By Tom Murray, Head of Product Strategy, Exaxe.
The proposed valuation of Twitter at US$1 billion shows that the 140 character message is a big value proposition. With more than 215 million active tweeters, there is no doubt that Twitter is a big phenomenon and, while its reach is less than Facebook, it still has a substantial number of potential consumers to tempt any business.
The question for life and pension companies is whether Twitter is a useful tool for their business or whether it is an over-hyped phenomenon that would suck in a large investment of time and money but ultimately deliver a paltry return.
The difficulty with new technologies is that their supporters within businesses generally promote them with the level of fervour of a religious convert. The organisation divides into a small group of true believers and a much larger group of doubting Thomas’s who feel they’ve heard all these promises before and nothing much happens.
Yet, technology does sometimes cause complete upheavals in the way people live and work. The Internet itself is a classic example of that. I’ve been with the same company for 14 years and when a younger colleague recently asked me did I know of a good employment website for her sister, I had to confess that not only did I not know of one but that the last time I applied for a job, there were no Internet job websites. The resulting stares of disbelief from younger colleagues showed that they had grown up in a work environment where the Internet was a fixed certainty and I was a dinosaur.
The questions are whether the use of Twitter by life and pension companies is faddish or whether it can truly deliver a game-changing approach to some or all of our current processes?
In the first place, it is clear that monitoring of Twitter is important from a brand management perspective. The speed at which negative comments about your brand can be circulated to a huge audience means that it is not feasible for any company to ignore its effect. So undoubtedly there is a use for Twitter within marketing / customer services to try to identify issues raised by clients or prospects and rectify them, if possible...
Read the full article in the Actuarial Post: Actuarial Post - Edition 30
Actuarial Post is an online publication offering actuaries insight into the market, an extensive library, news and the latest job listings. With a dedicated comment section; the most talked about topics in the actuarial market are discussed by actuaries dealing with the issues on a daily basis. Articles focus on the latest trends changes in regulation and the areas of pensions, investment, life and insurance.