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Insurers “early adopters” of social media: IDC


July 16, 2012   by Canadian Underwriter


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The insurance industry is following closely on the heels of leading investors in social media, such as retailers and communications companies, according to a new report from market and technology research firm International Data Corporation (IDC).

It identified insurers as “early adopters” across six major vertical markets including financial services, government, health care, manufacturing, retail and utilities.

“Industries that are consumer focused such as communications, media and recreational services are spending a larger percentage of their IT budget on social media, as it is easy for them to make the shift to adopting the way consumers communicate,” said Eileen Smith, program manager of global technology and industry research organization at IDC. “However, there are early adopters in vertical markets, such as insurance and professional services.”

Other findings of the report, 2012 U.S. Social Media Trends by Vertical, show that increasing product awareness is the top social media investment driver, with social networking accounting for half of the social media budget. IDC notes that marketing is the biggest user of social media.

The research firm also found that companies are not taking full advantage of the communications aspect of social media. They are using it more as one-way method of communication — gathering feedback or pushing brand messaging to a wide audience — rather than as a collaborative form of communication, the report says.


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