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Social Media - Playtime is Over - IMCA Conference June 2013

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I gave this presentation at the IMCA conference.

The goal was to highlight that social media for insurers is not as easy as we once thought - it needs a lot of stratgic thinking.

IMCA is a professional industry association whose collective membership represents the insurance and financial services industries throughout the U.S., Canada, Mexico and Bermuda. The organization represents over 120 companies, including the top five property casualty writers in the country.

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Social Media - Playtime is Over - IMCA Conference June 2013

  1. 1. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Terry Golesworthy The Customer Respect Group 1 Playtime’s Over: Social Media in the Insurance Industry and How It Needs to Change
  2. 2. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 2 It’s Not IF we use Social Media
  3. 3. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 3
  4. 4. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 4
  5. 5. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 5
  6. 6. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 6 71% of consumers report being more selective about "liking" a company on Facebook than they were last year. Every month 15% of insurers lose Facebook fans
  7. 7. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 81% of consumers have either "unliked" or removed a company’s posts from their Facebook News Feed. 43% saying their wall was becoming too crowded with marketing posts 24% saying posts were too promotional. 7
  8. 8. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Relevant Interesting Shareable 8
  9. 9. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 9
  10. 10. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 10
  11. 11. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Fan Fest Size Counts
  12. 12. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc.
  13. 13. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 13
  14. 14. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 14
  15. 15. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 15
  16. 16. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 16
  17. 17. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 17
  18. 18. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc.
  19. 19. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. “We are all scared to death about social media within our industry. We want to start with it. But we’re all just looking at each other, and nothing material is happening.” Insurance CEO
  20. 20. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. So why bother? 20
  21. 21. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Expectations
  22. 22. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 22 Communications REVOLUTION
  23. 23. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 23
  24. 24. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 24
  25. 25. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. “We’re not yet comfortable that social media has matured to the point we’ll benefit more than we’ll suffer,” Defense We’re especially disappointed that this individual case eroded the trust we’ve built with our customers over the past 75 years.
  26. 26. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Defense 26
  27. 27. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Gain Experience 27
  28. 28. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 28
  29. 29. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc.
  30. 30. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Who do you want to reach? What would interest them? How do they want to consume information? How do we reach them? 30
  31. 31. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 31
  32. 32. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. To purchase insurance, consumers use an average of 11.2 sources of information over 3 months – Google Zero Moment of Truth Consumers trust peers far more than brand marketing – Neilsen People like to share #1 way to share information is “a link” Social media is the plumbing – its how people are connected and share 32
  33. 33. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Why is social communications different? Ongoing dialogue Provide interesting, relevant content Find connectors, messengers Encourage sharing culture 33
  34. 34. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Normalized Weighted Interactions Auto-Owners Insurance Woodmen of the World California Casualty New Jersey Manufacturers Northwestern Mutual Shelter Modern Woodmen of America Safeco Allstate Motorcycle State Auto Horace Mann Primerica Central Insurance Companies Brighter Life (Sun Life) MetLife American Collectors Insurance Great American Insurance Group USAA InGear for Truckers - Acuity Nationwide Insurance 34
  35. 35. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Communities and Common Bonds
  36. 36. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 36
  37. 37. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 37
  38. 38. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. • Strengthen the bond with policyholders, potential policyholders, and agents • Reinforce with agents that ACUITY is the go-to carrier for that market • Premiums up nearly 22% with uptick in retention rate “Of course, there are many reasons which are contributing to this growth, but a successful social media strategy is certainly among the mix.” Paul Miller, VP Marketing, Acuity
  39. 39. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 39
  40. 40. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 40
  41. 41. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 41
  42. 42. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 42
  43. 43. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 43
  44. 44. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 44
  45. 45. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 45
  46. 46. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Joel McKinnon – Farmers Agent On Facebook, Pinterest, Twitter, G oogle Plus, LinkedIn Loves youth and high school sports, support local community Has 3 kids and lives in town Loves NASCAR and Monday Night Football Big supporter of local businesses Is passionate about his business and customers 46
  47. 47. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Joel McKinnon – Farmers Agent Facebook Fans Joel – 2,145 Farmers – 2.3 million 47 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% NI =
  48. 48. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Listening is the best part Social Media is a stream of Life Events New home purchase New car Pregnancy and Births Graduations Job changes New teen drivers Home Projects Interests Travel Lead generation – lead nurturing
  49. 49. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 49
  50. 50. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 50 “It’s about differentiation. With multiple agencies within a few miles of my office, I need to be different – not just from the other capable agencies but from the growing number of direct insurers.” Chris Paradiso, Paradiso Insurance “I don’t need to sell insurance on social media, they know I do – I need show that I am someone they can turn to and trust” Joel McKinnon, Farmers “I look at it more as a way to maintain relationships with my existing clients and prospects in a way that they’re comfortable with,” he says. “I’ve never looked at it as a way for me to get more sales, even though it really ends up resulting in that.” John Groth, Northwestern Mutual
  51. 51. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. What is your Role? Training and Guidance Find their voice Find an approach consistent in their strategic objectives. The balance of being social (community-oriented, fun) with being a trusted authority. Technology What platforms, how do you set them up, who’s there, how to run local ads The role of video, local images 51
  52. 52. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Shelter Travelers Ins Farm Bureau Fin Auto-Owners Modern Woodmen California Casualty Nationwide Erie Insurance American Family Thrivent Financial Grinnell Mutual Alfa Insurance Mercury Insurance Safeco Horace Mann The Foremost Guy Encompass State Auto AFLAC Content Safety/loss control Claims Holiday Images Hints and Tips Functionality Stories, ongoing information, lead gen, lead nurturing Promotions Reasons to reach out Sweepstakes Contests Works for both parties 52 Social Amplification
  53. 53. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 53
  54. 54. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 54
  55. 55. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 55 It’s not a question of IF you use social media Social media IS the communications revolution and evolution The Customer is now the publisher
  56. 56. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 56 Build a defense – cannot be an internal silo Set expectations – constant change is inevitable Build Corporate Presence – fan size, audience, tone Develop Agent and Social Amplification Strategy – recruitment, commitment Micro Market Strategy – relevant, interesting
  57. 57. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 57
  58. 58. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. Terry Golesworthy terry@customerrespect.com www.customerrespect.com www.customerrespect.com/blog Twitter: @terrycrg LinkedIn/in/TerryGo 978 412 0019 58
  59. 59. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. So where are we? 59
  60. 60. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 60
  61. 61. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 61
  62. 62. Improving the Online Customer Experience © 2008 The Customer Respect Group Inc. 62

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