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Social Media for Insurers - What's Next?

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Presented to the Society of Insurance Research, 11-16-10

Presented to the Society of Insurance Research, 11-16-10

Published in: Business, Economy & Finance
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  • 1. Social Media Strategy: What’s Next ?
    1
    Presented for the Society of Insurance Research
    Thomas Wetzel
    November 16, 2010
  • 2. 2
    Social Media: What’s Next
    Productive
    Cost-Efficient
    Risk-Averse
  • 3. Social Media: What’s Next
    Provided
    THAT IT IS DONE RIGHT!
    3
  • 4. 4
    Social Media: You Can’t Wait Any Longer
  • 5. 5
    Social Media: You Can’t Wait Any Longer
    Playing Offense AND Defense
  • 6. 6
    Social Media: What’s Next
    On Offense…
    Promoting your brand
    Generating leads
    Strengthening customer relationships
    Building a community around customer needs
    Developing advocates
    Telling the insurance story
    Listening and learning
  • 7. Social Media: What’s Next
    7
    It Does Not Mean:
    Just setting up a Facebook page
    Treating asocial media as just another corporate mouthpiece
    Buttonholing social media in the marketing department
  • 8. Social Media: What’s Next
    It Does Mean:
    Listening, not preaching
    Educating, not lecturing
    Building a community around your assets
    Facilitating conversation
    Encouraging “social sharing”
    Using the data wisely
    8
  • 9. 9
    Social Media: What’s Next
    On Defense…
    Defending your brand
    Knowing how to respond to criticism and turn it your advantage
    Building legal protections
    Creating risk management plan
  • 10. Social Media: What’s Next
    It Does Not Mean:
    Blocking all employee access
    Tuning out the complainers
    Waiting for the first compliance violation to take action
    10
  • 11. Social Media: What’s Next
    It Does Mean:
    Creating a strategy and plan for formal participation
    Educating and guiding employees and producers
    Establishing usage guidelines and enforcing them
    Managing your social media profile
    11
  • 12. Social Media: What’s Next
    TACTICS
    Blogging
    Microblogging
    Social Network Participation
    Monitoring
    Video Marketing
    Blogger Relations
    Influencer Engagement
    Community Creation & Engagement
    Word-of-Mouth Marketing
    Training
    12
  • 13. Social Media: What’s Next
    Monitoring
    Consistency
    Comprehensive
    Mandatory eyeballing
    13
  • 14. Social Media: What’s Next
    14
    How Much Will It Cost?
    May use existing staff to start
    Cost vs. value
    Protecting the investment in your brand
    Recalibrate marketing expenses
    Minimize compliance, litigation costs
  • 15. Social Media: What’s Next
    Pressure to demonstrate ROI
    Increasing regulatory scrutiny
    Litigation challenges
    Greater carrier-agent cooperation
    Corporate-based communities
    15
  • 16. Social Media: What’s Next
    16
    USAA New York Life
    Alfa Insurance State Farm
    Westfield Insurance Farmers
    PEMCO VPI Pet Insurance
    Allstate Erie Insurance
    American Family Insurance Shelter Insurance
    GEICO Florida Association
    Progressive of Insurance Agents
  • 17. 17
    Social Media: What’s Next
  • 18. Social Media: What’s Next
    Don’t experiment, construct a roadmap
    Every department plays a role
    Engage legal counsel
    Revise existing guidelines
    Train, train, train
    Monitor and measure
    18
  • 19. 19
    SIX CRITICAL TAKEAWAYS
    Social Media: What’s Next
  • 20. Social Media: What’s Next
    TAKEAWAY #1
    Social Media is mainstream communications
    20
  • 21. 21
    Social Media: What’s Next
    TAKEAWAY #2
    Avoiding corporate-sanctioned and managed participation is no longer a viable option. Neither is ineffective participation.
  • 22. 22
    Social Media: What’s Next
    TAKEAWAY #3
    Social Media affects every insurance function and every function needs to play a role.
  • 23. Social Media: What’s Next
    TAKEAWAY #4
    Hit or miss experimentation is no substitute for a carefully-designed plan.
    23
  • 24. Social Media: What’s Next
    TAKEAWAY #5
    Social Media is not to be feared or shunned. It is not a magic bullet, however it is an indispensable one.
    24
  • 25. Social Media: What’s Next
    TAKEAWAY #6
    The time is start is now.
    25
  • 26. 26
    Where to Start?
    Join our Facebook discussion at Social-Media-Management-for-Insurance-Industry
    Follow our blog at www.thegoodrisk.com
    For information on our services, see wetzelandassociates.com
    Email us at twetzel@wetzelandassociates.com
    Phone: 708-524-4944 Cell: 708-577-8658

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