CEU.com Blog

In a world with Wi-Fi, broadband, YouTube, and Twitter, the Insurance Industry is catching on about as fast as a dial-up connection. Only 48% of insurance agents have websites and about 20% actually keep them updated. (Thom, 2010) So why is it so easy to for insurance professionals to reconnect with old friends on Facebook but so difficult to embrace the use of social media as a marketing tool? Mostly, it’s because for many agents it seems the idea of networking is making a phone call, sending an email, shaking a hand or exchanging business cards. 

A recent article in the Insurance Journal discusses how the insurance industry isn’t quite ready for the social media revolution. Although, many companies have caught onto this powerful, cost effective, and dynamic new way of advertising and marketing, insurance providers are slow to adopt the trend.

“Having a web presence is non-negotiable,” according to Michael Larocco, president and CEO of Fireman’s Fund Insurance Companies, who was a speaker at a recent insurance education forum in California.  “Agents who adapt to the (social media) lifestyle and the needs of buyers and provide the added value of professional advice with personal relationships will not only survive, they will thrive.” (Thom, 2010)

It’s not enough just to provide information anymore; it is now all about community and connecting. There are a wide range of social media tools insurance professionals can use to become interactive:

• Facebook
  With a user population comparable to that of Indonesia, Facebook is has fast become the core component of any marketing strategy. And it’s not a tool just for teeny boppers. 55 to 65 year-old females are the fastest growing segment of users. 
• Linkedin
  Linkedin is a tool for business professionals, where members can create a personal profile, much like a resume. Linkedin offers online forums and groups for sharing information, such as new products and services.
• Twitter
  Agents can send messages, “tweets,” to “followers” providing real-time feedback, information, or announcements.
• YouTube
  Even videos have their place in the social media world; after all, the Geico caveman practically has cult-status on YouTube.

It’s up to the individual or agency to decide what tool works best for them. For some, it may be delivering information to a customer through Skype, for others it may be using Twitter as a sales tool or Facebook to educate consumers on various insurance topics. What’s important to keep in mind is that the value gained from social networking can change the way we communicate, advertise, market, manage and ultimately sell.

Start engaging in social media by connecting with CEU.com on Facebook and Twitter!

Reference: 
Thom, P.-A. (2010, May 17). Agents Aren’t Quite Ready for the Social Media Revolution. Insurance Journal , p. 12.
Morgan, R. (2010). Websites & Social Web. Retrieved June 14, 2010, from Independent Insurance Agents & Brokers of America: http://www.iiaba.net

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