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New Twitter Service Can Help Insurers Gather Market Research

Until recently, Twitter gave businesses search access to tweets for only a brief time. However, a U.K. data provider has changed all that — companies will now be able to search through an archive of tweets going back two years, according to an article in Insurance Networking News. This unprecedented event stands to have far-reaching applications.

In the article, data provider DataSift boasts it takes in and analyzes at least 250 million tweets every 24 hours. To help put this in perspective, DataSift notes that in 2011, people sent in more than 85 billion tweets.

As I’ve indicated in previous blogs, Social Media: Information Sharing and Insurance and Social Media: Fighting Insurance Fraud, insurance companies are now focusing hard dollars squarely on the social media marketplace. Information culled from tweets could be another data source for insurance companies to include in their budget.

Should an insurance company purchase past tweets and analyze them effectively, it could measure those findings against its own internal data for a host of new initiatives: to streamline social media marketing campaigns for new customers or create side-by-side comparisons with competitors in similar markets.

Indeed, it will be interesting to observe whether insurers tap into tweets and, if so, how. As with any new frontier, the opportunities seem to abound — as do potential pitfalls. I’ll continue to monitor this groundbreaking development and bring you further details and related commentary.