More commercial insurance customers are expected to use social media reviews before buying than personal insurance customers, according to a report from Marketforce Business Media.
The Future of General Insurance, based on a survey of 200 insures and brokers, revealed 96 per cent of commercial lines insurers expect most of their customers to search for reviews before buying by 2016. This compares to just 77 per cent of personal lines sharing the same thinking.
Despite the apparent conviction in the importance of social media, only half of those surveyed expect their own company to invest in social media as a sales channel within a two the next two years.
Commenting on the findings, Juliet Knight, director of Marketforce, said, “By dragging their heels on investment, insurers are in danger of missing the boat. Non-financial brands are already snapping at their heels and if these new players are allowed to steal a march in their use of social media, their advancement across personal lines insurance will accelerate. There can be no room for hesitation.
“Just as the success of aggregators has been the insurance distribution revolution of the last five years so our research indicates social media will the revolution of the next five.”
