Connect with us


What’s driving consumer opinion in the Insurance Sector?

What’s driving consumer opinion in the Insurance Sector?

By Justin Khaksar, Managing Director and Senior Vice President, EMEA and APAC at Crimson Hexagon

The financial services industry is often viewed as being behind the curve when it comes to embracing digital change. However, with advances in technology, the insurance industry could benefit from using data and consumer feedback to improve services.

More and more insurance organisations are waking up to the potential value of non-traditional “big” data to better understand their audience. A great example are the Chinese online finance firms who use social media data to assess credit risk of potential customers.

Crimson Hexagon recently launched a new Financial Services Report that looks at top social analytics insights from our library of 850 billion posts.  The findings show clear, immediately actionable insights for the insurance industry to drive digital change.

Consumers regularly share recommendations on the best deals

An analysis of insurance conversations shows a large volume in those recommending and promoting awareness of good deals. This is where social media, as the world’s largest source of unsolicited consumer data, becomes such a powerful platform for insurance organisations looking to truly understand how their consumers have adopted a new service or product. Both positive and negative feedback is essential for organisations to be successful in addressing consumer demands.

Millennials have no trust in large organisations and no interest in insurance

All the publicity in the world cannot make for up for reputational damage caused by a loss of confidence. Millennials have been shown to have a lack of trust for large organisations, who they blame for the 2008 recession. Unfortunately, young people rarely discuss insurance at all, and when they do, it’s likely to be in the situation of not having it, or not intending to sign up. This signals a real need for financial institutions to gain the trust of their younger audience, and educate them on the importance of insurance.

Consumers want outstanding online customer services

Furthermore, the younger demographic are digital natives, so online services from financial institutions are expected. Instead, what young consumers are looking for is outstanding customer service. In contrast, consumers aged 35 and over seem to be more vocal on social platforms regarding online services, either way, online customer service is important to all.

Value for money is what’s most important

Without any surprise, competitive pricing is highlighted as the most significant factor for insurance buyers. Key topics in relations to insurance on social include bills, price, quotes and rates followed by insurance claims.

Value for money seems to be the key indicator of success when targeting consumers. In terms of positive experiences, we found that consumers are highly vocal about the savings and discounts they receive from their insurance providers.

These are just some examples of how through deep analysis of social media, insurance companies and providers can gain insight into the concerns and voice of consumers. The most important thing now is to join the conversation.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Recent Posts