Social Media - Playtime is Over - IMCA Conference June 2013
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Social Media - Playtime is Over - IMCA Conference June 2013

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I gave this presentation at the IMCA conference. ...

I gave this presentation at the IMCA conference.

The goal was to highlight that social media for insurers is not as easy as we once thought - it needs a lot of stratgic thinking.

IMCA is a professional industry association whose collective membership represents the insurance and financial services industries throughout the U.S., Canada, Mexico and Bermuda. The organization represents over 120 companies, including the top five property casualty writers in the country.

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  • We will tackle why social (albeit briefly), the basicproblems of social, what is happening in social within insurance to learn a few lessons to save making the same ones, some pointers to the key ingredients to success, explore the role of agents and how carriers fit in
  • People do lots of things but that does not mean we can sell insurance. A lot of people will go to bars and 3 hours there – but it does not mean we can walk in and hand out product brochures. They go to the bar to be social and social media is the same
  • For brands and consumers alike – there is simply too much choice so – “doing social media” is impossible – you have to choose your battles
  • We measure FB fans and followers on all the major platform each month and for the past 6 months about 15% of insurers lose fans
  • The average person in the US likes 70 brand pages and each brand page posts on average 24 times a month = 1700 brand messages a month – did you know that they lastest data from FB indicates that 68% of the activity is on a mobile – we don’t have the space or time to read brand messages….
  • Facebook wants to present content that is Relevant/Interesting/Sharable – that is the game you as insurers must accept – this is social media and this is a huge change to how you create content
  • Affinity = how connected you are = measured by how often you engage with a post – family, friends – Twitter – I follow over 1000 – but I have a ;list of 25 that I watch every day – the rest maybe…..
  • This is not real for most consumers – you have to be interesting to succeed in social – So how are we doing as an industry?
  • Over 4 years – carriers – steady increase but rstricted
  • 80% are owned by 4 companies – they have been brought – sweepstakes, facebook ads, charity giveaways in exchange for like – typically 80/20 paid vs. organic
  • This is create affinity – to be interesting but brand awareness and if you have no audience, no one is looking….have to be careful, you are an insurer and cant be funny all the time – bad taste – Boston marathon – cant talk about insurance every day – average posting is 24-30 per month
  • SUPERBOWL – clever – real time marketing – its possible if you are smart and quick but compliance is an issue – Insurers aimed at farmers reposted the RAM truck ad “Thank God for Farmers”
  • Trust you instincts – many of you asked yourselves the question – go with your gut on this one……
  • Most of you took this approach – went to the social events – saw FB was the king, did not quite get it yourselves, employed someone that did, checked the box – done but were you interesting or relevant?
  • Buyers remorse – but is this because it is not useful or that you did not execute correctly?
  • Customer expectations cannot be managed – customers will approach you on social media – employees will look on social media.
  • Not neccessariliy listening to brand messages but are talking about brands – control of the message has been lost for ever - 31 percent post online following inadequate customer service, - venting platform – age of customer – they control YOUR message
  • The numbers are not the issue – it is the growth – 30% in a quarter - Breaking news – we now head to Twitter not the TV
  • Defense should be second nature to insurers - Progressive has large social group but speed of the message overwhelmed them
  • And you are not all progressive and become the center of a firestorm but it can be a much more granular impact – the original post was April 30, by May 2nd in the early morning – really all happened on May 1st – 1 day – on second example – I reached out so final 2 responses are to me – people do not want to hate a provider – and it does not take much to placate but you now to do this and quickly.
  • We have to build it in – but how, the speed and the range of topics is overwhelming – we need internal processes, systems, triage, responses, compliance and legal involvement – all planned in advance in case – you may not win customers because of social media but you will lose them.Every one is now a communicator – every employee, every agent, every customer etc. especially family member – we do not allow social media – we are strictly contolled…..do you ban smartphones in the office – 68% of all FB activity is now on a mobile device
  • Look at the date of joining FB by the Pru - 18 months and 140 page manual – defense first and then offense because this is it is interactive, a dialog
  • So this approach just will not do
  • What makes you interesting to THEM – on a mobile device walking down the street, in bed or even in the bathroom – this takes time and planning Snackbale, detailed information, visual information, video based, live, webinars, etc. Bite size How do we get this printed? Now it has to be contaibed n many flavors, in many flavors etc.
  • And a dialog is new
  • Step back – we as consumers behave differently, we research, we look around, some studies indicate that 70% of the sales process is complete before we talk to a company – or an agent in our case – social media provides the speed and reach
  • Constant – not invoice and claims – all the time – cannot push brochures out every day – you have to be content publishers, and this is NEW, and not everyone is a connector that will pass on your message. People that really like you, employees, family of employees, agents, some customers – those are the first line. And why do you want sharing ? The message is coming from somebody they trust already not from an insurer – beats the edgerank barrier as well as gains credibility.Now recall that I talk about fan count in FB and 80% was owned by about 10 companies – well it turns out that fan count is not so important – connectors are – engagement is, sharing is, that is what gets you into the network
  • Previously talked about facebook fans and it was the usual suspects – Flo, Mayhem, State Farm, Allstate etc. but if you look at the interaction as percentage of fans, we get a different picture – of course flo will get more total interactions – she has 5 million fans but as a percentage she is near the bottom of the table. This metric weights shares and comments higher than likes – they represent a higher commitment and look at this list – regional, specialty, insurers – allstate is on this list but only for their mc page – which makes sense – again trust you gut – whats more interesting general insurance or bike news to bikers – they share safty news, pictures of bikes, experiences at bike weeks – interesting and relavnat – thus sharing – lets look at some examples COMMON BOND - relevancy
  • Natural community – shared common bond – relevant – user reviews, think back to amazon – we trust those reviews. USAA grew policy starts 7% pre to post reviews. Their information is relevant and by nature the are sharing their experiences – this may not be relevant and you can dismiss out of hand but we are trying to understand the factors that drive success ot to replicate
  • Another common bond – my wife is a teacher and I got this post – 2000 teachers sharing – to who – who are they connected to? Teachers – does this eell product – no but does provide a light referral – I have a relationship with and LIKE Horace Mann – not using power of advertising – power of the network
  • Stronger referral his time – I use this company and I like them – and the content is the vehicle – he uses the word interesting – actually ays this is not about insurance but it really is. He is telling everyone he has chosen them and he is happy.
  • The previous communities are natural and you are saying – we don’t have a natural community but you could - Relevant – showing a commitment to a market segment to the truckers and the agents
  • Grinnel does a nice job in social – here is their corp FB page – has 1300 fans – focuses on local issues, employees, news and agents. Really the friends and family approach
  • But this is an attempt to create a separate community – early days but put this on your watch list.
  • 2000 members – strong program to support agents with help as well as content – talk to many of these agents and I have – theyvaklue the help tha Safeco provides – enforces the relationship
  • You have to be interesting – ind agents are connected to 6-8 insurers – every one will post July 4th with a flag – who is the agent going to repost?. Look at bottom right of screen shot on left of screen – 266 shares click on that share button – it is 98% agents feeding their wona pages – and if we take one example – this agent has 509 fans and here is the Safeco post – you need to be part of their delieverbale – if 266 agents have 500 connections that’s 133, 000 that’s almost 10 times they own reach
  • Lets look closer at the agent challenge – joel is a local person in the community – that is his differentiation – he can be trusted – no 800 numbers, no lizards
  • 2000 fans – the hard way – he asked every customer and then put ads on FB to reach the friends of his current fans in the same town and FB will list any mutual friends in the ad.
  • But it gets better – it is not just about what the agent posts – this is a dialog and what do people say on social? They talk about thing happening in their lives, and these are ften triggers for financial advice – cant be cheesy but agents are smarter than that. The ight information at the right time. One common thread from agants that have embrassed social – cuts out cold calls – HUGE – ANNA Hargis – remodeling bathroom?
  • Social media is about relationships – this is what an agent does – we are focused on lad gen but its about retaining the customer bases first and getting referrralsQuote NW
  • Joel is a proncipla that gets it – most do not – agency ownership is a life style and principals have moved to the final stage – golf, dinners etc but the consumer is changing – they have to adapt – so many turn to the junior in the office – with the advice “do not do anything stupid” – well they are even less successful than you. They need help. They are, like you -- risk adverse, conservative, they need to display a personality– they are local community members and that must come out – they have to be interesting but they have one huge advantage over you – they have a natural community – geographic still matters – they need to be local
  • But they need content – remember the Safeco post – they need to do social in 15 mins a day – this is a collaboration – they need your input – but what works? It is simple – look at what they share today. Think about local promotions they can run – connect business customers (pizza house) to consumers (prize).
  • I would be amazed if it is this high – 7% that’s huge
  • What do we mean by social media – from user reviews on retail sites to the big platforms like Facebook and Twitter to blogs to niche platforms
  • Primerica – their community is entirely employees but mostly agents – it’s a social intranet and lets focus on agents now

Social Media - Playtime is Over - IMCA Conference June 2013 Presentation Transcript

  • 1. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Terry Golesworthy The Customer Respect Group 1 Playtime’s Over: Social Media in the Insurance Industry and How It Needs to Change
  • 2. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 2 It’s Not IF we use Social Media
  • 3. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 3
  • 4. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 4
  • 5. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 5
  • 6. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 6 71% of consumers report being more selective about "liking" a company on Facebook than they were last year. Every month 15% of insurers lose Facebook fans
  • 7. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 81% of consumers have either "unliked" or removed a company’s posts from their Facebook News Feed. 43% saying their wall was becoming too crowded with marketing posts 24% saying posts were too promotional. 7
  • 8. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Relevant Interesting Shareable 8
  • 9. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 9
  • 10. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 10
  • 11. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Fan Fest Size Counts
  • 12. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc.
  • 13. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 13
  • 14. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 14
  • 15. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 15
  • 16. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 16
  • 17. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 17
  • 18. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc.
  • 19. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. “We are all scared to death about social media within our industry. We want to start with it. But we’re all just looking at each other, and nothing material is happening.” Insurance CEO
  • 20. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. So why bother? 20
  • 21. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Expectations
  • 22. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 22 Communications REVOLUTION
  • 23. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 23
  • 24. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 24
  • 25. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. “We’re not yet comfortable that social media has matured to the point we’ll benefit more than we’ll suffer,” Defense We’re especially disappointed that this individual case eroded the trust we’ve built with our customers over the past 75 years.
  • 26. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Defense 26
  • 27. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Gain Experience 27
  • 28. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 28
  • 29. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc.
  • 30. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Who do you want to reach? What would interest them? How do they want to consume information? How do we reach them? 30
  • 31. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 31
  • 32. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. To purchase insurance, consumers use an average of 11.2 sources of information over 3 months – Google Zero Moment of Truth Consumers trust peers far more than brand marketing – Neilsen People like to share #1 way to share information is “a link” Social media is the plumbing – its how people are connected and share 32
  • 33. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Why is social communications different? Ongoing dialogue Provide interesting, relevant content Find connectors, messengers Encourage sharing culture 33
  • 34. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Normalized Weighted Interactions Auto-Owners Insurance Woodmen of the World California Casualty New Jersey Manufacturers Northwestern Mutual Shelter Modern Woodmen of America Safeco Allstate Motorcycle State Auto Horace Mann Primerica Central Insurance Companies Brighter Life (Sun Life) MetLife American Collectors Insurance Great American Insurance Group USAA InGear for Truckers - Acuity Nationwide Insurance 34
  • 35. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Communities and Common Bonds
  • 36. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 36
  • 37. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 37
  • 38. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. • Strengthen the bond with policyholders, potential policyholders, and agents • Reinforce with agents that ACUITY is the go-to carrier for that market • Premiums up nearly 22% with uptick in retention rate “Of course, there are many reasons which are contributing to this growth, but a successful social media strategy is certainly among the mix.” Paul Miller, VP Marketing, Acuity
  • 39. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 39
  • 40. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 40
  • 41. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 41
  • 42. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 42
  • 43. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 43
  • 44. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 44
  • 45. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 45
  • 46. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Joel McKinnon – Farmers Agent On Facebook, Pinterest, Twitter, G oogle Plus, LinkedIn Loves youth and high school sports, support local community Has 3 kids and lives in town Loves NASCAR and Monday Night Football Big supporter of local businesses Is passionate about his business and customers 46
  • 47. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Joel McKinnon – Farmers Agent Facebook Fans Joel – 2,145 Farmers – 2.3 million 47 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% NI =
  • 48. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Listening is the best part Social Media is a stream of Life Events New home purchase New car Pregnancy and Births Graduations Job changes New teen drivers Home Projects Interests Travel Lead generation – lead nurturing
  • 49. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 49
  • 50. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 50 “It’s about differentiation. With multiple agencies within a few miles of my office, I need to be different – not just from the other capable agencies but from the growing number of direct insurers.” Chris Paradiso, Paradiso Insurance “I don’t need to sell insurance on social media, they know I do – I need show that I am someone they can turn to and trust” Joel McKinnon, Farmers “I look at it more as a way to maintain relationships with my existing clients and prospects in a way that they’re comfortable with,” he says. “I’ve never looked at it as a way for me to get more sales, even though it really ends up resulting in that.” John Groth, Northwestern Mutual
  • 51. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. What is your Role? Training and Guidance Find their voice Find an approach consistent in their strategic objectives. The balance of being social (community-oriented, fun) with being a trusted authority. Technology What platforms, how do you set them up, who’s there, how to run local ads The role of video, local images 51
  • 52. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Shelter Travelers Ins Farm Bureau Fin Auto-Owners Modern Woodmen California Casualty Nationwide Erie Insurance American Family Thrivent Financial Grinnell Mutual Alfa Insurance Mercury Insurance Safeco Horace Mann The Foremost Guy Encompass State Auto AFLAC Content Safety/loss control Claims Holiday Images Hints and Tips Functionality Stories, ongoing information, lead gen, lead nurturing Promotions Reasons to reach out Sweepstakes Contests Works for both parties 52 Social Amplification
  • 53. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 53
  • 54. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 54
  • 55. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 55 It’s not a question of IF you use social media Social media IS the communications revolution and evolution The Customer is now the publisher
  • 56. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 56 Build a defense – cannot be an internal silo Set expectations – constant change is inevitable Build Corporate Presence – fan size, audience, tone Develop Agent and Social Amplification Strategy – recruitment, commitment Micro Market Strategy – relevant, interesting
  • 57. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 57
  • 58. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Terry Golesworthy terry@customerrespect.com www.customerrespect.com www.customerrespect.com/blog Twitter: @terrycrg LinkedIn/in/TerryGo 978 412 0019 58
  • 59. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. So where are we? 59
  • 60. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 60
  • 61. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 61
  • 62. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 62