THE I.I.I., THE WEB, AND SOCIAL MEDIA

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Presentation at The Hartford: July 22, 2010
Andréa C. Basora

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THE I.I.I., THE WEB, AND SOCIAL MEDIA

  1. 1. THE I.I.I., THE WEB, AND SOCIAL MEDIA The Hartford: Marketing + Communications Hartford, Connecticut July 22, 2010 Andréa C. Basora, Vice President – Web + Editorial Services Insurance Information Institute  110 William Street  New York, NY 10038 Tel: 212.346.5558  andreab@iii.org  www.iii.org
  2. 2. Presentation Outline  Who We Are and What We Do  Resources and Website Overview  Website Traffic Analysis  Social Media Presence  Social Media and Insurance 2
  3. 3. Who We Are and What We Do 3
  4. 4. Who We Are and What We Do Mission To improve the public’s understanding of insurance—what it does and how it works.  Inclusive – represent diversity of the industry  Proactive – plan ahead and execute strategic communications  Aggressive – challenge industry critics, refute misrepresentations, close knowledge gaps  Essential – Primary source of information, analysis and referral Source: Insurance Information Institute 4
  5. 5. Resources and Website Overview 5
  6. 6. Resources and Website Overview  I.I.I. Daily, Members Bulletin  I.I.I. Database  Information Center Access and Research Support  Members Area  I.I.I. Public Website  Dynamically Shared Content  Videos  Publications  Specialized Websites  Home and Business Inventory Applications  Social Media Outreach 6
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  13. 13. Resources and Website Overview Print Publications
  14. 14. Resources and Website Overview Insurance Handbook The new I.I.I. Insurance Handbook launched in 2010 provides vital information for a wide variety of audiences: •Public Policymakers •Reporters •Regulators •Students •Insurance Company Employees •Academics 14
  15. 15. Resources and Website Overview A Firm Foundation Insurers Don’t Just Pay Claims They Are  Employers  Income Providers  Taxpayers  Investors  Engines of Growth & Recovery  Philanthropists A Firm Foundation provides details on the impact and importance of the insurance industry on national and state economies 15
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  17. 17. Resources and Website Overview Insuring Your Business Site for small and middle market commercial risks; has been highlighted by major media, including the WSJ 17
  18. 18. Soft launch in January 2010; First email announcement sent out 6/16/10 Content is arranged so that material most important to 2,023 visitors this year policymakers is just one or 9,583 page views two clicks away 18
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  20. 20. Know Your Stuff® Home Inventory Know Your Stuff is highly regarded by the public and media, representing the type of outreach by the industry that generates great PR 20
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  22. 22. Resources and Website Overview Presentations + Webinars The I.I.I. staff is available to produce and participate in joint Webinars on subjects of interest with member companies. 22
  23. 23. Website Traffic Analysis 23
  24. 24. Website Traffic Analysis: Overview 2.5 million unique visitors in 2010 12.2 million page views in 2010 60.8 million hits in 2010 24
  25. 25. Website Traffic Analysis Top Keyword Search Terms Rank Keyword(s) Visits* 1 INSURANCE INFORMATION INSTITUTE / iii / iii.org / insurance institute / www.iii.org / iii insurance 25,815 2 INSURANCE TERMS / insurance glossary / insurance terminology / glossary of insurance terms / insurance terms dictionary / insurance glossary of terms 6,817 3 CELL PHONES AND DRIVING / cell phone use while driving / cell phones while driving / cell phone usage while driving / cell phone use while driving statistics / dangers of cell phone use while driving 4,845 4 INSURANCE / insurance statistics / insurance 101 / insurance information / insurance facts 4,316 5 HOMEOWNERS INSURANCE / home owners insurance / how much homeowners insurance do i need 3,493 6 ANNUITIES 2,455 7 INSURANCE INDUSTRY STATISTICS / insurance industry / insurance industry overview 1,425 8 WHAT IS AUTO INSURANCE / auto insurance information / car insurance information / auto insurance statistics 1,404 9 LIFE INSURANCE / life insurance statistics / life insurance information 1,376 10 DISABILITY INSURANCE 942 11 AVERAGE CAR INSURANCE RATES BY STATE / average auto insurance rates by state 912 12 CAR RENTAL INSURANCE / rental car insurance 745 13 REINSURANCE 587 14 ROBERT HARTWIG 522 15 MOTORCYCLE ACCIDENT STATISTICS 517 *January 1, 2010 to June 30, 2010 Source: Google Analytics. 25
  26. 26. Website Traffic Analysis Users by Source Direct Traffic 33.63% 35.77% Search Engines Referring Sites 30.60% The majority of I.I.I. website users come from search engines, but about 30% come from other sites and another 34% directly. Source: Google Analytics. 26
  27. 27. Website Traffic Analysis Visitors by Source 160,000 143,350 140,000 128,373 120,000 100,000 80,000 60,000 40,000 20,000 9,954 8,639 1,952 1,497 0 Direct Google Yahoo Bing Ask Search Source: Google Analytics. 27
  28. 28. Social Media Outreach 28
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  30. 30. Social Media Outreach: YouTube I.I.I. Video Channel Over 100 I.I.I. videos posted on YouTube Most viewed: “Road Rage” (172,359 views) 30
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  32. 32. Social Media Outreach: Facebook I.I.I. Facebook Page Over 270 people Like this page Over 150 links to I.I.I. content posted 32
  33. 33. Social Media Outreach: Twitter I.I.I. Website Twitter Page Over 300 followers All other feeds combined: 1,256 followers 33
  34. 34. Social Media and Insurance Is it Worth the Effort? Spoiler Alert! The Answer Is Yes 36
  35. 35. Social Media and Insurance A Few General Facts + Statistics  In March 2010 it was reported that Facebook was the most visited website in the U.S., having more visits than Google for the first time.  YouTube gets a greater level of search traffic than Yahoo, and is the go- to site for research among young people. -The NYT and my 12-year-old son  1 in every 3 online Americans is a conversationalist, someone who updates their status on a social networking site such as Facebook or posts updates on Twitter at least once weekly. - Forrester Research  31 million U.S. Internet users will write blogs in 2010, more than 104 million will read them. - eMarketer, April 2010 37
  36. 36. Social Media and Insurance Diving Slowly  ―Insurance providers are reluctant to dive headfirst into the vast marketplace of social media, choosing instead to ease in, bit by bit.‖  ―Insurance issuers tend to rely on email and face-to-face interaction because they feel personal contact with clients is a necessity. As a result, social media doesn’t rank as high on their list of priorities.‖ Source: Mintel Comperemedia, June 2010. 38
  37. 37. Social Media and Insurance Insurer Engagement How are insurers doing in the social media space? Source: ―Leveraging Social Networks: An In-Depth View for Insurers,‖ Celent, April 14, 2010. 39
  38. 38. Social Media and Insurance Producers Based on a poll of 214 independent life insurance producers:  70% percent use at least one social media site, but only half report using their accounts for business purposes.  14% believe social networks have generated word of mouth type leads, and the same amount say social networks allow them to stay in contact with clients.  A narrow 11% believe social networks give them more client opportunities. Source: Mintel Comperemedia, June 2010. 40
  39. 39. Social Media and Insurance Who Is Using it? In contrast, another survey of 964 insured adults suggests there is a key market for insurers:  Young adults, men, and high-income earners are the groups the most likely to already use social media for insurance research and communication.  In the survey, respondents were asked where they last researched insurance policies and only 4% said on a blog, online discussion group or social networking site.  However, 10% of individuals making between $75k and $100k a year, 9% of those aged 25-34 and 6% of men researched policies on social media websites.  Moreover, these adults were more likely to say they posted a question on a social networking site as part of their insurance research. Source: Mintel Comperemedia, March 2010. 41
  40. 40. Social Media and Insurance Measuring Success Is a social media presence worth the investment?  Gary Vaynerchuk of Wine TV fame claims to have grown his family business from $4 million to $50 million using social media. He found that $15,000 in Direct Mail = 200 new customers, $7,500 Billboard = 300 new customers, $0 Twitter = 1,800 new customers.  Lenovo was able to achieve cost savings by a 20% reduction in call center activity as customers go to the community website for answers. (Note: Something that many insurers could do or are doing.) - Socialnomics, Social Media ROI Examples & Video 42
  41. 41. Social Media and Insurance Measuring Success  Online retailer Petco.com has found that, ―Products with reviews have return rates that are 20% lower than those without reviews - and the return rate is 45% lower for products with more than 25 reviews - saving on shipping, restocking, and customer service costs.‖" - ReadWriteWeb, Forrester: If You Think Social Media Marketing is Worthless, You're Doing it Wrong 43
  42. 42. Social Media and Insurance Measuring Success  However, traditional measurements of success for return on investment in social media marketing lead to an incomplete picture: ―Many marketers can draw a straight line between investments in social media marketing and financial results, but many more cannot. This doesn't mean social media marketing is ineffective; it just means that marketers have to recognize benefits beyond dollars and cents. Facebook fans, retweets, site visits, video views, positive ratings and vibrant communities are not financial assets--they aren't reflected on the balance sheet and can't be counted on an income statement--but that doesn't mean they are valueless. Instead, these are leading indicators that the brand is doing something to create value that can lead to financial results in the future.‖ - ReadWriteWeb, Forrester: If You Think Social Media Marketing is Worthless, You're Doing it Wrong 44
  43. 43. Social Media and Insurance The Old Spice Guy Rose – How many teeth do sharks have?: http://www.youtube.com/watch?v=9MeP-rVbDXc (1,106,774 views) @Jsbeals – A proposal: http://www.youtube.com/watch?v=_-fLV28SkZ8 (824,987 views) Everyone – A farewell: http://www.youtube.com/watch?v=nFDqvKtPgZo&feature= channel (2,921,983 views) 45
  44. 44. Social Media and Insurance The Old Spice Guy Interview with Wieden+Kennedy’s global interactive creative director Iain Tait: Q: How did you gain enough trust from P&G to just be able to run with their brand in real time?  That trust base is so important. We are operating under a set of principles that we've agreed on in terms of these responses, which means that not everything needs to go through stringent sign off and legal approval. At the same time they know that because we love this thing, we're not going to be irresponsible with it and throw it away and lose the chance to do it again.  One thing you can sense if you're lucky enough to be there in the studio is that they're all having such fun doing this thing. Isaiah is loving it. Everyone who is writing it is loving it. The social media guys are loving it. And that really shines through.  It’s a really strange thing, but that sense that people are having fun actually manages to transmit itself through the Internet. People gravitate toward things that feel like they're being done by people who love it. That sense that everyone involved with this is loving it is a huge factor in why this is so successful. Source: The Team Who Made Old Spice Smell Good Again Reveals What's Behind Mustafa's Towel, Fast Company, July 14, 2010. 46
  45. 45. Social Media and Insurance A Research Tool Social Media is not just about having a corporate presence online; also a useful research tool:  ―Social media can help engage customers, but can also help learn more about them, which helps salespeople sell. Social media can be used, for example, to identify the drivers that led to the purchase of a particular life insurance policy. Insurance could also follow other industries' lead, tapping into social communities to glean ideas for products and services.‖ Source: ―Pursuing a new policy: the insurance industry is slowly shifting from traditional to trendy,‖ CRM Magazine, January 1, 2010. 47
  46. 46. Social Media and Insurance Internal Uses Worth considering the benefits for internal communications and employee satisfaction:  ―Employees--especially members of Generations X and Y joining the workforce--are expecting work tools to resemble the technologies they use in their personal lives.‖ -“Pursuing a new policy: the insurance industry is slowly shifting from traditional to trendy,” CRM Magazine, January 1, 2010  ―The younger generation of financial professional will almost demand online self-service,‖ he says. ―I believe that soon they will want to text any questions they have in to the service center or self-service from their mobile device. We're going to have to be able to provide that capability. It's how they will operate …. They will also want an online collaboration tool to … find answers concerning product or questions from their customers. The X and Y generations are going to demand a different way of selling and servicing their customers. An enabling technology platform must strategically be in place for that.‖ - “Watching Web 2.0,” Insurance + Technology, November 1, 2009 48
  47. 47. Social Media and Insurance Monitoring + Research: I.I.I. Is Cited in Blogs Worldwide On any given day, I.I.I. is cited in blogs worldwide Source: MeltWater Buzz.
  48. 48. Social Media and Insurance Monitoring + Research: Daily Searches on Toyota 10 Day Moving Average I.I.I. can analyze the pattern of social discussion on issues important to insurance, provide information to affected members and participate in the discussion Source: MeltWater Buzz.
  49. 49. Social Media and Insurance Monitoring + Research: Blog Entries on Toyota EXAMPLE: Blog Entries on Toyota Source: MeltWater Buzz. 51
  50. 50. Social Media and Insurance Monitoring + Research: Twitter 52
  51. 51. Social Media and Insurance Monitoring + Research: Other Tools  For more on social media tools, Sandra Fathi, of Affect Strategies, is a great resource in this space, and her presentation is one of the most comprehensive reviews of what is available out there for a wide range of communications purposes:  Utilizing Technology and Online Tools to Efficiently Manage and Maximize PR 53
  52. 52. Social Media and Insurance Tools + Resources (Hat Tip: Sarah Evans) • Oneforty – A list of all third-party applications • Alexa – Find details about your Web site and audience (http://oneforty.com) (http://alexa.com) • Tweetdeck – Third-party application to manage Twitter • Bit.ly – URL shortener (http://bit.ly) accounts • J.mp – A shorter version of bit.ly (they are one and the (http://tweetdeck.com) same…simply a shorter version of its predecessor) • Search.Twitter.com – Twitter search (http://j.mp) (http://search.twitter.com) • Google Reader – RSS aggregator (http://google.com/reader) • Twellow – Identify people to follow based off of details in • Google Alerts – Aggregates online mentions their Twitter (http://google.com/alerts) bio (http://twellow.com) • Addict-o-matic – Digital dashboard • WeFollow – Identify people to follow based off of how they (http://addictomatic.com) classify • Blog Pulse – Supplement to Google Alerts to find mentions in themselves (http://wefollow.com) blog • Tweetphoto – Photo sharing service posts (http://blogpulse.com) (http://tweetphoto.com) • Quarkbase – Overview of monthly web visits and other • WTHashtag – Top resource for tracking hashtag mentions analytics (http://wthashtag.com) (http://quarkbase.com) • Twitalyzer – Most sophisticated Twitter analytics tool • Board Tracker – Find brand mentions on online forums and (http://twitalyzer.com) discussion boards (http://boardtracker.com) • Listorious – Aggregator of Twitter lists • Pitchengine – Social media release platform (http://listorious.com) (http://pitchengine.com) • Flowtown – Import current email addresses, locate social • HelpAReporter – Free media opportunity network networks (http://helpareporter.com) (http://flowtown.com) • SocialMention – Analytics and sentiment • Flavors.me – Aggregate online profiles in one place (http://socialmention.com) (http://flavors.me) • Twellohood – Find people tweeting by location • Help a Reporter Out – Media opportunities (http://twellowhood.com) (http://helpareporter.com) • Mail Chimp – Email campaign platform • Pitchengine – Social media release and newsroom (http://mailchimp.com) (http://pitchengine.com) • Knowem – Find where your name is available and secure it (http://knowem.com) Source: Sarah Evans, Sevans Strategy 54
  53. 53. Insurance Information Institute Online: www.iii.org Presentation will be available at SlideShare: http://www.slideshare.net/iiiorg Thank you for your time and your attention!

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