The Importance Of Social Listening In Insurance Market

The Importance Of Social Listening In Insurance Market

Social Listening is one of the best and trusted ways of getting customer feedback. Social Listening is the method of using social media to get customer feedback. Many large companies use social media platforms like Facebook and Twitter took to track the feedback of their customers. Since people talk about almost everything on the internet, companies can weed out special bits of information from your online behaviour. It can as trivial as a person giving a 1-star rating to a beverage outlet on the internet, so the company can see the name of the person who didn’t like their service.

They can also further interact with the customer, asking why he didn’t like the service or what can be done to fix it.

Social Listening can also be something as technical as monitoring social media for sentiment analysis. There are tools that can help you analyze whether the people have been talking positively about your product or negatively. Social Listening allows you to dig deeper into the internet lives of your customers. Many big companies also use Social Listening to gain new customers. Giving a referral bonus and invite bonus to friends for joining a company or service is one way of gaining new customers while using Social Listening as a tool for evaluation.

Social Listening

Social Listening Insurance is when companies use Insurance companies use Social Listening to get feedback about their products. Insurance may have multiple products serving the customers, some of which may be liked by them, while some would be too risky or too stagnant for the customer. Social Listening is widely successful for Insurance companies. It allows them to see a clearer picture of the market, helping them realize their short term goals better.

Operational Risk Management is the assessment of operational risks that should be done by companies. Operational Risks are certain unforeseen circumstances that may arise while the company functions carefully. It is often advised by experts and Industry leaders that organizations must try to evaluate these risks beforehand, and have a contingency plan ready if the risk becomes a reality. It is certainly better to know your risks and be ready for them rather than being naïve.

Many companies that often don’t pay attention to Operational Risk Management ends up losing millions of dollars. In worst cases, Operational Risk Management has led to the bankruptcy of certain companies.

Why your Does Company need Operational Risk Management insurance?

1. The market pertaining to the Insurance of Operational Risk Management is set to grow by 1 Billion by 2020. This figure was already at 1.55 Billion in 2011.

2. ORM insurance helps you in dire times.

3. It is better to have an emergency plan rather than having no plan at all.

4. Helps you realize the risks you’ve taken

ORM Insurance Services are extremely necessary for any company or organization. Nowadays, certain firms have cropped up that helps you analyze your ORM and also helps you ensure it. These services are greatly beneficial for your company, as it not only helps you realize your possible shortcomings and provides you with a cover for it.        

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