Social Media Workshop at conference of American Association of Managing General Agents

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2. •Baby Boomer use rose 20% in last year –
now stands at 32%
•Majority of U. S. adults use social
networks
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3. THE GROWTH OF MOBILE
Smartphone sales outstrips laptop and desktop
sales in 2010
Projected smartphone sales in 2016 – 1.5 billion
units
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4. SIX THREATS FACING THE INSURANCE INDUSTRY
• SOFT MARKET/WEAK ECONOMY
• REGULATORY CHANGES
• THE VIRTUAL CONSUMER
• CARRIER/PRODUCER RELATIONS
• DATA/ERM DEMANDS
• TECH AS A GAME CHANGER
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9. THEY WANT TO BE FOUND !
 ADD TO THE PURELY TRANSACTIONAL
RELATIONSHIP, MAKE IT DEEPER
 TOP-OF MIND VISIBILITY
 JUST-IN-TIME ACCESSIBILITY
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11. “Flip scarcity with abundance and everything
changes.”
Seth Godin
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13. SOCIAL MEDIA IS:
 Productive
 Cost-Efficient
 Risk-Averse
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14. Provided
You Do It Right
Do Not Take Half-Measures
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16. Playing Offense
AND
Defense --
At the Same Time
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18. On Offense…
 Promote your brand
 Generate leads
 Strengthen customer relationships
 Build communities around customer needs
 Develop advocates
 Tell the insurance story
 Listen, learn and engage
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19. It Does Not Mean:
 Just setting up a Facebook page
 Treating social media as just another corporate
mouthpiece
 Buttonholing social media in the marketing
department – it must be an enterprise function
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20. It Does Mean:
 Listening, not lecturing
 Creating your own demand
 Building communities around core competencies
 Encouraging “social sharing”
 Using data effectively
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21. On Defense…
 Defend your brand
 Know how to respond to criticism and turn it
your advantage
 Build legal protections
 Create risk management plan
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22. It Does Not Mean:
 Blocking all employee access
 Tuning out the complainers
 Waiting for the first compliance violation to
take action
 Putting it on the backburner until business
improves
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23. It Does Mean:
 Creating a strategy and plan for formal
participation
 Educating and guiding users
 Establishing usage guidelines and enforcing them
 Managing your social media profile
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25. Social Media Is Not Just About
Communications…
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26. It’s Also About the Data
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27.  Entering the era of Web 3.0
 Using the data effectively and safely
 Monitoring with blinders
 More than checking your own sites
 Use two or more services and variety of metrics
 Know what your competitors, producers and
buyers are doing
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28. Regulatory Red Flags
 Insurance departments now monitoring social
media activity
 Concerned about absence of research protocols
 Advertising
 Testimonials and Endorsements
 Consumer Privacy
 Record Retention
 Agent Monitoring (or lack of it)
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29. Legal Issues
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30.  Case law is evolving
 Many areas of law affected: employment,
contracts, intellectual property, privacy, data
security
 # 1 concern – online terms and conditions
 Four must-haves: policy, guidelines,
monitoring, training
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31. The Cost/Benefit Equation
 Use existing staff to start – not just a twenty-
something in a cubicle
 Create support system
 Phased-in implementation
 Use roadmap to avoid missteps
 Recalibrate marketing investment
 Minimize compliance, litigation costs
 Measuring performance
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32. What’s New in 2012
 Specify ROI (soft and hard)
 Growing regulatory scrutiny
 Commercial lines apps acceleration
 Widespread carrier-agent cooperation
 Mobile Internet explosion (content and apps)
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37.  Follow our blog at www.thegoodrisk.com
 Join our Facebook discussion at
Social-Media-Management-for-Insurance-Industry
 For information on our services, see
wetzelandassociates.com
Social Media Management Program
Short-term Consults
Insurer Profiles
Employee, Producer Training
 Email us at twetzel@wetzelandassociates.com
 Phone: 708-524-4944 Cell: 708-577-8658
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