The insurers could positively use social media platforms to take the young but talented minds in their folds of employments to make them future leaders in this field.
Sharing and generating creative ideas about insurance
Social media networking sites are important venues for sharing information. Apart from publishing and sharing their blogs and articles, the insurance companies could get valuable information about the mind-set of buyers in insurance from the opinion and views given by people about their products. To add to it, the views expressed by people on such social platforms could become very creative ideas about generating business.
Staying connected with the world
Curbing up age-old practices in insurance
For instance, India is a place, where the service for insurance came only from the government agencies. Although, private insurers came after the year 2000, the only way to generate ideas about utility of insurance products took place through the agents. Social media platforms could make interaction with people intense and remove the old concepts about insurance. For instance, a term insurance policy product is helpful as its benefits come only after the death of the insured. But now the term insurance providers have laced such policies with features, making the policies more attractive with “add-ons”. When such innovativeness in new products gets place in social media sites that helps in gaining insight about the market.
Changes easier through social media
The huge volumes of business from e-commerce are the results of intense campaigning in social media platforms like Facebook and Twitter. Now, the parameters of trade and commerce in India are completely redefined with the new methods introduced by styles of retailing by e-commerce. In a sense, e-commerce has taken a major place in Indian trade practices. It has transformed business practices and introduced more ethical values and customer care services. It is the need of the hour for the insurance companies to take this opportunity, which would become helpful in transforming the standards of their services.
Understanding about future insurance market
Market of every product keeps on changing with time and arrivals of fresh technology. It is only the technology, which has taken the insurance companies to the platforms of social media sites. So such sites could give important information about the taste of the consumers in the future market. The insurers could make use of such platforms to develop concepts about “future products” and stay pioneers in this sector.