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  • How social media could affect your life insurance rates
  • January 24, 2014
  • changing financial industry


    These days, everything– including the life insurance industry– is shaped and changed by the ever-increasing influx of new technologies. The priority for insurers is growth and growth is attained through superior customer service, but cumbersome technology can limit this communication.

    A study from Gartner Research says that there are ten new technologies making a big impact on how life insurance companies do business, from the way they interact with customers to the way they research potential policyholders.

    Much of the change has to do with software, the report said, with companies not only adding programs to make transactions with customers run more smoothly and quickly, but also to make information processing information (for both customers and employees) more efficient.

    Social media is playing a major role in this shift. Tools such as Facebook, Twitter and LinkedIn are used to drive awareness and studies show that more than 70 percent of insurers that distribute through independent agents do use social media. Connecting with other agents through social media can be less time consuming. Companies that begin using social networking can be more interactive with their customers.

    ATKearney reports that Allstate and Travelers, for example, are using their Facebook sites to build awareness and engage with consumers who are in the process of assessing and choosing an insurance provider. State Farm uses its Facebook pages both to connect with customers and to improve customer service, which are major components of its ongoing customer strategy.

    But one change that may surprise some consumers is that life insurance companies are now monitoring social networking sites to find out if any of their policyholders are engaging in dangerous behavior that might affect their coverage.

    The internet is the cornerstone of major shift in many industries; it is a stream liner for crucial business-to-consumer interaction that resulted in increased customer satisfaction. Companies that fail to keep up with the latest trends will likely risk their customer base as well.

  • Category: Industry News, Life Insurance, More news

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