Social Business for Insurance Carriers: Exploring the Future!

L E A D E R NETWORKSVanessa DiMauro is the CEO of Leader Networks, LLC., aresearch and strategy consulting company that helps largeorganizations succeed in social business and B2B onlinecommunity building. She has developed award winningstrategies for many organizations including LexisNexis,Thomson Reuters, Sermo, Shell, Cognizant. Her work hasbeen covered by leading publications such as the New YorkTimes, the Wall Street Journal and CIO magazine.Vanessa DiMauro sits on numerous advisory boards. Sheis an Executive-In-Residence at Babson Colleges OlinSchool of Management, holds both a B.A. and M.A. fromBoston College and blogs athttp://blog.leadernetworks.com.Copyright © 2012 Leader Networks, LLC 2

L E A D E R NETWORKSCurrent Wisdom Is… that social media is social media marketing …..and that social media marketing is the panacea for insurance carriers. that every insurance carrier needs a Facebook page or a Twitter stream in order to reach the consumer.Copyright © 2012 Leader Networks, LLC 6

L E A D E R NETWORKSMost Insurance Companies Lack A Planned, Funded Digital Strategy • Just over 60% of agency respondents say that they do not have a marketing plan for either traditional or digital marketing tactics. • Almost 70% indicated that they do not have a documented social media plan. Copyright © 2012 Leader Networks, LLC 9

L E A D E R NETWORKSGetting Back To Basics, Why Insurance Carriers AreInvesting In Social Media… “To attain interactive conversations between insurers and customers or prospects to disrupts the traditional, one way marketing model of the brand.” (Source: Summer 2010 issue of Forward Focus, written by Deloitte’s director in the Insurance Industry Group.) Copyright © 2012 Leader Networks, LLC 10

L E A D E R NETWORKS Social business is the strategic use of social media tools and tactics to drive stakeholder and customer value. It is often the evolution of social media marketing activities into a larger, more integrated strategic platform.Copyright © 2012 Leader Networks, LLC 11

L E A D E R NETWORKS There Are Many Reasons Why Companies Are Celebrating Social Business Improve the Help customers get way your more value from your products and products and services services are Product delivered Groups DistributionInfluence the social Develop new andmedia conversations Product improved productsabout your company Social Development and services byand its products Business Sales & Strategy capturing customer Channel insights Partners Customer Service Marketing Market and sell more Deepen buyer loyalty; effectively by building Identify future trends; awareness and desire increase customer for your brands Reduce call center service ROI activity (call Copyright © 2012 Leader Networks, LLC deflection) saves $ 12

L E A D E R NETWORKS The Social Business Ecosystem Marketing: • Social broadcast and traffic & connection tools -Twitter, awareness Facebook, G+ & LinkedIN • Online community Thought • Peer discussions Leader- ship Intimacy: • Online events • Member• Online Events 24X7 directory• Newsletters member • User generated• Articles about products /services best practices services content shared in community• Research based on leading trends Copyright © 2012 Leader Networks, LLC 13

L E A D E R NETWORKSGetting Back To Basics, Why Insurance Carriers AreInvesting In Social Media… “To attain interactive conversations between insurers and customers or prospects to disrupts the traditional, one way marketing model of the brand.” (Source: Summer 2010 issue of Forward Focus, written by Deloitte’s director in the Insurance Industry Group.) Copyright © 2012 Leader Networks, LLC 14

L E A D E R NETWORKSExample: AllState Online Community Making a Difference – Share your ideas about making a difference in your community All Things Wheels – Share your ideas on how to be safe and smart about what you drive Daily Spending – Share your ideas about managing and tracking your spending Personal Finance – Share your ideas about protecting and planning for your futureCopyright © 2012 Leader Networks, LLC 15

L E A D E R NETWORKSExample – AMPM Insure AMPM Insure is a community of 17,000 members Committed in helping people understand Insurance & shared customer discussions Not an Insurance company but a community.Copyright © 2012 Leader Networks, LLC 16

L E A D E R NETWORKSWhich Companies Need Online Customer Communities the Most?Common Characteristics of the Early Community Builders Customer Customers problems Products/services (which their products or services addresses)• Willing to share • Critical, ongoing and ever- • Company’s offerings solve information with other changing important problems for its customers customers• Have purchased a platform • Knowledge for solving • Company must supply product and need to problems becomes continual product or communicate with each obsolete quickly service enhancements to other about how to meet customer needs capitalize on it • Customers gain major value by learning from the • Company revenues• Willing to participate in experiences of other depend on product/ off-line user groups or in- customers service upgrade or person customer summits expansion decisions by • Urgent need to share customers experiences Copyright © 2012 Leader Networks, LLC Source: DiMauro, V and Buday, R. Why B2B Companies Need to Build Online Communities for 18 Their Customers (2011)

L E A D E R NETWORKSSix Sample Success Measures1. Did we increase customer engagement? If so, how?2. Did we see an increase in positive mentioning of our brand?3. Were we able to reduce customer service overhead because of social media efforts?4. Were we able to reduce PR costs because of social outreach?5. Did our website engagements and goals increase?6. Did our overall sales revenue increase?Forget about measuring fans and likes unless they are tied to specific business goals!Copyright © 2012 Leader Networks, LLC 19

L E A D E R NETWORKS Measures & metrics: Stakeholder engagement initiativesshould be aligned with business / functional unit and corporate objectives Corporate Objectives – Financial – Customer – Process – Learning & Growth Business / Functional Unit Objectives Engagement Project Initiative (Business Case / ROI) Current Target Outcome Delta / ROI Performance Metrics Engagement Metrics Business MetricsCopyright © 2012 Leader Networks, LLC 20 20

L E A D E R NETWORKSThe Future of Social InsuranceNew relationship activitiesOnline community = return to the applecart – Brand affiliation/loyalty due to new relationship building activities – Hyper affinity/personalization • Ability to tap into passion and interests of people – Reach digital demographics (i.e. Millennial)New insights = new opportunities – Underwriters now can risk adjust informed by consumer social profiles – Customer life events can be surfaced earlier to lead new insurance offers The collaborative enterprise experience – Programs and process to enable the customer to directly influence the products and services insurance carriers provide – Social data = product and service researchCopyright © 2012 Leader Networks, LLC 21

L E A D E R NETWORKS Questions• Did you learn anything interesting?• Do you agree or disagree with the distinction between social media and social business?• What are your biggest concerns or challenges with social at your organization?• How do you define social business success for your organization?Copyright © 2012 Leader Networks, LLC 22

L E A D E R NETWORKSThank You!For more information please contact meVanessa DiMauroCEO, Leader Networkshttp://www.leadernetworks.com617-484-0778vdimauro@leadernetworks.comCopyright © 2012 Leader Networks, LLC 23

Social Business for Insurance Carriers: Exploring the Future!

by Leader Networks on Jun 28, 2012

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