by Michael Fitzgerald, August 2, 2011
Social media is now a sustainable channel, and insurers are beginning to develop programs to respond to the threats and opportunities in this new space. Leading organizations are beginning to leverage social media monitoring as an operational tool. These companies will know more about their customers at a very specific, actionable level by tracking social media posts. They also will be in position to know more than their competitors about their competitors� customers, giving them the ability to outmaneuver them.
In a new report, Mining the Chatter: Optimizing Social Media Monitoring, Celent aims to assist insurers that are active in social media monitoring as well as those that are just developing their approach. The report provides a framework to help carriers plan their monitoring efforts and also issues a summary of vendors and their products. It then offers suggestions for insurers wishing to lead the industry in this area.
“Firms increasingly use social media monitoring for defensive purposes, to protect their brands,” says, Mike Fitzgerald, Senior Analyst with Celent’s Insurance group and author of the report. “Insurers can also use these tools for offensive purposes: to identify individuals who have an influence in social media, to manage responses to postings, and to control and streamline the work associated with social media activities.”
In order to describe the social media monitoring process, Celent presents a five-step model that includes 14 high-level functions. The model describes the major activities involved in social medial monitoring and the areas that automation should address. The report also profiles 11 vendors advertising products in the general space of social media monitoring tools. Additionally, the research outlines the characteristics of insurance companies that should favor a limited, defensive response and those that should favor a broader, more offensive response to social media opportunities.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC]. www.celent.com