There’s been a groundswell of interest – even excitement – over the prospect of social networking as a tool to help businesses engage with their customers. There are plenty of possibilities for insurance companies as well – but how can managers sell this new way of doing business to the executive suite, especially within the typically conservative insurance sector? 

It will take time before the profitability of approaches to social media – in which both companies and customers collaborate and share information through online venues – are well documented and tested in the insurance industry. But in the meantime, Forrester analyst Natalie L. Petouhoff, Ph.D. has crunched the numbers on return on investment (ROI) for social media, and determined the ways social media can deliver positive results within customer service environments – relatively quickly. Customer service centers, of course, are a huge cost center – and an essential part of the business – for the insurance industry.

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