Role of Social Media on Buying Behaviour in Life Insurance Industry

Abstract

This study seeks to investigate the power and role of social media with respect to Indian context relating to insurance industry. In this era of social media, new dimensions are being created every day. The widespread penetration of the Internet, its scope of use is increasing daily.Brands have made their imprint on these platforms, and social media has become a vital aspect of everyday life. Insurance firms have also gotten their fair share of social media attention. The focus now is on re-energizing their online presence, making it more engaging for customers and profitable for the company. When it comes to their social media strategy, insurers have acknowledged the necessity to innovate and optimize.The goal of this research is to examine the current condition of social media usage and its impact on the Indian insurance business.No one can deny the necessity of engaging with social media for analytics, to form opinions, draw conclusions, and reach better decisions. However, the conservative nature of the insurance industry has been a significant factor in the delayed adoption of social media.Our latest data show that there are 4.48 billion social media users around the world in July 2021, equating to almost 57 percent of the total global population. These figures suggest that more than 9 in 10 internet users now use social media each month Social media user numbers have surged in the past 12 months too, with 520 million new users joining social media in the year to July 2021.The present paper aims to define the forms and characteristics of social media as a soft power for people belonging to insurance industry in India.