General Musing

blaze your trail

Facebook is the new Portal for Insurers and Banks #social #finance

with one comment

FaceBook Logo

It looks like every man and his dog needs to have a Facebook page, even banks and insurance companies are getting into the game. Very much like the turn of the century idea that every company needed a landing page or portal. What’s the advantage for an insurance company or bank? Customer knowledge.

Many interesting things can be gleaned from Social Media, such as behaviour patterns of customers. And it is an ideal way to direct market to current customers. Still customers may be fearful of exposing their habits to their bank or insurance company. I wouldn’t want an insurance company knowing everything about me and raising my premiums as a consequence, and theirin lies the rub. Both banks and insurers have been known for being poor customer service providers when it comes to paying out the money to customers who have placed their trust in them, charging – in some cases overcharging – and leaving the customers with nothing or even with huge debts.

How can the insurance companies overcome the cognitive bias that the customer has? Possibly by giving up their attitude polarization and playing a game which is win-win in the best case or a non-zero sum in the worst.


Written by Daniël W. Crompton (webhat)

December 7, 2010 at 3:56 pm

One Response

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  1. Just saw a nice article which is related to this: Data is Snake Oil


    December 7, 2010 at 3:57 pm

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