Social Analytics For Insurance Companies

Social Intelligence And Analytics For Insurance Companies

Transcript

1. Social  Analytics   For   Insurance  Companies Shankar Radhakrishnan 11th Mar, 2011
2. Topics Ø  Social Media Explosion Ø  Social Networks Ø  Social Networking For Insurance Companies Ø  Understanding Social Data Ø  Social Intelligence Ø  Business Goals Ø  Benefits Ø  Differentiators Ø  Approach Ø  Social Strategy Ø  Business Alignment
3. Breakdown of 2010 Social Demographics Social  Media  Explosion
4. Social  Network A social network is a description of the social structure between actors, mostly individuals or organizations. It indicates the ways in which they are connected through various social familiarities ranging from casual acquaintance to close familiar bonds.
5. Social  Networking
6. "   Reach – Serve more members through many means "   Effective Service Channel – Provide individual attention "   Viral Effect – Members are part of communities and interactions acts are marketing channels "   Brand Value – Measure, React and Protect "   Build Relationships – Be more responsive and engage with the customers Social  Networking  for   Insurance  Companies
7. “By 2013, 15% of BI deployments will combine BI, collaboration and social software into decision making environments” Gartner, 06-Jan-2011 “Worldwide Enterprise Social Software Revenue to surpass $769 Million in 2011” Gartner, 16-Dec-2010 “Collaborative decision environments will drive investment in new BI and analytic applications, particularly those that link with collaboration and social networking functions” Gartner, 06-Jan-2011 “Social networking continued to grow over the past year, which is one of the biggest trends seen throughout the global update” Forrester, 28-Sep-2010 “Insurers' interest in social media will continue to develop in the coming year, but with a greater focus on B2B application” Celent, 04-Jan-2011 Market  Research
8. “Increase the number of available interaction points: As consumers want to use multiple touch points, insurers should make it easy for customers to search and purchase insurance products beyond personal interactions – employing print, social media and smartphone channels.” “Follow your customers and use analytics” “The use of customer analytics can reveal valuable behavioral data that will allow insurers to compare interaction point offerings to the preferred mix of targeted customers” “Improve interaction quality” “Insurers must focus on perfecting its interaction quality so that they can turn consumers into advocates of its business” Recent  Study  on  Insurance  Strategy
9. Understanding  Social   Media  Data •  Unstructured or Semi-Structured in nature •  Textual – Email, Documents, Forms •  Audio – Speeches, Presentations •  Video – Presentations, Lectures •  Graphics – Annual Reports, Stock trends
10. Social  Intelligence  Defined “Integration of social software services across different channels that helps companies tap into the emerging generation of applications to organize, market and distribute your products and services”
11. Business  Goals •  Integrate social software services across your properties •  Gather relevant content and improve user- experience •  Connect with people across segments and affinity groups •  Identify and promote user experiences that encourage advocacy, sharing, and contributing across communities •  Promote your brands, products, and services
12. •  Reach – Serve more members through many means •  Effective Service Channel – Provide individual attention •  Build Relationships – Be more responsive and engage with the customers •  Viral Effect – Members are part of communities and interactions acts as marketing channels •  Brand Value – Measure, React and Protect Benefits
13. •  Perform entity extraction from unstructured texts using advanced computational linguistics and natural language processing •  Organize unstructured data into meaningful, relevant and quantifiable knowledge automatically •  Building the data graph of the web via semantic understanding of content •  Connects people with relevant information without the need for human supervision •  Identify people, companies, organizations, topics, places and keywords; understands the relationship in the news flow, and puts them in context through interactive visualization workbench for refinement •  Support semantic reasoning and semantic query •  Link unstructured data to enterprise structure data via semantic transformation Differentiator`s
14. Approach
15. Social  Strategy Social Media Communities Discussions Influencers Business Indicators Product Ideas Product Refinement Strategic Engagement
16. Social  Roadmap
17. Business  Alignment
18. Life-­‐‑Stage   Life-­‐‑event • Birth • Walk • Talk • 1st  School • 1st  Job • High-­‐‑school • College • Career • Career  change • Retire • Death • Marriage • Open  business • New  home • Addition  to  the   family • Divorce • 2nd  home • Save  for  future • Kids  in  college • Grandchild Response  to   Experiences • Sentiment • Opinion • Feedback Outcomes  /   Decisions • Cross-­‐‑sell • Up-­‐‑sell • Extension • Cancelation • Termination Interactions • Customer  Service • Internet • Community • On-­‐‑site Requests  /  Expectations  à   Solutions • Account  change • Rate  change • Quote • Name  change • Lease  change •  Product •  Services •  Promotions •  Campaigns Event  Experiences • Quality  of  service • Timeliness • Market  value • Accuracy Customer  centric  alignment  to   your  products  and  services   Market  Study:  Leading  Insurance  Provider
19. Thank  You!