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Insurance Industry to Incorporate Social Media Strategy

For years, many insurance agents have had the same sales pitch, “review your annual premium… here are the list of what needs doing… the important thing is”…

With the advancement of technology, those sales pitches are already obsolete. It’s time to change your own approach and get ahead before anyone else gets into it. Well, in fact, a lot of agents are already using far advanced tactics and incorporating technology to score an insurance premium.

Say for instance, Axis Capital, with a group of insurance and reinsurance companies from its main office in Bermuda to branches in Singapore, Australia, United Kingdom and to over ten states in the United States, has already incorporated the use of social media to its advantage and has set up a personal inquiry chat box in their website for clients who would want to inquire online. This strategy is not only done by major companies like Axis. Rampant use of online technology is also being integrated in insurance businesses in Bangkok, Thailand, Singapore, Tokyo, Japan, Jakarta, Indonesia and Seoul, South Korea. 

However, social media is not just used to market insurance products. Companies are using social media in forensic data mining to discover workers’ compensation fraud. Moreover, social media is also being utilized as a customer service tool as well as a medium for insurance carriers to gather perceptions, suggestions, complaints and real time encounter and reactions from consumers about the various issues arising in the industry. Finally, insurance companies have increasingly utilized social media in post catastrophe events as an effective way to contact, inform and communicate with insured regarding the claims process and other relevant and timely information.

Before social media emerged, many insurance companies are spending billions of dollars for advertisements and campaigns. These marketing efforts are oftentimes rejected and face skeptical responses. Social media, on the other hand, allows companies to share as much information needed to better understand the business and use language that can be understood by average consumers.

Producers should also be interested in social media in order to relay the right information well. Historically, producers have networked within a defined geographic territory. Because people generally only buy from producers they trust, developing trust has generally meant face-to-face interaction. However, as people grow more accustomed to trusting relationships developed online, producers who excel at developing such relationships will likely pursue licenses and sales opportunities outside traditional geographic areas.

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The Future of Insurance

A lot of experts have their own outlook on what the future would look like five or ten years from now. Every year, certain reviews and statistics are being presented to help businesses prepare for what their future would be not only on insurance companies but also to other industries. With simpler financial needs and a reliance on the online environment to conduct a great deal of their business, the potential is ripe for insurance companies and agents to capture this market.  

1. Future Customers
Future customers will rely more on the internet, most probably Google to research and learn more about a company’s profile before making a purchase. They are less likely to talk to agents anymore since the people in the future are predicted to be busier than ever and would only want the product and the cost. 

In order for their agents to take advantage of this possibility, insurance companies like Axis Capital, with their group of insurance and reinsurance companies from its main office in Bermuda to branches in Singapore, Australia, the United States and United Kingdom has set up trainings and online accounts for them to interact with these growing kind of customers. Now there are field agents and virtual agents as well which can take calls and inquiries in as far as Guam or Jakarta, Indonesia.


2. Future Products
Since future customers are expected to have a mindset of being “too busy to die”, life plans’ policies are also expected to be simplified, probably downplaying the role of financial advisers. 

Also, as many are filing complaints on the incapability of a premium of a specific home insurance to include flood or catastrophic events without corresponding warning, casualty insurance would probably be one of the highest in-demand products. Protection will be the driving force behind most products, as customers will not be interested in learning about cash value accumulation, tax advantages, or maturity dates. What customers will care about is knowing that in the event of a catastrophe, his or her family would receive a specific amount of money. 

3. Future Underwriters
The future may include a hybrid type of underwriter, perhaps a piece of technology accompanied by human review. More companies are making a push towards speedier underwriting and customers love the idea. Health care reform, which is relying heavily on electronic components, may assist in this process by pushing for one big network of up-to-date health records. In the further future we can look forward to technology creating a way for underwriting computers to instantly know where the individual’s health stands, where it’s going and rate him accordingly.

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Buying Your Health Insurance Online

In today’s advancement, getting your own private insurance can be easier than it used to be. With the development of technology, you can easily access your internet and purchase your own private insurance online. 

Reference - http://www.wattpad.com/71545843-category-axis-capital-group-tips-to-avoid-fraud

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Co-Insurance and how it Works

We often see co-insurance clauses in our policies. Have you ever understood what it is? Co-insurance is one of the terminologies in insurance industry which are often misunderstood and misinterpreted. Of course, you can ask your insurance agent to better explain what it is. 

For our readers, Axis Capital, with a group of insurance and reinsurance companies scattered around globe from Bermuda to Singapore, Australia, United Kingdom and more than ten states in the US of A, has summarized the definition of Co-insurance in layman’s terms.

Co-insurance, in a sense, is the amount you have to share for the cost of your insurance. It is often computed in percentage. For instance, a man’s health insurance covers 85% of his hospital dues. The remaining 15% of the fee is your coinsurance. 

For that, you’d think you have figured it all out until you stumble upon the term, “deductible”. This in itself is a little bit similar with co-insurance and is often mistaken for the other and/or interchanged. 

Deductible is the amount you have to pay before your insurance begins to pay. Blue cross has provided this best example: Let's say your plan's deductible is $1,500. That means for most services, you'll pay 100 percent of your medical and pharmacy bills until the amount you pay reaches $1,500. After that, you share the cost with your plan by paying coinsurance and copays.

This time, the term copay is mentioned. Copay is a fixed amount you pay for a health care service, usually when you receive the service. The amount can vary by the type of service. You may also have copay when you get a prescription filled. If you visit the doctor often, it is best to review a plan with the low copay for office visits and prescriptions.

For property insurance, coinsurance is basically a penalty imposed on the insured by the insurance carrier for under reporting, misinformation, declaring or insuring the value of a property of a business income. The penalty is stated under penalty as well and the amount should be under report.

The coinsurance clauses in developing cities like Jakarta, Indonesia and Singapore can be changed interchangeably with copay as it still more or less defines having to pay in a percentage. In Europe, however, coinsurance refers to the joint assumption of risk between various insurers. In some parts of the United States, when one party fails to pay the required amount in percentage, he is liable to pay both the parts if his arguments are proven to be moot and academic. 

http://www.axiscapital.com/
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