Insurance is a unique industry. It is one where most customers will never get to use the product they buy, few if any can accurately assess how good it is before they buy it and every individual will have a different opinion on how good value it is, regardless of whether they use it or not. Executive Summary Insurance is a product based exclusively upon trust. CFC Underwriting’s Graeme Newman weighs the pluses and minuses of carrier executives trying to build customer trust through social media.
Insurance is a product based exclusively upon trust. Trust is very hard to gain, but incredibly easy to lose and in the new world of social media this is amplified more than it ever has been before.
In society, as a general rule, we trust our friends a lot and large corporates very little. That’s why social media is so important in the world of insurance. It allows people to easily connect with their friends and their extended networks and canvas their opinions, thoughts and feelings before making any major decisions.