SO­CIAL ME­DIA

So­cial me­dia has so much hype to­day that we were cu­ri­ous to see if in­sur­ers in Malaysia and in this re­gion have jumped on this band­wagon. We at­tempted a sim­ple dip­stick sur­vey of 18 com­pa­nies in and out­side of Malaysia to get a “feel” of things.

Insurance - - CONTENTS - Compiled by Seow Mei Ling Se­nior Con­sul­tant, De Calais Sdn Bhd The au­thor can be con­tacted at meil­ing@de­calais.com

Is the Malaysian In­surance In­dus­try Us­ing So­cial Me­dia Yet? A dip-stick sur­vey was car­ried out pos­ing a short se­ries of ques­tions to in­sur­ers within and out of Malaysia to gauge the use of so­cial me­dia as part of an or­gan­i­sa­tion’s busi­ness strat­egy. This ar­ti­cle also high­lights the con­cerns by in­sur­ers us­ing so­cial me­dia and pro­vides rec­om­men­da­tion on to man­age these con­cerns.

In­surance, rein­sur­ance and taka­ful com­pa­nies in and out­side of Malaysia were asked these ques­tions: In what ar­eas of the busi­ness are you us­ing so­cial me­dia, and which types of so­cial me­dia are be­ing used? What are the ex­pec­ta­tions of us­ing so­cial me­dia in terms of mar­ket ac­cess, brand­ing and cost im­pacts?

What have the re­sults been like? What types of new risks have the use of so­cial me­dia brought, and how are they be­ing man­aged in the busi­ness? What new de­vel­op­ments do you see in so­cial me­dia it­self and its use by Malaysian in­surance and taka­ful com­pa­nies? A hand full of firms re­sponded, say­ing that they do not cur­rently use so­cial me­dia. One in par­tic­u­lar said the com­pany does not in­tend to use so­cial me­dia for busi­ness in the near fu­ture. Ad­mit­tedly, re­sults are nowhere near con­clu­sive with a hand full of re­sponses. Most in­sur­ers do have of­fi­cial web­sites. While not all in­sur­ers are on Face­book, Twit­ter, LinkedIn or YouTube, to name a pop­u­lar few, they do have some form of pres­ence in dif­fer­ent forms of so­cial me­dia on the In­ter­net.

So­cial Me­dia Ad­van­tage

How­ever, one re­spon­dent, Etiqa In­surance and Taka­ful, be­lieves that it is able to ac­cess a wider range of de­mo­graph­ics with the use of so­cial me­dia. The com­pany is able to take into con­sid­er­a­tion what it can pro­vide for each of the seg­ments of the de­mo­graph­ics that it mines from the so­cial me­dia pop­u­la­tion on the In­ter­net. Cur­rently, the com­pany uses the so­cial me­dia av­enues of Face­book and YouTube with the aim to in­crease the pub­lic’s aware­ness of its brand and its agents’ en­gage­ment with the pub­lic. Ac­cord­ing to Etiqa, the re­sults of us­ing so­cial me­dia have been very re­ward­ing for the com­pany. It re­ported see­ing ex­po­nen­tial in­crease of fan likes from 3,300 in Jan­uary 2012 to al­most 37,000 to date. The com­pany’s YouTube video views also grew from slightly more than 4,000 to in ex­cess of 50,000 cu­mu­la­tive views per an­num. In us­ing so­cial me­dia, the com­pany ex­pects to di­rectly en­gage with its cus­tomers, pro­vid­ing im­me­di­ate re­sponses to cus­tomer queries and thereby, im­prov­ing the cus­tomer’s ser­vice ex­pe­ri­ence. Not only does the com­pany ex­pect higher brand aware­ness and lik­a­bil­ity, it also be­lieves that it has a chance to fur­ther im­prove for its cus­tomers in terms of prod­ucts and ser­vices.

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