To retain and grow their client base, insurers must increase their presence across digital and online platforms, says the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).
ANZIIF’s digital communications and content strategy manager, Amy Gibbs, said while a few insurers have grown their online presence in the past year by focusing efforts on digital content, the industry has “failed” to realise the depth and complexity of change needed to face the “oncoming digital revolution”.
“There has been some positive movement in the last year, with a small number of insurers boosting their presence on social media and embracing opportunities to connect with customers online, but in comparison to other industries, many insurers have been slow to adapt,” Ms Gibbs said.
Ms Gibbs added that the risk from peer-to-peer insurance and technology companies entering the industry, along with lost opportunities to engage with consumers through digital channels, should be considered more significant than any potential negatives associated with social media use.
“Insurers shouldn’t be online because 'tweeting' or 'friending' is the current fad, but because their customers are online and they expect to find their providers there too, in the same way they expect them to be in the phone book,” she said.
“The trust that can be built by a long-term social presence, and the ability to give a human voice to an often maligned industry, should not be underestimated."