online insurance
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Team Members:Nur Diyana Azhar G1022228Suhaimi Muhamed G0929520Ainun Marziah Che Omar G1011420Norazura Che Pi G1015746Aza Azamin Abu Hanifah G0912814
Journal Analysis Win in The Flat World:
Are you ready for Next Generation Insurance consumers?
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AgendaAgenda
Introduction
Rationale of choosing the Journal
Main ideas of the Journal
Relation to MIS
Relation to organization(s)
Main lesson learned
Limitations
Conclusion
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IntroductionIntroduction
Definition of Insurance
“A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.”
Source: http://www.investorwords.com/2510/insurance.html#ixzz1nI262L1U
Benefits of Insurance
Promotion of saving & investment
Reduction of the chances of loss
Solution of social problems
Productive utilization of fund
Provides Security & Safety
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IntroductionIntroduction
Journal Summary (1 of 2)
“The proliferation of social media and heightened competition in the insurance market are forcing carriers to explore new avenues to attract and maintain long term relationships with prospective customers, especially from Generation Y.”
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Rationale of choosing the JournalRationale of choosing the Journal
Proliferation of Social Media
Intense Competition – New Avenue
Untapped Market – Gen Y
Cost Optimization in New Edge
Related to the current job
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Main ideas of the JournalMain ideas of the Journal
Untapped Market Generation Y
Who is Generation Y?
What does Generation Y most value?
Why is this topic important?
How do you market to Generation Y?
Generate new idea(s)
Test Market Product Introduction & Promotion
New distribution channel via Social Media
The role of social media in marketing?
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Relation to MISRelation to MIS
Definition of
The main ideas of this journal are related to 3 areas:
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Relation to organization(s) Relation to organization(s)
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Relation to organization(s) Relation to organization(s)
Etiqa Facebook Page – Customer Service Platform
Informative – page contains videos, photos, Customer Service platform.
Use FB page as a place where customers can post their feedbacks and enquiries
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Relation to organization(s) Relation to organization(s)
Etiqa Facebook Page – Social Media Utilization
The best Facebook page among Insurance and Takaful company.
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Relation to organization(s) Relation to organization(s)
Etiqa Facebook Page – Product Marketing Tool
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Relation to organization(s) Relation to organization(s)
Takaful Ikhlas Facebook Page – Example of under utilized social media tool
Very limited information on page Does not fully utilize the page to post latest announcement and for
marketing purpose
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Main lesson learnedMain lesson learned
Divided into 2 main areas:
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Main lesson learnedMain lesson learned
Effects on customers especially the Gen Y
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LimitationsLimitations
Limitations
Insufficient details and in-depth discussion about the role of social media in other
areas than selling online for example product development, promotion and others.
Provide less information on the application of online insurance and focus more
towards the idea of using the social media as a tool.
The author did not analyze and share his view on the disadvantages of not utilizing the
social media and the limitation of each existing social media.
The author also did not discuss further on the amount of infrastructure investment
and how to continuously be sustainable with this new technology.
The journal is somehow rather more towards as a concept i.e. the general overview of
how to do things and not a specific idea which can be immediately implemented.
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Examples of Online Insurance ServicesExamples of Online Insurance Services
International Insurance Providers/ Takaful Operators
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ConclusionConclusion
Social media is the best new technology invention that makes people
lives more flexible, interconnected and borderless.
However, the level of investment for insurance providers/ takaful
operators need to critically assessed. Due to the following reasons:
High cost and effort to integrate between the social media(s) with the
back-end system(s)
Maintenance cost to ensure the system are functioning well 24/7
Maximize capitalization and ensure profitable ROI for all the investment
in social media.
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Q & AQ & A
Thank You!!!Thank You!!!