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86% of US Insurers Will Invest More in Social Media in 2015

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A recent Moody’s survey of US life insurers and P&C insurers revealed that 86% of them expect to increase their social media insurance presence in 2015.

Fun Social Media LogosFollowing a recent LIMRA survey confirming that almost every US life insurance firm has a social media program, Moody’s released the results of their own survey on social media insurance.

 

The survey of 66 rated U.S. insurers (42 life and 24 P&C) found that 86% plan to grow their social media use within the next year.

Top insights

  • Most insurance companies using social media do not use it to talk about insurance
  • None of the companies believe social media is very effective in increasing direct sales
  • Companies’ biggest reason for using social media is brand promotion and their biggest concern is legal and regulatory issues
  • Insurers also use social media for marketing, whether between wholesalers and financial advisors, or agents communicating with existing clients
  • There is very little difference between how life and P&C insurers use social media

Scott Robinson – SVP at Moody’s: “The goal for insurers across the major social media sites is the same: to tap into a pre-defined network and use it, at very little cost, to extend a brand’s strength and reach.”

If any indication from the financial services industry of budget increase for social media is encouraging, it’s important banks and insurance firms don’t think too inwardly and too tactically.

Social media is not just about marketing, campaigns, Facebook and paid media.  A smart, fully integrated social business strategy has the potential to transform your organisation by:

1. empowering your employees, your intermediaries, your influencers and your customers, and
2. helping you to not only improve your products and processes but also to become a more transparent, more trusted financial partner in the eye of your customers.

If you enjoyed reading my article or if you wanted to react, I invite you to connect with me here, on twitter (@Visible_Banking) and on google+.

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Written by Christophe Langlois

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge).

Christophe's views on VisibleBanking.com are his own, not necessarily his employer's.

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