Why Social Media Sentiment Analysis is Important for Insurance Service Providers?
Sustained economic growth, rising interest rates, and higher investment income contributed to a strong year for insurance services providers in 2018. Although 2019 is shaping up to be a banner year for insurance services providers, certain long-term challenges like the potential for the economic slowdown, ongoing disputes over tariffs and trade rules, and inaccurate social data analysis may cast a shadow on the insurance market’s outlook.
Even though data analysis is nothing new for an insurance company, social media data presents a new challenge. Therefore, in this socially connected world, it is imperative for insurance services providers to engage with their customers over multiple social channels. Apart from analyzing figures to predict future economic movements or develop new financial products, effective social media sentiment analysis or social media analytics allows companies to collate and analyze online conversations. Moreover, real-time service to an unsatisfied customer or an acknowledgement of a customer recommendation of your service goes a long way in building your brand value.
With social media sentiment analysis, keep an eye out for positive mentions to look for inspiration and negative mentions to take effective actions. Contact us to leverage our social media sentiment analysis solution.
Social Media Sentiment Analysis Helps to Uncover Unmet Customer Needs
The client is a leading UK based insurance services provider. For 27 years, the insurance company has been providing innovative property, casualty, financial lines, healthcare, personal lines, and specialty lines insurance coverages and services to companies and organizations of all sizes – from Fortune 100 corporations to small and middle market entities across the North Western Europe regions.
An insurance services provider operating in the UK was finding it difficult to understand customers’ perception about their brand. Moreover, the spike in negative social media posts about their brand resulted in a financial crisis for the insurance services provider. Additionally, the insurance company’s inability to track the financial topics that their customers are talking about and lack of understanding their customers’ preferences, resulted in a loss of their customers to their competitors. Therefore, to keep up with the competition in this world powered by social media, the insurance company realized the need for a comprehensive social media sentiment analysis. With the help of social media sentiment analysis, the insurance company wanted to monitor the social media data to enhance the quality of their engagement by gaining insights into missed actionable opportunities.
Other challenges faced by the insurance services provider included:
Problem Statement 1
With the help of data received from social media sentiment analysis, the insurance services provider wanted to optimize their online marketing strategies, by listening to what their customers’ feel about their brand and by adjusting social media messaging according to their customers’ needs.
Problem Statement 2
With Quantzig’s social media analytics engagement or social media sentiment analysis, the insurance company wanted to determine the positive and negative discussions that have occurred amongst their audience for measuring the ROI of your marketing campaign.
Since emotion is a valuable commodity from a business perspective, many insurance services providers are leveraging sentiment analysis. Are you also looking for solutions to empower your business? If yes, request a FREE proposal.
Problem Statement 3
The insurance services provider, with the help of social media sentiment analysis was looking to find better strategies to improve customer experience.
Problem Statement 4
The insurance services provider, with the aid of social media sentiment analysis, was looking to prevent or at least mitigate the damage of the online communication crisis and moreover improve sales revenue.
Social media sentiment analysis can help you adjust your social media campaigns to cater to the demands of your target audience. Request a FREE demo to know more.
To help the insurance company better manage their social presence and improve customer service, Quantzig adopted a social media sentiment analysis engagement. For the same, the experts at Quantzig proposed and conducted the following processes:
Social listening: Listening is the essence, especially when it comes to monitoring social media. The experts at Quantzig, with the help of social media analytics, analyzed customers’ requirements and monitored customers’ conversation in social media.
Business analysis: The second phase of social media sentiment analysis revolved around analyzing the business. After collecting all the consumers’ data from the social listening process, the insurance company analyzed the competitors and the company’s financial stability to build better social media strategies to meet their business goal.
Recommendation and monitoring: The final phase focused on giving recommendations and constantly monitoring the social performance of the insurance services provider for a long period. By constantly monitoring social media channels, the experts at Quantzig figured out the best strategy for business growth.
By leveraging the data collated from this social media analytics engagement, our experts successfully helped the insurance services provider to evaluate how their latest social campaigns were affecting brand sentiment and highlighted the demographic segment which generated the most interest. Based on the reviews generated through social media sentiment analysis, the insurance services provider was able to adjust to the present market situation and satisfy their customers in a better way. Additionally, by monitoring all the negative feedback about their company and analyzing competitors’ social media strategies with social media analytics engagement, the insurance services provider was able to better manage their clients, refine their business models and design robust social media marketing campaigns.