P&C Insurers Not Quite Social Enough

The process of integrating social media in insurance and its moving parts continues with a new report examining both hurdles and opportunities specific to the North American property and casualty (P&C) insurance industry. Basing its findings on 3Q 2011 interviews with 15 P&C industry executives, Aite Group makes a convincing case that although some are successful, many P&C insurers are not fully social media savvy…yet.

“Dramatic and rapid consumer adoption of social media, fueled by the uptake of mobile communication and computing devices, and further spurred by most other global consumer industries, has presented the P&C insurance industry with a variety of challenges and opportunities,” says Stephen Applebaum, senior analyst at Aite Group and author of the report. “Further magnifying the enormity of these implications is the fact that social media, unlike most of the disruptive technologies that preceded it, has impact and utility across the entire P&C insurance enterprise and the broader insurer ecosystem.”