Page 19 - Insurance Times May 2024

Do the Social Media

influencers create

disturbance in the

minds of users, in

context of Insurance? Prof Pratik Priyadarshi Naina Garg
Associate Professor
PGDM-IBM
(Insurance & Risk Management) 1st year batch
BIMTECH

Did you know that according to a survey 72% of young adults rely on social media influencers for
financial advice, including insurance? A surprising number, considering many influencers lack
expertise in this complex field. This reliance on influencers highlights a shift in how individuals
seek financial guidance, often turning to non-traditional sources for important decisions that can
impact their financial well-being.

Influencer Advice: A Risky bet for young influencers are increasingly shaping financial decisions,
including crucial choices about insurance.
Insurance Consumers?
Did you know that according to a survey 72% of young adults The problem extends beyond health insurance. Let's say
rely on social media influencers for financial advice, including you're a budding entrepreneur with a brilliant engineering
insurance? A surprising number, considering many idea. Excited about bringing your product to life, you might
influencers lack expertise in this complex field. This reliance be swayed by an influencer promoting a specific engineering
on influencers highlights a shift in how individuals seek insurance plan. However, the plan might not cover essential
financial guidance, often turning to non-traditional sources aspects like product liability or intellectual property
for important decisions that can impact their financial well- protection. These crucial gaps could leave your dream
being. The influence of social media personalities on financial vulnerable in the face of unforeseen challenges.
choices, including insurance-related matters, underscores
the evolving landscape of consumer behaviour and the We trust influencers for our fashion choices, vacation
power of digital platforms in shaping financial decisions. destinations, even our breakfast ideas. But should we blindly
follow their advice on something as crucial as financial
Imagine this: fresh out of college and full of excitement, security? Let's delve into the world of social media
you snag a health insurance plan recommended by your influencers and how they might be creating havoc in the
favorite social media star. It boasts a cool name, sleek app, minds of insurance consumers.
and endorsements from influencers you admire. Months
later, a medical emergency strikes, leaving you scrambling. Evolution of influencers: Shaping
But to your horror, your "perfect" plan has major exclusions,
leaving you with a mountain of unexpected medical bills. consumer perceptions in insurance
This scenario, unfortunately, isn't uncommon. Social media The concept of influencing others stretches far back in time.

18 May 2024 The Insurance Times