Accenture: Insurers and social media: vast potential, significant challenges

Although it is a relatively new phenomenon, social media has become a vitally important component of human resources, marketing, customer services, and public relations. For insurers, social media can provide a continuous, interactive relationship ith the customer, with multiple opportunities to listen and to engage with individuals and communities in a highly personalized dialogue.

Indeed, the potential benefits of social media for insurers are compelling, and include:

  • Enhancing the brand
  • Reducing costs
  • Influencing customer behaviour
  • increasing customer satisfaction
  • Increasing sales
  • Supporting innovation
  • Introducing new insurance products

Social media has the power to reshape the insurance industry, creating new points of differentiation and opening up new opportunities for leadership. Accenture believes the insurers that will be most successful in employing social media will those that view these initiatives as part of a comprehensive approach, rather than as a series of one-off programs.

To do so, however, many insurers will need to re-examine their current IT infrastructure�particularly legacy policy administration systems�to make sure that the capabilities are in place to support such initiatives at scale.

Read this 12-page point of view here.

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with more than 246,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page is

Accenture Software combines deep technology acumen with industry knowledge to develop differentiated software products. It offers innovative software-based solutions to enable organizations to meet their business goals and achieve high performance. Its home page is For Life Insurance software, its home page is