Impact of Social Media on Indian Insurance Industry

Abstract

This study aims to critically review the state of usage of social media and its impact on the Indian insurance industry. With the entry of professionally managed private insurers and the industrial revolution 4.0 in India, the role of social media is no longer limited to social interaction for creative purposes. It now serves as a promotion platform presenting a huge opportunity to anyone and everyone willing to tap its potential. Insurance companies are no different and have realized the importance of social media in influencing the opinion of this tech-savvy generation. Notwithstanding some of the early birds, the insurers have yet to exploit its potential to the fullest. This paper aims to look at the issue at hand from the dual perspectives – the insurance company and the customer.