Using social media networks ‘inevitable’ to boost Egyptian insurance businesses

Insurance companies should resort to different social networking sites for rapid expansion and better communication with customers for the great power these sites have, said  Mostafa Medhat, an official in Egypt-based IT Fusion Software House.

Medhat added in his speech at the Federation of Afro-Asian Insurers and Reinsurers (FAIR)’s Life Insurance Forum, which kicked off in Cairo Monday, those social media tools could be very useful if used for boosting life insurance premiums.

Using social media sites make it easier for insurance companies and clients in this sector to communicate and discus offered insurance policies in a convenient way, he said. They can also help insurance firms get to know other competitors and their products.

Medhat stated that people in charge of marketing insurance policies should pay attention to 3 main factors related to technological marketing strategies which are: data size, diversity, and speed.

By taking good care of these points, workers in life insurance sector will be able to make good use of technology to market their products, the expert concluded.

Under the rubric “the changing landscape of life insurance”, FAIR Life Insurance Forum is organsied by FAIR in cooperation with the Egyptian Insurance Federation, running between April 4th and 5th.