In recent years, Social Media has grown from a simple conversation platform to an essential business tool providing a rich repository of unbiased feedback for organizations throughout the world. It is imperative that insurance leaders tune in, listen and learn to profit from the insights social media can provide regarding their brand, products, customers, services, competitors, and ways to innovate to satisfy the market.In this presentation, you will learn how most successful executives are leveraging this unprecedented tool to acquire and retain new customers and drive growth even in these times

1. Social Intelligence:
Acquire, grow and retain
your customers
Presenter Name: Debjani Deb, Managing Partner (EmPower Research, a Genpact company)
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2. Social media: a rich repository of customer sentiments
on category and brands
66% 14% 21% 31%
Of those online now 14% either publish a blog/ 21% post ratings or 31% post updates
use social media web page or upload video comments social sites
HOW MANY INTERNET USERS TURN TO SOCIAL REGULARLY TURN TO SOCIAL MEDIA
MEDIA WHEN MAKING PURCHASES SOMETIMES TURN TO SOCIAL MEDIA
Travel Financial Eating Clothes or Mobile Groceries or Personal
Services Services Out Fashion Phones Food Care
4% & 24% 4% & 10% 3% & 21% 4% & 23% 2% & 21% 2% & 15% 3% & 15%
$$
Sources: www.sanfranciscosentinel.com, wwwblogs.forrester.com, Knowledge Networks
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3. Customers of financial institutions make choices based
on information they gather online
Top Social Channels by Banking Consumers
Overall, 70 percent of banking consumers are using Facebook, “Deciding whether to get
and 27 percent are using YouTube
6% involved means deciding if you
6%
LinkedIn 9%
11%
12%
want to be part of the
Other FI's
10%
19%
conversation…There will be a
Twitter 12% Community & Small Regional Banks
13%
17%
Cr edit Unions
conversation with or without
you…If you don’t use social
29%
18% Banks 11 to 50
MySpace 18%
17%
20% Top 10 Banks
media, then your business will
34%
YouTube
23%
24% go elsewhere.”
26%
29%
74% Hadley Stern, Vice President at
67%
Facebook 72%
69%
Fidelity Labs, a division of Fidelity
70%
Investments
Source: FIS Enterprise Strategy, “Consumer Mobile Banking Research,” February 2011, n=4,002.
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4. Many large organizations are acting on the endless
possibilities already
World Leader in One of the leading
Financial Services Monitors daily buzz Engages with online insurance
to respond to any influencers to drive companies
negativity before advocacy on
they become viral its behalf
A leading A prominent
Measures online publication social networking Tracks employee
site
sentiments to track perceptions to
its reputation advise institutions
on hiring strategies
A leading A leading B2B
Financial Services Measures impact of Identifies data storage
company
their media customer service devices company
campaigns and alerts and responds
advertisements
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5. Customer Service is one of the primary topics of
conversation
Our preliminary research shows that poor customer
service and billing issues are driving negative
sentiments in social media for credit card providers
Want Credit
Score on Credit
Perceptions associated with card providers Boards
Want store
cards on Complaining
Poor Benefits 6% phone about Poor
Customer
Care
Recovery Harassments 6%
Address Transfer /
13% Resenting
Verification Issues
High Interest
Communication Problems 19%
Rates
Re-Payment / Billing Issues 25%
More and more consumers are being vocal
Poor Customer Care 44% online about their providers and thus
presenting us with a unique source for
0% 20% 40% 60% insights on their needs
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6. Companies are engaged at various parts of the social
media lifecycle
MARKET:
• How to know which channel is best for
which marketing goals?
Market
• What are stakeholders searching for?
LISTEN:
• Who should you be listening to?
• What are stakeholders talking about
Listen competition?
Engage
LEARN:
• What can you learn about impact of
your messages?
• What can you learn about your
Learn reputation and voice of customers?
ENGAGE:
• Who are the influencers?
• How can you engage them?
Regulatory Bodies
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7. LISTEN (Consolidated monitoring of traditional and
social media)
1 Latest industry news and developments
Analyst commentary and views on your
2
services
LATEST
NEW S 3 Tracking of competition activity
4 Stakeholder awareness and sentiments
5 Emerging conversation themes and trends
6 Negativity or customer service alerts
ONLINE
7 Sales and engagement alerts
DISCUSSIONS
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8. LEARN about managing reputation across the message
journey
SEEDING
Outreach witha strong message
RESONANCE
This message is liked by
media/stakeholders and is
transmitted far and wide
IMPACT
The strong message pull-through
translates to a good media
impact
REPUTATION
The result of this positive media
impact is increased reputation
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9. ENGAGE to attract customers and drive advocacy
Define your engagement Engage through key influential
Identify key influencers
objectives bloggers / sites
Universe of influencers: A scan of
secondary sources and aggregated
datasets to arrive at the universe of
Each sub-parameter is weighed and scored
online opinion leaders depending on salience to arrive at an overall value
for each parameter
First level short listing:
Shortlisted on the basis of the
volumes around the subject of
interest and relevancy Normalization through scaling is done & scores are
given in the range of 1 –5 scale
Top Influencers:
Influencers are rated
by using Awareness,
Focus and
Engagement Key Influencer List
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10. MARKET based on insights from listen to engage cycle
M AT U R E M A R K E T S
First Switchers Switchers
Growth timers (Comp.) (CMC)
Target first timers with Action on unmet needs of Act on underlying sentiments,
the right messages different segments to stop revenue leakage
N E W M A R K E T S
First First First
Growth timers timers timers
Promoting insurance Understanding of target Develop brand associations
concept to build awareness segment behavior that will create differentiation
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11. Another way to look at it is how it helps the customer
life cycles
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12. Each part of this cycle has a revenue or cost impact
Monitor Influencer
Chatter Barriers to Mapping
Top line Adoption
enhancement Online
campaigns Negativity Brand
Best
Tracking Sentiments
Need Practices
Social Analysis
media E-Media
Customer
presence Strategy
Service
Segmentation
CI
Tracking Usage
Cost Drivers
reduction New Idea
Compliance Generation
Tracking
Market Listen Learn Engage
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13. Some examples
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14. Brand tracking: Understand brand performance vis-à-vis
competition on social media
Sentiment Awareness
Solution
1. Identify Brand KPIs
2. Track these KPIs vis-à-vis
top competition over time Perception-Comparing with
Consideration
and act on weakness Themes
26%
23%
16%
Company Competitor 1 Competitor 2
Witnessed 28% increase in brand stickiness and loyalty along
with 12% increase in first timers
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15. Event analysis: Holistic view on impact of an event
Sentiments – Time Line
Pre-Event Event Post-Event
Early: Sept 12 to Oct 11 Mid: Oct 12 to Nov 10 Final: Nov 11 to Nov 30
Solution
1. Pre-Event: Understand the
event hype on social media
2. Event: Timely alerts on
9/13/10 9/20/10 9/27/10 10/4/10 10/11/10 10/18/10 10/25/10 11/1/10 11/8/10 11/15/10 11/22/10 11/29/10
important activities during Positive Negative Neutral
event
Key themes of discussion
3. Post-Event: Measure event Pre-Event Event Post-Event
Early: Sept 12 to Oct 11 Mid: Oct 12 to Nov 10 Final: Nov 11 to Nov 30
impact on target customers
Holistic tracking leading to better messaging
during event which led to 38% more positivity Campaign Brand A Brand B Campaign Brand A Brand B Campaign Brand A Brand B
post event N = 85 N = 135 N = 753
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16. A leading credit card provider: Integrating internal data
with community based listening
Client Competitor
Unhappy
33%
Solution about
Service
59% verification
1. Competitive benchmark of charges
advocacy in real-time Safe
transactions
26%
won
2. Integrating multiple data Security
forms for holistic insights on 58% customer
confidence
customer satisfaction premium
cards
30%
provided
Respect
48% were
admired
Sentiments (%)
Co-relate sentiment/advocacy/loyalty/consideration/influence in real-time to directional NPS
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17. A leading US bank: Learning about target segment (HNIs)
Exclusive TOP INTEREST
holiday AREAS
packages
100%
Solution
1. Analyze behavior, interest Luxury
Electronics Precious
and attitudes of HNIs watches
Stones
98% 89% 89%
2. Understand their
investment need drivers
and any unmet needs High reliance on Wealth managers 55%
wealth managers
Self 49%
and self for
Friends / Family 42%
investment
decisions Media 21%
50% reduction in primary research costs by converting unstructured opinions to structured insights
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18. A case study on tactical
implementation
Understand how a leading insurance company successfully
leveraged media services for its business
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19. Setting the context: Client business goals
OVERALL VISION
To be the insurer of choice for
its target segment (military
personnel)
LONG-TERM
To fortify corporate
reputation in the
NEAR-TERM
insurance category
To win over
customers
through
best-in-class
service
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20. How we went about it: Step 1 – Setting up a listening
platform
Quarterly
measurement
Weekly
measurement
Daily monitoring
2010 2012
Social media Traditional media
A holistic view on issues, sentiments, perceptions, trends etc. which
IMPACT require immediate management attention
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21. How we went about it: Step 2 – Improving customer
service through timely alerts
Shabrekia Andrews, February 8, 2012: First charges are posted,
then they disappear, then they reappear with added fees! Really?!
It would mean a lot to me if you guys kept my account in order! I
freaking love client_x but I don't mind switching banks!
1. Crawling across social media
channels to identify customer Ksmithlex (12 followers) Client_x why is it so frustrating to get a
service opportunities mortgage with you!
2. Rule based real-time alerts for KEY INFLUENCER
early action
Over 1.1 million unique visitors.
1000+ conversations on the client.
Over 30 daily qualified alerts resulting in improved customer service and
I M PA C T experience leading to enhanced customer retention
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22. How we went about it: Step 3 – Identifying & leveraging
on key influencers
Mike Campbell
(from facebook) Patrick Danner
(Houston Chronicle)
Josh Bernoff
Tinak (adage.com)
Deborah L. Jacobs (Brand loyalist)
( Journalist) Shane Kite
(Bank Technology News )
RICOLA
(Bogleheads.Org)
Hank Coleman
Dan Kissinger (writer, entrepreneur &
(militaryavenue.com) investor)
Military Stars
(from twitter)
Paul Hagen
Kimberly (Forrester Blog )
Blackmon
Margarette Burnette (from facebook) Colonel K
(Fox Business) (MilitaryAvenue.com)
Colonel K Beth Wilson
(MilitaryAvenue.com) (from twitter)
Number of conversations on client (positive & neutral) has gone up to 2000
I M PA C T per week through influencer engagement
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23. How we went about it: Step 4 – Managing brand
reputation through social engagement
Competition
COMPETITOR BRANDS
CLIENT BRANDS
Word Of Brand
Awareness Image Advocacy Preference
Mouth
Share of Perception Loyalists
1. Monitor reputation Voice Mentions in Preference
detractors and enhancers Brand influential channels over
advocates competition
2. Enable faster response to Weight x % Topics of discussion Referrals Weight x %
First timers
issues that impact
Weight x %
reputation Weight x % Weight x %
Sentiment
Weight x %
TIME
Achieved 9% reduction in negative sentiment through continuous
I M PA C T monitoring of reputation drivers and its impact
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24. Implied RoI as a result of this engagement
Volumes Sentiments Technology Pioneer
Client is perceived as
Volumes have gone Sentiments towards
a technology pioneer
up by more than client have shown
owing to its increased
200% since we consistent
online
started improvement
presence/campaigns
Spokesperson Coverage Military Media Pick-up Event Impact
Spokesperson Military media pick-up Events are
coverage has gone of client coverage has increasingly getting
up by over 80% last gone up by over 70% more coverage
quarter in last quarter across media types
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25. Thank You
ddeb@empowerresearch.com
© 2012 Copyright Genpact. All Rights Reserved.