Humanizing a traditionally “unhuman” industry.
Have you ever connected social media with insurance?
Currently, many industries and businesses are implementing Social Media engagement strategies. Yet, some in the insurance industry have argued that engaging in social media may bring unacceptable levels of risk as it could ultimately contribute to further challenges in an industry that has recently struggled to grow profitably. However; many insurance organizations have implemented Social Media initiatives as an effective communication tool and have successfully balanced the risks of using it with the competitive advantages it brings.
More than any other industry, the insurance industry was built on relationships, networking and a good reputation. What social media is all about is building relationship. Therefore social media offers a unique value proposition to this industry.
In numerous surveys, consumers reported they had received little or no contact prior to the renewal of a policy. When you consider this, the benefits of social media to improve customer engagement is obvious. Insurers and producers have recognized the benefits in using social media to increase visibility, enhance familiarity and reconnect with their customers.
Since insurance has been accused of lacking emotion, some insurance companies have taken to social media as the remedy. The obvious place to do this is in customer service, customer care and solving problems publicly.
Insurance companies have capitalized on social media
Social media has opened doors for insurance companies and their agents to share industry-related content and engage with their target community on a much more personal/human level. It gives insurance companies opportunities to interact with consumers on the “consumer’s terms”.
Blogs are being used to build loyalty and trust by showing potential customers that the company is a knowledgeable leader by answering “what if questions” that most customers have when looking into buying insurance.
By sharing educational content, such as safety tips through social media sites and blogs to help lower their customers’ risks, insurance companies have established their presence as credible and helpful brands. For example, tweeting and posting about an approaching storm and advising customers to protect their cars and other insured valuables is helpful and can help to reduce claims.
Additionally, insurance companies are becoming a great resource for “life tips” creating content around things such as health tips, baby safety, family vacations, house cleaning tips, office health, retirement facts, tax tips and other general topics people care about.
With an active social media presence insurance companies have created awareness and buzz around their brand and built trust.
Insurance business is based on trust… Social Media builds it… Insurers are capitalizing on it.
The insurance industry has stepped up its game to become more social.
While slow to pick up steam in its adoption, insurance companies have become more savvy about social media marketing (including Facebook, Twitter, LinkedIn and YouTube). Here are 7 insurance case studies showcasing some of the best customer service on Twitter.
The Original Social Networker
Insurance agents/brokers are the most natural “social networkers”. They were educating clients, investing in long-term relationships and growing their businesses through word-of-mouth referrals long before social media platforms existed.
Eager to better connect with customers, insurance companies have understood the ‘Why’ of social media and recognize that online social interactions are just extensions of what happens offline. Successful social media campaigns are genuine, personal and about establishing relationships, often at the local level, which can provide brokers with an advantage over a large company.
The possibilities for social media use, by insurers are nearly endless… I can imagine a policyholder submitting an auto accident claim via Facebook from their smartphone.
By expanding beyond simple social advertising campaigns to coordinating enterprise-wide social media deployments, insurance companies can be among the first to transform into true social business powerhouses.
Is your insurance company or agency suffering from social media denial?