Social Media Trends: Annuity and Life Insurance


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This presentation is based on social media research from two of our insurance-focused Monitor Services: Annuity Monitor and Life Insurance Monitor. The reports analyze the current social media initiatives and promotions undertaken by leading insurers covered by Corporate Insight.

Inside, we highlight key social media findings and trends across the insurance industry and offer tips for insurers looking to bolster their social presence.

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Social Media Trends: Annuity and Life Insurance

  2. 2. TABLE OF CONTENTS 2  Introduction  Social Media Trends o Big Gains in Facebook and Twitter Following o Customer Feedback is Addressed o Insurers Actively Engage Fans o Interactive Resources on Facebook Pages Vary o Access to Social Media Pages From Public Site is Standard Practice o Product Education and Promotion Popular on Insurer Social Media Pages  Four Social Media Tips for Insurers  Corporate Insight Thought Leadership  About Corporate Insight
  4. 4. 4 INTRODUCTION BACKGROUND This presentation is based on social media research from two of our insurance-focused Monitor Services: Annuity Monitor and Life Insurance Monitor. The reports analyze the current social media initiatives and promotions undertaken by leading insurers covered by Corporate Insight. Inside, we highlight key social media findings and trends across the insurance industry and offer tips for insurers looking to bolster their social presence.
  5. 5. ROLE IN THE INSURANCE INDUSTRY Over the past decade, social media has drastically altered the landscape of communication, both personally and professionally. Banks, credit card issuers and brokerages were the earliest adopters of social media in financial services. However, many annuity issuers and life insurers are now taking advantage of the marketing and branding benefits of having a strong social media presence. As new social media platforms are introduced, it is important that financial services firms stay ahead of the curve while also placing an emphasis on compliance. 5 INTRODUCTION
  6. 6. FIRMS COVEREDINTRODUCTION Below is a list of the firms we track on a daily basis for our Annuity Monitor and Life Insurance Monitor research services: 6
  8. 8. BIG GAINS IN FACEBOOK AND TWITTER FOLLOWING 8 SOCIALMEDIATRENDS  Facebook o 42% of firms at least doubled their Facebook fans over the last year. Liberty Mutual saw the largest increase in that time, adding over 800,00 fans.  Twitter o 29% of firms at least doubled their amount of Twitter followers over the course of the last year. John Hancock saw the largest follower growth in that time. Twitter Follower Increase: Top Firms Firm 2012 2013 % Increase 1. John Hancock 7,277 29,590 306.6% 2. ING 553 1,811 227.5% 3. Lincoln Financial 434 1,224 182.0% 4. New York Life 33,788 77,950 130.7% 5. Pacific Life 256 590 130.5% Facebook “Likes” Increase: Top Firms Firm 2012 2013 % Increase 1. Liberty Mutual 41,247 854,583 1,971.9% 2. Transamerica 14,775 88,831 501.2% 3. Lincoln Financial 2,525 9,087 259.5% 4. Nationwide 16,248 44,498 173.9% 5. Gensworth Financial 32,886 89,180 171.2%
  9. 9. CUSTOMER FEEDBACK IS ADDRESSED 9 SOCIALMEDIATRENDS  Over 70% of insurance firms covered within the Social Media reports enable users to post comments directly to the firms’ Facebook pages. o The remaining firms limit users to commenting only on posts by the firm.  Every firm responds to user feedback on both Twitter or Facebook; however, the degree of interaction varies. o Liberty Mutual, MetLife and USAA standout providing appropriate user feedback, both positive and negative, in an efficient and conclusive manner. USAA Facebook Page Feedback
  10. 10. INSURERS ACTIVELY ENGAGE FANS 10 SOCIALMEDIATRENDS  71% of insurers engage fans on social media, especially Facebook, through polls, quizzes and discussions that solicit feedback. o All firms post open-ended discussions on Facebook to further the level of user engagement.  Some insurers offer Facebook contests and sweepstakes that are exclusive to followers: o Transamerica’s Solheim Cup Sweepstakes o Northwestern Mutual’s NCAA Men’s College World Series Bracket Contest o Liberty Mutual’s Walt Disney World Resort Sweepstakes Transamerica Facebook Contest – Solheim Cup Sweepstakes
  11. 11. INTERACTIVE RESOURCES ON FACEBOOK PAGES VARY  Life insurance needs tools, retirement planning calculators and product-specific games are the most commonly offered resources on Facebook pages. o Less than 1/3 of all firms provide such resources on their social media pages.  39% offer financial professional locator tools via Facebook. 11 SOCIALMEDIATRENDS New York Life Facebook Page – Planning Tools
  12. 12. ACCESS TO SOCIAL MEDIA PAGES FROM PUBLIC SITE IS STANDARD PRACTICE  All firms provide access to social media pages from their public websites. Best practices include: 12 SOCIALMEDIATRENDS Allianz Life Public Site Social Media Page o Homepage quicklinks. o Static footer or header icons. o Public site page or section solely dedicated to the firm’s social media offerings. o Homepage promotional imagery.
  13. 13. PRODUCT EDUCATION AND PROMOTION POPULAR ON INSURER SOCIAL MEDIA PAGES  The vast majority of insurers we research effectively utilize Facebook, Twitter and YouTube to promote products and services: 13 SOCIALMEDIATRENDS Genworth’s Product Education YouTube Video o 94% offer product-related content on Facebook. o 81% offer product-related content on Twitter. o 45% offer product-focused videos on YouTube. Official MetLife Facebook Page New York Life Tweet
  15. 15. TIP #1: COMMUNICATE IN A MANNER APPROPRIATE TO THE SOCIAL CHANNEL AND INDUSTRY 15 FOURSOCIALMEDIATIPSFORINSURERS  To achieve a personal connection with the audience, firms must use an appropriate tone. o Tone should vary from one social network to another. o Tone should also vary from one account to another on the same social network. ─ Informal, flippant comments may be appropriate for mascot accounts or accounts geared towards younger generation. ─ Customer service accounts should be more formal.  Volume of communication is also important. o Twitter users typically have a higher tolerance level for a larger volume of posts than Facebook users.
  16. 16. TIP #2: RESPOND TO USERS’ QUESTIONS & CONCERNS 16 FOURSOCIALMEDIATIPSFORINSURERS  Customers increasingly looking towards social media for customer assistance. o Alternative to cumbersome automated systems. o May inadvertently help other users with similar problems.  Regulatory concerns are an issue. o Public forums such as social media not appropriate for addressing specific policy questions. ─ Provide customers with appropriate information needed to discuss the issue in a more private manner. Liberty Mutual Twitter Customer Interaction
  17. 17. TIP #3: BALANCE INFORMATION USERS WANT WITH INFORMATION THE FIRM WANTS TO DELIVER 17 FOURSOCIALMEDIATIPSFORINSURERS  Biggest factor in success of any social media strategy is the content provided and level of engagement obtained.  Consider these ideas to help make social media posts more interesting to a broad range of users: o Utilize pictures, audio components and videos to deliver message. o Leverage current events and holidays to provide context to posts. o Pose questions and polls to get users thinking about topics. o Do not excessively self-promote. o Integrate themed sales campaigns and contests into promotions.
  18. 18. TIP #4: INCORPORATE SOCIAL MEDIA FEATURES INTO PUBLIC WEBSITE 18 FOURSOCIALMEDIATIPSFORINSURERS  Incorporate ratings, comments and sharing capabilities into public site pages. o Enable users to “share” public site pages across social media platforms.  These tools can empower clients to become advocates of the firm and the content provided. o Can also help firms understand what content users deem the most helpful by the number of shares pages are obtaining. Nationwide Public Site – Social Media Sharing Capabilities
  19. 19. CORPORATE INSIGHT THOUGHT LEADERSHIP 19 Tablet-Friendly Web Design: Best Practices for Financial Services The study examines the tablet-friendly website features provided by four leading firms across financial services and provides recommendations for financial services firms building tablet- optimized websites. Next-Generation Investing: Financial Startups and the Future of Financial Advice CI tracks over 100 startups that covers a wide range of new ideas across financial advice and investing. This study will focus on each idea, analyze compares them to what established financial institutions offer and examine the potential impact on the industry. Download the study preview! Facebook Marketing Campaigns - Social Media Initiatives in the Insurance Industry This slide deck highlights some of the engaging Facebook marketing campaigns initiated by P&C Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers. 2013 Mobile Finance Trends and Innovations This slide deck includes commentary on mobile developments, key takeaways for financial services firms and thoughts on what’s next for mobile finance. Electronic Delivery: Key Trends Across the Insurance Industry This slide deck highlight some key findings and trends from the Annuity Monitor, Life Insurance Monitor and P&C Insurance Monitor reports that focused on electronic delivery and offers a few tips for insurers looking to improve their electronic delivery services.
  20. 20. ABOUT CORPORATE INSIGHT Connect With Us Corporate Insight provides competitive intelligence and user experience research to the nation’s leading financial institutions. For over 20 years, the firm has tracked technological developments in the financial services industry, identifying best practices in online banking and investing, online insurance, mobile finance, active trading platforms, social media and other emerging areas. There are no assumptions in Corporate Insight’s work – we use live accounts at all of the firms we research, providing our clients with unparalleled, unbiased intelligence on the competition. Corporate Insight welcomes the opportunity to speak with the media. If you are interested in citing our research or would like to schedule an interview with one of our analysts, please contact Joshua Grandy, Director of Public Relations, at 646-876-7524 or ANDREW WAY Senior Research Associate 212-832-2002 x-136 JOSE SANTANA Research Associate 212-832-2002 x-144 Media and PR Inquiries 20