Social Media for Insurers - What's Next?


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

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Social Media for Insurers - What's Next?

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