With 3.484 billion people using social media in 2019, up 9% year-on-year, no industry is exempt from the importance of having a well-maintained social media presence to reach out to customers and prospects.
The insurance industry is no exception.
Despite being a sector which, historically, hasn’t had a reputation for emotionally connecting and interacting with customers, the insurance industry is slowly embracing social media.
Research by LIMRA, a global research, consulting and professional development organisation, unveiled that 93% of life insurance firms had social media strategies in place.
However, while the majority of insurers are committed to using social media, many struggle to keep pace with this rapidly-evolving marketing platform and are leaving its full potential untapped.
For example, research shows that the 20 major global insurers from 11 different countries are all on social media such as Facebook, Twitter, LinkedIn and YouTube. However, other social platforms that are escalating in popularity, particularly among millennials, such as Instagram and Pinterest, are barely being used by the top insurers.
As with other sectors, when used professionally, these platforms, which are experiencing the biggest follower-base growth year-on-year, can provide effective ways for insurers and brokers to reach out to new and existing customers and bring in great returns on investment.
Moving away from a model based on isolation to engagement
Unlike other industries like retail and hospitality, traditionally, insurance has been an isolated sector, where apart from having to go down the undesirable path of making a claim, customers have very little interaction with insurers and brokers.
The interactive and engaging nature of social media is giving insurers and brokers the chance to change from the industry’s traditionally ‘isolated model’ to one of engagement.
As Deloitte notes in a paper titled ‘Insurance and Social Media: Reinventing a ‘Social’ Model for Insurance’:
“Social business can help organisations move away from a model based on isolation to one based on engagement, by opening up new platforms where ideas and expertise can be discovered, developed and shared.”
Operational benefits of an active, well-maintained social presence
As well as having an emotional, more personal impact on customers, social media can bring greater efficiency to insurers at an operational level.
For example, by using the likes of Twitter and Facebook to communicate and interact with customers, social media can make processes between parties more fluid, faster and efficient.
Such transformation does however require a more active approach from insurers and brokers regarding social media and the raft of benefits it can provide.
Naturally, tapping into the full potential of social media requires time, knowledge, patience and digital expertise, characteristics that not every insurance business possesses.
Intelligent VC are specialists in helping businesses reap the rewards of a well-maintained social media presence. IVC’s social media connoisseurs will look at your unique social media requirements and craft and maintain a compelling social campaign that helps increase brand awareness, acquisition and ROI.
Intelligent VC offers a range of email marketing solutions and can manage and maintain a comprehensive, cost-effective email marketing campaign for you.
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