061211_unisg_FPV1_ww11_oracle

Forschungs-, Praxis- & Venture-Projekt 1 Institut für Wirtschaftsinformatik, Fr. Prof. A. Back Raphael Schilling & Nguyen Tran FPV 1 - Social Media in the Insurance Industry in the Insurance Industry

This is a joint project with ORACLE and the HSG IWI FPV 1 - Social Media in the Insurance Industry Harry Stehrenberger Prof. Dr. Andrea Back Nguyen Tran Raphael Schilling VP, Global Business Unit Financial Services Oracle EMEA Professor of Management with special IT, University of St. Gallen Master Student of Information, Media and Technology Management, University of St. Gallen Master Student of Information, Media and Technology Management, University of St. Gallen [email_address] [email_address] [email_address] [email_address]

1 2 3 4 5 6 FPV 1 - Social Media in the Insurance Industry Introduction Insurance Social Media Maturity Model Market Analysis Innovative Business Applications Market Potential Strategic Options & Conclusion

Introduction Three research areas helped to identify the potential value from social media in the insurance industry FPV 1 - Social Media in the Insurance Industry Identify the potential value from social media* for insurance companies in the costumer relation** Market overview Switzerland International Best Practices Strategic options and potential benefit for insurance companies ,[object Object],[object Object],[object Object],[object Object],[object Object],*Social Media (SOM): „ A group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, which allows the creation and exchange of user-generated content.” (Andreas Kaplan and Michael Haenlein) * * Customer Relation The potential value of internal use of SOM has not been analyzed.

Introduction Insurance companies should consider Social Media FPV 1 - Social Media in the Insurance Industry Changing customer behavior When purchasing insurance services, younger people are influenced by 64 % by online platforms The Brand Science Institute 2009, N=1‘100 Other industries are actively using Social Media Industries such as telecom and retail have embraced the capabilities of social media and customer expectations are quickly growing into all sectors of financial services National Underwriter, 2010 Getting known to the customer Insurers can use social media to gather information about their customers and effectively conduct targeted marketing campaigns. National Underwriter, 2010 Insurance companies can be innovative “ Innovation doesn’t come first in insurance, but it doesn’t mean it doesn’t come.” Julian Pelenur, Founder, Chief Technology Officer, FirstBest Systems “ The potential business value [of social media] for the insurance industry is moving beyond just sales and branding to a stage where servicing benefits are equally important.” Karen Furtado, SMA ( strategic advisory )

Maturity Model The insurance specific SOM Maturity Model gives insurance companies orientation and an outlook FPV 1 - Social Media in the Insurance Industry Why a new SOM Maturity Model? ,[object Object],[object Object],[object Object],Methodology ,[object Object],[object Object],[object Object]

Maturity Model Our specific Insurance Social Media Maturity Model takes the customer perspective ,[object Object],[object Object],[object Object],FPV 1 - Social Media in the Insurance Industry Listening Informing Interacting Networking Integrating ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],1 2 3 4 5 Our model ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Not applicable ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],RD 2 SOM Maturity Model* Colletive Intellect SOM Maturity Model*** SOM Maturity Index** Extract Reverse Order

Maturity Model A cross section of EU insurance companies shows that even the leaders are interacting only at interaction level FPV 1 - Social Media in the Insurance Industry Listening Informing Interacting Networking Integrating 1 2 3 4 5 9 9 12 0 0 Reverse Order

Market Analysis We used diffrent methods for analysing the Swiss and international market FPV 1 - Social Media in the Insurance Industry Market Method Key findings Switzerland 10 largest Swiss personal and property insurances were analyzed by externally observing their activities in SOM by using parts of the POST method . ,[object Object],[object Object],[object Object],International ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Market Analysis No disruptive business model for social media could be identified in the Swiss insurance market FPV 1 - Social Media in the Insurance Industry Facebook Twitter Youtube Blog Mobile App ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],N/A Yes No N= 10 Yes No N= 10 Yes No N= 10 Yes No N= 10 Yes No N= 10

International Best Practices Contests and online applications help to gain fans FPV 1 - Social Media in the Insurance Industry Description ,[object Object],[object Object],Customer Value ,[object Object]

International Best Practices Social Media can be used for dynamic user help FPV 1 - Social Media in the Insurance Industry Description ,[object Object],[object Object],[object Object],Customer Value ,[object Object],[object Object],[object Object]

International Best Practices Peer to Peer networks lower costs for both sides FPV 1 - Social Media in the Insurance Industry Description ,[object Object],[object Object],[object Object],Customer Value ,[object Object],[object Object]

International Best Practices Policyowner servicing improves customer experience FPV 1 - Social Media in the Insurance Industry Description ,[object Object],[object Object],Customer Value ,[object Object]

Innovative Business Applications There are interesting innovative business applications for the Social Media industry FPV 1 - Social Media in the Insurance Industry Medium term (3-5 years) Long term (5+ years) Short term (1-2 years) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Innovative Business Applications – Short term Integration of SoMe in corporate CRM FPV 1 - Social Media in the Insurance Industry Customer benefit ,[object Object],Benefit for insurance company ,[object Object],[object Object],Requirements ,[object Object],Risks ,[object Object],[object Object]

Innovative Business Applications – Medium term Connections between insurance agent and their clients enhance the customer relationship FPV 1 - Social Media in the Insurance Industry Customer benefit ,[object Object],[object Object],Benefit for insurance company ,[object Object],[object Object],[object Object],Requirements ,[object Object],[object Object],[object Object],Risks ,[object Object],[object Object]

Innovative Business Applicatins – Medium term The idea of Friendsurance can also be adopted on insurance level FPV 1 - Social Media in the Insurance Industry Customer benefit ,[object Object],[object Object],Benefit for insurance company ,[object Object],[object Object],[object Object],Requirements ,[object Object],[object Object],[object Object],Risks ,[object Object],[object Object]

Innovative Business Applications – Medium term Connection between clients and insurance companies offer potential for new pricing schemes FPV 1 - Social Media in the Insurance Industry Customer benefit ,[object Object],Benefit for insurance company ,[object Object],[object Object],Requirements ,[object Object],Risks ,[object Object],[object Object]

Innovative Business Applications – Long term Social Media brings opportunities for new insurance products serving new needs: e.g Insurance of Facebook account FPV 1 - Social Media in the Insurance Industry Customer benefit ,[object Object],Benefit for insurance company ,[object Object],IT security will increasingly become an issue also for private users! Example Requirements ,[object Object],[object Object],Risks ,[object Object],[object Object]

Market Potential Most respondents were between 22 and 28 years old FPV 1 - Social Media in the Insurance Industry

Market Potential 93 % of the respondents do not have any experience with insurance offers on social media FPV 1 - Social Media in the Insurance Industry Usage Following Insurance Have you ever used any social media offer from a company? Are you following any company on Facebook? Have you ever used any social media offer of an insurance company? Yes No N= 45 Yes No N= 45 Yes No N= 46

Market Potential The majority of respondents is willing to connect to an insurance company in exchange for a 10% discount FPV 1 - Social Media in the Insurance Industry A 10% premium reduction would motivate 50% of the people to connect their profile with the one of an insurance company 20 % of the people are not willing to connect their profile with one of a insurance company An insurance company offers you premium reductions, if you connect your Facebook profile with the corporate profile. From which premium reduction on would you be willing to do so? Legend % of People willing to connect with corporate fanpage N = 45

Market Potential Already today a quarter of the respondents can imagine to be Facebook friends with their insurance agent Could you imagine to be connected with your personal insurance agent on Facebook? Your insurance company offers you fast and easy access to your costumer via Facebook. Do you see any advantage in this? Could you imagine to use Friendsurance? Could you imagine to recommend your insurance company in social media? It becomes possible to purchase insurances on the fanpage of the insurance company or via application. Do you see any advantage in this? FPV 1 - Social Media in the Insurance Industry Agent Relation E-Policy Friendsurance Recomandation Micro Insurance Yes No N= 46 Yes No N= 46 Yes No N= 46 Yes No N= 46 Yes No N= 46

Strategic Options & Conclusion We recommend to active participation FPV 1 - Social Media in the Insurance Industry Option 3 Pioneering ,[object Object],[object Object],[object Object],Option 1 Skip Social Media ,[object Object],[object Object],Option 2 Active Participation ,[object Object],[object Object]

FPV 1 - Social Media in the Insurance Industry ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Potential is given Uncertainties exist Insurance companies should position themselves Strategic Options & Conclusion Social Media is a strategic topic for insurance companies

Backup FPV 1 - Social Media in the Insurance Industry

Market Analysis (1/5) FPV 1 - Social Media in the Insurance Industry Company Allianz Suisse AXA Winterthur People Spectators, Joiners / Conversationalists (Wiki) Critics Objective Talk: push / Support (Wiki) Talk: networking Strategy Targeted stakeholders costumers Customers, prospective employees Technology Corporate Website Website Website Facebook Fanpage existing but inactive Fanpage 1‘479 Fans, job offers, discussions, participation Twitter @allianzsuisse existing but inactive @AXA_Schweiz general customer information, interaction Youtube Channel advertisements only Channel , product spots, recruitment information, prevention material Blog N/A N/A Mobile Application N/A Axa App Other Wiki N/A Remarks Allianz Austria is more active on Facebook Allianz Germany has a mobile app

Market Analysis (2/5) FPV 1 - Social Media in the Insurance Industry Company Basler Versicherungen Generali People spectators, joiners spectators, joiners Objective Talk: push Talk: push Strategy Targeted stakeholders customers customers Technology Corporate Website Website Website Facebook Fanpage inactive Fanpage active since summer 2011 Twitter @baloise_ch inactive, future activity announced @GeneraliCH active since september 2011 Youtube Channel TV-adds only Channel Blog N/A N/A Mobile Application security app Infos, e-banking, e-insurance N/A Other N/A N/A Remarks

Market Analysis (3/5) FPV 1 - Social Media in the Insurance Industry Company Helvetia Die Mobiliar People spectators, joiners spectators, joiners Objective Talk: networking Talk: networking Strategy Targeted stakeholders Customers, prospective employees Customers, prospective employees Technology Corporate Website Website Website , RSS news feed Facebook Fanpage info about social activities, jobs, locations, events Fanpage ; events, viedeos, discussions, contests Twitter @helvetia mainly recruitment @diemobiliar_ recruitment Youtube Channel advertisements only Channel advertisements only Blog N/A N/A Mobile Application Helvetia Notfall Application Mobiliar Notruf Other N/A N/A Remarks

Market Analysis (4/5) FPV 1 - Social Media in the Insurance Industry Company Nationale Suisse Swiss Life People inactives spectators, joiners Objective listen Talk, energize Strategy Targeted stakeholders n/a Customers, prospective employees Technology Corporate Website Website Facebook n/a Fanpage : personalized, contests, interaction Twitter n/a n/a (in Switzerland) Youtube n/a Channel advertisements only Blog n/a n/a Mobile Application n/a Swiss Life Rechner calculation tool Other Remarks

Market Analysis (5/5) FPV 1 - Social Media in the Insurance Industry Company Vaudoise Zurich Connect People inactives spectators, joiners Objective - Talk: networking Strategy Targeted stakeholders - Customers Technology Corporate Website Website , Rss Feed Website Facebook N/A Fanpage games, product selling Twitter N/A @Zurich_ch Youtube N/A Channel Blog N/A N/A Mobile Application Vaudoise Zurich Connect Zurich Helppoint Other N/A Remarks

061211_unisg_FPV1_ww11_oracle

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