With the change in the scenario of Insurance Business of an Insurance Agent in Social Media will be changing when new and more effective social media flat farms are invented. As there is no change in on line and off line cost, Convenience and pricing are the keys in decision making . Cost effective ways of distribution will be future trend as the social media does not contribute to the total sales much, this trend will gain importance in the years to come. According to Google report, on line business is below ten percent.
Motor insurance, Health and travel insurance booking through social media is far less than expected. Life insurance queries have grown 500 times and the digital insurance will be seventy five percent in 2020. The engagement of Insurance Agent role in Social Media may limit the marketing effort. Instead of push method of assisting the customer by the agent may be shifted the customer to choose from the most profitable product or business.
There may be new trend of giving service where the customer is by capturing the unaware probable customer, convincing to buy and recommending link up. The product or best Insurance Agent offer of good and better service experienced may survive in the Insurance Business and win.
With the new and improved software of Customer relationship Management there is change in marketing functions with improved customer relationship in Social Media. These tools are more considered as improving efficiency of the employee, but not useful in improving customer relationships.
It is highly impossible to for the Insurance Agent or the Insurance Company to influence the customer as there are number of channels used are more. More new systems are needed and lot of fresh ideas with different concepts are emerging and need to adapt to change and transformation, still in progress. With the companies are moving to the tune of the customer more data on transaction interaction, data of non enterprise, mobile , marketers will be able to help firms in customer understanding.
BIG DATA ANALYTICS
With the advent of Big data Analytics and such other now analytical methods emerge is changing the total dependence on Social Media.
Insurance products may be short lived with the change in trust of the customer with Technology transformation and fast modifications to the requirements of the customers may be the new strategy for business development.