Social Media Snapshot_Insurance KPMG

1© 2015 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.

Impact of social media on Insurance companies in Australia

Social Media Snapshot4 May 2015

Contents

1. Context 3

2. Bottlenose ‘Sonar’ View 4

3. Allianz Insurance Australia 7

4. QBE Insurance 8

5. Suncorp Insurance 9

6. NRMA Insurance 10

7. Overall Performance 11

8. Appendix 13


Insurers are vulnerable to disruption as they have fewer touch points than other industries and customer satisfaction is at its lowest point during a claim

Insurers are vulnerable to disruption as they have fewer customer touch points than other industries – see chart below showing customer interaction frequency

Insurer customer satisfaction is generally at its lowest point during the claims period.


Social media activity spiked during the storm events

• 39,800 Tweets over the course of the natural disaster.

• Top Hashtags used in different locations

0

5000

10000

15000

20000

1-Apr-15 5-Apr-15 9-Apr-15 13-Apr-15 17-Apr-15 21-Apr-15 25-Apr-15 29-Apr-15

18,324

4,547

7,444

5,796

#SydneyStorm

#NSWStorm

#NewcastleStorm

#HunterStorm

#CentralCoastStorms

First Tweet

Most Retweeted


Overview - Sydney Storm Discussion

Using the data input ‘#SydneyStrom’, a key social media hashtag, we can see a graphic visualisation of users’ activities regarding Sydney Storm. The image below demonstrates the series of discussions surrounding the keyword ‘Sydney Storm’.


Overview - NSW Storm Discussion


Discussion about ‘NSW Storm’ AND ‘Insurance’


Allianz Insurance Australia

Official Presence and Activity

• Allianz Australia has established assets on Facebook and Twitter.

• Facebook is the only platform where the company is active and interacts with clients.

• The page submitted three posts, during the natural disaster, informing social media users that the insurer is ready to assist with claims.

• The Twitter account is inactive.

Allianz Australia2,846 likes

Allianz Australia875 followers

Example of ‘Claims Management’ Discussion


QBE Insurance

QBE Insurance Australia155 likes

QBE2,777 followers


QBE Insurance87 subscribers


• QBE Insurance has established three assets; Facebook, Twitter and YouTube.

• The social media assets did not utilise the opportunity to assist or update clients during the natural disaster.

• All these assets can be leveraged to assist and engage clients more regularly.

• The Facebook account is inactive.

• Lewisham based user ‘Shane Rudd’ attempted to reach QBE on social media.

• Canberra based user ‘Rob Wortington’ criticised QBE’s customer services.


Suncorp Insurance

Suncorp Insurance8,050 likes

Suncorp Insurance298 followers


Suncorp Insurance31 subscribers

Suncorp Insurance57 followers


• Suncorp has established four assets; Facebook, Twitter, YouTube and Google+.

• Suncorp did not submit posts about the NSW Storms as Suncorp’s business is primarily Queensland focused.

• Suncorp has a dedicated Twitter account ‘@SuncorpINS’, which is activated during disasters to help clients with information regarding claims and safety.

• During Tropical Cyclone Marcia the account was very active.


NRMA Insurance

NRMA Insurance53,155 likes

NRMA Insurance100 followers

Example of ‘Claims Management’ Discussions

NRMA Insurance840 subscribers


• NRMA has established three assets; Facebook, Twitter and YouTube.

• The Facebook page was active during the natural disaster.

• The page facilitated claims management process through Facebook wall posts and page interactions.

• The Twitter account is inactive.


Overall Performance out of 10

QBE Insurance

• QBE Insurance did not utilise its social media assets to assist clients with storm related damage.

• Clients complained and asked for information from QBE Insurance, however, these queries were not responded to.

• QBE Insurance has significant scope to improve its social media presence.

Allianz Insurance Australia

• The only active social media asset, Allianz Australia Facebook page, was utilised to respond to customer queries regarding storm related damage.

• Allianz Australia effectively interacted with clients regarding their claims, however, did not offer assistance to clients as some other insurers did.

• The inactive Twitter account limited Allianz’ ability to assist clients that were affected by the storm.

NRMA Insurance

• The only active social media asset, NRMA Insurance Facebook page, was effectively utilised to assist clients with storm related claims.

• NRMA Insurance page demonstrated the most effective use of Facebook by sharing safety alerts and updates on branch closure and procedures to lodge claims over storm damage.

• NRMA Insurance’s inactive Twitter account limited its ability to address clients’ concerns that were active on Twitter only.

Suncorp Insurance

• Suncorp Insurance effectively utilises its social media assets to assist clients during natural disasters.

• Suncorp Insurance’s strategy remains focused towards Queensland based clients and the insurer generally activate its social media channels during natural disasters.

7 3.5

86


Appendix:

Further disaster related insurance claims and social media discussions


Bottlenose ‘Sonar’ View – Sydney Storm


Bottlenose ‘Sonar’ View – Sydney Storm AND Insurance


Allianz Insurance Australia – Social Media Activities on Official Accounts


Allianz Insurance Australia – Third-party Activity

Key Insights:

• Allianz customers attempted to contact the insurer through social media channels.

• Dissatisfied customers turned to politicians’ social media accounts and complained against Allianz.


Suncorp Insurance - Social Media Activities on Official Accounts


Suncorp Insurance - Social Media Activities on Official Accounts


NRMA Insurance - Social Media Activities on Official Accounts


NRMA Insurance - Social Media Activities on Official Accounts


As a professional services firm, KPMG is required to comply with various professional standards relating to the performance of particular types of engagements, where applicable. The services provided in connection with this engagement comprise an advisory engagement, which is not subject to assurance and other standards issued by the Australian Auditing and Assurance Standards Board and, consequently, no opinions or conclusions intended to convey assurance will be expressed. The work we will perform is solely to assist you as outlined in this Engagement Letter.

Any reference to ‘review’ throughout this engagement letter has not been used in the context of a review in accordance with assurance and other standards issued by the Australian Auditing and Assurance Standards Board.

© 2015 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.

The material contained within this document is a ‘sample’ only. Due to the dynamic nature of social media, material may have changed since it was collected.

For further information:

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