Tag Archives: Social Media Strategy

They’re Not There? Think Again!

“Social media just isn’t there with their customers — at least not yet.”

Think Again!Columnist Ara Trembly wrote recently that several insurance executives at this year’s ACORD LOMA Insurance Systems Forum expressed this same idea.  I have heard similar statements as well, and though I do not question their sincerity, I do question their reasoning.

The social media adopters such as GEICO, USAA, Progressive, Liberty Mutual, Westfield and PEMCO are not just going after those younger  insurance buyers who would not be caught without their smartphones and Facebook pages.  These companies are also creating new prospects among older buyers by using social media in imaginative, useful ways to reach them.    They are enabling their agents to expand their reach and engaging buyers with entertaining, educational content and mobile applications that set them apart from their competition.

Insurers who believe they can wait until their policyholders and prospects ask for social media engagement are in for a surprise.  The younger buyers won’t demand engagement from a company — they will just move to a company that does.  Some older, less tech-savvy buyers may be content for now without using social media — but some will also be lured away when they discover how an insurer can deliver more value by using it.  In this soft market, no insurer can afford to ignore such a powerful tool.

ROI – Is It Possible?

ROI - Social Media?One of the most frequent questions insurers ask about is the ROI for social media. Is there such a thing? It may be a nice thing to do but does it really deliver any tangible benefits?

The short answer is that social media does generate measurable value, but only if the company plans for it. It does not just happen.

Ask yourself this question. What communications and information gaps does your company need to fill? Are your agents taking full advantage of the communications tools you currently provide, such as co-op advertising? Do your brochures and press releases produce the results you want? Even if you aren’t taking on new employees, is the quality of the current applicant pool acceptable, or could it be better? Could your customer retention rate be improved? Continue reading